Jul 21, 2026 – 5.22pmMid-market private equity firm Straight Bat has sold the majority of its stake in building and restoration company Kase Group back to the founder and slashed its value by 64 per cent.Straight Bat on Tuesday afternoon sent a letter to investors in its $375 million perpetual legacy trust explaining the write-down, after questions from Street Talk. It has revalued its Kase stake from $47.5 million to $17.1 million, blaming Kase’s declining fortunes on “softer industry conditions” and “lower insurance claim volumes”.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
PE firm Straight Bat writes down stake in builder and restorer Kase
Investors were informed of Straight Bat’s decision to sell the majority of its stake and write down the value of the investment late on Tuesday.
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