PEP acquires Modern Star for $600m

By Tony Zhang|14 September 2020
PEP acquires Modern Star

Allens has advised PEP on the acquisition of Modern Star.

Firms: Allens (PEP).

Value: $600 million.

Deal: Allens has advised longstanding private equity client, Pacific Equity Partners (PEP), on the acquisition of the Australian and New Zealand operations of educational resources business, Modern Star, from Navis Capital. 

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Area: M&A, private equity.

Key Players: The Allens team was led by M&A partner Kounny Rattley. 

In addition to Allens’ private equity specialists, the broader team included experts from: banking and finance (who worked on the unitranche funding structure for the acquisition), employment and IP.

Deal Significance: Pacific Equity Partners has acquired one of the country’s biggest supplier of educational resources to schools and childcare centres, Modern Star.

The transaction would see PEP take control of Modern Star’s Australian and New Zealand business, which supplies educational resources to schools and childcare centres, and value the asset at about 10 times earnings before interest, tax, depreciation and amortisation.

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“We are thrilled to work with PEP as it expands its investment portfolio into the education sector,” said Ms Rattley.

“Particularly so as Modern Star is PEP's first investment for its new $2.5 billion buyout fund, Fund VI.”

“This acquisition builds on our close working relationship with PEP and we congratulate them on signing the inaugural deal for PEP Fund VI,” Tom Story, head of corporate said.

PEP acquires Modern Star for $600m
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