![Former Vocus boss James Spenceley.](http://web.archive.org./web/20170708001801/http://www.afr.com/content/dam/images/g/r/3/1/u/m/image.related.afrArticleLead.620x350.gx4tm5.png/1499291006312.jpg)
KKR is first in the door at Vocus Group and the question now who is will be second.
When one private equity giant is sussing out an opportunity, you can be sure two or three of its rivals will be thinking the same thing. Remember big firms like KKR have to explain to their investment committees why they didn't at least have a quick look at an up-for-sale asset, rather than why they did.
And – as we and just about everyone in private equity is aware – Vocus founder and former chief executive James Spenceley has a few ideas about how to make the company sing, just like it did when it was a much smaller version of itself and still under his leadership.
[Remember we reported a couple of months ago that Spenceley, along with Amcom founder and fellow dissident director Tony Grist and former Vocus chief financial officer Rick Correll had drafted in Lazard to help the trio find a potential backer.]
Street Talk has now heard the pitch from a few people in the market.
It's understood the trio reckon they have a handful of prime candidates who a would-be private equity suitor could cut in on the deal and have run the telecommunications infrastructure company.
And one of the names is well known to small and mid-cap fundies and telco analysts.
David Buckingham – the former iiNet CEO whose job disappeared under TPG Telecom's stewardship of the Perth-based telco – is believed to be on their radar, and not just for consulting purposes.
Buckingham is well known to fundies as an astute numbers man and business leader. He has since moved on to one of Perth's other favourite corporates – Navitas – where he is in the chief financial officer's seat, second only to Rod Jones who has been running the company for the past 22-years.
It should be noted, Street Talk understands Buckingham isn't in on the deal – he has just been put forward as an ideal guy to run the business, should the Spenceley crew net a financial backer to turn talk into something more serious.
It will be interesting to see whether the group finds any support. It's understood they have met with a bunch of well known funds from both the private equity and alternatives sectors.
Of course the problem of working with Spenceley, Grist and Co is that it's likely to put Vocus' board offside. And if there is another thing we know about private equity, it is that they like to start things friendly, even if they sometimes turn sour.
KKR seems well ahead of its rivals at this stage, having lobbed the indicative bid this time last month and bumping it slightly to get non-exclusive due diligence this week.