Track Record

Our team has more than 220 years’ combined experience of investing in and operating small and medium enterprises – experience that also ranges across sectors, including solar energy, education, enterprise software, infrastructure services, training and events, industrial testing and asset management.

Our team has more than 220 years’ combined experience of investing in and operating small and medium enterprises – experience that also ranges across sectors, including solar energy, education, enterprise software, infrastructure services, training and events, industrial testing and asset management.

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

Under Arowana’s watch and its management, many small and medium-sized enterprises 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 restrategise and pivot VivoPower’s focus towards the United States. In less than three years, VivoPower has scaled up to become a profitable global company generating US$18.9m of EBITDA profit and achieving a listing on the NASDAQ in December 2016. Arowana maintains a majority shareholding in VivoPower and continues to work closely with its leadership team to overcome growing pains and challenges to further scale the business.

Vocational education company Intueri Education was established by Arowana in May 2010 and initially comprised one college in Christchurch, New Zealand. In the following four years, Arowana orchestrated a buy-and-build programme that saw Intueri’s profits increase 20-fold, culminating in an initial public offering (IPO) in May 2014 that delivered a 7x return to Arowana.

Human resources, events and publishing company HRM Asia was bought by Arowana in June 2008 and subsequently became the largest business of its kind in Southeast Asia, growing in value by almost 20% per year before being acquired from Arowana by a global events company in September 2014.

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 arranged and led by Kevin Chin, who became the joint-largest shareholder and the hands-on CFO of the business. With only six weeks of cash to survive, the business was saved and propelled from turnaround to growth company in a mere nine months. From humble origins in Canberra, RuleBurst was 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, and was acquired by Oracle Corporation in November 2008. RuleBurst delivered more than 10x return to investors.

Asset Management

Following on from the success of Ruleburst, Arowana was founded with the Arowana Australasian Microcap PE Fund 1(AMPEF1). AMPEF1 was launched in July 2007 with the aim of providing succession capital to small and medium sized enterprises in Australia, New Zealand, and South-East Asia. It was this A$40m 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 its speciality Funds Management division, and launched the Arowana Australasian Special Situations Fund 1 and the Arowana Contrarian Value Fund (formerly Arowana Australasian Value Opportunities Fund).

Along with being a Significant Investor Visa compliant fund, the Arowana Australasian Special Situations Fund 1’s primary purpose is to provide private credit funding to small and medium-sized enterprises and emerging companies in Australia. The A$30m fund is currently closed to new investments and achieved a gross annualised return of 21%.

To build on Arowana’s contrarian, fundamental value philosophy and deep forensic research methodology, the Arowana Contrarian Value Fund (CVF), formerly Arowana Australasian Value Opportunities Fund, was launched in January 2015 and has the ASX Code CVF. CVF aims to seek and exploit situations where a security is materially mispriced and the risk of owning it is positively asymmetric (more upside than downside). With a mandate that allows up to 45% non-Australian investments and hedging up to 25% of the portfolio, since inception CVF has outperformed the S&P/ASX 200 Accumulation Index.

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.