Adamantem Capital Fund 1
Adamantem Capital is an Australian based private equity firm investing across Australia and New Zealand, with a focus on identifying transformative growth opportunities through deep operational partnership.
Adamantem Capital seeks to partner with management teams to accelerate growth, enhance operations, and deliver long-term value creation through control buyouts.
Founded in 2016, Adamantem has established itself as a mid-market investor, with a focus on sectors including consumer, healthcare, business services, and industrials.
Adamantem Capital Fund I is a 2017 vintage buyout fund with $600 million in investor commitments, targeting control investments in established, market-leading mid-market businesses of enterprise values of $50–200 million range across Australia and New Zealand.
Portfolio Companies
At investment in April 2017, Heritage Lifecare was a Wellington-based aged care and retirement village operator managing 19 facilities with c.969 beds and over 300 living units across New Zealand’s North and South Islands.
Adamantem’s thesis is centred on consolidating the fragmented sector benefiting from strong demographic tailwinds by expanding scale, improving operations, and leveraging supportive government funding.
At investment in November 2017, Hygain was a premium Australian equine nutrition company specialising in high-performance feed and supplements, supported by advanced manufacturing processes, with a reputation for quality.
The thesis aims to strengthen its domestic leadership and accelerate export growth through strategic acquisitions and operational scale.
In August 2018, Hygain acquired Mitavite from Ingham’s Group, uniting two of Australia’s leading equine nutrition brands and creating a stronger platform for both domestic and international expansion.
At investment in June 2018, Servian was a leading Australian data and analytics consultancy with more than 250 employees across Australia and India, providing cloud, data, analytics and digital services to Tier 1 clients in financial services, telecommunications, and retail.
The thesis was to capitalise on the increasing demand for cloud-based data solutions and advanced analytics, driving both organic and acquisitive growth. With a strong leadership team and established reputation, Servian was well positioned to scale as digital transformation accelerated across key industries.
Adamantem sold Servian in 2021 to Cognizant Technology Solutions, a US-based multinational professional services company. At exit, Servian was a leading Australasian data and analytics consultancy with over 500 technology and consulting professionals, expanded operations in Australia, New Zealand and Singapore/UK, and a strong footprint in cloud, AI, digital services, managed services, and analytics platforms.
At investment in December 2018, Zenitas was an ASX-listed provider of community-based healthcare services, employing over 2,000 staff and delivering in-home and in-clinic care as an alternative to institutional settings.
The thesis aimed at delisting and reposition the company for growth in decentralised, quality-driven healthcare by leveraging operational scale, broadening service offerings, and integrating acquisitions.
Adamantem, in consortium with Liverpool Partners, acquired Zenitas via a scheme of arrangement, supported by 99.2% shareholder approval, creating a leading platform in community healthcare.
At investment in February 2019, Hellers was New Zealand’s largest producer of processed meats, including sausages, bacon, ham, and salami and had recently expanded into Australia through the acquisition of Moira Mac’s Poultry and Fine Foods.
Adamantem’s thesis aims to build on Heller’s market leadership by pursuing product innovation, expanding distribution and capturing opportunities in food service and quick service restaurant channels.
With its established brand and scale, Hellers is positioned to strengthen its market leadership across both New Zealand and Australia.
At investment in August 2019, Legend Corporation was a previously ASX-listed engineering solutions provider with over 30,000 SKUs across electrical, power & infrastructure, and gas & plumbing sectors.
The company employed more than 300 staff nationwide and served major wholesalers in end markets including rail, mining, telecommunications, and utilities.
The thesis aims to support Legend’s growth by leveraging its strong customer relationships, operational reliability and brand reputation while driving efficiencies and scale as a leading provider of engineered products and solutions.
