PEP, Revolution and NZ Super support Anchorage’s acquisition of EL&F

Buyout firm Anchorage Capital Partners has assembled a team of financiers from across Australia and across the Tasman to finance the acquisition of EL&F, a long-held asset in the New Zealand capital of Maui.

Street Talk understands that the bulk of the debt was provided by Pacific Equity Partners’ capital solutions unit, led by managing director Jake Haines. Sources say Haines’ syndicate is joined by sovereign wealth fund NZ Super and Bob Sahota’s private debt fund Sydney Revolution Asset Management.

EL&F was acquired in the Maui Aqua fund, established in 2012. It operates two divisions – Speirs Finance, a NZ$700 million ($646 million) receivables book covering the leasing of key business assets, and AB Equipment, a NZ$450 million revenue company that sells aftermarket parts, sales and distribution to OEMs including Toyota

As Street Talk reported in April, Maui Capital told its investors that after a sale process that attracted offers from Japanese giants UDC Finance and Shinsei Bank’s Orix Corp, Anchorage had presented a clear path to acquire both divisions and would provide a clean exit.

Macquarie debt specialist Alhad Bhalerao and APAC head of sponsorship Dragi Ristevski advised ACP alongside ForsythBarr’s James Dykes. On Maui, Toby Groser of Montarne and Tim Tubman of Chapman Tripp handled the tools.