Norwest Productions Pty Limited, one of Australia's largest professional audio service providers, has announced a major investment by Anacacia Capital, through its boutique private equity fund specialising in SMEs.
Anacacia Capital joins founding Managing Director Chris Kennedy as a major shareholder in the business. Norwest Productions has offices in Sydney, Brisbane, Melbourne and Beijing.
Norwest rents specialised equipment and provides technical staff to assist with corporate and specialty events, concerts, festivals, broadcast and theatre. Recent events include Carols in the Domain, the MTV Awards, the Iron Maiden Australian Tour, So You Think You Can Dance and the Golden Guitar Awards 2008.
This investment follows several months of exclusive discussions. Ernst & Young, Deacons, Marsh and Grays each supported Anacacia Capital's due diligence analysis.
The investment enables the Company to continue to expand its inventory and service to customers in concert, theatre, broadcast and event management.
The Company has been growing by more than 20% per annum over the past few years. The Company is also actively considering acquisitions.
Chris Kennedy, Managing Director of Norwest, said: "We are delighted to have Anacacia Capital as an investor in our business. Jeremy and his team have already started to add significant value to the business and we look forward to continuing to grow the business together."
Jeremy Samuel, Managing Director of Anacacia Capital, has indicated that they have reviewed almost 200 businesses since the initial launch of the Anacacia Partnership fund in July 2007. "We like to identify first class management teams in attractive industries. Norwest is a great example of our approach to originating proprietary opportunities. We look forward to helping management continue to grow into an even more successful business."