Wilsons-advised utilities play SUPA finds backer in IFM Investors
Smart Urban Properties Australia, the infrastructure and utilities roll-up put together by former Vocus executive Geoff Horth, has landed a $50 million investment from superannuation funds house IFM Investors.
The business, known as SUPA, provides energy infrastructure like metering, hot water systems and solar panels to new and existing properties. It also looks after intercoms, security systems and CCTV.
Geoff Horth is the chief executive of SUPA. Benny Capp
Part of the investment, Street Talk was told, would include using IFM’s networks to support SUPA’s growth. The company had, in March, raised $9 million via a convertible notes deal. Horth and other investors would hope it ends up like OptiComm, which developers contract to build and own broadband infrastructure for residential communities. That company had a short but lucrative stint on the ASX, being snapped up by Uniti in a $500 million deal only 12-months after it listed on the bourse.
The new deal, led by IFM’s private equity team, will complete in August subject to shareholder approval. At that time, Daniela Wegner and Jeremy Larkin from the super fund investment house will join the SUPA board. SUPA engaged Wilson Advisory to act as its financial advisor.
Part of the pitch from Wilsons, which had been scouting for interested parties since last year, was that 45 per cent of SUPA’s revenue out to the 2027 financial year was contracted or awarded. In October, the company told potential investors to think about $40 million revenue in FY23, which would be 24 per cent up on the prior year, and a 31 per cent gross margin.
IFM manages almost $200 billion of assets worldwide.
Read more on afr.com
