PRIVATE EQUITY NEWS Private Equity News Australia ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Highlights Key Australia Insights LCC Asia Pacific ▪ ▪ ▪ ▪ ▪ ▪ ▪ Dimeo stake return a significant for in Dimeo considering entering the company. for the race $2.2 billion saidto is be Friedman Hellman& Trade private Me, equity firm American Me Trade Crescent CapitalPartners for$155 million. Glass CSR's Viridian million (based on (basedon valuation a millionofto 10x EBIT 11x to saidto is $732 services $666 be mining valued millionwhich at unit, circa unit services Downer mining given owns that itPizza Hut Eagle and Boys pizza. to King is Allegro Funds bebrands. said interested the in pizza operations, 2016. in Alsofor sale Crust RFG's is $88 Pizza, millionPizza Capers Donut and seeking bakery to sellHudson its arm Pacific Food Retail Group's assets business saidto is be generating in $25 million business, a grinding duewith second round endof bidthis month. The division Holdings rail Aurizon than $500 million. the Stock Australian Exchange. The company estimatedis to be worth more translation ofconsidering listinga Lionbridge, a globalsoftware company, on Lionbridge Engineering unit the is a most outcome strategic fromlikelyreview. arm engineering Lendlease business last generates year. EBITDA in $50 million tag price It underway. Group, is a understood is with of$400 million,that the Transit Group Australia earnings in a year potentiallyis and at valued more $2 than billion. Mondelez and international. Arnott's saidto be is generating US$200 million Partners, EquityPartners, Equity KraftKKR, Heinz AffinityBGHCapital, Pacific brands, Mine among others. Slice Parties speculated to be interested include look at Soup the Campbell Arnott's Administrators seek quick sale sale seek Administrators RCR Tomlinson’s assets quick for business Aurizon grinding keen a forrailbuyer itsto find tag price Group for Transit sale $400 Australia with million to ColintonCapital invest in $15m Glass Crescent for $155m CapitalPartners CSR’s Viridianacquires . . It was reported set is that ColintonCapital to invest in $50 million is expectedis to use to the fundinitiatives. . sponsors Financial strategic and players are saidto bekeen to have a . . news Followingthat . . It understood is that US . . CSRhas Glass agreed business to to sellViridianits If If would you liketo receive these reports email,via pleasecontact Simon [email protected] . . sale The of the bus group operator Transit Australia Private Equity News Private - . is It understood that is RetailFood Group (RFG) owned owns Tamsthe Arnott's, and which Tim . ASX . . saidto is Downer bea weighing sale ofits . . Aurizon Holdingsis seeking a forrail buyer is Apax Dimeo - listedLendlease has that signalled itsselling - based private equity firm HIG HIG Capitalbasedis private firm equity has has takeover made a fordual offer Dimeo , a commercial cleaning company. company. cleaning , commercial a , a commercial cleaning company cleaning , commercial a - which was acquired by RFG for RFG was byacquired which ). earnings. Weekly Report Weekly - listed 3 December 2018 December 3 Date 4,000 4,500 5,000 5,500 6,000 6,500 E: 2121 9262 T: +612 St, PhillipSydney 88NSW 2000 Level 39,Aurora Place LCC Pacific Asia E: Founder & Principal Nicholas Assef E: Associate Director Simon Koay, CFA Authors ASX200 ASX200 INDEX EQUITY EQUITY INDICES (WEEKLY CHANGE) % [email protected] [email protected] [email protected] (3.0%) (2.0%) (1.0%) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% '15

(0.9%) '16 2.4%

2.1% '17 2.2%

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0.4% 1 LCC Asia LCC Asia Pacific ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ 2018 December 3 Australia Equity News Private raised US$25 million in January last year, raised US$81 million ($111 million) from($111 last January million)in year, US$81raised US$25raised millionmillion management localworkforce backing company Deputy. Deputy, previously who had Deputy 2005 in and since has the $700 investedinto business. millionmillions and processing SPCfruit vegetable the business. SPCbusiness acquiredCCA for SPC the leadof Temasek day at $1.04. The a shares of market their implies$623 capitalisation trading firstmillion. finished company on listedthe ASX at $1.13 per share (30 on NovemberFriday 2018) afterthe price newly shares listed dropped8% of trading. on first The daytheir Redcape saidto is FY18, be seeking a valuation on $113.5 a ofpre million injection. company The generated revenue for $113.9 profitmillion and $1.9 million Booktopia business, and water itsoperations. some ofRCR's specialisedbusinesses the laser include due 17 bidsunderstoodDecember. is It that the company has 11 business units, and Interested parties are asked to register their interest bindingDecember, by 3 with RCR Tomlinson by 700% in the last financial year. 700% the in bylast financial to thinking the insurance community company model learning and Hollardmachine intelligence, and Insurance. appliesHuddle artificial was ledby Huddle Development and number ofa other Fund investors. Energy Innovation together Capital, Advance with Queensland's Business ledengineering. a in digital Series byThe Bfunding company $10.4 raised million RedEye SBI investors existing includes Ventures, Vertex Ventures GSR Rocket Internet and the by Ventures MDI a ledfunding in Series C Beacon and Venture million)Capital (and InstaReM the companies in employee process. onboarding Greycroft growth. Our was The Innovation by fundingled US venture and Fund firm capital Enboarder Private founder) NewEquity and Zealand entrepreneur Stephen Tindall. the New include Zealand Venture Investment Hadley of (founderFund, Quadrant Chris Ventures. Other Series Blackbird ledinvestors a NZ$10funding, raised in by A million Sunfed the in market. product without having a full include seeking to bean alternative to the Investors bigbanks. the in Series round also B Square Peg Athena Capital.a is cloud Athena largest venture raising. capital Square IVP, Peg Capital Equity and Ventures Partners, it making one ofAustralia's - FMO Fund . . Coca . . was reportedIt that US . . Home loan start . . Insurance start . Auckland . . Founded2012, in Hostplus . . . It was reported that . . Cross Redcape . booksellerOnline - Enboarder . . HR start Insights Cola Amatil (CCA) announced announced (CCA) that they Colahave Amatil to decideddivest struggling its AirTree AustralianSuper Redcape ). . . The is administrators forseeking sale RCR process. a quick - border payment start and and - based Ventures. Ventures. Investors also include said that it could potentially buy back shares back saidthat shares couldpotentially to buy it support share its - up up is an engagement an is engagement for helping reduce platform friction AirTree is Moelis Asset managed byAustralia Management. Enboarder - up up Series its Around in $19.25 which raisedHuddle million - up up Series by a ledfunding in Athena secured B $25 million Sunfed RedEye and co and Booktopia Ventures. Ventures. The company so raised has far, $45 million - basedIVP madehas investment its firstAustralia, in , which uses uses , which products "clean" plant to replicate meat, has to has kick $5 raised million - invest invest should opportunities BGHCapital with arise. provides a cloud - - based digital home digital based up up is seeking seeking is equityup in to $10 million - based Temasek Holdings keen is to follow InstaReM Alium - has raised US$20 million ($27.6 ($27.6 raised has millionUS$20 based data management data basedmanagement and - and has has and seen revenue its grew - cutting cutting railits division, - Capital, loan loan that platform is - start start its international - SevenWest money money basis. Media - which which DAILY PERFORMANCE DAILY OF ASX200 (3.0%) (2.0%) (1.0%) 0.0% 1.0% 2.0% the USand . escalation of a trade war between market fears a potential President XiJinping) (between President Trump and highlyanticipated G20summit 1.6%on Friday ahead of the The local trading sessions over the week. The ASX fellmixed2000.9%in

(0.8%) sharemarket

1.0%

– (0.1%) as as the tanked tanked

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2 (1.6%) Private Equity News Australia 3 December 2018

Rolling Table of Recent Activities & Rumours

DATE INVESTOR(S) TARGET SECTOR TRANSACTION TYPE Nov-18 Moelis Redcape Hotel Group Pub IPO Nov-18 Square Peg Capital Athena Home loan platform Series B Nov-18 Blackbird Ventures Sunfed Food ingredients Fundraising Nov-18 Our Innovation Fund Enboarder HR platform Fundraising Nov-18 MDI Ventures InstaReM Crossborder payment Series C Nov-18 Energy Innovation Capital (US) RedEye Data SaaS Series B Nov-18 AirTree Ventures Huddle Insurance Series A Nov-18 SPC Fruit procesing For sale Nov-18 RCR Tomlinson Engineering services In administration Nov-18 Aurizon Holdings rail division Rail maintenance Seeking sale Nov-18 Transit Australia Group Transport operator Seeking sale Nov-18 Dial-a-Dump Industries Waste management - Nov-18 Downer Mining Services unit Mining services Seeking sale Nov-18 IVP Deputy Software (workforce) Investment Nov-18 Arnott's Biscuit maker For sale Nov-18 Hellman & Friedman Trade Me (ASX-listed) Online marketplace Pursuing Nov-18 Crescent Capital Viridian Glass manufacturing Acquisition Nov-18 Booktopia Online bookseller Seeking funding Nov-18 Retail Food Group's assets QSR Seeking sale Nov-18 Temasek Seeking co-investment Nov-18 HIG Capital (US) Lionbridge Translation software Potential IPO Nov-18 Lendlease's Engineering unit Engineering services Seeking sale Nov-18 Colinton Capital Dimeo Commercial Cleaning Significant stake Nov-18 PAG Allied Pinnacle Food ingredients Pursuing Nov-18 RCR Tomlinson Engineering services In administration Nov-18 Next Capital NZ Bus Bus operator Pursuing Nov-18 Tip Top Ice cream For sale Nov-18 Brambles' IFCO Crates unit For sale Nov-18 Apax Partners (UK-based) Trade Me (ASX-listed) Online marketplace Pursuing Nov-18 Suncorp Group's Capital SMART Smarh repairs Potential sale Nov-18 Aveo Retirement villages For sale Nov-18 Reject Shop Discount retailer Being pursued Nov-18 Navis Capital Partners Device Technologies Medical equipment Acquisition Nov-18 Pemba Capital Device Technologies Medical equipment Sold Nov-18 Blackstone Ixom Chemical Sold Nov-18 Retail Zoo (Boost Juice) QSR Seeking sale Nov-18 Equity Partners Tasman Butchers Meat retailer Sold from administration Nov-18 KKR MYOB Accounting software Pursuing Nov-18 SCF Partners & Viburnum Funds MPC Kinetic Pipeline construction Potential IPO Nov-18 BGH Capital Healthscope Hospital Pursuing Nov-18 Brookfield Healthscope Hospital Pursuing Nov-18 BGH Capital Navitas Education provider Pursuing Nov-18 Next Capital Steelforce Steel distribution Set to be sold Nov-18 Macquarie Capital PEXA Electronic settlement Sold Nov-18 TPG Capital Greencross Pet care Pursuing Nov-18 KKR-backed Calvin Capital Smart meters Bolt-on

These items have been sourced from various media outlet reports, company reports and other sources such as trade publications. LCC Asia Pacific does not in any way represent they are accurate. Source of data is available on request.

LCC Asia Pacific Insights Page 3 About LCC Asia Pacific

Founded in 2004, LCC Asia Pacific is an award-winning boutique & strategic advisory firm. We assist our private equity clients with both investment banking & strategic consulting engagements in areas of work including:

capitalising on key industry trends, positioning for eventual exit and identifying key strategies (e.g. buy- executing successful strategies and-build, orphan assets, etc.) and to maximise exit valuation enhancing proprietary deal flows Exit Deal Generation

ongoing strategic reviews (including global benchmarking) that delivers Strategic Due strategic due diligence on deep & valuable insight for senior Review Diligence acquisition opportunities, management to pursue growth and including financial modelling, cost reduction strategies, adopt market analysis, risk analysis, “future proofing” technology and Post- and entry/exit valuation optimise business operations Acquisition

deriving maximum value from acquisitions through rapid organisation transformation, implementing initiatives that “move the needle” and ‘business coaching’ for C-Suite

LCC also works closely with family- and privately-owned businesses that are either considering exit options or are seeking to raise external capital to accelerate their growth strategies.

[email protected] lccasiapacific.com.au | BRISBANE | NEW YORK

LCC Asia Pacific is a boutique investment banking practice, providing independent corporate finance & strategy advice to clients in Australia and across Asia Pacific markets. We have acted for ambitious clients ranging from “emerging” companies, up to Fortune 100 & “Mega” Asian listed entities. LCC Asia Pacific provides clear, unbiased counsel to CEOs and Boards of Directors considering growth strategies, business transformation and challenging corporate decisions. We understand that to service such clients requires a high performance approach, and a tenacity to deliver results. For more information, visit www.lccasiapacific.com.au. © 2018 LCC Asia Pacific

Disclaimer This general information has been prepared by LCC Asia Pacific Pty. Limited ("LCC"). The research is based on public information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made.