New Zealand’s largest privately-owned freight forwarder, Mondiale (www.mondiale.co.nz), has announced that it has secured growth capital with the introduction of new shareholders, Direct Capital and ACC. Mondiale’s founders and management will continue to retain a 50% shareholding in the business.
Established in 1989, Mondiale is a global operation with offices across New Zealand, Australia, China and the Philippines, complemented by a global network of long-standing agents. The company provides highly-efficient freight forwarding, logistics, and warehousing solutions for a broad range of New Zealand and international customers.
Ray Meade, CEO of Mondiale, has managed both the Australian and New Zealand operations over the last decade and will continue to lead the company, with a particular focus on its growth initiatives. Mondiale founders John Sargent, Phil Bramwell and Grant Ryder remain committed to their current roles in the business, and remain shareholders and executive directors of the company.
Mondiale has grown consistently over the last 30 years. Ray commented that the steady growth is due to “consistent operating performance and outstanding customer service” and that “the company is excited about continuing its track record of growth by continuing to help its growing New Zealand customers, and expanding its international customer base, especially in Australia and Asia.”
The investment represents Direct Capital’s first investment from its latest fund, Direct Capital VI, which raised $425 million in March 2020.
About Direct Capital
Direct Capital was established in 1994 and is New Zealand’s largest private equity firm having raised over $1.7 billion in capital for investment into private companies. Direct Capital invests capital on behalf of institutional and intergenerational investors including NZ Super Fund, ACC and the Government Superannuation Fund, along with pension and endowment funds, community trusts and Iwi groups.
Direct Capital has partnered some of New Zealand’s best-known and most successful businesses, including the now-NZX-listed Ryman Healthcare, Scales Corporation and New Zealand King Salmon; along with a number of other companies that remain privately owned including Beca Group, Perpetual Guardian, AS Colour, Bayleys Corporation, Go Bus, Debit Success, Hiway Group, NZ Pharmaceuticals, and recently announced investments in TR Group and Caci.
About ACC
ACC is a Crown Entity established to deliver New Zealand’s accident insurance scheme. The scheme provides comprehensive, no-fault, personal injury cover for New Zealand residents and overseas visitors. ACC’s investment portfolio exists to ensure that the scheme can meet all the future costs of injuries that have already happened, without the need for New Zealanders to pay more levies for these claims in the future. It’s an investment vehicle aimed at supporting the welfare of the New Zealand people. ACC is New Zealand’s largest fund manager, with over NZ ~$46 billion under management. ACC has a long-term investment horizon with no structural reason to sell assets, a flexible approach for structuring / approaching transactions and a substantial and stable financial position. It has a long-dated track record of successful partnership investments in privately owned New Zealand based businesses alongside Direct Capital, including New Zealand King Salmon and Scales Corporation.