GIC Special Investments Pty Ltd (GIC SI) has sold its stake in Riviera to a leading Australian independent private equity manager, Ironbridge Capital, in a transaction which valued the Riviera business in excess of $300 million.
GIC SI was one of the original investors involved in the Riviera management buyout in October 2002. All of the other original investors, including lead investor Gresham Private Equity and representatives of the management team, continue as ongoing shareholders in Riviera. GIC SI will retain an indirect interest in Riviera as it is also an investor in Ironbridge Capital Fund 1.
Ironbridge Capital managing partner Neil Broekhuizen led the original management buyout on behalf of Gresham Private Equity and GIC SI.
While he has since left Gresham to establish Ironbridge Capital, he has remained an active board member of Riviera from the outset.
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