Waterman Capital
Waterman Capital is one of New Zealand’s most experienced private equity firms, investing across the lower to mid-market segment, partnering with domestic New Zealand businesses to accelerate growth, support management buyouts and deliver long-term value.
Founded in 2004 and based in Auckland, the firm has built a strong track record of working alongside leadership teams to scale operations, expand into new markets and strengthen business performance. Waterman has broad sector experience, with notable investments in healthcare, education, consumer, and logistics.
Waterman Fund 3 is a 2016 vintage year fund with NZ$200 million of investor commitments. The fund aims to target investment into New Zealand’s lower to mid market segment providing expansion and replacement capital, supporting management buyouts and partnering with leadership teams with the aim of driving sustainable growth in businesses central to New Zealand’s economy.
Portfolio Companies
At investment in 2016, My Food Bag was New Zealand’s pioneering meal-kit delivery business, founded in 2012 and the clear market leader, delivering over one million meals monthly to more than 50,000 households.
The thesis was to back the founders and management team to scale operations, strengthen brand leadership, and prepare the business for public markets.
Waterman Capital in 2021 conducted a dual NZX/ASX IPO raising c.NZ$340 million, the largest NZ IPO since 2014, and completed its final exit in 2023 via an off-market transaction.
At investment in 2017, PBT was a national freight, courier, and logistics operator with 19 branches, 800 staff including 400 owner-drivers, and more than 13 million items handled annually.
The thesis was to support operational refinement and growth, positioning the business to capture sector tailwinds including long-term freight volume increases projected at 48% by 2048.
Waterman Capital signed a conditional agreement to sell PBT’s courier division in 2023 to NZ Post,New Zealand’s government-owned postal and logistics provider offering nationwide mail, parcel delivery, and freight services.
At investment in 2017, Provincial Education Group was a fast-growing early childhood education provider that had expanded from one centre in 2013 to a nationwide network of early education centres across New Zealand.
The thesis was to back a highly capable management team to scale the platform, embed a values-led model, and elevate quality across an increasingly regulated, government-funded sector.
Waterman Capital sold Provincial Education Group in 2021 to Busy Bees, the UK-based global childcare operator, at which point Provincial had become New Zealand’s largest early childhood education provider with 40 centres, 2,733 licensed places, and more than 300 educators.
At investment in 2018, TRG Imaging was New Zealand’s largest private radiology provider with 19 clinics across the North Island, including the Auckland Breast Centre.
The thesis was to expand TRG’s footprint and clinical capabilities to reinforce its position as the cornerstone of New Zealand’s diagnostic health infrastructure.
TRG acquired Canopy Healthcare in 2020, the country’s largest private oncology provider, creating a leading healthcare platform delivering advanced diagnostic and treatment services.
Waterman Capital sold Canopy Healthcare Group in 2022 to Intermediate Capital Group’s Asia Pacific Fund. At exit, Canopy had become New Zealand’s leading imaging provider and the country’s only multi-clinic cancer care operator.
