Next Capital Fund IV, Completes Two New Company Investments during December 2019
During December 2019, Next Capital Fund IV completed two new Underlying Company Investments to commence Fund IV’s investment program.
On 4 December 2019 Next Capital Fund IV announced the acquisition of the Silver Chef hospitality business from ASX listed Silver Chef Limited. Silver Chef is a market leading hospitality equipment funding business, operating across Australia, New Zealand and Canada. Following the completion of the acquisition by Next Capital of the Silver Chef assets, the listed company name was changed to SIV Capital Limited.
Established in 1986 by its founder and major shareholder Allan English, Silver Chef provides commercial equipment rental and financing to small and medium sized businesses in the hospitality sector. It offers a range of financing solutions including its popular and successful Rent-Try-Buy product.
Next Capital’s significant experience in the financial services space, including Scottish Pacific (Next Fund II asset) and Alpha Group (Next Fund III asset) means that they are ideally placed to drive the ongoing management of the business and will invest to grow Silver Chef through improving systems and reporting, and applying stronger discipline in risk, credit and compliance across all geographic regions.
On 6 December 2019, Next Capital Fund IV completed an initial investment into InterHealthCare Pty Limited (IHC). IHC was established by CEO Jason McMillan for the purpose of aggregating individual allied health practices across Australia to create a market leader of scale.
IHC enters a supportive and mutually beneficial relationship with leading health providers. This enables health professionals to extend their influence by focusing on clinical outcomes and expansion of their business network, whilst IHC takes care of centralised functions. IHC represents all allied health modalities, providing a broad range of health services under a diversified business model.
IHC’s initial portfolio of assets include multi-disciplinary physiotherapy, osteopathy and chiropractic practices in the eastern states of Australia.