Next Capital Fund
Next Capital is an independently owned Australian private equity firm focused on the mid-market, established in 2005 by former Macquarie Bank executives Patrick Elliott, Sandy Lockhart and John White. The firm targets control investments in businesses with enterprise values typically between A$50 million and A$200 million, where it can partner with management teams to accelerate growth, execute operational improvements and deliver strategic transformations.
The firm’s investment philosophy emphasises building long-term value through hands-on engagement, governance support and growth capital, with a strong history of repositioning companies for growth in Australia and New Zealand, as well as driving bolt-on acquisitions and sector consolidation.
Portfolio Companies
At the time of investment, Forest Coach Lines was a leading urban bus operator servicing Sydney’s North Shore, with routes to key centres including the CBD, North Sydney, Chatswood, and Macquarie Centre. It also operates a national charter business for group transfers and tours.
The investment thesis focused on organic growth within its core region, complemented by strategic acquisitions and tenders across Australia.
ComfortDelGro Corporation Limited acquired Forest in 2018, by which time the company had grown to 220 staff and operated 220 buses across eight depots serving metropolitan and regional NSW.
Through the merger of five aged care facilities in South Australia Southeast Queensland, Next Capital facilitated the establishment of Infinite Aged Care, a national leasehold aged care platform.
The thesis centred on establishing regional clusters of aged care facilities, underpinned by robust operational and corporate management. Additional growth was achieved through mergers and acquisitions, greenfield developments and ongoing operational improvements.
Infinite Aged Care was sold to Moelis Australia in 2017. At exit, Infinite Aged Care was an aged care and residential care provider, offering permanent residential, respite and palliative care services.
At investment, Lynch Group was Australia’s leading integrated supplier of fresh cut flowers and potted plants.
Next Capital’s thesis was to expand its farming footprint, and pursue new domestic and international markets. Together, they implemented strategies to scale operations and meet rising demand.
Lynch Group successfully listed on the ASX in 2021, following a fully underwritten bookbuild, raising approximately $206 million at $3.40 per share. At exit, Lynch Group had operations across Australia and China, specialising in the growing, importing, wholesaling, and retail distribution of flowers and plants.
At investment, Funlab was a leading creator and operator of out-of-home entertainment venues across Strike Bowling Bars, Sky Zone and Holey Moley.
The growth strategy involved expansion into related business areas and market entry into Southeast Asia.
Funlab was sold to TPG Capital in 2021, which at the time at exit had over 20+ venues across Australia, New Zealand and Singapore, operating four brands including Strike Bowling, Holey Moley mini golf, and Archie Brothers Cirque Electriq.
At the time of investment, Alpha Group was a leading provider of second-hand vehicle leases to individuals, alongside complementary car hire, and parking operations. The Group serviced over 150,000 customers annually across three divisions including Alpha Car Finance, Alpha Car Hire and Alpha Car Parking.
Next Capital completed the divestment in Alpha Group in 2023 to a trade purchaser.
At investment, Noisette Bakery was Victoria’s largest wholesale artisanal bakery. Based in Melbourne, Noisette supplied over 1,350 customers across metropolitan and regional Victoria, offering a premium range of cakes and pastries, predominantly croissants through both wholesale and retail channels.
Next Capital partnered with Noisette to support the operations of the business and scale its offerings across the country.
Noisette was acquired by Associated British Foods through its subsidiary, George Weston Foods, following its sale by Next Capital in 2024. At the point of transaction, Noisette was recognised nationally as an artisanal bakery specialising in premium breads, pastries, and viennoiseries, providing products to both wholesale and retail markets throughout Australia.
At the time of investment, iSeek was a managed services provider specialising in data centre, cloud, and connectivity solutions. The company serviced over 260 enterprise, government and hyperscale clients, including Amazon Web Services, through three facilities; two in Brisbane and one in Sydney.
Next Capital’s thesis was centred on transforming the business by appointing a world-class management team, modernising employment agreements, securing bilateral contract extensions across Auckland, and committing to decarbonisation with the purchase of 152 electric buses.
Next Capital sold iSeek in 2021 to HMC Capital, a UK-based infrastructure fund. At the time of exit iSeek was a co-location data centre operator in Australia, owning seven data centres across Queensland, South Australia and New South Wales, serving over 500 customers.
At the time of investment, NZ Bus was the an urban bus operator in New Zealand, operating a fleet of over 700 buses from 13 depots located in Auckland, Wellington, and Tauranga.
The thesis was centred on transforming the business by appointing a world-class management team, modernising employment agreements, securing bilateral contract extensions across Auckland and committing to decarbonisation with the purchase of 152 electric buses.
Next Capital sold NZ Bus to Kinetic NZ Holdings Ltd in 2022 for a reported NZ$400 million. At the time, NZ Bus was New Zealand’s leading bus operator, with the largest electric bus fleet in the country.
