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Navis invests $40m

NATIONAL Lifestyle Villages Pty Ltd has secured a $40 million cornerstone investment by Malaysian private equity fund Navis Investment Partners, valuing the business at $160 million. Company founder John Wood will retain a majority shareholding in the business and remain as executive chairman. After considering a number of alternative parties, Navis was considered the stand out choice as it best shared NLV’s philosophy of aggressive growth and socially sustainable development. PricewaterhouseCoopers partner Angelo Barrio, who brokered the deal on behalf of NLV, said it was a prime example of how private equity can understand the value of an innovative business model where industry operators can only appreciate their area of focus. NLV has five lifestyle villages in various stages of completion and has received development approval for a further three villages. It expects growth in revenue from $60 million in the current financial year to over $90 million for the year to June 2008. Navis is setting up a Perth office, to be run by former Foundation Capital director Mark Dutton.

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