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Luminis Partners

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About Luminis Partners

Luminis Partners operates as a corporate advisory firm. The company offers advisory services on strategy, mergers, takeovers and takeover defense, acquisitions, divestments, restructuring, and capital markets activities. Luminis Partners serves to major corporations, governments, and institutions worldwide. It is based in Sydney, New South Wales.

Headquarters Location

88 Phillip Street Level 32, Aurora Place

Sydney, New South Wales, 2000,

Australia

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Latest Luminis Partners News

Staffing biz PeopleIN contracts Luminis for strategic review

Nov 22, 2022

Share The country’s biggest listed contracting/recruitment firm PeopleIN has called in the bankers to consider ways to unlock value for shareholders, including a potential private equity buyout. Only a fortnight after chairman Glen Richards (of Greencross fame) promised shareholders the board was “focused on delivering value”, he’s hired boutique Luminis Partners to run a strategic review considering all available options. PeopleIN places about 32,000 candidates into jobs each year for clients mostly in the healthcare, professional services, childcare and IT sectors. Peter Rae It’s easy to see why Richards and his board is frustrated: PeopleIN shares are down nearly 30 per cent this year, despite normalised revenue up 54 per cent in the 2022 financial year and EBITDA increasing 24 per cent. The company also put out FY23 EBITDA guidance – $62 million to $66 million or a 36 per cent increase at the midpoint, while sell-side analysts have revenue cracking $1 billion. So despite a tight jobs market and numbers trending in the right direction, it seems PeopleIN is stuck in the sub $1 billion small cap twilight zone. The company has found a couple of supportive small-cap funds – Perennial Value and QVG Capital – but is thinly traded and hard for others to get a substantial stake without materially impacting the share price. Advertisement At 6.3-times forecast EBITDA, it is trading like an unfashionable retailer or battling childcare operator, and is too small for mid-cap funds or offshore investors. It has a $300 million market capitalisation. If the board’s frustrated, shareholders are sure to be frustrated. And it’ll be Luminis bankers’ job to try to fix it for everyone. Private equity job And bankers being bankers, we’re sure the remit includes testing buyer appetite and particularly Australian and offshore private equity investors. PE firms are trying to deploy huge amounts of dry powder, and are swooping up unloved ASX-listed small and mid-caps also stuck in the sub $1 billion market capitalisation twilight zone. It’s expected to be pitched as a potential cash generative platform investment. PeopleIN’s executed more than one dozen bolt-on acquisitions in the past five years, to have a presence in more than 40 locations including Singapore and New Zealand, and 99.5 per cent of its EBITDA converted into operating cashflow last financial year. Advertisement The bulk of its revenue comes from contracting and it works across sectors including healthcare, professional services, early learning, infrastructure and food services. PeopleIN’s executive team will be champing at the bit to tell their story. Speaking at its AGM this month, management spoke to its three-year strategic plan, focused on cross-selling, international recruitment and the continued investment in an international nursing network. 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

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Luminis Partners Frequently Asked Questions (FAQ)

  • Where is Luminis Partners's headquarters?

    Luminis Partners's headquarters is located at 88 Phillip Street, Sydney.

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