Odyssey Private Equity to target growth opportunities
21st Feb 17
ODYSSEY MEDIA RELEASE
20 February 2017: A new private equity fund, Odyssey Private Equity has been
established to target investments in mid-sized growth companies.
Private equity veteran George Penklis has partnered with experienced private equity
professionals Gareth Banks, Jonathan Kelly and Paul Readdy. Together the four have
formed Odyssey Private Equity and concluded a $275 million fund raising from
Odyssey is targeting expansion capital, replacement capital and management buy-out
opportunities across a broad range of industry sectors in Australia and New Zealand.
The fund will invest in both control and minority equity positions.
The fund will typically invest equity of between $15 and $40 million in private
businesses, with enterprise values up to $100 million. Odyssey will also target larger
opportunities through co-investment with Odyssey’s investors.
Managing Partner, George Penklis said: “The formation of Odyssey was driven by a
number of factors. The timing was right for the team, which has a solid performance
track record. The market segment is attractive, with strong deal flow and a history of
strong returns for investors.
“With private equity firms raising larger funds and moving out of the segment, we saw
an opportunity and received strong investor support for the fund,” he said.
George Penklis co-founded the highly successful private equity firm Quadrant in 1996.
He left in 2014 and remained as an advisor within the industry.
Partners Gareth Banks, Jonathan Kelly and Paul Readdy were long-serving directors of
CHAMP Ventures, before leaving to raise a new fund. They retain their existing
portfolio company board roles.
Gareth Banks, who recently stepped down as Chairman of the industry association
AVCAL, said: “Odyssey is focused on investing in high-growth private companies, who
we believe will be the future leaders of their industry sector.
“We partner with management teams and business owners on their journey and bring
capital and strategic skills, to help them achieve their goals and maximise shareholder
value over time,” he added.
Author: Rick Baker, Co-founder, Blackbird Ventures.
Originally published on Blackbird Ventures' blog on 6 March 2017.
Author: Yasser El-Ansary, Chief Executive, AVCAL