Technology · Realised
Shopper
Retail out-of-home media innovator.
At a glance
Sector
Media / Technology
Invested
February 2017
Realised
September 2022
Status
Realised
Acquired by
Woolworths
The headline
1→20%
Share of the digital out-of-home market
100→430
Shopping centres covered
32%
Margin at exit, from loss making
Background.
- Fast growing challenger in the digital out-of-home media market, founded by experienced senior executives with a clear vision for the business.
- Exclusive media assets combined with proprietary data and insights gave customers a better offering than competitors.
- Originated through a limited process. The right partner mattered more to the founders than value or structure.
Our investment thesis.
- Strong market tailwinds. Retail out-of-home was the fastest growing sub-sector of the out-of-home media market, compounding at 14.7 per cent a year in the years before we invested.
- A competitive advantage that could not easily be replicated, through exclusive media assets and proprietary data.
- Founders who came from successful careers at large out-of-home providers and knew how to build a quality sales team.
- Scalable unit economics and a high return on invested capital, which let us invest at a relatively early stage.
Our results.
- Market share grew from around one per cent to twenty per cent, and margins moved from loss making to thirty-two per cent.
- Coverage increased from one hundred to four hundred and thirty shopping centres across Australia, building a business of scale with high barriers to entry.
- Several data-led, value-add products and service add-ons were built out for customers.
- The business was sold to Woolworths in September 2022.
Past performance is not a reliable indicator of future performance, and figures drawn from individual deals executed on a deal-by-deal basis are not representative of a pooled fund. Wholesale investors can request the full record.
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