NEWS & INSIGHTS

As featured in The Financial Review here  | February 25 2026  |  by Eugenie Kelly

The 1910-built, Federation-style manor – a popular holiday spot for Sydneysiders – has been brought into the 21st century by designer Alan McMahon.

Life & Leisure is on-site at Milton Park in Bowral for a first look at the hotel’s $10-million rebrand. Set in a historic Southern Highlands estate, the hotel reopened earlier in February after six months of renovations, becoming the flagship in Salter Brothers Hospitality’s new Ardour portfolio.

A lot has changed – but the misty light that casts this part of NSW as an antipodean England is as enchanting as ever, even on a steamy February day like today. Gazing out the hotel windows at the electric green lawns, set against an indecently blue sky, the scene feels expressive and romantic, as though Turner himself painted it.

It’s precisely this diffused light that both seduced and tormented interior architect Alan McMahon of Sydney firm MAC Design Studio, who led the redesign. “The outward views feel almost like artworks,” he says, “but as beautiful as they are, the quality of light here meant we went through a massive process of refining the colours we had planned for the property. It was quite a journey.”

Milton Park was built in 1910 as a grand country estate for Anthony Hordern (part of the Hordern retailing family) and his first wife Viola. In 1984, the Federation Arts and Crafts manse transitioned to a hotel, favoured by Sydneysiders escaping the city for the weekend. During those years, the interior deco was in-line with French Provinical-style, with four-poster canopy beds, burgundy carpet and mustard paint.

Now the old girl has had a glow up, starting with a new colour palette pulled straight from the garden. “We drew inspiration from the countryside manors of Europe, but when I say that, it has been infused with a distinct modern sensibility,” says McMahon, who previously redesigned Osborn House in nearby Bundanoon. “It’s not like we picked one property as a reference: rather it’s about how a manor house evolves over decades. How they grow a different personality as you move from room to room.”

The hotel reception is accessed through a porte-cochere and up marble stairs, where the original Federation-style wooden flyscreen door is still intact (and satisfyingly smacks shut behind you). The soft-sage green walls (Dulux Jungle Moss, in case you’re inspired) set a contemplative tone for gilt-framed original paintings retrieved from the Hordern’s original collection.

“We wanted to play a game of chalk and cheese,” explains McMahon. A pair of traditional French olive-velvet lounges original to the homestead are styled alongside a selection of contemporary coffee tables shaped in organic cloud forms, striking a balance between soft and structural. Underfoot, custom rugs bloom with botanical motifs.

Next door, a reading room painted in a muddy-butter hue (Dulux Clay Bake) is anchored by a soft pink blossom rug and a baroque mirror that sits atop a grand marble fireplace, while a contemporary, 1970s-inspired floor lamp adds a wink of Italian post-modernism. “For me, it’s these complementary elements of surprise you wouldn’t expect that weigh out the overall playing field,” explains McMahon.

Across 44 guest rooms (including six suites), three different colour palettes – sage green, cobalt blue and a dusty blush – ensure no two stays feel the same. Murals referencing the estate’s weeping beeches float above beds – a delicate motif that’s complemented by the room’s swirling wool carpets. They’re decorative tricks that compensate for what these rooms lack in terms of architectural details. Custom-designed minibars and marble-topped bedside tables nod to tradition, albeit with cleaner line, while vintage armchairs keep the lineage intact, as a nod to the homestead’s history.

The existing restaurant (named after the family) has been relocated and expanded from 38 seats to 102 seats. Its legendary Polo Bar – formerly a bastion of tartan gloom – has also been made over with dusty pink and apricot walls detailed with wainscotting, ornate antique mirrors, a contemporary swooping sofa and soft-magenta high-backed armchairs. At its centre is general manager David McDonald’s pride and joy: a dedicated charcuterie room where regional meats and cheeses are carved to order from a central butcher’s block, served with condiments made inhouse under executive chef Mark Holland (ex-Nomad and Paddington Inn).

As contemporary as these new dining spaces feel, they all offer orchestrated views of ponds, statues, espalier plants and the ivy-clad pool house. Proof that even though Milton Park may be newly polished, reinvention – when done properly – can look remarkably like continuity.

Media Release | March 6, 2026

KSB Sustainable Investments (KSB), a joint venture between Kilara Capital and Salter Brothers, has completed the first investment from its inaugural PE Fund – KSB Transition Fund (KTF), backing Australian battery engineering and distribution business Master Instruments (MI).

The investment marks a milestone for KTF being its first close. KTF targets profitable small to mid-market businesses positioned to benefit from, amongst other things, the structural shift toward lower-carbon, electrified supply chains.

Founded in 1942, MI is a third-generation, Australian-owned battery engineering and distribution company supplying low-voltage battery systems to industrial, OEM and retail customers across Australia and New Zealand. The business employs over 120 staff and services more than 6,000 customers across a diversified range of end markets.

KTF focuses on established, cash-generative businesses, particularly those embedded within industrial and supply chain infrastructure. The strategy centres on supporting companies to scale within increasingly decarbonised global supply chains, while maintaining operational resilience and minimising disruption.

Emma Jenkin, Partner at KSB, said “MI represents the type of industrial platform KTF was designed to support. MI aligns strongly with our strategy of investing in high-quality industrial businesses that enable the energy transition. It is a resilient, cash-generative business with deep customer relationships and a long operating history. We see a clear opportunity to partner with management to support disciplined growth while investing in systems, people and operational capability.”

MI operates across two complementary divisions: distribution and custom engineering & assembly. Its combination of broad distribution reach and in-house technical integration capability is viewed as a key competitive advantage, particularly as battery technologies and applications continue to evolve.

Phil Dunn, Chief Executive Officer and third-generation owner of Master Instruments, said “the partnership would support the company’s next phase of growth. KSB was selected for its partnership-led approach and its experience supporting businesses through periods of transition. We were looking for a growth capital partner that understood the business and shared our long-term outlook. KSB brings the right mix of capital, operational experience and alignment to support the next stage of MI’s development. I want to thank Allunga Advisory for running a comprehensive process that explored all our capital strategy options and for connecting us with Kilara Capital.”

Ben Krasnostein, Managing Director of KSB, confirmed “that he was delighted with the transaction as it reflects KTF’s broader investment thesis. We are targeting established businesses that combine strong fundamentals with structural tailwinds. MI has the right characteristics for profitability, defensible market positioning and exposure to electrification trends. We look forward to supporting management in executing its next phase of growth.”

Mr Krasnostein also added “that the investment underscores growing private capital interest in transition-oriented industrial assets, as investors seek exposure to electrification and supply chain resilience themes without taking early-stage technology risk”.

KTF continues to be open for investor commitments and conducts monthly closings, aiming for a target net return of 20% net IRR and a final close of $200 million.

Master Instruments was advised by Allunga Advisory as financial adviser and Ash St. as legal adviser. KSB Sustainable Investments was advised by Macpherson Kelley as legal adviser and BDO as accounting and tax adviser.

This announcement is for information purposes only and does not constitute an offer to subscribe for interests in any fund. Interests in KTF are available only to wholesale investors under applicable securities laws.

As featured in The Australian Travel + Luxury Magazine here  | January 27 2026  |  by George Epaminondas

Equal parts Edwardian pleasure palace and contemporary retreat, a storied country-estate mansion in the Southern Highlands of New South Wales has been revived as a beguiling hotel.

Bowral’s status as a rural idyll stretches back over a century. Sydney sophisticates flocked to the Southern Highlands for its social whirl, sylvan beauty and congenial weather. One early adopter was magnate Anthony Hordern, who converted a farm into Milton Park in 1910. The estate blossomed into life with a Federation Arts and Crafts mansion, sprawling Edwardian garden and a reputation for effervescent soirées. Since the 1980s, Milton Park has operated as a faithful if fusty hotel, but an ambitious makeover seeks to evoke the golden age of the Horderns.

Checking in to Ardour Milton Park Bowral is akin to “arriving at the home of a friend with a grand country manor”, says Kate Greenwood, creative director for Salter Brothers Hospitality (SBH). The group enlisted Sydney interior architect Alan McMahon of Mac Design Studio – known for fashioning Osborn House in Bundanoon – to compose this new chapter. McMahon observed and refracted the property’s history and then instituted sweeping changes: relocating the reception to the heart of the main structure, recreating the lounges and restaurants, and investing the accommodations with a heightened glamour.

Most of the 44 guest rooms are in one of two palettes – calming sage green or sprightly cobalt blue – and spruced with swirling wool carpets, Carrara marble, brushed brass and richly tactile layers. Among them are a handful of expansive suites with a blush-hued motif. “No two rooms feel the same,” says Greenwood. “Thoughtful details create a personal retreat where guests can linger.” A recurring feature is a mural above the bed that references the estate’s weeping beech tree, set alongside the garden’s elm avenue, box hedges and rose bushes.

To ensure fans of the resort aren’t left weeping at the modern interventions, the bones of the original manor by architects Morrow and de Putron as well as many of its period furnishings have been dutifully preserved. “Vintage armchairs, antique consoles, mirrors, and artworks were retained and restored where possible,” adds Greenwood, “allowing their patina to remain part of the experience.” Imagine if Henry James had set one of his novels in the Southern Highlands, with a lofty manor at its centre filled with handsome articles of furniture, and you get the drift.

When the Hordern clan arrived in the early 20th century, they transformed this leafy patch into a convivial playground, complete with idling seaplanes and clinking flutes. Their pleasure-seeking spirit endures at Horderns restaurant and The Polo Bar. “These names are a connective thread to the past,” says chef Mark Holland. The English native, who trained under the exacting Marco Pierre White and who has worked in Australia since 2016, excels at pan-European fare with an accent on local producers.

“The brief is refinement without stiffness,” says Holland. Highlights from the updated menu include flame-grilled Fremantle octopus with potato and romesco, slow-braised lamb shoulder with zingy herb salsa, and steamed rainbow trout with a classic French beurre blanc. “I want the cooking to feel timeless, not trend-led, and to sit comfortably within the setting,” he adds. The Polo Bar will have a dedicated tipple-friendly menu. There is also a charcuterie room, where guests can assemble picnic hampers, and an elaborate high tea offering that will feel indulgent yet light.

Gourmands, design fans, green thumbs and, given the imminent launch of Èliva spa, wellness devotees will all be drawn here like bees to honey. A property of this calibre may even tempt international visitors but, says general manager David McDonald, it’s denizens of Sydney and Canberra who are the primary lodgers. “The new estate will have strong appeal for leisure travellers seeking a plush country escape,” he says. “It will also be a place for private gatherings, weddings and milestone celebrations.”

The Bowral venture is the first outing for the Ardour Hotels & Estates marque developed by SBH. Three more properties will join the burgeoning collection this year: Lilianfels Blue Mountains, Spicers Guesthouse in the Hunter Valley, and Kingsford The Barossa in South Australia. The thematic link, says SBH chief executive Tash Tobias, is “iconic hotels with legacy, beauty and emotional connection. As one of Australia’s most storied regional estates, Milton Park offered the ideal opportunity to introduce the Ardour brand.”

Backed by Australian-owned global alternative asset managers Salter Brothers, SBH has evolved into a hospitality powerhouse in the past few years with 19 hotels, 29 restaurants and bars. SBH was founded in 2023 after Salter Brothers snapped up Spicers Retreats as its first acquisition, followed by the Escarpment Group portfolio and, in 2024, three Bannisters hotels in New South Wales.

Three years ago, the deep-pocketed player also nabbed Milton Park for $20 million and injected $10 million into its refurbishment. “We envisage the Ardour portfolio growing to 10 properties,” says Tobias. For now, there is Milton Park in all its Bridgerton-style glory. “Even on cold or rainy days, guests can wander the misty gardens and retreat indoors to an open fire,” says McDonald. And to wining, dining and hobnobbing with other revellers. The high life has returned to the Highlands.

Ardour Milton Park Bowral opens in early February. Rooms from $600. Bookings at worldsapart.club.

Media Release | February 24, 2026

Strategic transaction delivers strong returns for Salter Brothers and its Investors

Salter Brothers is pleased to announce that SB SPV No.1 Pty Ltd (IPSI), a private equity investment, has been acquired in full by Commonwealth Bank of Australia (CBA).

The transaction represents a compelling outcome for investors, reflecting a strong premium to carrying value. It marks a significant return for Salter Brothers Emerging Companies Limited (ASX:SB2) and the first portfolio company exit for the newest launched equity product, the Salter Brothers Tech Fund.

Gregg Taylor, Head of Equities at Salter Brothers and Non-Executive Chairman of IPSI commented that “we are pleased with this outcome for IPSI and for our investors. Since our investment, IPSI has evolved into a highly differentiated, enterprise-grade payments platform. This transaction recognises the quality of the business that has been built, the strength of its management team, and the strategic value of its technology. We believe CBA is the right long-term home for IPSI.”

A strategic investment by the Salter Brothers Equities Team

In December 2022, the Salter Brothers Equities team established and was the lead investor for a special purpose vehicle (SB SPV No.1 Pty Ltd) created to acquire the IPSI business. At the time of investment, the team identified a compelling opportunity to back a differentiated payments technology platform operating in a market undergoing structural transformation.

Salter Brothers’ investment thesis centred on IPSI’s advanced payments orchestration architecture. The platform had been purpose-built as a merchant-aligned optimisation layer, enabling intelligent routing, secure tokenisation and real-time transaction performance across acquiring partners. The technology is regarded to be high quality and aligned with global shifts toward greater merchant control and infrastructure-level optimisation.

From the outset, the Equities team adopted a hands-on ownership approach. Working closely with management and the Board, Salter Brothers strengthened governance, stabilised the balance sheet and prioritised disciplined investment in product delivery and commercial execution.

As part of this process, the leadership team was augmented, including the appointment of a new Chief Executive Officer with deep industry experience drawn from the Salter Brothers network. This strengthened executive capability complemented a highly capable core technology and product team whose expertise formed the foundation of the platform’s competitive advantage. With improved financial footing and renewed strategic clarity, the business was positioned to focus on execution and long-term value creation.

Over the subsequent three years, IPSI evolved into an enterprise-grade payments infrastructure platform aligned with regulatory developments and growing merchant demand for intelligent payment optimisation.

Robert Salter, CEO of Salter Brothers added, “This sale represents a great outcome for both our institutional and HNW investors. Further, it validates the origination and execution capabilities of Salter Brothers in the unlisted space and showcases the value add from Gregg and the broader Equities team.”

Importantly, as at completion,100 per cent of IPSI employees have accepted roles with CBA as part of the transaction. This outcome reflects the strong cultural and strategic alignment between the organisations, the quality of the team that has been built, and the collaborative nature of the transaction process.

Mark Luton, CEO of IPSI said “following the announcement that IPSI is now part of the CBA family, I wanted to acknowledge and thank those who’ve helped bring us to this exciting chapter.

First, our incredible IPSI team; your commitment, resilience and belief in what we’re building have made this possible. Consider yourselves `Legends’.

Second, to our Board, thank you for your steady guidance, the right balance of support and challenge, and very good humour along the way.

Finally, to Gregg Taylor and the Salter Brothers team; you saw potential in the business and backed us. Thank You.”

As seen in HM Magazine

Edited by Daisy Melwani Schlesinger   |  February 2026

The global luxury travel sector continues to demonstrate remarkable resilience, driven by sustained demand for high-quality, experience-led assets in key gateway cities and premier resort markets.

For investors, this presents a compelling opportunity.

As Paul Salter, Managing Director at Salter Brothers notes, the strength of the luxury segment highlights its growing relevance as a strategic asset class within diversified investment portfolios. With travel patterns evolving and consumers prioritising premium, curated experiences, luxury hospitality continues to outperform, underpinned by strong fundamentals and long-term structural demand.

Read the full article in HM Magazine – 2026 Industry Leaders Forum to explore the insights shaping the future of luxury travel investment.

Click to read the feature here

Press Release | February 13, 2026

Salter Brothers is pleased to announce a strategic partnership with IMAP (International Mergers & Acquisitions Partners), a leading global partnership of M&A and corporate finance advisory firms.

The partnership strengthens Salter Brothers’ capability to deliver comprehensive, cross-border M&A and corporate advisory services, combining deep local market expertise with IMAP’s extensive international reach across more than 50 countries.

Through IMAP’s global partners, Salter Brothers will gain access to a broad network of senior M&A professionals, sector specialists, and international deal flow, enabling clients to pursue growth, capital, and M&A opportunities with greater global connectivity and execution capability.

“This partnership represents an important step in expanding our advisory capabilities and global reach,” said Ryan Legudi Managing Director – Capital at Salter Brothers.

“Salter Brothers’ ongoing commitment to providing clients with access to world-class advisory expertise and international opportunities, particularly as cross-border M&A activity continues to evolve, is one of our strategic business objectives”, Ryan added.

IMAP is one of the world’s leading M&A and corporate finance advisory partnerships, with more than 50 years of experience advising on mid-market transactions across a wide range of industries. Through a closely integrated global partnership, IMAP combines deep local market expertise with strong cross-border collaboration to support clients on complex domestic and international transactions.

IMAP Chairman Jurgis Oniunas commented “We are pleased to announce Salter Brothers as IMAP’s exclusive partner in Australia, a powerhouse market bridging Asia, Europe and North America, fuelled by deep institutional capital and strong governance.

Australia is a strategically important M&A market for IMAP, underpinned by institutional capital, strong corporate governance, and sustained cross-border interest. With deep pools of domestic and international capital and an active deal environment, the market continues to offer attractive opportunities for M&A and corporate finance transactions.”

About Salter Brothers

Salter Brothers is a global alternatives asset manager with over 150 staff throughout its offices with operations in Australia, Singapore, Japan, Dubai and the USA. The firm specialises in providing investment opportunities for high net worth and institutional clients across real estate, credit, equities and specialist decarbonisation strategies. The firm manages over A$10.3 billion through its various business lines, including investment mandates of over A$5.5 billion, trustee and administration services for over A$4.0 billion in assets, and a multi-family office managing over A$0.8 billion.

The firm’s multi-disciplinary team of professionals cover investment, asset management, corporate finance, operations, trading and execution, finance, custody and investor relations. The firm also provides financial and strategic advice to clients across a broad range of M&A and capital markets transactions, completing over A$0.7 billion in transactions during 2025.

Salter Brothers believes value is created through innovation. This means thinking differently, using our experience to analyse opportunities from multiple perspectives.

About IMAP

IMAP is a leading global M&A and corporate finance advisory partnership, delivering independent advice across M&A, debt, equity capital, and corporate finance. For more than 50 years, IMAP has supported business owners, mid-market companies, corporates, family offices, and institutional investors at critical strategic moments. With more than 450 professionals in 50+ countries, IMAP has advised on over 2,200 transactions valued at US$130 billion in the last ten years and is consistently ranked among the world’s Top 10 mid-market M&A advisors.

Media Contact
Caterina Nesci
Director of Brand & Marketing
T: +61 466 888 037
E: caterina.nesci@salterbrothers.com.au