Private Equity News & Analysis

CHAMP adds to mining services portfolio

The Australian private equity firm has purchased industrial services company LCR Lindores for an undisclosed amount from its A$950m second fund, now roughly 65 percent invested.

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CHAMP Private Equity has purchased LCR Lindores, a 23-year-old private company that provides industrial lifting, equipment rental and other services to industries including construction, engineering, transport, infrastructure, mining and maritime.

The investment was CHAMPS’ eighth deal from its CHAMP II fund, closed on A$950 million in September 2005 and now approximately 65 percent invested, confirmed managing director Cameron Buchanan.

Buchanan disputed media reports that suggest the private equity firm is raising an A$2 billion fund, noting that CHAMP will not enter the market until its current fund is at least 75 percent invested. He declined to comment as to the next fund’s probable target size.

He also refuted media reports that the firm is set to exit two of its portfolio companies, saying a decision has yet to be made.

The Sydney-headquartered buyout firm in March completed its buyout of Queensland-based mining and civil infrastructure firm Golding Contractors.