Melbourne investor and philanthropist Daniel Besen has established a new private equity fund targeting small and medium companies, marking the latest example of a stand-alone fund being backed by a wealthy family office.
Arcus Partners, which will take external investments, has already made its first acquisition, buying baby wear group Snuggle Hunny Kids with Julie Mathers.Fauna, which was sold to BWX in 2021 for about $27.9 million. She will join Snuggle Hunny as CEO while Tom Abraham, who also worked at FloraOver the years, Daniel Besen has been a founding shareholder in companies such as Seek and Mimco, as well as an early investor in Rebel Sport and Sass & Bide.
Mr Hong said the fund will seek founder-run businesses that are growing profits between 30 and 70 per cent a year.During that time, investments the office made included age and disability services group General Homecare and education provider Our Patch. Both were founder run, cash flow generative with the potential to expand across the country.
“We always partner with business owner or management,” he said, adding that guided how long they held investment. “Some want to exit in three or four years, others just want to grow...and we hold the asset for a longer period of time, returning capital,” he said.
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