Tattarang seeks exclusivity in Rugby Australia investor search
Twiggy dramas and desert jamborees aside, the well-oiled machine that is billionaire Andrew Forrest’s private investment company, Tattarang, rolls on.
Street Talk understands the John Hartman-led vehicle – which is the ultimate parent of most of the Forrest family empire’s interests and holds almost all of the Forrest family’s Fortescue Metals Group’s shares – has entered into a final round of negotiations to be Rugby Australia’s new investor.
John Hartman runs Andrew Forrest’s family investment company. Frances Andrijich
The formal talks, which got under way last week, follow a one-on-one meeting between Hartman and Rugby Australia boss Hamish McLennan at Tattarang’s waterfront offices in Perth in late August. The latter is seeking exclusivity on the deal, sources said.
Jefferies-advised Rugby Australia has been on the hunt for a $250 million growth capital injection at a valuation said to be about $2 billion. Tattarang is vying for the asset with global buyout fund CVC, which has ridden the sporting M&A boom hard, investing in the likes of La Liga, Spain’s top soccer division, and US private equity firm Silver Lake, which invested $200 million in Rugby New Zealand in 2022.
It’s no secret Andrew Forrest is passionate about local businesses and brands. He’s funded the Western Force rugby team in Perth – showing he’s willing to back an underdog, and more than doubled earnings at Australian bootmaker and saddler RM Williams to $45 million, since investing three years ago.
Rugby Australia made a $4.5 million operating loss in 2021 on revenue of $98.6 million, up from a $27 million operating loss in 2020. In 2022, it made an $8.2 million profit on revenue of $129.2 million.
Last month, it announced a major restructure
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