Odyssey Private Equity Fund 8
Odyssey Private Equity is an Australian based private equity firm investing in leading, lower to mid-market growth businesses across Australia and New Zealand. The firm partners closely with owners and management to drive organic expansion, execute strategic acquisitions, support management buyouts and deliver long-term value.
Odyssey Fund 8 is a 2017 vintage fund with $275 million in investor commitments, raised predominantly from major Australian superannuation and institutional investors, targeting both control and minority equity investments in businesses with enterprise values of up to ~$100 million across diverse sectors including consumer, retail, financial services, industrials, aged care, and manufacturing.
Portfolio Companies
At investment in 2018, Adventure Holdings Australia (formally OZtrail) was a third-generation Australian outdoor leisure company with a strong reputation for innovation, supplying major retailers across Australia and nine international markets.
The thesis is centred on consolidating and expanding the outdoor leisure category by building a scaled platform through acquisitions, exemplified by the 2018 bolt-on of Companion Brands, which broadened the product range into camping fridges, gas hot water systems and 4×4 equipment with global distribution reach.
The business conitnues to operate from its Brisbane headquarters, leveraging its brand and operational base to expand market presence.
At investment in 2018, MST was a global leader in underground mining communications and digital platforms, with over 600 deployments worldwide and solutions spanning voice and data, tracking, emergency alerts, and collision avoidance.
Odyssey’s thesis was to accelerate growth through product development, expand the technology roadmap with innovations such as a proprietary “digital twin” software suite, and engage with strategic buyers in the global mining technology sector.
Odyssey exited MSST in 2022 to Komatsu Ltd, a $33 billion Tokyo-listed industrial group for a media reported US$175 million. At exit, MST was positioned as a global technology leader in the underground mining communications.
At investment in 2019, Sushi Sushi was a vertically integrated Japanese-inspired convenience food business with 140 company-owned and franchised stores, supported by a state-of-the-art processing facility, distribution centres, and over 1,300 staff.
The thesis is centred on capturing the consumer demand for fresh, healthy and affordable meals while scaling a flexible store model into new channels including petrol stations, airports, hospitals, and major events.
The strategy focuses on brand expansion, operational efficiency, whilst leveraging health-conscious dining trends to drive sustainable growth.
At investment in 2019, Delta Agribusiness was a leading independent provider of rural services and agricultural inputs with 28 locations across regional NSW and Southern Queensland.
The thesis was focused on supporting growth by backing a trusted full-service model delivering agronomy advice, farm inputs, livestock and grain marketing, underpinned by the technical expertise of over 40 experienced agronomists.
In 2024, Odyssey agreed to sell Delta to Elders Limited for a media-reported A$475 million. At exit, Delta operated 68 retail locations, generated approximately $835 million in revenue and $53 million in EBITDA, and had grown into a major national agribusiness platform with a diversified offering across rural products, advisory services and in-house chemical brands.
At investment in 2019, FRANKiE4 was an award-winning women’s footwear brand founded by podiatrists and a physiotherapist, combining biomechanical expertise with contemporary design to deliver supportive and stylish footwear.
The thesis is aimed at partnering with the founders to scale a unique brand with patented technologies, expand distribution through online, retail and allied health channels and capitalise on the growing consumer demand for health-conscious fashion.
The business is positioned for strong growth in Australia and New Zealand with early expansion into the US.
At investment in 2021, MTB Direct was Australia’s leading online marketplace for mountain bike parts, apparel, and accessories, founded in 2012 by three riders with a passion for cycling.
The thesis was to capture the surge in cycling participation and e-commerce by expanding the product range, investing in digital initiatives, broadening the customer base, and exploring international growth.
Odyssey sold MTB direct in 2025, to Adventure Holdings Australia, where the business is well-placed to benefit from strong sales momentum, consumer lifestyle trends, and the shift to online retail.
