☕️ Kingmaker

Guzman y Gomez has a new boss. Meet the fundies behind him.

Good morning.

Guzman y Gomez (GYG) has announced a new co-CEO.

Hilton Brett, the former CEO of Accent Group, will henceforth share the reins of the Mexican restaurant chain with founder Steven Marks. It’s big news as GYG works towards a prospective billion-dollar IPO on the ASX.

It’s also a big coup for GYG’s largest shareholder, TDM Growth Partners, which previously installed Brett as a director and later CFO at the company.

Closed to new clients for the better part of a decade, TDM largely flies under the radar. Yet the fundie has managed to grow at an average of 25% per annum across its entire 18-year life and punches well above its weight.

This is the behind the scenes story of how TDM became an investing powerhouse and arguably Australia’s most interesting fund.

*Stock data as of the market close. Commodities and crypto data in USD.

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MARKET MOVERS

Market News: Tensions continue to rise in the Middle East after Israel declared war on Hamas. Markets reacted on Monday, with investors running to safe haven assets. De Grey Mining led gold miners higher on the ASX, followed by the likes of Silver Lake Resources and Evolution Mining.

THE QUICK SYNC

  • Israel orders Chevron to shut down nearby gas production. (WSJ)

  • Tesla sales in China fell 11% in September (CNBC).

  • Saudi oil giant Aramco announces pilot project to suck CO2 out of the air, amid skepticism. (CNBC)

  • UK’s Metro Bank is raising money to shore up its troubled balance sheet. (New York Times)

  • Illumina will be forced to divest its $8 billion cancer treatment group by EU regulators. (Financial Times)

TRADING FLOOR

M&A:

  • Gina Rinehart's Hancock Prospecting has expanded its stake to now control the largest shareholding in lithium producer Liontown Resources. (Capital Brief)

  • The PAC-GQG merger could be getting considerably costlier for GQG. (AFR)

  • Ramsay Health Care has submitted an initial bid for Cura Day Hospitals during the first round of negotiations. (AFR)

  • Stonepeak, GIP, and KKR are all reportedly considering running the ruler over Queensland Airport Limited. (The Australian)

  • With Japan's NTT no longer in the running for the acquisition, Telstra is well-positioned to acquire Versent. (AFR)

  • Global M&A arbitrage funds are eagerly awaiting the decision by the ACCC regarding Brookfield and EIG's $18.7bn bid for Origin Energy. (AFR)

  • MetLife and ClearView are suspected to be among the parties evaluating Generation Development Group. (The Australian)

  • Infratil's ownership stake in CDC Data Centres has increased in value by $448m over the past six months, as per an updated independent valuation. (Capital Brief)

  • Steadfast Group’s acquisition of ISU Group helps the Australian-listed insurance broker to achieve growth. (The Australian)

Capital Markets:

  • Minings services provider Tasmea could hit the ASX as soon as next month in a proposed $400 million IPO. (AFR)

  • AirTrunk has been contemplating a $10bn IPO, but a rise in valuation from neighboring markets could potentially elevate the number to approximately $13bn-$18bn when accounting for enterprise value. (AFR | The Australian)

  • US investment funds are prepared to make moves on financially troubled companies listed on the ASX. (AFR)

  • INSKIN COSMEDICS has secured a minority investment from the Australian Business Growth Fund (ABGF). (BNA | The Australian)

VC:

  • U.S. investors are seeking returns of up to four times their initial investment when providing funding to Australian start-ups. (AFR)

  • CLT Toolbox, a start-up specialising in mass timber products, has successfully secured $1.5m in funding from BluescopeX and other investors. (AFR)

  • Purpose Ventures has increased its fund by $8m, bringing the total value to $45m. (Startup Daily)

Others:

  • Barrenjoey Capital Partners intends to distribute variable compensation to its employees on a monthly basis for the next year. (AFR)

  • GYG's largest shareholder is strengthening its control over the company's leadership by appointing the former head of Accent as co-CEO alongside the founder. (BNA | SMH)

  • Metcash has announced that the head of its liquor business has resigned from his position due to health reasons. (Capital Brief)

  • Stephen Darke is poised to take the helm at Navigator Global, an asset manager listed on the ASX. (AFR)

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