Allegro Funds (“Allegro”) on 8 November 2023, finalised its acquisition of Scyne Advisory (“Scyne”), completing the separation of the business from PwC Australia.
Welcome to the October 2023 Allegro Newsletter.
We welcomed the Allegro community to our eighth AGM; we launched our refreshed ESG strategy; and our deal team is in full flight, working towards the completion of our investment into Scyne Advisory and working on a number of prospective opportunities for Fund IV.
Allegro Funds named as AIC Firm of the Year and awarded TMA Australia’s Medium Company Turnaround for Pizza Hut Australia
In August the Allegro team was pleased to attend the 2023 Australian Investment Council (AIC) Investment Conference and the 2023 Turnaround Management Association (TMA) Australia National Conference. Our team is thrilled to bring home the AIC 2023 Firm of the Year Award in recognition of Allegro’s contribution to private capital industry development. Additionally, we are pleased to be recognised for our transformation of Pizza Hut Australia, receiving the AIC’s Small Cap Investment Award and TMA Australia’s Medium Company Turnaround of the Year Award.
PwC Australia’s Public Sector advisory business will become an independent government-specialist company, as Allegro Funds and PwC reached binding term sheet on the sale of the business. The transaction will have an effective date of 1 July 2023.
Allegro Funds (“Allegro”) announces that it has fully exited its investment in Best & Less Group (“BLG”).
On 5 June 2023, Allegro accepted the off market offer from BRRC Admin 1 Pty Ltd (“BBRC”), an entity owned by Brett Blundy and Ray Itaoui, to acquire all outstanding shares in BLG for $1.89 per share. Allegro had previously indicated that it would accept the offer, subject to there being no superior proposal. In absence of a superior competing offer, Allegro exited its remaining interest in BLG on 5 June 2023.
Allegro Funds (“Allegro”) is pleased to announce that it has entered into an agreement to sell its stake in Pizza Hut Australia to America’s largest restaurant franchisee, Flynn Restaurant Group (“FRG”).