Global private equity (PE) firm The Riverside Company is set to acquire a controlling stake in Australian disability insurance broker Altius from AUB Group for $44.3 million. Meanwhile, Japanese venture capital (VC) firm Dimension has led a JPY5 billion ($48.3 million) round for local digital marketing and mobile media business Nyle.
The Riverside Company acquires Altius
Global PE firm The Riverside Company has agreed to acquire a controlling stake in Australian disability insurance broker Altius from Sydney-listed AUB Group for AUD$57 million ($44.3 million) in cash.
The transaction is expected to be completed before the end of April.
In order to facilitate the sale process, AUB Group has already acquired additional equity from a minority shareholder, which increased its shareholding in Altius from 56.9 per cent to 75.4 per cent.
The proceeds of the sale will be used to reduce AUB Group’s corporate borrowings providing headroom for future M&A and strategic investments.
Founded in 2001, Altius is a leading provider of allied health services in Australia. The company provides a range of services including occupational rehabilitation case management and return-to-work support, employee counselling and wellbeing through employee assistance programs, functional capacity assessments and physical therapeutic treatment to disabled individuals under the National Disability Insurance Scheme.
Japan’s Dimension leads investment in Nyle
Japanese VC firm Dimension has led a JPY5 billion ($48.3 million) funding round in local digital marketing and mobile media business Nyle, AVCJ reported.
SBI Group, Nippon Venture Capital, Gree Ventures, JIC Venture Growth Investments, Energy & Environment Investment, Hakuhodo DY Media Partners, and local digital advertising company DA Consortium also participated in the round.
Founded in 2007, Nyle is a web consulting company specialized in providing web solutions for internet media businesses.
Established in 2000, Dimension is a VC firm, focusing on early-stage and pre-IPO deals.