Blue Sky launches fund aimed at SME space
Blue Sky Private Equity has launched a $50 million EC2010 PE Fund for the small to medium enterprise (SME) space. The fund is targeted at institutional investors, self-managed super funds and high-net-worth investors.
Lenard’s Chicken and Viking Rentals, two of the best performers in the firm’s current portfolio, are the cornerstone investments of the new fund. The remaining capital raised by Blue Sky will be invested in new portfolio companies and used to help them expand either organically or through acquisitions.
Blue Sky invested in portable toilet supplier Viking Rentals in 2007. Since then, the firm has expanded across Queensland and into Victoria, acquired three other companies and increased its rental stock from 300 to 3,000 units. It has also made it onto the last two BRW Fast Starters lists.
Similarly, Lenard’s Chicken has witnessed marked growth since Blue Sky took a stake in 2008. It has bought back its master franchises, is rolling out a new in-store offering in IGA supermarkets and is approaching the 200-store mark.
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