AMP Capital Investors announced earlier this week that its Private Equity Fund No. III has acquired a significant stake in Australasian Shopfitting Co., the leading retail and commercial shopfitter in Australia and New Zealand, with revenues approaching A$80m.
Established in 1991 by Managing Director Mark Walkley, Australasian Shopfitting Co. manages the Australian and New Zealand shopfitting requirements of 26 major retail clients including The Just Group, Reece and Medibank Private. Australasian Shopfitting Co. is currently the largest participant in the shopfitting industry and has a national infrastructure covering up to 80 per cent of national retailer store locations.
AMP Capital Investors Head of Private Equity Greg Smith said the investment in Australasian Shopfitting Company reflects the Fund’s focus on acquiring mid-sized companies offering high-growth potential.
The investment in Australasian Shopfitting Co. is the latest in a series of investments for Private Equity Fund No. III. Recent investments include the Sydney-based Orthopaedic Group, Perth-based water management specialist Total Eden Watering Systems and Sydney based Kra-mar Pet Supplies.
“Australasian Shopfitting Co. has developed an impressive portfolio of leading retail clients through outstanding client service and a deep understanding of the retail industry’s needs,” Mr Smith said.
Australasian Shopfitting Co. will continue to be managed by founder Mark Walkley, Peter Greelish and General Manager Pino Colaci.
“We are very pleased to be working with the AMP Capital Investors Private Equity team who have a strong track record in helping businesses to grow. Their understanding of the shopping centre industry means there are great synergies between our businesses.”
“The investment from AMP Capital Investors will provide our business with the opportunity to expand to meet the growing needs of the market whilst continuing to offer industry leading management systems, procurement solutions and innovative services to both existing and new national retail clients. In today’s market, clients expect more from shopfitters and we are prepared to service them in many ways to achieve their objectives.”
“Working with AMP Capital Investors, our joint synergies will continue to offer our clients the close attention to detail which has earned us their loyalty, in some cases for almost 20 years. In our industry, retail is detail,” Mr Walkley said.