Good evening,

Potentia Capital, the private equity firm backed by former MYOB chief executive Tim Reed, is weighing its future at property management and bookings software company NewBook.

Street Talk understands the tech-focused investor has discussed its exit options at NewBook with several investment banks in recent weeks. A sale process is expected to launch in the coming months.

Should it press ahead with its exit, Potentia would be seeking a payday after a short stay on NewBook’s register. Its $400 million Fund 1 acquired the controlling stake in 2021, investing alongside founder Brad Illich. At the time, Johnson Winter Slattery and EY helped Potentia stitch up the deal, while KPMG and Talbot Sayer were on NewBook’s side.

The company operates a cloud-based software platform that helps accommodation providers handle bookings and manage their properties. Since its founding in 2010, it’s scaled beyond servicing caravan parks to hosting more than 1600 businesses including ASX-listed Ingenia Communities, which owns and operates lifestyle parks, and NRMA Parks and Resorts.

NewBook opened in California offices in 2019 and is managed by former eBay executive Shaun Cornelius.

Sources said suitors have kept close tabs on the software business. Comparisons are being drawn to Advent Partners′ larger RMS Cloud property management business which services more than 6000 properties in 70 countries and ASX-listed hotel booking software company SiteMinder. Advent acquired its RMS stake in February and is betting on RMS’ capacity to scale globally and expand its functionality.

Read the full story tomorrow and more on the Street Talk page.

• Clock ticks on BlueScope‘s dibs at South32’s $2.5 billion coal sale; DD afoot
• Alceon private equity signs on the dotted line for Boss Engineering; Citi in for the debt
• Medtech Atmo Biosciences shop raises at $55 million valuation

• Caledonia’s $9 billion bet on Zillow hits an activist short seller wall
• Wylie finds heavyweight backers in push to break up Lendlease
• Leigh Clifford-backed consortium moves to takeover Melbourne Rebels
• Boral independent directors concede Grant Samuel got the valuation wrong
• Linfox lays out its terms for keeping Armaguard afloat
• Skydance Media in exclusive merger talks with Paramount, Financial Times reports.

ASX-listed steelmaker BlueScope Steel is in due diligence at South32’s Illawarra Metallurgical Coal as it considers a potential $2.5 billion bid for the asset, which feeds its Port Kembla steelmaking operations.

Click here for the latest equity market wrap.