It’s the calibre and drive of our people that makes us proud to stand apart in this industry. We’ve built a reputation for rolling up our sleeves, because we believe in action, not just advice.
Built on firm foundations
Born from a professional relationship spanning over 20 years, KordaMentha naturally inherited the firm values of its founders from day one, quickly establishing a reputation based on deep expertise, total honesty and a willingness to lean in and do the work.
Driven by lasting impact
A unique combination of capability and empathy has steered us to achieve lasting outcomes for high profile companies across Asia-Pacific. This includes Ansett, Tassal, Lincraft, Virgin Australia, Federation University, Arrium Limited, and Timbercorp.
Focused on strategic growth
As our portfolio of clients has grown, so too have our services, meaningfully expanding to meet the needs of those we partner with. A focus on Restructuring has evolved over time to include Advisory, Sustainability, Financial Crime, Forensic & Disputes, and Performance Improvement services.
United as one
In 20 years, we’ve grown to become a diverse professional services firm of over 600 people. All of which share the same collaborative approach, all-in mindset and determination to deliver outcomes that count.
02
And so it began
In 2002, following 46 combined years at Arthur Andersen, Mark Korda and Mark Mentha turned down the opportunity to buy into a multinational firm in favour of establishing their own fully independent outfit. With 40 employees – many ex-Anderson – they opened a practice in Melbourne: the first of many.
Ansett
Our founders were appointed new Administrators of The Ansett Group – Australia’s second largest airline. At the time, the aviation icon laid claim to over $3 billion in turnover, more than 15,000 employees, a fleet of 133 aircrafts and upwards of 350 premises. Mark Korda and Mark Mentha restarted operations and managed the sale of some Ansett businesses as going concerns, allowing several thousand employees to keep their jobs. This is in addition to delivering $730 million net distributions, exceeding the original estimate by $140 million.
Tassal
KordaMentha was appointed as Receivers and Managers to Australia’s largest producer and distributor Atlantic salmon following a $6.2 million loss. We executed a turnaround plan, including freeing up cash flow, merging services and shutting loss-making divisions. In an unprecedented move, we acquired the business and assets of Nortas, Australia’s third largest salmon producer and Tassal’s biggest competitor. The combined businesses were then sold for an EBIT multiple of 4.7 times on projected EBIT. Tassal moved out of receivership later that year, listed on the Australian Stock Exchange and recorded a net profit after tax of $11.4 million in the first seven months.
04
Perth & Sydney office open
333 Capital
333 Capital was established in 2004 to offer independent and entrepreneurial corporate advice to private business owners and listed company clients. Growth in 2010 saw the team expand across our Melbourne and Sydney offices. Our team of advisors continues working with both public and private sectors, providing consulting services to acquire, build and sell businesses and raising capital.
07
Supporting Chain Reaction
The Chain Reaction Challenge Foundation was founded in 2007 by KordaMentha Partner, Berrick Wilson. From the outset, KordaMentha has been actively engaged with the Chain Reaction Challenge Foundation, housing the team within our Melbourne office and providing ongoing technology and administrative support. Additionally, several KordaMentha staff have participated in the Chain Reaction rides over the years and contributed to the over $40 million raised to date.
Diversifying into forensic services
Since 2007, our Forensic practice has gone from strength to strength. We have grown and diversified, becoming one of the largest forensic groups in the Asia-Pacific region. Today, our multi-disciplinary team of investigators, forensic accountants and technology experts are regularly called upon to provide evidence in high-profile disputes and investigations.
08
Expanding into Asia with a Singapore office
09
Timbercorp
Timbercorp Group comprised 41 companies with debts totalling over $750 million when our Restructuring group was appointed as Voluntary Administrators. Significant operations across regional Australia included the world’s second largest almond orchard and other plantations. With value in the upcoming almond and olive harvest, we negotiated an agreement to ensure ongoing maintenance as well as organising Australia’s largest pollination of almond trees in just two weeks. 52,000 hives of bees (around 1.6 billion bees) were sourced from beekeepers in three states. The almond orchard was saved, and further sold for $128 million. The sale ensured ongoing employment opportunities and ongoing connection to Victoria’s rural economy.
10
Growing Real Estate services
Our Real Estate group diversified in 2010, shifting focus away from involvement in restructuring and towards investment advisory and property development opportunities. With continued growth, they also expanded beyond their Melbourne base into our Sydney and Brisbane offices.
12
Gunns Forest Products
Gunns Forest Products (‘GFP’) was Australia’s leading forestry and woodchip export business, with over 200,000 planted hectares. KordaMentha’s Restructuring team was appointed as Receivers and Managers of all entities within the Gunns Limited Group of Companies and was tasked to assess viability of the woodchip export business. Through a competitive sale process, GFP’s assets were sold in one line to New Forests (Forico) less than three months after appointment. We prevented any job losses, with all employees and their full entitlements successfully transferred to the new purchaser.
Opening of offices in Brisbane & Townsville
13
KM Develop – property development
KM Develop was established in 2013 following years of prior experience in managing complex development projects and investments. KM Sales & Marketing a specialist residential property sales and marketing group was established to provide tailored project marketing solutions for property developers.
14
Transforming Oracle
Oracle, Broadbeach, comprised 507 residential apartments across two towers, 4,000 sq.m of retail tenancies and 6,700 sqm of commercial tenancies – and was one of Australia’s largest mixed-use projects. The project faltered soon after completion due to the GFC. KordaMentha was appointed to take control and delivered over $105 million in residential pre-sale settlements, successfully defended $15 million in litigation, leased over 9,000 sq.m of retail and commercial tenancies, sold the retail and commercial complex for $65 million and sold and settled more than 240 apartments valued at over $245 million.
Review of NBN
Our Forensic group led the ‘forensic audit’ work stream of the strategic and financial review of Australia’s largest ever infrastructure and construction project (NBN Co.) on behalf of the Australian Federal Government. We provided a review of governance, management, the accountability of the Board and officers.
16
Arrium
Australia’s leading steel manufacturing and distribution business was under crippling debt of over $4 billion. KordaMentha was appointed to restructure the business and save the city of Whyalla – a community entirely dependent on Arrium’s mining and steelworks operations. We achieved minimal redundancies, a competitive sale process and settlement for USD 1.23 billion and returns to creditors materially exceeding expectations.
Corporate consulting
Our Corporate Group formed in 2016, bringing together industry experts with significant experience working with Boards and management and solving complex financial, commercial and operational issues. Our turnaround and transformation specialists have since worked with a wide variety of businesses and organisations, tackling entrenched problems, often considered too difficult or intractable by insiders, and delivering significant and sustainable change for our clients.
Masters Home Improvement wind down
Big-box hardware chain Masters Home Improvement had failed to effectively penetrate the lucrative home improvement market dominated by Bunnings Warehouse. KordaMentha was engaged to assist senior leadership to plan and implement a managed wind down and closure of the Masters business. Focussed on a smooth transition and preserving value, where possible, all 63 Masters sites were vacated on time and on budget. We sold all inventory, recovering more than 90c in the dollar on cost, and exceeded the target by $60 million. From 6,500 Masters staff, 1,639 were redeployed across the Woolworths group and a further 600 employees were supported by external job placement partners. Guided by a ‘people first’ approach, our project team managed successfully managed Australia’s largest-ever solvent business exit.
17
Acquisition of property funds management company
KordaMentha announced its expansion into unlisted commercial property funds management with the acquisition of Placer Property. The expansion allowed KordaMentha to offer high-quality commercial property investment opportunities to a range of investors
18
Transformation of CAHLN
Central Adelaide Local Health Network (CALHN) was an organisation in systemic distress, forecasting a $274 million FY19 budget overrun. We undertook a diagnostic review and developed and implemented an end-to-end transformation of CALHN. We delivered >$150 million annual financial improvement and enhanced performance against the National Efficient Price by 10%.
19
Network 10 transformation
Following half year losses of $232 million reported in 2017, Network 10 went into voluntary administration and was acquired by US television giant CBS (now ViacomCBS). KordaMentha was appointed as interim Chief Transformation Officer by ViacomCBS Australia. We designed and delivered a transformation program, realising operational synergies and efficiencies and investing in new growth opportunities. We delivered circa $100 million in year one savings. We also achieved an approximate 10% reduction in existing workforce costs and redeployment of capacity toward growth areas.
20
Virgin Australia acquisition
Global private equity investor, Bain Capital, engaged us to provide transaction advice and a road map for acquiring Virgin out of voluntary administration. We worked with Bain Capital, Virgin Australia and Herbert Smith Freehills to manage stakeholder relationships and renegotiate hundreds of contracts in the Deed of Company Arrangement period. Working with Bain Capital and Virgin Australia post-acquisition, we worked on key transformation streams. Ultimately, we delivered an inventive purchasing structure and implementation strategy to ensure a lower and more flexible cost base, a refreshed commercial strategy and a dynamic new business structure for Virgin 2.0.
21
Expansion of Cyber
As the cyber threat landscape continues to evolve, KordaMentha has expanded its Cybersecurity & Technology service offering. Our cybersecurity, digital forensics, eDiscovery and data analytics experts work with clients on risk reviews and management and robust incident response and recovery.
Highlights
And so it began
In 2002, following 46 combined years at Arthur Andersen, Mark Korda and Mark Mentha turned down the opportunity to buy into a multinational firm in favour of establishing their own fully independent outfit. With 40 employees – many ex-Anderson – they opened a practice in Melbourne: the first of many.
Ansett
Our founders were appointed new Administrators of The Ansett Group – Australia’s second largest airline. At the time, the aviation icon laid claim to over $3 billion in turnover, more than 15,000 employees, a fleet of 133 aircrafts and upwards of 350 premises. Mark Korda and Mark Mentha restarted operations and managed the sale of some Ansett businesses as going concerns, allowing several thousand employees to keep their jobs. This is in addition to delivering $730 million net distributions, exceeding the original estimate by $140 million.
Tassal
KordaMentha was appointed as Receivers and Managers to Australia’s largest producer and distributor Atlantic salmon following a $6.2 million loss. We executed a turnaround plan, including freeing up cash flow, merging services and shutting loss-making divisions. In an unprecedented move, we acquired the business and assets of Nortas, Australia’s third largest salmon producer and Tassal’s biggest competitor. The combined businesses were then sold for an EBIT multiple of 4.7 times on projected EBIT. Tassal moved out of receivership later that year, listed on the Australian Stock Exchange and recorded a net profit after tax of $11.4 million in the first seven months.
Perth & Sydney office open
333 Capital
333 Capital was established in 2004 to offer independent and entrepreneurial corporate advice to private business owners and listed company clients. Growth in 2010 saw the team expand across our Melbourne and Sydney offices. Our team of advisors continues working with both public and private sectors, providing consulting services to acquire, build and sell businesses and raising capital.
Supporting Chain Reaction
The Chain Reaction Challenge Foundation was founded in 2007 by KordaMentha Partner, Berrick Wilson. From the outset, KordaMentha has been actively engaged with the Chain Reaction Challenge Foundation, housing the team within our Melbourne office and providing ongoing technology and administrative support. Additionally, several KordaMentha staff have participated in the Chain Reaction rides over the years and contributed to the over $40 million raised to date.
Diversifying into forensic services
Since 2007, our Forensic practice has gone from strength to strength. We have grown and diversified, becoming one of the largest forensic groups in the Asia-Pacific region. Today, our multi-disciplinary team of investigators, forensic accountants and technology experts are regularly called upon to provide evidence in high-profile disputes and investigations.
Expanding into Asia with a Singapore office
Timbercorp
Timbercorp Group comprised 41 companies with debts totalling over $750 million when our Restructuring group was appointed as Voluntary Administrators. Significant operations across regional Australia included the world’s second largest almond orchard and other plantations. With value in the upcoming almond and olive harvest, we negotiated an agreement to ensure ongoing maintenance as well as organising Australia’s largest pollination of almond trees in just two weeks. 52,000 hives of bees (around 1.6 billion bees) were sourced from beekeepers in three states. The almond orchard was saved, and further sold for $128 million. The sale ensured ongoing employment opportunities and ongoing connection to Victoria’s rural economy.
Growing Real Estate services
Our Real Estate group diversified in 2010, shifting focus away from involvement in restructuring and towards investment advisory and property development opportunities. With continued growth, they also expanded beyond their Melbourne base into our Sydney and Brisbane offices.
Gunns Forest Products
Gunns Forest Products (‘GFP’) was Australia’s leading forestry and woodchip export business, with over 200,000 planted hectares. KordaMentha’s Restructuring team was appointed as Receivers and Managers of all entities within the Gunns Limited Group of Companies and was tasked to assess viability of the woodchip export business. Through a competitive sale process, GFP’s assets were sold in one line to New Forests (Forico) less than three months after appointment. We prevented any job losses, with all employees and their full entitlements successfully transferred to the new purchaser.
Opening of offices in Brisbane & Townsville
KM Develop – property development
KM Develop was established in 2013 following years of prior experience in managing complex development projects and investments. KM Sales & Marketing a specialist residential property sales and marketing group was established to provide tailored project marketing solutions for property developers.
Transforming Oracle
Oracle, Broadbeach, comprised 507 residential apartments across two towers, 4,000 sq.m of retail tenancies and 6,700 sqm of commercial tenancies – and was one of Australia’s largest mixed-use projects. The project faltered soon after completion due to the GFC. KordaMentha was appointed to take control and delivered over $105 million in residential pre-sale settlements, successfully defended $15 million in litigation, leased over 9,000 sq.m of retail and commercial tenancies, sold the retail and commercial complex for $65 million and sold and settled more than 240 apartments valued at over $245 million.
Review of NBN
Our Forensic group led the ‘forensic audit’ work stream of the strategic and financial review of Australia’s largest ever infrastructure and construction project (NBN Co.) on behalf of the Australian Federal Government. We provided a review of governance, management, the accountability of the Board and officers.
Arrium
Australia’s leading steel manufacturing and distribution business was under crippling debt of over $4 billion. KordaMentha was appointed to restructure the business and save the city of Whyalla – a community entirely dependent on Arrium’s mining and steelworks operations. We achieved minimal redundancies, a competitive sale process and settlement for USD 1.23 billion and returns to creditors materially exceeding expectations.
Corporate consulting
Our Corporate Group formed in 2016, bringing together industry experts with significant experience working with Boards and management and solving complex financial, commercial and operational issues. Our turnaround and transformation specialists have since worked with a wide variety of businesses and organisations, tackling entrenched problems, often considered too difficult or intractable by insiders, and delivering significant and sustainable change for our clients.
Masters Home Improvement wind down
Big-box hardware chain Masters Home Improvement had failed to effectively penetrate the lucrative home improvement market dominated by Bunnings Warehouse. KordaMentha was engaged to assist senior leadership to plan and implement a managed wind down and closure of the Masters business. Focussed on a smooth transition and preserving value, where possible, all 63 Masters sites were vacated on time and on budget. We sold all inventory, recovering more than 90c in the dollar on cost, and exceeded the target by $60 million. From 6,500 Masters staff, 1,639 were redeployed across the Woolworths group and a further 600 employees were supported by external job placement partners. Guided by a ‘people first’ approach, our project team managed successfully managed Australia’s largest-ever solvent business exit.
Acquisition of property funds management company
KordaMentha announced its expansion into unlisted commercial property funds management with the acquisition of Placer Property. The expansion allowed KordaMentha to offer high-quality commercial property investment opportunities to a range of investors
Transformation of CAHLN
Central Adelaide Local Health Network (CALHN) was an organisation in systemic distress, forecasting a $274 million FY19 budget overrun. We undertook a diagnostic review and developed and implemented an end-to-end transformation of CALHN. We delivered >$150 million annual financial improvement and enhanced performance against the National Efficient Price by 10%.
Network 10 transformation
Following half year losses of $232 million reported in 2017, Network 10 went into voluntary administration and was acquired by US television giant CBS (now ViacomCBS). KordaMentha was appointed as interim Chief Transformation Officer by ViacomCBS Australia. We designed and delivered a transformation program, realising operational synergies and efficiencies and investing in new growth opportunities. We delivered circa $100 million in year one savings. We also achieved an approximate 10% reduction in existing workforce costs and redeployment of capacity toward growth areas.
Virgin Australia acquisition
Global private equity investor, Bain Capital, engaged us to provide transaction advice and a road map for acquiring Virgin out of voluntary administration. We worked with Bain Capital, Virgin Australia and Herbert Smith Freehills to manage stakeholder relationships and renegotiate hundreds of contracts in the Deed of Company Arrangement period. Working with Bain Capital and Virgin Australia post-acquisition, we worked on key transformation streams. Ultimately, we delivered an inventive purchasing structure and implementation strategy to ensure a lower and more flexible cost base, a refreshed commercial strategy and a dynamic new business structure for Virgin 2.0.
Expansion of Cyber
As the cyber threat landscape continues to evolve, KordaMentha has expanded its Cybersecurity & Technology service offering. Our cybersecurity, digital forensics, eDiscovery and data analytics experts work with clients on risk reviews and management and robust incident response and recovery.
