☕️Meat Market

Good morning.

Capital Brief reports that Morgan Stanley rather shamelessly lined up the CEOs of three leading local fast-food brands, El Jannah, Grill’d and Craveable Brands, to whet the appetite of potential investors and announce its intention to fight for a slice of any IPO pie that may be in the works.

“I’m not selling my business but you guys are in the process of doing so I reckon,” Grill’d managing director Simon Crowe said at the Morgan Stanley Australia Summit addressing El Jannah CEO Brett Houdin. “Not that you’d tell me anything.”

🏆 LOI Subscriber #TBD

Market movers

Shares in buy now pay later provider Zip Co jumped Wednesday after it raised FY25 earnings guidance to at least $160 million, driven by over 40% US transaction growth.

The quick sync

• As Sven Rogge writes, Australia must invest and protect IP or miss its shot at owning the quantum future. (Capital Brief)

• EVP flips failed StrongRoom AI deal into potential full recovery through aggressive legal action and creditor power play. (Capital Brief)

• Tracksuit lands $38m to take on Kantar and Ipsos with live, AI-fuelled brand tracking for the post-metrics age. (Capital Brief)

• Big business pushes Canberra to ditch high company taxes at August’s summit, warning Australia is taxing growth into the ground. (Capital Brief)

• Apollo halts junior banker hiring for class of 2027 after Dimon backlash over poaching fresh analysts too early. (FT)

Trading floor

M&A

• Fletcher Building confirms takeover interest for its units amid ongoing review. (Capital Brief)

• Bickfords’ owners lift stake in Maggie Beer Holdings to 5.6% with no takeover plans. (AFR)

• Johns Lyng confirms takeover bid from Pacific Equity Partners, due diligence ends today. (Capital Brief)

• ARA Group acquires AWA Technology Services and its $27m in revenue. (AFR)

• EVT lists its Sydney CBD site for sale to support growth strategy. (Capital Brief)

• Healthscope buyers must submit bids by June 23, with a likely break-up and risk of hospital closures. (The Australian)

• Ventia wins $800m NBN fibre contract across five Australian states, continuing a partnership that began in 2010. (Capital Brief)

• Service Stream and Genus Plus have secured new NBN Co contracts worth a combined $570m to upgrade fibre infrastructure across multiple states. (Capital Brief)

• Canaccord Genuity eyes major stake in rival Wilsons Advisory. (AFR)

• Journey Beyond’s owner Crestview Partners may target a tourism roll-up amid asset sales, aiming for a future buyout. (The Australian)

• AGL Energy has hired bankers to sell its 20% stake in Tilt Renewables (AFR)

Capital Markets

• Apollo and UniSuper urge ASIC to clarify goals for private asset valuation disclosures. (Capital Brief)

• Zip ups FY25 profit forecast as US transaction value jumps 40%. (Capital Brief)

• Ioneer is raising $25m via discounted share issuance to support its lithium exploration. (AFR)

• GQG sees 3% FUM growth and $2.2b in inflows, extending post-Adani rebound. (Capital Brief)

• Qantas is shutting down Jetstar Asia amid rising costs and strategic refocus. (Capital Brief)

• Bis Industries locks in $135m loan from iPartners and Balmain, with extra backing from Carlyle and Varde. (AFR)

• EVP turned around its failed StrongRoom AI investment using legal strategies, recovering what initially seemed like a total loss. (Capital Brief)

• Morgan Stanley is eyeing Australia’s next fast food IPO after the success of Guzman y Gomez, spotlighting El Jannah, Grill’d, and Craveable Brands. (Capital Brief)

VC

• EVP backs US smart mobility startup Modii in $3m seed round. (Capital Brief)

• Australian startup Kapture completes pilot with Horizon Power, moving to commercialise tech that turns carbon emissions into cement. (Smart Company)

• Tracksuit raises $38m to expand AI brand tracking and disrupt traditional market research. (Capital Brief)

• AWS is offering up to US$1m in credits and support to early-stage AI startups through its 2025 accelerator. (Smart Company)

• Voltavate raises $850k to enhance lithium battery performance and sustainability. (Startup Daily)

People moves

• Perpetual names Suzanne Evans CFO as Chris Green steps down. (Capital Brief)

• Helia CFO Michael Cant named interim CEO as Pauline Blight-Johnston steps down. (Capital Brief)

• ABC will cut about 50 jobs, cancel Q+A, and restructure its content division under new leadership from Hugh Marks. (Capital Brief)

The watercooler