Anchorage Capital Partners Fund I completes its investment in Total Eden

Anchorage Capital Partners, an independent Australian private equity  manager, today announced the completion of its investment in Total  Eden, the Water Products and Services division of Alesco Corporation  Limited. Alesco identified Total Eden as being “non-core”, and sought  to divest the division so as to focus on its remaining businesses. 

Total Eden was formed in December 2006 through the amalgamation of Total Eden Watering in Western Australia and McCracken's Water  Services based on the east coast, and was acquired by Alesco in 2007. 

The business provides water management products and services across  Commercial, Industrial and Retail markets across Australia. The branch  network comprises 38 retail sites and 10 commercial and industrial sites  in Queensland, NSW, Victoria and WA.  

Since 2007, the business has underperformed due to a range of operational and structural issues. A number of opportunities have been  identified that will enhance the performance of the business through  improving operating capabilities, strategic focus and creating an  organizational structure to support growth and target market  opportunities. 

Daniel Wong, Partner of Anchorage, said: "Total Eden is another orphan  investment, with significant scope for performance improvement. As a  part of our due diligence we identified a large number of material  opportunities that will allow for sustainable improvement in earnings as  well as the overall quality of the business.” 

Existing new management, including Chief Executive Officer, Wayne  Powell will continue with the business to drive the turnaround program.  

Daniel Wong who oversaw the transaction will join the board as  Chairman, along with his Anchorage colleague Phil Cave.

More details -
Daniel Wong
Partner
Email: anchorage@anchoragecapital.com.au

Anchorage Capital Partners

Anchorage was formed in 2007 and currently has A$200 million  committed capital. Anchorage targets investments in businesses with a  strong brand and leading market position, which are materially  underperforming. Anchorage drives the turnaround program directly  through active involvement in the business, leveraging its significant  experience in operational management, business leadership, corporate  finance and, strategy. 

Total Eden Pty Limited

Total Eden is one of Australia's largest suppliers of quality water  products and services supplying a broad range of customers, including  agricultural, domestic, commercial, industrial and mining customers. It  has 42 locations Australia wide and operates through its retail, industrial  and commercial businesses.