Former investment director at Anchorage Capital Partners, Jesse Alderton, has successfully completed his first acquisition since departing from the buyout firm. Alderton’s new venture, Jump BidCo, has acquired the Australia and New Zealand operations of the technology equipment rental company Hire Intelligence.
This acquisition marks a significant corporate carve-out from Hire Intelligence International, which was publicly listed on the Australian Securities Exchange (ASX) until 2013. Since 1996, the company has been predominantly owned by Tom Crage. Following this transaction, Hire Intelligence International will continue to manage its operations in the UK and Ireland. Alderton, along with co-investors and senior local management, now oversees a business that serves over 2,000 corporate and government clients.
While the specific transaction value has not been disclosed, industry sources indicate that the business was valued at approximately $14 million. The financing for the acquisition was provided by Longreach Credit Investors, with investment director Tim Hoskin leading the deal.
Alderton made the transition from Anchorage in May 2023 to pursue a search fund strategy, a method in which capital is raised prior to identifying an asset for acquisition. His previous experience includes roles as an investment banking associate at Deutsche Bank and as a senior executive in KPMG’s corporate finance and mergers and acquisitions team. During his tenure at Anchorage, he played a crucial role in overseeing investments in notable companies such as department store David Jones, asset finance business ELF Group, and financial services software group GBST.
Legal advisory for Alderton’s acquisition was provided by law firms Corrs Chambers Westgarth and Gilbert + Tobin, while Clayton Utz, PKF, and Alvarez & Marsal advised Longreach on the financial aspects of the deal.
This acquisition not only highlights Alderton’s transition into independent investment but also reflects the ongoing activity within the Australian technology rental market. As he embarks on this new chapter, the success of Jump BidCo could influence further investments in the sector.
