Raising the bar for capital raising – The story behind Freedom Group Holdings’ award-winning mid-market deal

Freedom Group Holdings’ capital raise was both a complex and innovative transaction, generating business success and recognition through being awarded the 2025 BDO Mid-Market M&A Transaction of the Year at this year’s INFINZ Awards. 

The deal, facilitated by Northington Partners as lead advisor, involved raising significant equity capital to support the company’s growth and development beyond its traditional funding sources. The sector’s difficult market environment and valuation issues presented challenges, requiring alignment with the right partners to ensure success. Northington Partners were chosen based on sector experience and existing relationships to lead the capital raise and find suitable investment partners. 

The goal was to raise $30-$40 million to enable Freedom Group to focus on driving the business forward without the constant need to seek new capital. The capital raise started simply but evolved into a complex transaction with many turns, requiring perseverance and flexibility over a long period.

A notable aspect of the transaction was its innovative approach to meeting the objectives of both Freedom Group and its investors, as Greg Anderson - Managing Director, Northington Partners, explains:

“What made this deal innovative was the structure that we came up with, which was designed to deal with all of the objectives that both counterparties had.”

Successfully completing this marked a transformative step for Freedom Group – enabling them to retain control of the company while securing significant capital to fund growth. 

At the September 2025 INFINZ event, hosted by BDO Auckland, Bill McDonald - Chair, Freedom Group Holdings and Greg Anderson - Managing Director, Northington Partners, shared their story of how the deal took shape and what made it a success. View their insights below.