Pioneer Capital And Allegro Funds Awarded Investments Of The Year

Successful investments by two private equity firms in Natural Pet Food Group and Ngahuia Group (Hannahs and Number One Shoes) won awards from the New Zealand Private Capital Association as the investments of the year.

NZ Private Capital Executive Director, Colin McKinnon, said that: “The NZ Private Capital Investment of Year Awards recognise the private equity and venture capital firms that accelerate the ambition of New Zealand business owners through operational improvement and investment performance.”

Entries were judged on return to investors and the companies’ financial performance. The companies’ contributions to the economy, employment, innovation, consistency and industry competitiveness were also considered.

“The winners of our 2021 awards are examples of private capital partnering with companies to improve growth and performance, and to share expertise and to provide capital. This ultimately delivers improved productivity, creates jobs and contributes to the national economy.”

NZ Private Capital ANNUAL AWARD WINNERS:

INVESTMENT OF THE YEAR up to $150 million

Awarded to Allegro Funds for their investment in Ngahuia Group

INVESTMENT OF THE YEAR over $150 million

Awarded to Pioneer Capital for their investment in Natural Pet Food Group

Further information:

Ngahuia Group

Ngahuia Group was established in 2017 to bring together two significant footwear retail businesses – R Hannah & Co (comprised of both Hannahs & Hush Puppies retail stores) and Number One Shoes. In October 2017, Allegro partnered with an MBO team to acquire Ngahuia from ASX listed Bapcor (ASX:BAP), who sold the business as a non-core asset.

Even though both brands had common ownership and operated in the same market, they competed against each other and had standalone operations, including separate CEOs, management teams, head offices, DCs and systems.

Under Allegro’s ownership, Ngahuia was transformed into New Zealand’s leading footwear group operating two brands as one company, one team and one platform. The integrated business pursued an aggressive customer and digital-led strategy while rationalising its physical footprint and lowering its operating cost base. The business made significant investments into data, e-commerce and digital marketing to better leverage its large and loyal customer database. As a result, online sales tripled to now contribute a double-digit percentage of revenue.

This operational and organisational transformation of the business improved its strategic position, increased profitability and provided strong foundations for future growth.

Allegro Funds

Allegro is the leading private equity firm in Australia and New Zealand specialising in complex and active transformation. The firm has built a large and experienced team of dedicated operating partners that assist management to improve business performance and accelerate growth.

Allegro was established in 2004 and has a successful track record of helping to transform businesses for sustained long term growth. Allegro’s investments in New Zealand include Ngahuia Group, The Interiors Group, Postie and Toll New Zealand.

Allegro has over A$3.2 billion of assets under management and has recently reached first close on Allegro Fund IV targeting over NZ$750 million committed capital for investing in future opportunities.

Natural Pet Food Group

With its global headquarters based in New Zealand, Natural Pet Food Group has been delivering premium, high meat nutrition to pets across the world since 2006.

Natural Pet Food Group produces three brands of wet and dry food and treats: K9 Natural, Feline Natural, and Meat Mates. All products are grain, gluten and GMO-free, formulated by the company’s in-house nutritional team.

The company sources 100% of its ingredients and produces its products locally in New Zealand. Proteins featured in Natural Pet Food Group’s formulas include grass-fed and free-range meat, cage-free chicken and sustainable seafoods.

Natural Pet Food Group currently distributes product primarily in New Zealand, Australia, China, Japan, the United States and Canada.

Pioneer Capital

Founded in 2005, Pioneer Capital is a New Zealand based private capital investor focused on supporting New Zealand businesses expanding in large international markets. To date, the firm has:

· Invested in 26 businesses with over 50 offices in a dozen major markets, employing close to 4,000 people and with aggregate annual revenue of around $1.5 billion, of which over 80% is earned outside of New Zealand;

· Raised approximately $1 billion into five funds and LP co-investment vehicles for its private equity and private debt investment programmes.

Pioneer Capital is managed by directors Randal Barrett and Craig Styris and has an investment team of ten professionals based in Auckland, New Zealand.

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