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Transaction Summary
Marathon Consolidated Investment Fund
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FUM: ~$10M
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Fund Type: Close-end
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Long-term investment fund unconstrained by asset class or geography
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Inception: 2014
Investment Highlights
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Poised to acquire an undervalued business below its liquidation value
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Anticipated 58% investment return over the next 12-months
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Strong financial performance with over $80M of revenues and over $5M of operating profits
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Proven track record with a 14.8% p.a. 5-year compound annual growth
Company Overview
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Core purpose is to harness the financial and strategic value of change
To identify, study, understand, value and create change for the companies in which we invest by providing long-term patient capital and partnering in a constructive manner to support the management teams and boards in creating long lasting shareholder value
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Investments that we understand
Our investment strategy centres on our circle of competence and understanding before investing, ensuring informed decisions, and minimising risk
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Innate ability to identify undervalued investments
Our distinct expertise allows us to spot undervalued investments, unlocking hidden potential for superior long-term returns
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Defensive and diversified portfolio of value investments
Our portfolio is built on a defensive and diversified approach, emphasizing value investments for long-term stability, growth and maintaining profit margins in an inflationary environment
Marathon’s strategy permits investment in the majority of asset classes around the globe.
Our competitive advantage is our long-term orientation and the flexibility across asset classes provided by our uniquely broad investment mandate.
The Company’s portfolio may include a range of types of assets, including listed and unlisted equities; listed and unlisted fixed income securities; REITs; derivatives; commercial real estate and cash.
| Marathon | Investment Opportunity |
|---|---|
NAV |
$230.67 per share as 30 April 2023 |
Inception |
2014 |
Strategy |
Marathon is a long-term value investment fund unconstrained by asset class or geography, |
Fund Type |
Close-end |
Distributions |
Nil |
Management Fee |
1.5% per annum of the Net Asset Value of the Company, paid monthly in arrears |
Performance Fee |
20% of the increase in the Net Asset Value above the High Watermark, paid annually |
Minimum Investment |
A$50,000 |
Portfolio – Investee Companies
MBL Food & Packaging (formerly the Master Butchers cooperative) is a food and packaging company headquartered in Western Australia and established in 1949
Growth Pillars are; Food Service, Packaging, Blending & Manufacturing, Butchery and Bakery
Growth Targets are $100m in revenue and $5m net profit annually by June 2025
Growth Strategy is to increase earnings through organic and acquisitive growth by improving market share
Marathon’s investment return is 29.2% p.a. since 2015
Property Vine is a real estate services company specialising in Management Letting Rights (MLR’s), Property Management and Sales, headquartered in Queensland and established in 2018
Growth Strategy is to create an industry-leading accommodation and real estate services ecosystem
12 MLR’s under management with a focus on acquisitive growth throughout Queensland
Marathon’s investment return is 19.5% p.a. since 2018
National Tyres is a retail, commercial and fleet tyre service company headquartered in North Queensland and established in 2021
Growth Strategy is to purchase and consolidate individual tyre retailers to realise economies of scale in a fragmented market
Marathon has recruited an exceptional management team that is growing profitability
Marathon expects a long-term investment return of over 15% p.a.
Transaction Overview
Raising A$4.5M at a pre-money valuation of ~$9M for the acquisition of an undervalued business below its liquidation value.
- Raising A$4.5M
- A$240 per share
- A$380 per share forecast 12-month share price (58% uplift)
- Minimum Investment A$50,000
Team
- Management
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Matthew Smith
Executive Chairman
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Christopher Rockemer
Executive Director
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Lloyd Hirst
Non-Executive Director
News
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May 2021
MBL Food & Packaging: Successful Share Buyback
Read more -
January 2021
National Tyres: Marathon’s largest investment in North Queensland
Read more -
January 2021
National Tyres: Taking Grip of Tyre Sales
Read more -
September 2019
Property Vine: Strategic Acquisition
Read more -
November 2019
City Property rights snapped up for $7M
Read more -
April 2018
MBL Food & Packaging: Acquiring a controlling stake
Read more
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+61 2 9993 4475