Investments
ODYSSEY FUND 8

FRANKiE4
July 2019
FRANKiE4 is a leading and award winning women’s fashion footwear label with a difference. The brands unique designs and patented support technologies are targeted at enhancing customer’s foot, lower limb and overall health.
FRANKiE4 is growing strongly across all of its distribution channels including online, pop up & concept stores, and its expanding network of retail and allied health stockists across Australia.
Odyssey acquired a strategic stake in FRANKiE4, partnering with the founders and management.


Adventure Operations
January 2018
Adventure Operations is a market leading outdoor business comprising a portfolio of trusted and iconic brands with a rich heritage extending over 30 years:
- Oztrail: a high-quality, family focused camping and outdoor products brand supplying the regions widest range of tents, gazebos, outdoor furniture and sleeping solutions;
- Companion: a leading supplier of outdoor products that allows outdoor enthusiasts to get off the grid with home-like comforts through its range of gas appliances, fridges, heating, cooling and power systems;
- Campfire: a pioneer in the camp cooking market providing a range of premium quality cast iron cookware and tableware that inspires a lifetime of cooking in the outdoors;
- Ozpig: a leading adventure and at-home outdoor cooking brand focused on the solid fuel cooking market that helps create great memoriesborn around the fire
- Jamec PEM: a globally recognised Australian industrial brand supplying tyre inflation and air equipment tools across North America, Europe, the UK and South Africa; and
- Trade Flame: a leading supplier of heating tools catering to a wide customer base from the professional trade specialist to the general purpose DIY user.
The global outdoor and camping equipment market continues to grow strongly due to increasing consumer demand for recreation and experiential activities both domestically and internationally which is driving the expansion of the brand’s global footprint. Adventure Operations is developing innovative products for day-use, recreational and outdoor leisure activities alongside traditional camping with Odyssey assisting through investment in procurement and the business’ distribution capability.
RECENT REALISATIONS
Odyssey’s partners have recently driven the realisation of the following successful investments

2019-2026
On 2 April 2026, the Food Odyssey shareholders completed the 100% sale of Food Odyssey Pty Ltd (Sushi Sushi) to Japanese based, Genki Global Dining Concepts.
Founded in 1998, Sushi Sushi has grown to be become one of Australia’s most recognisable sushi brands, with a commitment to freshness, quality, and innovation. With stores nationwide, Sushi Sushi continues to evolve its offer to meet the needs to today’s busy, health-conscious consumers – delivering Real Food. Ready to Go.
Odyssey partnered with the senior management of Sushi Sushi to support the business’ growth strategy to become a national player. Through investment in new products and business systems, greenfield expansion into new locations and strategic acquisitions, Sushi Sushi expanded beyond its VIC origins to become a truly national group.

2019-2025
On 3 November 2025, the Delta shareholders completed the sale of Delta Agribusiness (Delta) to Elders Ltd.
Delta is a leading agribusiness providing rural products and advisory services to farmers through a network of locations throughout NSW, Victoria, South Australia, and Western Australia. Delta’s farm advisory is the cornerstone of the business with a focus on improving client sustainability, efficiency, and profitability.
Odyssey partnered with the senior management of Delta in 2019 to support the business’ growth strategy to become a national player. Through investment in new products and services, greenfield expansion into new locations and strategic acquisitions, Delta expanded beyond its NSW origins to become a national group diversified by product and geography.

2021-2025
MTB Direct is a leading online marketplace for mountain bike parts, riding apparel and accessories focused on providing a high-quality customer experience to mountain bike riders from beginner to expert. Odyssey provided growth capital for a minority shareholding in the business partnering with the company’s founders.
The business was sold to Adventure Operations in August 2025 to complement their outdoor and ecommerce product offerings.

2018-2022
On 1 July 2022 Odyssey completed the sale of MST Global (MST) to Komatsu Ltd.
MST is a leading provider of unified communications products, digital infrastructure, real-time tracking and asset management solutions, predominantly for the mining and tunnelling sectors. MST has a high-quality, global installed base and a strong reputation for product quality and customer service.
Odyssey partnered with senior management to acquire MST in June 2018. Over the subsequent four years, MST has become one of the leaders in the digital technology used in the underground mining sector and helps customers build digital ecosystems with real-time insights. This growth has been driven by Odyssey’s strategy of partnering and supporting a strong management team and investing heavily in the business’ product suite and technology roadmap.Â

2015-2020
TR Group is New Zealand’s largest heavy vehicle lease and rental company.
The business serves over 1,300 customers with a fleet of more than 6,500 vehicles from 14 branches throughout NZ and Australia. TR Group’s success has been driven by their focus on providing the best possible vehicle for the work required and providing ongoing support to optimise vehicle and fleet performance.
The shareholding in TR Group was sold to a consortium of Direct Capital and NZ Super in July 2020.

2012 – 2018
RSEA is a leading vertically integrated provider of industrial safety, road safety and hire equipment.
The business operates a network of trade stores, online sales, and direct sales for corporate customers.
RSEA was sold to Intermediate Capital Group in May 2018.

2016 – 2018
Macpac is an iconic New Zealand brand with a heritage extending back to 1973.
The business retails high-performance outdoor products and apparel, through a growing online channel and a store network extending throughout New Zealand and Australia. Macpac also sells to commercial customers and export distributors in Europe, Japan and Amazon in the USA.
Macpac was acquired by Super Retail Group Limited (SUL.AX) in March 2018. The transaction received the Chairman’s Award for the Best Retail Growth Company exit, at the 2018 Australian Growth Company Awards.

2008 – 2016
HE-Parts is the world’s largest supplier of non-OEM aftermarket wear parts to equipment used in the mining sector, with operations in Australia, the USA, Canada, Chile and Peru.
The business has developed a proprietary range of engineered components, that are tailored for specific customers and operating conditions and sourced in-house and from a network of high-quality suppliers.
H-E Parts was acquired by Hitachi Construction in December 2016.

2007 – 2015
Taura Natural Ingredients is a manufacturer of value-added fruit pieces and pastes to a global customers in the fruit snacks, cereals and nutritional bar segments.
The business has unique IP, producing from plants in Belgium and New Zealand and with a growing presence in the USA.
Taura was acquired by Frutarom (FRUT.TLV), a listed European flavours and ingredients company, in June 2015.

2014 – 2021
Cater Care is a national provider of contract catering to remote mining and resources sites, aged care facilities, airports, universities, schools and corporate facilities.
The business has a differentiated approach of tailoring a solution for every customer and ‘cooking fresh’ with chefs on-site.
The shareholding in Cater Care was recapitalised and sold to a consortium of private investors and management in October 2020.
PREVIOUS INVESTMENTS
Previous investments involving Odyssey’s partners include the following

Sea Swift
2012 – 2019
Market leader in marine freight and logistics in Far North Queensland and the Northern Territory.

APB Modular
2007 – 2012
Integrated, national provider of modular building solutions to resources, education and infrastructure customers

Intercast & Forge
2005 – 2012
Major independent manufacturer of ferrous castings for rail fastening systems and critical automotive components

Amdel
2005 – 2008
Australian market leader in minerals testing for mining companies, with deep expertise in geochemical testing and metallurgical analysis

Mulford International
2006 – 2010
Leading distributor of plastic sheeting and engineering plastics, throughout Australia, New Zealand and Asia

Australian Temporary Fencing
2004 – 2006
Market-leading hirer of temporary fencing and height safety solutions to the construction, infrastructure and events sectors

Minelab Electronics
2002 – 2008
World leader in metal detector technologies for humanitarian demining, consumer and military applications

Nudie Foods
2004 – 2007
Pioneer in the development of a ‘super premium’ fresh juice category in Australian food service and grocery channels

Video Ezy Australasia
2002 – 2005
Australia’s largest franchise operator for DVD rental and retail

Dexion Asia Pacific
2003 – 2005
Leading brand in industrial pallet-racking, commercial shelving and automated warehouse technology

Retail Apparel Group
2004 – 2011
Smart-casual menswear retailer, operating under ‘Tarocash’, ‘yD’ and ‘Connor’ brands

Lorna Jane
2010 – 2020
Lorna Jane is a leading women’s active wear brand with global operations