A recent transaction whereby private equity firm Catalyst Investment acquired refrigeration and air-conditioner wholesaler Actrol brings renewed hope for future transactional activity, according to AAR partner Steve Clifford. "It is the first LBO of its kind in Australia since early 2009," Clifford said. "This transaction marks a positive sign that the debt markets are beginning to thaw and private equity may be reviving post-GFC." Also involved in the deal were Freehills, who advised vendor GSA Industries, and Corrs, who advised the lenders, Westpac and CBA.

Foreign private equity companies are also showing an interest in Australia. US-based private equity firm The Riverside Company recently took a majority stake in the Boost Investment Group, with Boost being advised by Melbourne firm Hall & Wilcox. Partner Bruce McFarlane said that his firm had seen a number of significant private equity transactions in the mid-market and that since the GFC he had seen an
increase in overseas investment in Australia. Hall & Wilcox has had a strong relationship with Boost extending back to the time when former Boost Juice GC Kristie Piniuta, who is now a Hall & Wilcox senior associate, joined the firm.