Armitage Associates (Armitage) is a Melbourne-based lower middle market growth buyout investment firm established with the support of leading Australian family offices. Armitage provides capital and management support to small and medium sized businesses, typically family-held, across Australia and Asia Pacific, partnering with shareholders and management to grow their companies.

Armitage partnered with LGT Capital Partners as the sole lead investor for an AUD 143 million continuation fund, established to provide growth capital and partial shareholder liquidity for two high growth, high quality AAF2 portfolio companies, Sash and Bluefit.

The Switzerland-based specialist in alternative investing is the only new incoming investor in the continuation fund, with the remaining demand coming from existing AAF2 investors who chose to roll over their existing exposure in the two companies.

The capital allows the two companies in the continuation fund to continue to pursue their expansion strategies:

• Sash was founded in 2007 and is one of the leading operators of small animal specialist and emergency referral hospitals in Australia. It provides a broad range of specialist veterinary care for dogs, cats and other companion animals across seven hospitals in Sydney, Adelaide and South East Queensland.
• Bluefit was established in 2007 and is one of the leading operators of council leisure facilities and learn-to-swim programs in Australia. Headquartered in Melbourne, the company operates over 40 council leisure facilities and 20 dedicated learn-to-swim sites across the country.

Brooke Zhou, Partner at LGT Capital Partners, said: “We are pleased to partner with Armitage, as LGT Capital Partners has helped pioneer the evolving secondaries market for more than 20 years. The transaction is a prime example of how innovative secondary market solutions can generate flexibility and liquidity for the parties involved, and represents one of the few GP-led CVs that have been successfully executed in Australia to date. We believe our investors will benefit from exposure to Sash and Bluefit, as they are well positioned in their respective industries. We look forward to further building on our partnership with Armitage in the years to come.”

Mark De Ambrosis, Managing Director of Armitage, said: “We are delighted to partner with LGT Capital Partners to form Armitage’s first continuation vehicle, reinforcing our genuine commitment to long-term partnerships with portfolio company founders. Sash and Bluefit remain at the early stages of their growth journeys, and we are excited to continue our partnership with each of them. LGT Capital Partners have been fantastic to work with through the investment process, with an aligned philosophy towards long-term value creation, and we look forward to an enduring and prosperous relationship.”

LGT Capital Partners has been investing in the secondaries market for over 20 years, with more than 450 transactions completed to date. The Secondaries team has dedicated investment professionals in offices in Pfaeffikon (Zurich area), London, New York, Hong Kong and San Francisco, and it can leverage the capabilities of LGT Capital Partners’ overall Private Markets investment teams, which comprises a total of more than 100 individuals.