There were 14 deals announced which involved a private capital bidder, exactly in line with the five-year average of 20% of total deals, with a combined value of $6.7 billion. However, the average value of deals was modest compared to previous years, with an average of $482 million in FY24 relative to $1.6 billion in FY23 and the five-year average of $1.1 billion.
In FY24, there were 3 mega deals involving private capital (>$1 billion valuation), including TPG Capital’s acquisition of InvoCare, the Paine Schwartz-led consortium buyout of Costa Group and Madison Dearborn Partner’s acquisition of APM Human Services.
Schemes remained the dominant form of deal structure for larger transactions, comprising 9 of the 14 deals in the sector. There were 5 takeovers announced, 4 of which were unsolicited/hostile.
As at 30 June 2024, there were 6 deals involving private capital bidders had successfully completed, with the 8 remaining transactions ongoing.