RISsafety has successfully completed a secondary management buyout. The management team led by the CEO and Chairman will continue to lead the business with no day to day change for staff, customers and suppliers. New equity partner to the management team, Bricktop Group, acquired the entire equity stake of majority shareholder, Anacacia Capital.
RISsafety was the last remaining investment in Anacacia’s award winning Anacacia Partnership I LP fund. Whilst the company has not released any financial details, the quantum and quality of its earnings materially increased during Anacacia Capital’s time on the share register.
RISsafety has grown to be one of Australia’s largest height safety and access companies. It has branches in Sydney, Melbourne, Adelaide, Brisbane, Hobart and Mackay and recently commenced in Auckland, New Zealand.
CEO Barry Johnson said: “Anacacia Capital has been an incredibly supportive shareholder for RISsafety over seven years, there for us both in tough and good times. I have found their contribution as non-executive directors and shareholders to be invaluable in transforming RISsafety into a much stronger business and leaving us and the new shareholders with a terrific platform for continued future growth.”
Bevan Elliott has resigned from the board as part of Anacacia’s sale. Jeremy Samuel, Managing Director of Anacacia Capital, said: “This is a great outcome for the RISsafety team – staying independent and focused on its clients and with the support of investors that know the sector well. We wish all the RISsafety team the very best for the future.”
Anacacia Capital manages ~$600m in funds, investing in private and listed leading small-medium enterprises. Its target companies typically have minimum $3m annual earnings and $20m revenues.