Track Record

With more than 220 years’ combined experience, we have a proven track record over the last decade of successfully investing in, operating and scaling up small to medium-sized enterprises.

Our team has a proven track record over the last decade of successfully investing in, operating and scaling up small to medium-sized enterprises(SMEs). Because we are industry agnostic, we continue to build experience that to date has ranged across: solar energy, education, enterprise software, infrastructure services, training and events, industrial testing and asset management.

Along the way, the team have bought, built, operated, scaled up and sold businesses, creating thousands of jobs and considerable economic value. We’ve also gained a priceless set of experiences that form the foundation upon which Arowana has built its reputation.

The Arowana investment process is time-tested, collaborative and decisive. We believe that this process in conjunction with our entrepreneurial culture and never say die attitude have been the drivers contributing to the fact that has not realised any investment losses in our various companies and investment funds.

Under Arowana’s watch and management, many SMEs have flourished. Here is a look at some of our key successes:

Global solar power provider VivoPower International PLC was started by Arowana in August 2014 with an initial focus on Australia and Southeast Asia. Facing challenging market circumstances meant that initially Arowana had to re-strategise and pivot VivoPower’s focus towards the United States. In less than 3 years, VivoPower scaled up to become a profitable global company generating US$18.9m of EBITDA profit and achieving a listing on NASDAQ in December 2016. It has since built up a 1.8GW portfolio of solar projects in the United States, making it one of the top 3 largest solar developers in the United States. Arowana maintains a majority shareholding in VivoPower and continues to work closely with its leadership team to overcome growing pains challenges and to scale up the business further.

Vocational education group Intueri Education was established by Arowana in June 2010 and initially comprised one college in Christchurch, New Zealand. Within 6 months of acquiring this college, 2 devastating earthquakes condemned the campus building and rendered the business practically inoperable. Where most would have given up, the Arowana team parachuted into Christchurch and rebuilt the business literally from the ground up. In the following 4 years, Arowana orchestrated a buy-and-build programme that saw Intueri’s profits increase 20-fold, culminating in an initial public offering in May 2014 that delivered a 7x return to Arowana.

Human resources, events and media publishing company HRM Asia was bought by Arowana in July 2008 and subsequently became the largest business of its kind in Southeast Asia, growing in value by 20% per year before being acquired from Arowana by a global events company in October 2014, delivering a 2.5x return.

Arowana introduced HRM to the Rockefeller Habits and it helped the teams to be galvanised around sales targets, attendance targets and launched a number of new projects to help grow the business. ”

Kavery Ayahsamy, HRM Finance Director & GM 2007 - 2015

Enterprise software company RuleBurst was privatised in November 2004 by a consortium led by Kevin Chin, who became the joint-largest shareholder and the hands-on CFO of the business. With only 6 weeks of cash to survive, the business was saved and propelled from turnaround to growth company in a mere 9 months. From humble origins in Canberra, RuleBurst scaled up globally into the United Kingdom, United States and Asia. It was rated a leader in the Magic Quadrant report by Gartner as an enterprise business rules engine leader and was acquired by Oracle Corporation in November 2008. RuleBurst’s original consortium of investors made up to a 15x return on their investment.

Arowana Asset Management

Following on from the success of Ruleburst, the Arowana Capital Australasian Micro-Cap PE Fund 1(AMPEF 1) was launched in July 2007 with the aim of providing succession capital to SMEs in Australia, New Zealand, and Southeast Asia. It was this fund that originally acquired investments in Evolution, HRM Asia and Thermoscan, among others and has paved the way for what Arowana has become. When the fund was finalised in June 2013, investors had achieved an annualised gross return of 33% delivering top quartile returns for a 2007 vintage fund (Preqin).

In July 2014, Arowana announced the establishment of a speciality Asset Management division, launching two new funds in the ensuing six months, being the Arowana Australasian Special Situations Fund 1 (AASSF1) and the Arowana Contrarian Value Fund (“ACVF”, formerly known as the Arowana Australasian Value Opportunities Fund).

Established in August 2014, the primary purpose of AASSF1 was to provide private specialised debt and hybrid funding to SMEs and emerging companies in Australia. The fund is currently closed to new investments and is in realisation mode having achieved a gross annualised return of 21%. Building on the success of AASSF1, we are now currently raising for a new fund called the Australian Specialty Income Fund (ASIOF) with a view to expanding Arowana’s capability in providing specialty debt financing to Australian SMEs.

The ACVF vehicle was listed on the Australian Stock Exchange (ASX) as a LIC (listed investment company) in January 2015 and has grown funds under management by over 50% since then with a solid track record of performance to date.

 

Additional Arowana CVF performance information

Case Studies

HRM Asia

HRM Asia is a specialist human-resources events and media company based in Singapore that became the leader in its field in the Southeast Asia region during Arowana’s ownership.

RuleBurst

In 2004, Kevin Chin led a consortium that privatised SoftLaw Corporation Limited (later renamed RuleBurst) from being listed on the Australian Securities Exchange at an enterprise value of A$12m.


Intueri Education Group

Intueri Education Group was a
New Zealand-headquartered vocational education group that was established by Arowana in 2010.

Evolution Group Holdings

Evolution Group Holdings has grown into the largest traffic control, traffic management and road maintenance services company in Australia and
New Zealand.