Anchorage Capital Partners Fund III
Anchorage Capital Partners is an Australian private equity firm established in 2007 by Phillip Cave. The firm specialises in control investments in established businesses across Australia and New Zealand that have strong brands or market positions but are not realising their full potential due to factors such as capital constraints, limited management focus or being a non-core division of a larger corporate.
Anchorage applies a hands-on investment approach, combining capital, operational expertise and disciplined change management and works in close partnership with management teams to unlock value and deliver sustainable growth.
Anchorage Capital Partners Fund III is a 2017 vintage fund with A$350 million in investor commitments. The fund targets complex corporate carve-outs, non-core subsidiaries and companies constrained by capital or management bandwidth, where Anchorage can apply its operational expertise, active ownership and change management disciplines in partnership with management teams to unlock transformation and sustainable growth.
Portfolio Companies
At investment in September 2018, South Pacific Laundry was one of Australia’s leading commercial laundry operators, servicing over 3,000 customers across the accommodation and healthcare sectors through a national network of nine processing plants and 12 distribution centres.
Anchorage’s thesis aims to build on SPL’s highly cash generative, automated operating platform by expanding deeper into the healthcare and aged care segments, while strengthening its long-term contracts with major hotel groups and leveraging its strong national footprint.
SPL remains an active investment in Fund III, positioned as a national leader in accommodation laundry services with significant opportunity for growth in healthcare.
At investment in December 2019, CF Asia Pacific was Australia’s leading full-service rail leasing business and the fourth largest owner of assets on the Defined Interstate Rail Network, with ~80 locomotives, ~1,500 wagons and a ~90% market share of leasable assets.
The thesis was to leverage the company’s high-quality, young fleet and strong cash flow profile to drive further growth through diversification into intermodal, agriculture, mining and infrastructure sectors, while exploring expansion into adjacent Asia-Pacific markets in partnership with key customers.
Anchorage Capital Partners sold 100% of Rail First Asset Management to a consortium comprising Amber Infrastructure and DIF Capital Partners, for a media reported $425 million transaction value. At the time of exit, Rail First Asset Management was Australia’s largest independent rail leasing company, operating a fleet of over 1,300 wagons and 120 locomotives with long-term lease contracts across intermodal, agriculture, mining and infrastructure sectors, generating stable recurring revenues and strong cash flow conversion.
At investment in February 2020, Scott’s Refrigerated Logistics was Australia’s largest fully integrated cold-chain logistics provider, operating a fleet of ~500 trucks, ~1,000 trailers, ~450 rail containers and 24 cold storage facilities across all mainland states. The business was acquired as a non-core division of AP Eagers.
The thesis was to capitalise on SRL’s national market leadership and stable refrigerated logistics sector by strengthening its operational platform, optimising its fleet and facilities and expanding its service offering in the temperature-controlled transport sector.
While the business later entered receivership in 2023 due to challenging external market conditions, Scott’s under Anchorage ownership played a key role in strengthening cold-chain infrastructure, ensuring continuity of supply for essential customers and cementing its legacy as an integral participant in Australia’s food logistics sector.
At investment in December 2021, GBST Wealth Management was a global provider of financial services technology with over 100 clients across Australia, Asia, the UK and the US. Its flagship product, Composer, supported millions of end clients through integrated registry and administration solutions for wrap platforms, pension funds, superannuation funds and wealth managers.
The thesis aimed at acquiring GBST through a regulatory-driven sale, providing Anchorage with the opportunity to back a high-quality business with strong upside from management’s transformation initiatives and industry growth tailwinds in wealth administration.
GBST remains an active Fund III investment, recognised as one of the leading wealth management administration platforms globally.
