Direct Capital Invests in Bayleys

Direct Capital today announced that it had completed an investment in Bayley Corporation Limited.

Bayleys was established in 1973 and is New Zealand’s largest full-service real estate agency offering property sales, leasing, management, valuation, and ancillary services across the real estate sector.

Bayleys delivers these services through its core brands Bayleys, Eves, Unlimited Potential, Platform Consulting and Vega, supported by a network of 121 company owned and franchised offices throughout New Zealand and Fiji.

Together with its global partner Knight Frank, Bayleys has acquired 73% of ASX-listed real estate company McGrath (ASX: MEA). The remaining 27% is held by existing McGrath shareholders, including major shareholder and continuing CEO John McGrath.

McGrath was founded in 1988 and is one of the leading residential real estate service providers in Australia with a market presence in New South Wales, Queensland, Victoria and Tasmania. McGrath provides residential property brokerage and management services from 131 company owned and franchised offices.

Direct Capital’s investment funds Bayleys’ share of the McGrath acquisition, significantly expanding Bayleys’ size and geographic reach.

Bayleys is well known to Direct Capital, being a successful investment for Direct Capital IV. Direct Capital is excited to rejoin the Bayleys family and help facilitate this transformational trans-Tasman investment.

Bayleys is Direct Capital’s fifth 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 with some of New Zealand’s best-known and most successful businesses, including Wet & Forget, Mondiale VGL, Beca Group, TR Group, AS Colour, Perpetual Guardian, Caci Clinics, along with NZX-listed Ryman Healthcare, Scales Corporation and New Zealand King Salmon.