Enterprise software developer Damstra Holdings confirms a non-binding bid from technology-focused private equity firm Accel-KKR. Meanwhile, Quadrant Private Equity has exited leakproof apparel company Modibodi for A$140 million ($95.4 million), and Infensa Bioscience, an Australian company that uses spider venom to treat heart attack or stroke, has raised A$23 million ($15.6 million).
Accel-KKR in bids to acquire Australia’s Damstra Holdings
Technology-focused private equity firm Accel-KKR has submitted a non-binding proposal to acquire Australian enterprise protection software developer Damstra Holdings, the latter said in an announcement.
Damstra Holdings said that the proposal has concluded, and that it will continue to explore options for the company.
Damstra Holdings provides integrated workplace management solutions that allow businesses to mitigate and reduce unforeseen and unnecessary risks around people, workplace, assets and information.
The company serves businesses in the mining, construction, government, energy and utilities, education sectors and others. It has more than 800 clients, with over 1.5 million users worldwide, according to its website.
Listed on the Australian Securities Exchange, Damstra Holdings has a market cap of around A$50 million, per FT’s market data.
Accel-KKR invests in mid-market software and technology-enabled services firms, with $14 billion in committed capital across its buyout, growth capital and credit funds.
Its existing Asia Pacific portfolio firms include Australia’s Humanforce, Pegasus, and Uptick, which operate in the same segment with Damstra Holdings, and New Zealand-based procurement software firm Unimarket.
Essity acquires Quadrant PE-backed Modibodi
Swedish hygiene and health company Essity has acquired Australian leakproof apparel company Modibodi for A$140 million ($95.4 million), paving an exit for Sydney-based Quadrant Private Equity.
The acquisition amount will be paid on a cash and debt-free basis, Essity said in a statement.
Quadrant PE’s The Quadrant Growth Fund made a major investment in Modibodi in 2019.
Founded in 2013, Modibodi develops sustainable personal hygiene apparel for periods, incontinence, perspiration and pregnancy.
The company operates an online, direct-to-consumer business model, with growing sales in retail and through e-tailers.
Leakproof apparel has an expected annual growth rate of more than 20% for the next five years, and the acquisition of Modibodi will strengthen Essity’s position in leakproof apparel and enable faster growth, said Magnus Groth, president and CEO of Essity.
In 2021, Modibodi reported net sales of A$56.7 million and a sales growth of 18%. The EBITDA amounted to A$5.7 million and EBITA to A$5.6 million. EBITA margin amounted to 9.8%.
Infensa Bioscience raises $25.6m
Infensa Bioscience, an Australian company that uses spider venom to treat heart attack or stroke, has raised A$23 million ($15.6 million) from Australian Unity’s Future of Healthcare Fund and high net worth individuals, per an AFR report.
Infensa’s key asset is a peptide derived from the Fraser Island Funnel Web spider whose properties show promise in decelerating the rate of cell death, a critical aspect in heart attacks and stroke, the Future of Healthcare Fund said in its Q1 2022 fund update, without divulging the amount it has put into the company.
Infensa hopes its drug can significantly improve patient outcomes, especially for people living in rural communities who cannot get to a hospital quickly, per the AFR report.
The report added that the company will initially focus on heart attack patients, but plans to raise additional funds to expand into other indications, including strokes.
Infensa will start out doing toxicity studies, before progressing to a phase one trial in late 2023, AFR said.