Wikipedia

Anchorage Capital Partners

Anchorage Capital Partners is an Australian private equity firm headquartered in Sydney. It specializes in buyout investments in the lower mid-market across Australia and New Zealand.

Anchorage Capital Partners
Company type
Private
IndustryFinance
Founded2007
Headquarters
Sydney
,
Australia
Area served
Australia
New Zealand
Asia Pacific
Key people
Phil Cave (Founder, Executive Chair)
Simon Woodhouse (Managing Partner)
Callan O'Brien (Managing Partner)
Edward Bostock (Managing Partner)
AUM~$1,200 million (2026 forecast)[citation needed]
Websitewww.anchoragecapital.com.au

Company name

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In 2015, the company lost a case in the Federal Court against a similarly named United States company, Anchorage Capital Group, which also does business in Australia. The Australians were the first to register their website and claimed that the Americans had infringed on their trademark. The judge accepted the Australians had not copied the name of the pre-existing American company when choosing a name of their own.[1]

Founders and management

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Anchorage Capital Partners was founded in 2007 by Phillip Cave, Daniel Wong and Michael Briggs.[1][2][3] Cave had worked in private equity during the 1980s on transactions involving Australian brands including Victa and Sunbeam, and later served as an executive director at Macquarie Bank.[4][5]

The firm’s senior leadership team includes Phillip Cave and managing partners Simon Woodhouse and Callen O’Brien. In 2024, Edward Bostock joined the firm as a managing partner, having previously served as chief financial officer of Wesfarmers Health and worked in private equity at Pacific Equity Partners and Kohlberg Kravis Roberts & Co.[6]

History

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In 2007, Anchorage bought the Australian-owned canned fruit company Golden Circle and sold it about six months later to Heinz in America.[3]

In 2009, it bought the New Zealand master franchiser for Burger King, Antares Restaurant Group, which it sold in 2011 to the Blackstone Group.[3][7][8]

Between 2010 and 2014, Anchorage traded several other businesses including First Engineering and Bisalloy Steel Group.[9]

In 2012, the Dick Smith Electronics chain was bought for A$20 million.[10] The chain was floated on the Australian Securities Exchange the following year with a market capitalisation of $520 million.[11] The float was described as the “greatest private equity heist of all time" by Forager Fund Management chief investment officer Steve Johnson. The Shop, Distributive and Allied Employees Association told a Senate inquiry that the chain had been stripped of cash.[5][12] The company collapsed and the stores closed in 2016 but the brand name was sold to Kogan.com, which continued online sales.[13][14] The company founder, Dick Smith, blamed Anchorage's greed for the chain going into receivership with the loss of more than 3,000 jobs.[15] However, Anchorage management told the Senate inquiry they had left Dick Smith Electronics in a good financial position.[16]

In 2013, Anchorage reached a first and final close on its second fund at the hard cap of $250 million. The vehicle, which came in oversubscribed, spent less than six months in the market.[17]

In 2014, irrigation company Total Eden was sold to Ruralco for $57 million.[18]

In 2017, Anchorage closed its third fund at over $350 million.[19] The fund was reportedly oversubscribed and reached a final close within three months of launch.

In 2020, Scott's Refrigerated Logistics, which supplies trucks and warehouses to supermarket chains in Australia, was bought for about $75 million from Eagers Automotive.[20] The same year, rail freight company CF Asia Pacific was bought, and rebranded a year later as Rail First Asset Management.[21]

In 2021, Anchorage sold its childcare business Affinity Education to Quadrant Private Equity. Affinity was Australia's second-largest listed childcare business, operating 161 centres with a capacity of 12,682 children.[22] The same year, financial software group GBST Holdings was acquired.[23] Also in 2021, the firm bought clothing and footwear retailer Brand Collective from Pacific Brands and sold it later in the year to the LK Group, the holding company of Melbourne businessman Larry Kestelman.[24][25]

In 2022, Anchorage completed the sale of Rail First to a consortium of infrastructure investors.[26] The same year, the David Jones department store chain was bought from Woolworths South Africa.[5][27][28]

In 2023, Anchorage closed its fourth institutional fund after surpassing its $500 million target.[29] The same year, Anchorage acquired New Zealand–based Green Cross Health, which provides in‑home nursing, personal care, rehabilitation, social support, and household assistance services under the Access Community Health brand. Access Community Health traces its origins to 1927, when members of the Women’s Division of Federated Farmers, known as “bush nurses”, provided healthcare services to people in isolated rural communities.[30] Also in 2023, turnaround plans for Scott's Refrigerated Logistics were hampered due to flooding and the COVID-19 pandemic.[31] The company went into receivership, 1,500 workers were laid off, and plans were made to sell Scott's 500 trucks.[20] Union officials blamed supermarket chain Aldi for refusing to sign a supply chain charter. A spike in fuel prices caused by the Russian invasion of Ukraine also hurt profitability.[32]

In 2026, Anchorage agreed to acquire 100 per cent of HMA International, an Australian industrial products and services group, via a scheme of arrangement.[33]

Portfolio

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As at December 2025, Anchorage was estimated to manage over $1 billion in assets under management.[citation needed] Previous funds were speculated to have generated returns of over 40 per cent.[34]

Notable former investments include Brand Collective, Burger King, Dick Smith, Golden Circle, RailFirst and Total Eden. Other investments have been in a diverse range of industries such as childcare, facilities management, manufacturing, industrials, technology services and telecommunications. [35]

FundYear closedCapital
Anchorage Capital Partners Fund I2008[36]$200 million[3]
Anchorage Capital Partners Fund II2013[36]$250 million[37]
Anchorage Capital Partners Fund III2017[36]$350 million[38]
Anchorage Capital Partners Fund IV2023[36]$500 million[39]

Ability First Australia

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Anchorage Capital Partners is associated with Ability First Australia, a not‑for‑profit alliance of disability service providers. Ability First Australia comprises 14 member organisations and states that its members collectively support approximately 20 per cent of participants in the National Disability Insurance Scheme, employ more than 30,000 staff, and deliver services valued at about $2.4 billion annually.[40]

References

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  1. 1 2 Kruger, Colin (14 September 2015). "Phil Cave's investment bankers at Anchorage take name calling to a whole new level". Sydney Morning Herald. Fairfax Media. Retrieved 16 June 2023.
  2. ↑ "Daniel Wong". Mergr. Retrieved 16 June 2023.
  3. 1 2 3 4 "Anchorage Capital Partners Closes A$200 Million Fund". Anchorage Capital Partners. Anchorage Capital Partners. 31 March 2010. Archived from the original on 27 February 2015. Retrieved 17 June 2023.
  4. ↑ "Phillip Cave AM, Executive Chair". Anchorage Capital Partners. Retrieved 15 June 2023.
  5. 1 2 3 Weinman, Aaron (12 March 2023). "Inside Anchorage Capital Partners, the very private PE deal makers". The Australian Financial Review. Nine Entertainment. Archived from the original on 13 March 2023. Retrieved 14 June 2023.
  6. ↑ "Wesfarmers Health's CFO Ed Bostock to join Anchorage". Disability Update. Retrieved 24 April 2026.
  7. ↑ Keown, Jenny (16 September 2009). "Private equity buys Burger King NZ". Wayback Machine. Stuff.co.nz. Archived from the original on 19 June 2023. Retrieved 19 June 2023.
  8. ↑ Gibson, Anne (30 November 2011). "Blackstone pays tasty $108m for Burger King". Wayback Machine. New Zealand Herald. Archived from the original on 18 March 2022. Retrieved 19 June 2023.
  9. ↑ "Nerves of steel". The Australian. News Corp Australia. 2012.
  10. ↑ Janda, Michael (27 September 2012). "Woolworths sells Dick Smith to private equity". ABC News. Australian Broadcasting Corporation. Retrieved 14 June 2023.
  11. ↑ Knapp, Jeffrey (11 March 2016). "The ugly story of Dick Smith, from float to failure". The Conversation. Retrieved 13 May 2026.
  12. ↑ "Dick Smith is the Greatest Private Equity Heist of All Time". Forager Funds. 29 October 2015. Retrieved 13 May 2025.
  13. ↑ "Online retailer Kogan to keep Dick Smith brand alive". Channel 9 Finance. Nine Entertainment. 15 March 2016. Archived from the original on 17 March 2016. Retrieved 14 June 2023.
  14. ↑ Chung, Frank (15 March 2016). "Ruslan Kogan rescues Dick Smith". The Daily Telegraph. Retrieved 14 June 2023.
  15. ↑ "Dick Smith blames company's previous private equity owners' 'greed' for collapse; employees wait to hear fate". ABC News. Australian Broadcasting Corporation. 6 January 2016. Retrieved 14 June 2023.
  16. ↑ Low, Catie (8 April 2016). "Dick Smith collapse: Anchorage distances itself in Senate submission". Sydney Morning Herald. Fairfax Media. Retrieved 19 June 2023.
  17. ↑ "Australia's Anchorage closes Fund II at USD260m hard cap". AVCJ. AVCJ. 5 April 2013.
  18. ↑ "Ruralco to acquire Total Eden". Wayback Machine. Business Spectator (News Limited). 13 February 2014. Archived from the original on 18 March 2022. Retrieved 20 June 2023.
  19. ↑ "Anchorage Capital in Australia Closes a $350 Million Turnaround Fund". The Wall Street Journal. Dow Jones & Company. 2017.
  20. 1 2 "1500 jobs lost as huge logistics firm collapses". news.com.au. News Corp Australia. 3 March 2023. Retrieved 14 June 2023.
  21. ↑ "Anchorage Capital Partners Acquires CF Asia Pacific". Anchorage Capital Partners. 6 January 2020. Archived from the original on 5 March 2021. Retrieved 14 June 2023.
  22. ↑ "Quadrant buys Australia's Affinity Education from Anchorage". AVCJ. AVCJ. 2021.
  23. ↑ Thompson, Sarah; Macdonald, Anthony (22 December 2021). "Anchorage PE swoops on wealth management software biz GBST". Australian Financial Review. Nine Entertainment. Retrieved 15 June 2023.
  24. ↑ Mitchell, Sue (21 July 2021). "Larry Kestelman's LK Group snaps up Shoes & Sox owner". Australian Financial Review. Nine Entertainment. Retrieved 21 June 2023.
  25. ↑ "Brand Collective + Shoes & Sox". Anchorage Capital Partners. Retrieved 21 June 2023.
  26. ↑ "Rail First Asset Management". Anchorage Capital Partners. Anchorage Capital Partners. Retrieved 24 April 2026.
  27. ↑ Rolf, Brooke e (13 June 2023). "David Jones records major downturn amid RBA hikes". news.com.au. News Corp Australia. Retrieved 14 June 2023.
  28. ↑ LaFrenz, Carrie (20 December 2022). "David Jones sold for $100m, bought for $2.1b in 2014". Australian Financial Review. Nine Entertainment. Retrieved 14 June 2023.
  29. ↑ "Anchorage closes fund after hitting $500m target". Capital Brief. Capital Brief. 2023.
  30. ↑ "Anchorage agrees carve-out from New Zealand's Green Cross Health". AVCJ. AVCJ. 2023.
  31. ↑ Macdonald, Anthony; Thompson, Sarah; Sood, Kanika (27 February 2023). "KordaMentha takes the keys at Anchorage's Scott's Refrigerated". Australian Financial Review. Nine Entertainment. Retrieved 14 June 2023.
  32. ↑ Schneider, Kate (7 March 2023). "'Stop the slaughter': Aldi slammed by TWU after collapse of Scott's". News.com.au. News Corp Australia. Retrieved 14 June 2023.
  33. ↑ "Anchorage set to acquire 60-year-old industrial products biz for $170m". The Australian Financial Review. Nine Entertainment. 2022.
  34. ↑ Fickling, David (5 January 2016). "Who Killed Dick Smith? 'Buyer beware' is the lesson from an Australian retailer's decline and fall". Bloomberg. Retrieved 14 June 2023.
  35. ↑ "Exited Companies". Anchorage Capital Partners. 2023. Retrieved 14 June 2023.
  36. 1 2 3 4 Macdonald, Anthony; Thompson, Sarah; Sood, Kanika (8 February 2022). "PE firm Anchorage Capital adds partner, flags new fund". Australian Financial Review. Nine Entertainment. Retrieved 19 June 2023.
  37. ↑ "Anchorage Capital Partners Closes Fund II". Wayback Machine. Anchorage Capital Partners. 5 April 2013. Archived from the original on 27 February 2015. Retrieved 17 June 2023.
  38. ↑ "Anchorage Capital Partners announces closing of $350 million for its third fund". Wayback Machine. Anchorage Capital Partners. 30 November 2017. Archived from the original on 12 March 2018. Retrieved 17 June 2023.
  39. ↑ "Anchorage Capital Partners Closes Fund IV". Wayback Machine. Anchorage Capital Partners. 7 November 2023. Archived from the original on 27 February 2015. Retrieved 17 June 2023.
  40. ↑ "Ability First Australia". LinkedIn. Retrieved 24 April 2026.
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