Portfolio
Kinder
Kinder Australia is an engineering-led provider of mission-critical conveyor-belt consumables that underpin uptime, safety and environmental compliance across Australia’s mining, quarrying, grain-handling and construction sectors. Its proprietary skirting, sealing and wear-management systems extend belt life, reduce dust and spillage, and are specified into bespoke transfer-point solutions that create naturally recurring demand for replacement components.
Attalis Capital partnered with management and the Victorian Business Growth Fund to acquire Kinder as a platform for long-term, cash-generative growth. The business typically engages in a one-off install and repeat consumables with clients often increasing their year-on-year spend as efficiencies are realised. Combined with deep multi-decade customer relationships and defensible intellectual property, supported by robust free-cash-flow conversion and clear levers to accelerate expansion into product adjacencies Kinder is well positioned to grow their client base and via bolt-on acquisitions.
Attalis Investment Principle & Alignment Rationale
Simple, understandable model
Consumables-led economics anchored by repeat maintenance cycles and demonstrable ROI’s
Formidable barriers to entry
Proprietary designs and long-tenure customer relationships create high switching costs
Strong, predictable cash flow
High gross margins, low capital intensity and minimal working-capital volatility
Clear catalysts for value creation
ERP-enabled pricing analytics, product bundling, regional expansion and bolt-on M&A
Exposure to structural tailwinds
Rising bulk-materials throughput and stricter ESG/OH&S standards increase demand for dust and spillage control
Attractive entry valuation
Acquired at an attractive unlevered FCF yield providing upside from multiple re-rating and cash-flow growth
Exceptional management & governance
Founder retains meaningful equity alongside an experienced board and incoming CFO
Limited extrinsic risk
Revenue tied to production volumes across a diversified commodity mix, not to commodity prices
Conservative balance sheet
Transaction completed debt-free; credit facilities reserved for growth acquisitions
Vision Intelligence
Vision Intelligence is a technology-led provider of sensing and monitoring for security, environmental, traffic and timelapse, delivered as-a-service. These solutions help asset owners protect sites, meet compliance obligations and improve operational efficiency across construction, infrastructure, mining, logistics, government and utilities. Vision’s national fleet of approximately 4,000 solar-powered cameras and IoT sensors is supported by 22 depots across Australia and New Zealand, streaming filtered live video and telemetry into an ASIAL-accredited 24/7 monitoring centre in Sydney. In FY25 the company secured and monitored more than 3,600 customer sites and processed around three million hours of video each month, creating a growing data moat for AI-driven analytics.
An Attalis-led consortium — alongside ACC’s Private Markets Team, funds advised by Stafford Capital Partners, and select family offices and high-net-worth investors — partnered with management to acquire Vision Intelligence as a platform for long-term, recurring-revenue growth. The business operates a hire-and-monitoring model with multi-month deployments, subscription services and compliance reporting, producing naturally recurring demand from existing customers and clear levers to expand into adjacent solutions and sectors.
Attalis Investment Principle & Alignment Rationale
Simple, understandable model
Standardised hardware plus software and monitored services with clear ROI through theft reduction, faster incident response and compliant reporting
Formidable barriers to entry
Integrated hardware, proprietary software and an in-house ASIAL-accredited monitoring centre, reinforced by scale (4,000-unit fleet, 22 depots) and multi-year customer relationships
Strong, predictable cash flow
Recurring hire and monitoring revenues, high fleet utilisation and multi-site roll-outs; a significant share of revenue from existing customers
Clear catalysts for value creation
Fleet expansion, enterprise sales build-out, pricing analytics, regional growth and bolt-on M&A; uplift in monitoring-and-IoT mix as “monitoring-as-a-service” becomes the default
Exposure to structural tailwinds
Tightening WHS, ESG and critical-infrastructure compliance requirements, and growth in off-grid and remote assets, increase demand for 24x7 security and remote monitoring and verifiable audit trails
Attractive entry valuation
Acquired at equipment-rental style multiples with meaningful re-rating potential as recurring monitoring and software deepen the margin mix
Exceptional management & governance
Founder-led team with proven capital discipline and continuity through the transition, supported by an engaged board and incoming operating leadership
Limited extrinsic risk
Demand anchored in asset protection, project delivery and regulatory compliance across diversified end-markets, rather than commodity prices or new-build cycles
Conservative balance sheet
Prudent funding and capacity reserved for fleet growth and bolt-on acquisitions
LBNCo (exited)
LBNCo Pty Ltd specializes in providing high-speed broadband and connectivity solutions to residential and commercial properties. LBNCo has established itself as a leading provider of fiber-to-the-premises (FTTP) serving customers across Australia.
Attalis Capital acquired LBNCo (private Fibre to the Premise infrastructure business) via a private equity consortium (investors comprised ROC Partners, First State Super, family offices, high net worth investors and LBNCo's management). The investment was successfully exited in August 2019.