Joel Thickins retained by TPG Capital after guilty plea
Updated ,first published
TPG Capital has decided to keep Joel Thickins in his multimillion-dollar role as partner and co-head of Asia after he pleaded guilty to charges relating to a crash, refused a breath test while driving in Sydney’s eastern suburbs and rejected an internal investigation into serious alcohol and drug-related allegations.
TPG took “appropriate disciplinary action” against Thickins, in addition to the court-mandated $1,430 fine and nine-month driving ban, according to a statement from the company. He did not provide further information.
The punishment is unlikely to bother Thickins. TPG’s Australian operation, led by Thickins, paid its 30 staff a whopping $62 million last year.
This event came at a crucial time for the company; Supermarket giant Coles has confirmed that TPG is in talks to buy Petbarn and veterinary business Greencross for a price tag of up to $4bn.
“Coles confirms it is in discussions with TPG regarding a potential acquisition.”
In a statement to the ASX this week, it said it was doing business and due diligence.
The judge said the driving offenses were as bad as they could have been without maiming or killing someone.
“This is absolutely shocking,” Judge Michael Barko said. “It can’t get any worse than maiming or killing someone [than this].”
He said Thickins hit two cars in oncoming traffic, then lost control and rear-ended another car with such force that its rear axle “snapped” and his vehicle crashed into two other parked cars. Then there was Thickins’ two refusals to submit to alcohol analysis tests and to cooperate with police.
“He was obviously angry and also argumentative.”
TPG said law firm Debevoise & Plimpton was brought in to conduct an investigation into the accident and “subsequent allegations involving Joel and TPG’s portfolio company Novotech.”
Allegations refer to report Australian Financial Review related multimillion dollar payment Rob Speedie, a former senior TPG executive, after he reportedly threatened to expose what he claimed was a culture of drinking and drug use at the firm.
“Debevoise’s investigation determined that these allegations were false and unfounded,” TPG said. “Extensive interviews with relevant parties, as well as review of tens of thousands of documents, have uncovered nothing to substantiate the allegations made.”
TPG said the findings, along with Thickins’ acceptance of responsibility, cooperation with investigators and his previously clean disciplinary record, led to the conclusion that he would remain in his position.
“With the investigation complete and legal proceedings concluded, our focus is now on moving forward and supporting the continued success of our strong Asian franchise,” TPG said.
The decision represents a vote of confidence in one of TPG’s most senior Asian executives, who spent a decade at the company and helped build its Australian franchise into one of the country’s most active private equity investors.
Thickins joined as president of Australia in 2016. In 2024, he was appointed co-chairman of Asia alongside Ganen Sarvananthan, who is also president of the Middle East and sits on TPG’s board and executive committee.
The Australian portfolio has experienced a number of successful exits and realizations, underlining the maturity of the franchise. These include the exit of Made Group, where Cocobella and Rokeby were sold to Danone in a deal valued at $2 billion.
via Bloomberg
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Colin Kruger is senior business correspondent for the Sydney Morning Herald and The Age newspapers.Connect via email.
