Australian Financial Review
Jul 19 2017
By Sarah Thompson, Anthony MacDonald and Joyce Moullakis
A former BRW Rich 200 member’s equipment hire company has been backed by one of Asia’s top performing hedge funds.
Street Talk understands Mark Ackroyd, whose National Plant & Equipment went into voluntary administration in July 2016, has secured funding from OCP Asia.
Sources said OCP Asia, which has about $1.8 billion of assets under management, tipped in $100 million which included an initial $60 million investment and then a further $40 million to fund more equipment purchases.
The company has also been re-branded as Ackroyd Group. The new entity was formed when Mark Ackroyd bought the assets of National Plant & Equipment out of VA, backed by the Singapore and Hong Kong-based OCP.
Ackroyd founded National Plant with one bulldozer in 1997. He was valued in the 2015 BRW Rich 200 at $280 million, just missing the $286 million cut-off.
OCP Asia provides debt throughout the Asia-Pacific region but told The Australian Financial Review in January that they expect to lend even more in Australia, which has a favourable regulatory regime for creditors. Listed investments include AJ Lucas and Silver Heritage.