Case Study: Penrice Soda Holdings Limited


Penrice Soda HoldingsQuadrant Capital acquired Penrice from Champ in May 2004.

Penrice was the sole manufacturer of soda ash and sodium bicarbonate in Australia and supplied 74% of the soda ash and 88% of sodium bicarbonate in Australia.  It also operated the largest marble and limestone mine in South Australia.

Soda ash is predominantly sold into the Australian market for use in the manufacture of glass containers and flat glass. Sodium bicarbonate is sold domestically as well as exported with major end uses including animal feed, food, kidney dialysis, personal care and pharmaceutical products.

Quadrant’s rationale for investment was as follows:
The business was divested in 2 stages in May and June 2005 through a trade sale of the salt operations to Ridley and an IPO of the remaining business. Quadrant’s funds achieved a return of 2.5 times money invested and an IRR of 144%.


Back to Case Studies