{{short description|Australian private equity company}} {{about|the Australian company|the American company|Anchorage Capital Group}} {{Use Australian English|date=June 2023}} {{Use dmy dates|date=June 2023}} {{Infobox company | name = Anchorage Capital Partners | logo = | logo_size = | image = | image_caption = | type = Private | area_served = Australia<br/>New Zealand<br/>Asia Pacific | key_people = Phil Cave (Founder, Executive Chair)<br/>Simon Woodhouse (Managing Partner)<br/>Callan O'Brien (Managing Partner)<br/>Edward Bostock (Managing Partner) | industry = Finance | founded = 2007 | hq_location_city = Sydney | hq_location_country = Australia | products = | revenue = | operating_income = | net_income = | assets = | aum =~$1,200 million (2026 forecast){{Citation needed|date=May 2025}} | equity = | num_employees = | website = {{URL|https://www.anchoragecapital.com.au/}} }}
'''Anchorage Capital Partners''' is an Australian private equity firm headquartered in Sydney. It specializes in buyout investments in the lower mid-market across Australia and New Zealand.
== Company name ==
In 2015, the company lost a case in the Federal Court against a similarly named United States company, Anchorage Capital Group, which also does business in Australia. The Australians were the first to register their website and claimed that the Americans had infringed on their trademark. The judge accepted the Australians had not copied the name of the pre-existing American company when choosing a name of their own.<ref name="Kruger15">{{cite web |url=https://www.smh.com.au/business/phil-caves-investment-bankers-at-anchorage-take-name-calling-to-a-whole-new-level-20150911-gjke0a.html |title=Phil Cave's investment bankers at Anchorage take name calling to a whole new level |last=Kruger |first=Colin |date=14 September 2015 |website=Sydney Morning Herald|publisher=Fairfax Media|access-date=16 June 2023}}</ref>
== Founders and management ==
Anchorage Capital Partners was founded in 2007 by Phillip Cave, Daniel Wong and Michael Briggs.<ref name="Kruger15" /><ref>{{cite web |url=https://mergr.com/private-equity/Anchorage-Capital-Partners/Daniel-Wong |title=Daniel Wong |website=Mergr |access-date=16 June 2023}}</ref><ref name="Fund1">{{cite web |url=http://www.anchoragecapital.com.au/news/2014/7/21/anchorage-capital-partners-closes-a200-million-fund |title=Anchorage Capital Partners Closes A$200 Million Fund |website=Anchorage Capital Partners |date=31 March 2010 |publisher=Anchorage Capital Partners |archive-url=https://web.archive.org/web/20150227151640/http://www.anchoragecapital.com.au/news/2014/7/21/anchorage-capital-partners-closes-a200-million-fund |archive-date=27 February 2015 |access-date=17 June 2023}}</ref> Cave had worked in private equity during the 1980s on transactions involving Australian brands including Victa and Sunbeam, and later served as an executive director at Macquarie Bank.<ref>{{cite web |url=https://www.anchoragecapital.com.au/team#phillip-cave-am |title=Phillip Cave AM, Executive Chair |website=Anchorage Capital Partners |access-date=15 June 2023}}</ref><ref name="Weinman23">{{cite news |last=Weinman |first=Aaron |title=Inside Anchorage Capital Partners, the very private PE deal makers |website=The Australian Financial Review |publisher=Nine Entertainment |date=12 March 2023 |url=https://www.afr.com/companies/financial-services/inside-anchorage-capital-partners-the-very-private-pe-deal-makers-20230307-p5cq4h |url-access=subscription |archive-url=https://web.archive.org/web/20230313012816/https://www.afr.com/companies/financial-services/inside-anchorage-capital-partners-the-very-private-pe-deal-makers-20230307-p5cq4h |archive-date=13 March 2023 |access-date=14 June 2023}}</ref>
The firm’s senior leadership team includes Phillip Cave and managing partners Simon Woodhouse and Callen O’Brien. In 2024, Edward Bostock joined the firm as a managing partner, having previously served as chief financial officer of Wesfarmers Health and worked in private equity at Pacific Equity Partners and Kohlberg Kravis Roberts & Co.<ref>{{cite web |url=https://disabilityupdate.net/wesfarmers-healths-chief-financial-officer-and-private-equity-hotshot-ed-bostock-is-set-to-join-anchorage-as-a-managing-partner-on-november-1-sitting-alongside-founder-phil-cave-and-managing/ |title=Wesfarmers Health’s CFO Ed Bostock to join Anchorage |website=Disability Update |access-date=24 April 2026}}</ref> == History ==
In 2007, Anchorage bought the Australian-owned canned fruit company Golden Circle and sold it about six months later to Heinz in America.<ref name="Fund1"/>
In 2009, it bought the New Zealand master franchiser for Burger King, Antares Restaurant Group, which it sold in 2011 to the Blackstone Group.<ref name="Fund1"/><ref>{{cite web |url=https://www.stuff.co.nz/business/industries/2869486/Private-equity-buys-Burger-King-NZ |title=Private equity buys Burger King NZ |last=Keown |first=Jenny |date=16 September 2009 |website=Wayback Machine |publisher=Stuff.co.nz |archive-url=https://web.archive.org/web/20230619153457/https://www.stuff.co.nz/business/industries/2869486/Private-equity-buys-Burger-King-NZ |access-date=19 June 2023|archive-date=19 June 2023 }}</ref><ref>{{cite web |url=https://www.nzherald.co.nz/business/blackstone-pays-tasty-108m-for-burger-king/ZDLG3DMJ4LUQ47NB2OGO53JMBE/ |title=Blackstone pays tasty $108m for Burger King |last=Gibson |first=Anne |date=30 November 2011 |website=Wayback Machine |publisher=New Zealand Herald|archive-url=https://web.archive.org/web/20220318230541/https://www.nzherald.co.nz/business/blackstone-pays-tasty-108m-for-burger-king/ZDLG3DMJ4LUQ47NB2OGO53JMBE/ |access-date=19 June 2023|archive-date=18 March 2022 }}</ref>
Between 2010 and 2014, Anchorage traded several other businesses including First Engineering and Bisalloy Steel Group.<ref>{{cite web |url=https://www.theaustralian.com.au/business/business-spectator/nerves-of-steel/news-story/b28ae25a6bd883e1913e318f988906c1 |title=Nerves of steel |website=The Australian |publisher=News Corp Australia |date=2012}}</ref>
In 2012, the Dick Smith Electronics chain was bought for A$20 million.<ref>{{cite web |url=https://www.abc.net.au/news/2012-09-27/dick-smith-sold-to-private-equity/4283098 |title=Woolworths sells Dick Smith to private equity |last=Janda |first=Michael |date=27 September 2012 |website=ABC News |publisher=Australian Broadcasting Corporation |access-date=14 June 2023}}</ref> The chain was floated on the Australian Securities Exchange the following year with a market capitalisation of $520 million.<ref>{{cite web |last=Knapp| first=Jeffrey |date=11 March 2016 |title=The ugly story of Dick Smith, from float to failure |url=https://theconversation.com/the-ugly-story-of-dick-smith-from-float-to-failure-55625 |website=The Conversation |access-date=13 May 2026}}</ref> The float was described as the “greatest private equity heist of all time" by Forager Fund Management chief investment officer Steve Johnson. The Shop, Distributive and Allied Employees Association told a Senate inquiry that the chain had been stripped of cash.<ref name="Weinman23"/><ref>{{cite web |author=<!-- not stated --> |date=29 October 2015 |title=Dick Smith is the Greatest Private Equity Heist of All Time |url=https://www.foragerfunds.com/news/dick-smith-is-the-greatest-private-equity-heist-of-all-time |website=Forager Funds | access-date=13 May 2025}}</ref> The company collapsed and the stores closed in 2016 but the brand name was sold to Kogan.com, which continued online sales.<ref>{{cite web |url=http://finance.ninemsn.com.au/newsbusiness/9096646/online-retailer-kogan-to-keep-dick-smith-brand-alive |title=Online retailer Kogan to keep Dick Smith brand alive |date=15 March 2016 |website=Channel 9 Finance |publisher=Nine Entertainment|archive-url=https://web.archive.org/web/20160317002315/http://finance.ninemsn.com.au/newsbusiness/9096646/online-retailer-kogan-to-keep-dick-smith-brand-alive |access-date=14 June 2023|archive-date=17 March 2016 }}</ref><ref>{{cite web |url=https://www.dailytelegraph.com.au/business/companies/ruslan-kogan-rescues-dick-smith/news-story/ed6c9d3adf496b5008e8995c2a248e5c?csp=bd3237b90831d2efd8c686a90edc2189 |title=Ruslan Kogan rescues Dick Smith |last=Chung |first=Frank |date=15 March 2016 |website=The Daily Telegraph|access-date=14 June 2023}}</ref> The company founder, Dick Smith, blamed Anchorage's greed for the chain going into receivership with the loss of more than 3,000 jobs.<ref>{{cite web |url=https://www.abc.net.au/news/2016-01-06/dick-smith-blames-private-equity-owners-greed-for-collapse/7069604 |title=Dick Smith blames company's previous private equity owners' 'greed' for collapse; employees wait to hear fate |date=6 January 2016 |website=ABC News |publisher=Australian Broadcasting Corporation |access-date=14 June 2023}}</ref> However, Anchorage management told the Senate inquiry they had left Dick Smith Electronics in a good financial position.<ref>{{cite web |url=https://www.smh.com.au/business/companies/anchorage-distances-itself-from-dick-smith-collapse-in-senate-submission-20160331-gnvkoa.html |title=Dick Smith collapse: Anchorage distances itself in Senate submission |last=Low |first=Catie |date=8 April 2016 |website=Sydney Morning Herald |publisher=Fairfax Media|access-date=19 June 2023}}</ref> In 2013, Anchorage reached a first and final close on its second fund at the hard cap of $250 million. The vehicle, which came in oversubscribed, spent less than six months in the market.<ref>{{cite web |url=https://www.avcj.com/avcj/news/60275/australia-s-anchorage-closes-fund-ii-at-usd260m-hard-cap |title=Australia’s Anchorage closes Fund II at USD260m hard cap |website=AVCJ |publisher=AVCJ |date=5 April 2013}}</ref>
In 2014, irrigation company Total Eden was sold to Ruralco for $57 million.<ref>{{cite web |url=https://www.theaustralian.com.au/business/business-spectator/news-story/47fc105d019a89546ab3bea405d44ec4 |title=Ruralco to acquire Total Eden |date=13 February 2014 |website=Wayback Machine |publisher=Business Spectator (News Limited) |archive-url=https://web.archive.org/web/20220318220419/https://www.theaustralian.com.au/business/business-spectator/news-story/47fc105d019a89546ab3bea405d44ec4 |access-date=20 June 2023|archive-date=18 March 2022 }}</ref>
In 2017, Anchorage closed its third fund at over $350 million.<ref>{{cite web |url=https://www.wsj.com/articles/anchorage-capital-in-australia-closes-a-350-million-turnaround-fund-1512069187 |title=Anchorage Capital in Australia Closes a $350 Million Turnaround Fund |website=The Wall Street Journal |publisher=Dow Jones & Company |date=2017}}</ref> The fund was reportedly oversubscribed and reached a final close within three months of launch.
In 2020, Scott's Refrigerated Logistics, which supplies trucks and warehouses to supermarket chains in Australia, was bought for about $75 million from Eagers Automotive.<ref name="NewscomMar2023">{{cite web |url=https://www.news.com.au/finance/business/other-industries/1500-jobs-lost-as-huge-logistics-firm-collapses/news-story/e09d74cde7f02cc730e36e1786a8ad01 |title=1500 jobs lost as huge logistics firm collapses |date=3 March 2023 |website=news.com.au |publisher=News Corp Australia |access-date=14 June 2023}}</ref> The same year, rail freight company CF Asia Pacific was bought, and rebranded a year later as Rail First Asset Management.<ref>{{cite web |url=http://www.anchoragecapital.com.au/news/2020/01/06/anchorage-capital-partners-acquires-cf-asia-pacifi |title=Anchorage Capital Partners Acquires CF Asia Pacific |date=6 January 2020 |website=Anchorage Capital Partners |archive-url=https://web.archive.org/web/20210305092156/http://www.anchoragecapital.com.au/news/2020/01/06/anchorage-capital-partners-acquires-cf-asia-pacifi |access-date=14 June 2023|archive-date=5 March 2021 }}</ref>
In 2021, Anchorage sold its childcare business Affinity Education to Quadrant Private Equity. Affinity was Australia's second-largest listed childcare business, operating 161 centres with a capacity of 12,682 children.<ref>{{cite web |url=https://www.avcj.com/avcj/news/3024249/quadrant-buys-australias-affinity-education-from-anchorage |title=Quadrant buys Australia’s Affinity Education from Anchorage |website=AVCJ |publisher=AVCJ |date=2021}}</ref> The same year, financial software group GBST Holdings was acquired.<ref>{{cite web |url=https://www.afr.com/companies/financial-services/anchorage-pe-swoops-on-capital-markets-software-biz-gbst-20211214-p59hdp |title=Anchorage PE swoops on wealth management software biz GBST |last1=Thompson |first1=Sarah |last2=Macdonald |first2=Anthony |date=22 December 2021 |website=Australian Financial Review |publisher=Nine Entertainment|access-date=15 June 2023 |url-access=subscription}}</ref> Also in 2021, the firm bought clothing and footwear retailer Brand Collective from Pacific Brands and sold it later in the year to the LK Group, the holding company of Melbourne businessman Larry Kestelman.<ref>{{cite web |url=https://www.afr.com/companies/retail/larry-kestelman-s-lk-group-snaps-up-shoes-and-sox-owner-20210721-p58bo8 |title=Larry Kestelman's LK Group snaps up Shoes & Sox owner |last=Mitchell |first=Sue |date=21 July 2021 |website=Australian Financial Review |publisher=Nine Entertainment|url-access= subscription |access-date=21 June 2023}}</ref><ref>{{cite web |url=https://www.anchoragecapital.com.au/portfolio/business/brand-collective |title=Brand Collective + Shoes & Sox |website=Anchorage Capital Partners |access-date=21 June 2023}}</ref>
In 2022, Anchorage completed the sale of Rail First to a consortium of infrastructure investors.<ref>{{cite web |url=https://www.anchoragecapital.com.au/portfolio/business/rail-first-asset-management |title=Rail First Asset Management |website=Anchorage Capital Partners |publisher=Anchorage Capital Partners |access-date=24 April 2026}}</ref> The same year, the David Jones department store chain was bought from Woolworths South Africa.<ref name="Weinman23"/><ref>{{cite web |url=https://www.news.com.au/finance/business/retail/david-jones-records-major-downturn-amid-rba-hikes/news-story/642ba05f12016c2ef0c4ea5d34ec847d |title=David Jones records major downturn amid RBA hikes |last=Rolf |first=Brooke e |date=13 June 2023 |website=news.com.au |publisher=News Corp Australia |access-date=14 June 2023}}</ref><ref>{{cite web |url=https://www.afr.com/companies/retail/anchorage-capital-partners-snares-david-jones-20221216-p5c6yf |title=David Jones sold for $100m, bought for $2.1b in 2014 |last=LaFrenz |first=Carrie |date=20 December 2022 |website=Australian Financial Review |publisher=Nine Entertainment|access-date=14 June 2023 |url-access= subscription}}</ref>
In 2023, Anchorage closed its fourth institutional fund after surpassing its $500 million target.<ref>{{cite web |url=https://www.capitalbrief.com/briefing/anchorage-closes-fund-after-hitting-500m-target-9a0e514d-bb19-4146-a412-8a43605d288f/ |title=Anchorage closes fund after hitting $500m target |website=Capital Brief |publisher=Capital Brief |date=2023}}</ref> The same year, Anchorage acquired New Zealand–based Green Cross Health, which provides in‑home nursing, personal care, rehabilitation, social support, and household assistance services under the Access Community Health brand. Access Community Health traces its origins to 1927, when members of the Women’s Division of Federated Farmers, known as “bush nurses”, provided healthcare services to people in isolated rural communities.<ref>{{cite web |url=https://www.avcj.com/avcj/news/3028747/anchorage-agrees-carve-out-from-new-zealands-green-cross-health |title=Anchorage agrees carve-out from New Zealand’s Green Cross Health |website=AVCJ |publisher=AVCJ |date=2023}}</ref> Also in 2023, turnaround plans for Scott's Refrigerated Logistics were hampered due to flooding and the COVID-19 pandemic.<ref>{{cite web |url=https://www.afr.com/street-talk/anchorage-s-scott-s-refrigerated-logistics-calls-in-administrators-20230227-p5cnz9 |title=KordaMentha takes the keys at Anchorage's Scott's Refrigerated |last1=Macdonald |first1=Anthony |last2=Thompson |first2=Sarah |last3=Sood |first3=Kanika |date=27 February 2023 |website=Australian Financial Review |publisher=Nine Entertainment|access-date=14 June 2023 |url-access= subscription}}</ref> The company went into receivership, 1,500 workers were laid off, and plans were made to sell Scott's 500 trucks.<ref name="NewscomMar2023"/> Union officials blamed supermarket chain Aldi for refusing to sign a supply chain charter. A spike in fuel prices caused by the Russian invasion of Ukraine also hurt profitability.<ref>{{cite web |url=https://www.news.com.au/finance/business/retail/stop-the-slaughter-aldi-slammed-by-twu-after-collapse-of-scotts/news-story/9d20305994bf92d1f10cb49d4fb3a4e2 |title='Stop the slaughter': Aldi slammed by TWU after collapse of Scott's |last=Schneider |first=Kate |date=7 March 2023 |website=News.com.au |publisher=News Corp Australia |access-date=14 June 2023}}</ref>
In 2026, Anchorage agreed to acquire 100 per cent of HMA International, an Australian industrial products and services group, via a scheme of arrangement.<ref>{{cite web |url=https://www.afr.com/street-talk/anchorage-set-to-acquire-60-year-old-industrial-products-biz-for-170m-20260416-p5zoky |title=Anchorage set to acquire 60-year-old industrial products biz for $170m |website=The Australian Financial Review |publisher=Nine Entertainment |date=2022}}</ref>
== Portfolio == As at December 2025, Anchorage was estimated to manage over $1 billion in assets under management.{{Citation needed|date=May 2025}} Previous funds were speculated to have generated returns of over 40 per cent.<ref>{{cite web |url=https://www.bloomberg.com/opinion/articles/2016-01-05/don-t-blame-private-equity-for-dick-smith-s-collapse#xj4y7vzkg |title=Who Killed Dick Smith? 'Buyer beware' is the lesson from an Australian retailer's decline and fall. |last=Fickling |first=David |date=5 January 2016 |website=Bloomberg |access-date=14 June 2023 |url-access=subscription}}</ref>
Notable former investments include Brand Collective, Burger King, Dick Smith, Golden Circle, RailFirst and Total Eden. Other investments have been in a diverse range of industries such as childcare, facilities management, manufacturing, industrials, technology services and telecommunications. <ref>{{cite web |url=https://www.anchoragecapital.com.au/portfolio |title=Exited Companies |date=2023 |website=Anchorage Capital Partners |access-date=14 June 2023}}</ref>
{|class="wikitable" |- !Fund!!Year closed!!Capital |- |Anchorage Capital Partners Fund I|| 2008<ref name="MacThoSoo">{{cite web |url=https://www.afr.com/street-talk/pe-firm-anchorage-capital-adds-partner-flags-new-fund-20220208-p59ut6 |title=PE firm Anchorage Capital adds partner, flags new fund |last1=Macdonald |first1=Anthony |last2=Thompson |first2=Sarah |last3=Sood |first3=Kanika |date=8 February 2022 |website=Australian Financial Review |publisher=Nine Entertainment|url-access= subscription |access-date=19 June 2023}}</ref>|| $200 million<ref name="Fund1"/> |- |Anchorage Capital Partners Fund II|| 2013<ref name="MacThoSoo"/> || $250 million<ref>{{cite web |url=http://www.anchoragecapital.com.au/news/2014/7/18/anchorage-capital-closes-fund-ii |title=Anchorage Capital Partners Closes Fund II |date=5 April 2013 |website=Wayback Machine |publisher=Anchorage Capital Partners |archive-url=https://web.archive.org/web/20150227151607/http://www.anchoragecapital.com.au/news/2014/7/18/anchorage-capital-closes-fund-ii |access-date=17 June 2023 |archive-date=27 February 2015 |url-status=live }}</ref> |- |Anchorage Capital Partners Fund III|| 2017<ref name="MacThoSoo"/> || $350 million<ref>{{cite web |url=http://www.anchoragecapital.com.au/news/2017/11/30/anchorage-capital-partners-announces-closing-of-a350-million-for-its-third-fund |title=Anchorage Capital Partners announces closing of $350 million for its third fund |date=30 November 2017 |website=Wayback Machine |publisher=Anchorage Capital Partners |archive-url=https://web.archive.org/web/20180312230303/http://www.anchoragecapital.com.au/news/2017/11/30/anchorage-capital-partners-announces-closing-of-a350-million-for-its-third-fund |access-date=17 June 2023 |archive-date=12 March 2018 |url-status=live }}</ref> |- |Anchorage Capital Partners Fund IV|| 2023<ref name="MacThoSoo"/> || $500 million<ref>{{cite web |url=https://www.anchoragecapital.com.au/insights/article/anchorage-announces-close-of-a-500-million-fund-iv |title=Anchorage Capital Partners Closes Fund IV |date=7 November 2023 |website=Wayback Machine |publisher=Anchorage Capital Partners |archive-url=https://web.archive.org/web/20150227151607/https://www.anchoragecapital.com.au/insights/article/anchorage-announces-close-of-a-500-million-fund-iv |access-date=17 June 2023 |archive-date=27 February 2015 |url-status=live }}</ref> |}
== Ability First Australia ==
Anchorage Capital Partners is associated with Ability First Australia, a not‑for‑profit alliance of disability service providers. Ability First Australia comprises 14 member organisations and states that its members collectively support approximately 20 per cent of participants in the National Disability Insurance Scheme, employ more than 30,000 staff, and deliver services valued at about $2.4 billion annually.<ref>{{cite web |url=https://au.linkedin.com/company/abilityfirstaustralia |title=Ability First Australia |website=LinkedIn |access-date=24 April 2026}}</ref>
==References== {{reflist}}
==External links== *{{Official website|https://www.anchoragecapital.com.au/}}
Category:Private equity firms of Australia Category:Financial services companies established in 2007 Category:2007 establishments in Australia