Allegro III
Allegro Funds, is a mid-market private equity firm located in Australia. the firm is recognised for its “Transformational Capital” approach, combining capital with hands-on operational expertise to drive performance, unlock growth and deliver sustainable value.
Allegro was founded in 2004 and now has over $4 billion in funds under management. Allegro partners closely with management teams to execute complex turnarounds, carve-outs and growth strategies, often investing in businesses requiring active operational support.
Allegro Fund II is a 2017 vintage with $290 million in total size targeting transformational investments across Australia and New Zealand in sectors including transport, tourism, retail and industrial services.
Portfolio Companies
At investment in October 2017, Ngahuia was New Zealand’s largest footwear retailer with 112 stores across its Number One Shoes and Hannahs brands, together holding more than 30% market share of the country’s value and mid-market footwear segment.
The thesis was to transform the business after its non-core divestment from ASX-listed Bapcor by stabilising operations, reinvigorating the brands, improving digital capability, optimising the store network and rolling out a new large-format “ultimate shoe destination” model combining Hannahs and Number One Shoes. Allegro partnered closely with management to drive brand strategy, CRM investments and e-commerce growth.
Allegro Fund III sold Ngahuia Group in 2021 to Tahua Partners. At exit, the business operated 100+ stores across New Zealand, had materially reduced its cost base, grown online to 10% of sales and launched its new integrated store format.
At investment in October 2018, ELG was the leading higher education provider in natural health across Australia and New Zealand, comprising Endeavour Colleges, FIA Fitnation and the College of Natural Health and Homeopathy, serving more than 6,500 students across eight campuses.
The thesis was to support ELG’s separation from its UK parent, establish a strong local management team, broaden course offerings and materially improve the student experience through digital learning enhancements. Allegro aimed to consolidate ELG’s position as the dominant provider in the natural health higher education sector.
Allegro Fund III sold ELG in 2023 to UP Education, a Pacific Equity Partners portfolio company. At exit, Endeavour was the clear market leader in natural health higher education with a strengthened academic and digital platform, representing a strong strategic fit with UP’s multi-sector education group.
At investment in June 2019, Questas was one of Australia’s largest independent providers of hydraulic, irrigation, pump and engine solutions, operating a national branch network across the mining, construction, agriculture and industrial sectors.
The thesis was to partner with the founder to continue Questas’ proven track record of acquiring and scaling niche industrial businesses, strengthening operational capability and expanding its presence as a national industrial services platform.
Allegro Fund III sold Questas Group in 2025 to Five V Capital for a media reported $375 million. At exit, Questas was Australia’s largest independent pure-play hydraulics company, servicing over 3,000 customers via 35 sites and generating revenue of around A$320 million under Allegro’s ownership, having more than tripled its size through organic growth and earnings-accretive bolt-on acquisitions.
Perth Radiology Clinic (PRC)
At investment in July 2019, PRC was Western Australia’s largest diagnostic imaging provider, employing more than 80 doctors across hospitals, specialist centres and suburban clinics and offering a complete range of radiology services including MRI, CT, ultrasound, interventional and nuclear medicine.
The thesis aims at backing PRC’s doctor-led model and expand its clinical footprint, leveraging Allegro’s prior experience in the sector through its ownership of I-MED Network to drive growth, strengthen partnerships and position PRC as a leading independent radiology group.
PRC remains an active investment, with Allegro working alongside its doctors to expand capacity and meet growing demand for high-quality diagnostic imaging across WA.
At investment in December 2019, Allegro acquired Best & Less and Postie NZ from Greenlit Brands, creating the Value Retail Group, a 245-store omnichannel apparel retailer serving the value segment in Australia and New Zealand.
The thesis was to establish Best & Less Group as a standalone retailer with full control over strategy, operations and funding, while accelerating a transformation program focused on store optimisation, sourcing improvements, supply chain efficiencies, e-commerce investment and customer loyalty initiatives.
In July 2021, Allegro Fund III partially exited via an IPO of Best & Less Group (ASX:BST) at $2.16 per share, raising $60 million at a $271 million market capitalisation. At exit, Best & Less was a profitable national omnichannel retailer with strong growth in e-commerce and loyalty programs, strengthened sourcing and supply chains and an ambitious growth strategy across apparel categories.
At investment in April 2021, Allegro acquired Team Global Express (formally Toll), a national logistics operator with express parcel, intermodal, shipping, air and road freight operations across Australia and New Zealand, including 39 planes, thousands of trucks and depots and revenue exceeding $1 billion.
Allegro’s investment thesis is to recapitalise and separate Team Global Express from Toll Group, driving a comprehensive transformation under CEO Christine Holgate, with a focus on operational turnaround, improved customer service and accelerated growth in the express parcels segment.
Team Global Express remains an active investment, with Allegro driving a large-scale transformation to reposition it as a competitive, profitable express logistics operator.
At investment in February 2023, Camp Australia was Australia’s largest out-of-school hours care provider, delivering before- and after-school care as well as vacation programs across 500+ schools and employing more than 3,000 staff.
Allegro’s thesis aims at stabilising and restructuring the business following financial challenges, leveraging Allegro’s operational expertise to secure its position as the market leader, improve governance and support growth in student enrolments and school partnerships.
Camp Australia remains an active investment, with Allegro focused on strengthening its educational programs, digital capability and quality of care while expanding its national footprint.
