SENNA

Dealmaker Exits Adamantem Capital Amid Busy Acquisition Spree

Sydney - Adamantem Capital, one of Australia's most active private equity firms, has lost a key dealmaker as it navigates a flurry of investment activity.

David Brennecke, who joined Adamantem two years ago after a stint at rival Affinity Equity Partners, has resigned from the buyout firm, according to people familiar with the matter. His departure comes as Adamantem has taken stakes in several ASX-listed companies over the past year, including a $300 million acquisition of a majority stake in engineering group Valmec.

Adamantem, led by managing directors Anthony Kerwick and Rob Koczkar, has been one of the most active private equity investors in Australia of late. The firm, which raised $1 billion for its third fund in 2021, has deployed capital across sectors including healthcare, industrials, and business services.

Brennecke's exit is the latest high-profile departure from Australia's competitive private equity landscape. Earlier this year, Quadrant Private Equity lost two senior partners, while Allegro Funds saw the exit of its co-founder and managing director Damien Hodgkinson.

Adamantem declined to comment on Brennecke's resignation. The firm, which was founded in 2016, has built a reputation for taking control stakes in mid-market companies and working closely with management teams to drive growth.

The loss of Brennecke, who sources said played a key role in sourcing and executing deals, comes as Adamantem navigates a challenging environment for private equity. Elevated inflation, rising interest rates, and economic uncertainty have made it more difficult to buy and sell companies at attractive prices.

Despite the headwinds, dealmakers remain optimistic about the opportunities in the Australian market. The country's stable economy, diverse industries, and stable regulatory environment continue to draw the attention of global private equity firms.