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Allegro

allegrofunds.com

Founded Year

2008

Stage

Acquired | Acquired

About Allegro

Allegro S.à r.l. is an independent third party management company providing AIFM and fund administration services to AIF, RAIF, non-AIF and UCITS funds. Its clients are large-scale institutional investors, international fund promoters and investment managers.On April 21, 2020, Allegro was acquired by Ocorian. Terms of the transaction were not disclosed.

Headquarters Location

11, Rue Beaumont L-1219

Luxembourg

+352 2648521

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Latest Allegro News

Allegro, Tanarra lender syndicate to take control of Camp Australia

Sep 7, 2022

Share Camp Australia’s rollercoaster ride with Bain Capital is just about complete, with the company’s lenders set to take the keys as early as this week. Sources said Camp Australia’s lenders, a syndicate of Australian and offshore credit funds and private equity firms, were on track to finalise their debt-for-equity swap as soon as Friday and finally sign a deal that had been months in the making. Before and after school care provider Camp Australia is headed into new ownership. Sun Herald Providing there’s no last minute hiccup, the deal would see Sydney-based Allegro Funds own the company alongside funds run by Melbourne’s Tanarra, Perpetual, Broad Peak, Intermediate Capital Group and Apollo Global. Allegro and Tanarra are understood to have the biggest exposures, and would therefore emerge with the largest equity stakes. The syndicate’s expected to have the backing Camp Australia’s existing management team, run by former Study Group boss Warren Jacobson, and pursue a business as usual strategy. Advertisement They’ll consider exit options at some stage in the future, with none really having any strategic need to own an Australian education business. The debt-for-equity swap would end a turbulent period for Camp Australia, which offers before and after school care and holiday programs and whose business was heavily impacted by the COVID-19 pandemic and associated lockdowns. Camp Australia was carrying about $250 million in debt, which ultimately proved too much given the underlying business conditions. It would also serve as a timely postscript to Camp Australia, which is remembered by bankers as arguably the hottest Australian private equity shootout of late last decade. Bain Capital, which had experience in childcare businesses in Australia and offshore, narrowly beat arch rivals including KKR and TPG Capital to secure the business in December 2016. The debt-for-equity swap has been brewing since Allegro and Tanarra linked up to try to restructure the business in March, as revealed by Street Talk . It came as Camp Australia had been trying to extend a standstill agreement with its lenders over interest and principal repayments, to effectively buy more time. Camp Australia reported losses of $137.4 million and $73.8 million in the 2021 and 2020, according to accounts filed with ASIC. Camp Australia’s holding company, Spyder (BC) Holdco, had $335 million in loans and borrowings as at June 30 last year, including a $235 million bank debt facility with tranches maturing in December 2022 and December 2023. Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter . Email Anthony at a.macdonald@afr.com Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au Save

Allegro Frequently Asked Questions (FAQ)

  • When was Allegro founded?

    Allegro was founded in 2008.

  • What is Allegro's latest funding round?

    Allegro's latest funding round is Acquired.

  • Who are the investors of Allegro?

    Investors of Allegro include Ocorian.

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