Pacific Equity Partners

Since its establishment in 1998, the firm is understood to have completed 40 private equity buyouts by 2023. Apart from buying and operating large companies, PEP has made 100 "bolt-on" acquisitions in the same 25-period, these are smaller firms, bought and merged with portfolio companies, for their strategic value. PEP claims to have "at least doubled" investor monies in 12 of its previous 13 deals, which have included the purchase, restructure and resale of several Australian and New Zealand companies such as Spotless, Hoyts and Frucor. The one business in this set that did not double its value was Patties, being resold at a multiple of 1.7, due to low post-Covid earnings for that food group. == History ==

Pacific Equity Partners was founded in Sydney, Australia, in 1998. The founders came from the consulting and banking sectors: Rickard Gardell, Tim Sims, Simon Pillar all from Bain & Company; and Paul McCullagh, from Salomon Brothers. The company's NZ$50 million deal to purchase Frucor was partially funded by Bain Capital This became A$300 million for the company's first fund. Pacific Equity Partners sold half of their Frucor stake at an initial public offering, valuing the company at NZ$200 million. The remaining half was sold to Danone at a valuation of NZ$300 million. PEP investors made over 10 times a return on their investment in the deal. In two early deals with New Zealand–based Frucor (1998) and Vertex plastics (2000–2002), within months following an initial public offering, the companies lowered profit targets and saw share prices initially fall, until recovering after a subsequent takeover. The New Zealand Herald wrote that Vertex "remains a public relations headage for the firm". In 2006, PEP and Unitas Capital purchased a majority stake in New Zealand–based Independent Liquors for NZ$1.2 billion on a A$600 million equity investment. PEP had a 43.9% stake. PEP made about 1.5 times their initial investment. In 2015, PEP raised PEP Fund V for . It exited in 2023 and earned investors a 100% return. The fund made and realized eight profitable investments in eight years, an unusual feat. In 2020, PEP raised A$2.5 billion for PEP Fund VI. In 2023, the Australian Financial Review reported that PEP created a Gateway fund for high–net worth individuals to be able to invest in a suite of private equity funds from sources including PEP, Bain Capital, and Nordic Capital, and Leonard Green & Partners. In 2025, the company closed PEP Fund VII for A$3.2 billion. PEP made a bid for Johns Lyng, an insurance repair company, for A$1.1 billion. As of June 2025, the bid was accepted and pending closing. == Culture ==

According to the Australian Financial Review, Pacific Equity Partners focuses on "apprenticeship" style modeling, hiring only junior staff and training them over time to build a strong internal culture. The investing decisions and compensation are based on a team level to avoid "hero culture". ==References==