Mercury Capital Fund 2
Mercury Capital is an independently owned private equity firm based in Australia, investing in the lower to mid-market segment across Australia and New Zealand. The firm partners with owners and management teams to deliver strategic execution, scale operations to unlock sustainable growth.
Founded in 2010, Mercury focuses on backing established, market-leading companies with strong leadership teams, scalable operations, and clear growth potential, working in close partnership with owners and management to execute strategic and value creation initiatives.
Mercury Capital Fund 2 is a 2015 vintage year fund with $300 million in investor commitments, targeting investment into established, market-leading businesses across the Australia and New Zealand.
Portfolio Companies
At investment Hexagon owned three New Zealand label converting businesses; Rapid Labels, Panprint and Kiwi Labels, servicing key sectors including wine, FMCG, laser and pharmacy. The group employed 145 staff across three Auckland sites.
The thesis was to consolidate and scale the fragmented Australasian labels sector through further M&A, including Hally Labels in 2015 and Adhesif Labels in 2016, creating a trans-Tasman platform with strong footholds across food, beverage, pharmaceuticals and horticulture sectors.In 2021, Mercury sold Hexagon to Multi-Color Corporation (MCC Label) for a media-reported NZ$410 million, at which point the business was Australasia’s leading self-adhesive label manufacturer with more than 500 staff across eight production facilities.
The thesis was to aggregate high-quality day hospitals across key surgical disciplines, expand nationally, and partner with shareholder doctors to deliver low-acuity, cost-efficient healthcare infrastructure.
The thesis was to aggregate high-quality day hospitals across key surgical disciplines, expand nationally and partner with shareholder doctors to deliver low-acuity, cost-efficient healthcare infrastructure.
Mercury sold Nexus In 2019 to QIC’s Global Infrastructure Fund. At exit, Nexus had grown to 12 hospitals across six states and territories, with strong clinical partnerships and exposure to structural tailwinds in healthcare.
At investment, Tamaki was New Zealand’s largest primary care operator with 40 clinics, including 17 urgent care centres, serving c.200,000 enrolled patients and 350,000 casual patients annually.
Mercury Capital’s thesis was to back the founding family and management to expand organically and through targeted M&A activity, while maintaining focus on serving high-needs communities.
Today, Tamaki Health is New Zealand’s largest primary healthcare group, supported by over 800 staff and operating under its East Tamaki Healthcare and White Cross brands, with further interests in Qualitas Australia.
At investment IVHQ was the global leader in volunteer tourism, placing c.18,000 participants annually across 200 projects in 34 countries, with a strong digital-first model and affordable programs.
The thesis was to leverage IVHQ’s scale and brand leadership to expand global reach, strengthen technology and marketing capabilities and capture growth in socially conscious travel.
IVHQ was sold in 2024 to a New Zealand based investment firm.
At investment MessageMedia was a leading global customer engagement platform providing software to businesses that enables the management and delivery of two-way messaging communication.
The thesis was to rebuild the management team, consolidate platforms, and expand globally through strategic M&A, including US-based SimpleTexting, transforming the company into a leading customer engagement platform.
Mercury sold MessageMedia in 2021 to Nasdaq-listed Sinch for A$1.7 billion, one of Australia’s largest technology transactions. At exit, the business employed 350+ staff, sent over 420 million messages per month and served 60,000+ clients globally.
At investment, Mercury merged FiftyFive5 and Galkal to create Australia’s largest independent customer insights and market research firm, with offices in Sydney, Melbourne, Auckland and Singapore.
The thesis was to combine two vertically aligned, high-calibre teams with longstanding client relationships to scale regionally, broaden sector coverage, and support international expansion.
Mercury sold FiftyFive5 & Galkal in 2022 to Accenture, a global professional services firm. At exit FiftyFive5 was a leading insights consultancy firm serving 150+ clients in 40 countries across financial services, FMCG, government, media and healthcare.
At investment, NXP was a leading office and facility supplies provider in New Zealand with over 70 years of market presence.
The thesis was to back management to strengthen procurement consolidation through a single-source supply model, driving cost savings and efficiency for clients.
Mercury sold NXP in 2021 to Tiri Group. At exit, NXP was the leading New Zealand B2B and e-commerce company servicing enterprise and government customers and the largest provider for the contract cleaning industry.
