In December 1993, Advent established and led a syndicate of institutional investors, which invested $24 million and acquired 40% of the shares in Ayers Rock Resort Company Ltd, an icon of Australian tourism. The challenge was to establish a profitable growth trend in the business. After the Advent investment, the company achieved strong growth in revenue and earnings, and the resort facilities were upgraded to underpin future growth. The assets of the company were sold in December 1997, with Advent achieving an IRR of 30% over four years. |
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