The Aussie
dollar is well understood at PEP after the currency soared in the wake
On fundraising,The Portable crusher used for some time, the expected size gradually larger interval of about a month, must re-adjust the mainly active tooth plate by force is transmitted to the gear. Sims says offshore institutions are looking to invest in Australia and he is relatively unfazed by local superannuation funds' lack of appetite for investing in the industry, pointing to the industry's issues about costs and meeting benchmarks.He's buoyant on acquisitions,The units also feature a small photo sensor that detects the amount of Remote control light available. Once the light drops below a certain point, the light is turned on. This helps to conserve the power during the day and not waste any of the battery's charge. particularly the $500m to $1bn space, given the drop in acquisition prices and how "reluctant required sellers" are opening up to acquirers.He cites Swiss giant Nestle's sale of Peters to PEP as an example of how multinationals are taking advantage of forces such as the high Australian dollar to offload non-core assets.The Aussie dollar is well understood at PEP after the currency soared in the wake of the GFC, flipping the competitive dynamics for Borders by making online rival Amazon cheaper right when consumers curbed spending.
Recalling the "really hard" experience, Sims says Borders was one of a handful of PEP's companies "radically affected" by the crisis and "got into trouble in four months when profits went from $56m with nearly no debt to close to zero".He says government regulation restricting the business from buying books offshore, a drop in discretionary spending and a 35 per cent shift in the currency gave them no "room to manoeuvre", with the only option being to turn it into a low-overhead franchise operation that didn't win the required support from the industry."It was like the beach after the tsunami," Sims says of the market swings after the GFC. "That (Borders) was a case study in a strong business that immediately became vulnerable."
While Borders was one of many businesses around the world steamrolled by the GFC, Sims admits PEP has also got things "genuinely wrong", citing its electronic manufacturing firm Startronics whose margins were crunched by competition in Asia."It was one of the first businesses we ever bought. It was really painful," he says of Startronics. "It was a business where we misread the competitive dynamic. It took a lot of money in closure costs and recommissioning new facilities elsewhere."Unsurprisingly, PEP prefers to focus on how the firm has created wealth for people and improved businesses, an experience Sims says is "as good as it gets".For the firm and its investors, its biggest win came from the sale of "V" drink-maker Frucor that netted the firm 10 times its money.
Simon Mordant, chief executive of investment bank Greenhill,Chefs Kitchen KnivesSolar Camping light which has worked for PEP, says Sims and his co-founders have become veterans of the industry alongside the likes of Champ's Bill Ferris. Mordant says PEP has had some "terrific shoot-the-light-out investments and, like everyone, one or two duds".So far this year, Sims says return on fund equity across its portfolio businesses on average is 34 per cent on an "extraordinary" 17 per cent uptick in earnings before interest, tax,LED bulb depreciation and amortisation.In essence, PEP looks to improve the value of its businesses by 20 per cent a year, which Sims says is not done "by being uniquely capable business people" but by focusing on firms with that potential and installing a plan and an incentive structure where good management shares in the gains.
On fundraising,The Portable crusher used for some time, the expected size gradually larger interval of about a month, must re-adjust the mainly active tooth plate by force is transmitted to the gear. Sims says offshore institutions are looking to invest in Australia and he is relatively unfazed by local superannuation funds' lack of appetite for investing in the industry, pointing to the industry's issues about costs and meeting benchmarks.He's buoyant on acquisitions,The units also feature a small photo sensor that detects the amount of Remote control light available. Once the light drops below a certain point, the light is turned on. This helps to conserve the power during the day and not waste any of the battery's charge. particularly the $500m to $1bn space, given the drop in acquisition prices and how "reluctant required sellers" are opening up to acquirers.He cites Swiss giant Nestle's sale of Peters to PEP as an example of how multinationals are taking advantage of forces such as the high Australian dollar to offload non-core assets.The Aussie dollar is well understood at PEP after the currency soared in the wake of the GFC, flipping the competitive dynamics for Borders by making online rival Amazon cheaper right when consumers curbed spending.
Recalling the "really hard" experience, Sims says Borders was one of a handful of PEP's companies "radically affected" by the crisis and "got into trouble in four months when profits went from $56m with nearly no debt to close to zero".He says government regulation restricting the business from buying books offshore, a drop in discretionary spending and a 35 per cent shift in the currency gave them no "room to manoeuvre", with the only option being to turn it into a low-overhead franchise operation that didn't win the required support from the industry."It was like the beach after the tsunami," Sims says of the market swings after the GFC. "That (Borders) was a case study in a strong business that immediately became vulnerable."
While Borders was one of many businesses around the world steamrolled by the GFC, Sims admits PEP has also got things "genuinely wrong", citing its electronic manufacturing firm Startronics whose margins were crunched by competition in Asia."It was one of the first businesses we ever bought. It was really painful," he says of Startronics. "It was a business where we misread the competitive dynamic. It took a lot of money in closure costs and recommissioning new facilities elsewhere."Unsurprisingly, PEP prefers to focus on how the firm has created wealth for people and improved businesses, an experience Sims says is "as good as it gets".For the firm and its investors, its biggest win came from the sale of "V" drink-maker Frucor that netted the firm 10 times its money.
Simon Mordant, chief executive of investment bank Greenhill,Chefs Kitchen KnivesSolar Camping light which has worked for PEP, says Sims and his co-founders have become veterans of the industry alongside the likes of Champ's Bill Ferris. Mordant says PEP has had some "terrific shoot-the-light-out investments and, like everyone, one or two duds".So far this year, Sims says return on fund equity across its portfolio businesses on average is 34 per cent on an "extraordinary" 17 per cent uptick in earnings before interest, tax,LED bulb depreciation and amortisation.In essence, PEP looks to improve the value of its businesses by 20 per cent a year, which Sims says is not done "by being uniquely capable business people" but by focusing on firms with that potential and installing a plan and an incentive structure where good management shares in the gains.
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