Track record

Runge is a leading supplier of engineering consulting and software services to the mining sector. The company was founded in 1977 and has grown substantially providing mine planning and mine business planning services, in addition to creating its own unique technical software products that are sold globally. In 2005 Runge acquired Pincock Allen & Holt, a Denver, USA based consulting firm to extend its global consulting business. AMP Capital acquired a 26% equity stake from the founder in October 2005. AMP Capital assisted developing Runge into a global leader in mining technology services with 17 locations across 10 countries, and 40% CAGR in EBITA from 2006 to 2009. The investment achieved an IRR of over 49% pa and a money multiple 3 times the original investment.

Orphan Australia is a niche distributor of ethical pharmaceutical products. Orphan was originally established as a start-up in 1995. Since then the company has enjoyed strong growth and has established a leading position in its market. AMP Capital provided the founder with the opportunity to realise part of his investment whilst providing the catalyst to broaden ownership participation with management. Through the course of AMP Capital’s ownership, Orphan appointed a new CEO, extended it’s product range and key license relationships and made additional proprietary investments. Positioned for the next stage of growth, AMP Capital sold Orphan to Sigma for $130 million which together with dividends received delivered a return of more than 3 times and an IRR of 49%.

Total Eden are installers of drip irrigation and other water management systems for domestic properties. The company also undertakes major design and construction projects for industrial applications such as horticultural businesses, golf courses, parks, gardens and schools. AMP Capital acquired a majority shareholding as part of a management buyout. Through AMP Capital’s investment and supportive acquisition strategy, Total Eden became Australia’s leading irrigation and water management group. The investment achieved an IRR of over 220% pa and a money multiple of over six times the original investment.

Formed through the merger of Olympic Cables and Nylex Cables, Olex was a leading player in the Australiasian cable market. AMP Capital led the acquisition of Olex’s business from Pacific Dunlop in 1999, backing key Olex senior management.

Despite difficult trading conditions, AMP Capital oversaw a reinvestment programme that saw the company undertake a substantial restructuring programme which reduced costs, improved efficiency, raised the brand profile and achieved a closer alignment with key customer needs through the development of new products and services. Olex also focused on expansion into new markets. These initiatives transformed Olex into a highly profitable business and provided a solid platform for sustained future earnings growth.

AMP Capital successfully sold Olex via a competitive trade sale to Nexan’s in 2006, achieving an IRR of approximately 20% and 3.5 times the original investment.

Vision Group was created in November 2001 to lead a consolidation of the ophthalmic surgery sector in Australia. By June 2004 the business had expanded into Sydney, Gold Coast, Townsville and Melbourne suburbs and had grown fourfold in terms of procedures, revenues and profitability. This rapid growth was a testament to the strength of the management team, the Board and the effectiveness of the doctor equity model that was developed by the CEO in partnership with AMP Capital.Vision Group was listed on the Australian Stock Exchange in December 2004 at an enterprise value of $190 million generating an IRR of 45.2% and over 3.0x original investment.

In November 1997, AMP Capital supported a management buy-in of Multix Pty Ltd from Amcor. At the time Multix was a clear number two in the supermarket category of bags, wraps & foils, with about 25% market share.During the period of AMP Capital's ownership, Multix was transformed into the market leader in almost all segments of these categories. The business was sold to McPhersons Ltd in October 2004 for $70 million, generating an IRR of 22% and 3.0x original investment.

Robinsons Industries manufacture rangehoods in New Zealand and Australia, and laundry tubs in New Zealand. Robinsons' product range includes canopyhoods, rangehoods, rangehood ducting, laundry tubs, built-in ironing centres and waste disposals. Robinsons owns the brand names, Robinhood and Supertub. AMP Capital invested in Robinsons in 2001, providing expansion capital and funds to buy out the founding shareholder, Noel Robinson. The business was sold to Alesco in 2003 achieving a 30% IRR and 1.5x the original investment.