‘Absolute shocker’: Private equity chief slapped with driving ban

A local court judge has disqualified the local boss of one of the world’s largest private equity firms from driving after a “shocker” in which TPG Capital’s Joel Thickins crashed his car into five others and refused a breath test earlier this month.

Thickins was handed a nine-month suspension to his license and fined more than $1300 by Judge Michael Barko on Tuesday after he pleaded guilty to negligent driving and refusing a breath test.

“It is an absolute shocker,” Barko said. “Without maiming or killing someone, it can’t get worse [than this].“

Early this month, NSW Police were called to a car crash in Sydney’s eastern suburbs, where Thickins crashed his BMW into a Mazda before hitting another four parked cars on York Road in Queens Park. He refused a roadside breath test.

The high-profile private equity boss, who also acts as the co-head of TPG’s Asia operation, was arrested and taken to Paddington police station for a breath analysis, NSW Police previously told this masthead in a statement. Thickins also refused the station breathalyser.

TPG has owned major stakes in numerous Australian companies, including a current investment in vet chain Greencross. It was also involved in a takeover and restructuring of Myer in the 2000s.

On Tuesday, Thickins issued a statement apologising for the incident through his public relations representative.

“I would like to sincerely apologise to the police, the court and the people impacted by my reckless actions on 1 June. I am fully aware of the seriousness of the matter and know that I have let down my family, my friends and the community,” he said.

“I accept full responsibility for the accident. I apologise again for the inconvenience and distress caused and I will meet all costs for the damage. I’m very grateful no one was injured or hurt.”

TPG Capital has launched an investigation into the circumstances surrounding the crash.

“While we were disappointed to learn of Joel’s actions when he was involved in a car collision in Sydney, we acknowledge that Joel is taking full responsibility for his actions and the impact they have caused and that he appreciates the seriousness of the matter,” a spokesperson said.

“Since the collision occurred, TPG has undertaken a comprehensive third-party investigation into the circumstances surrounding the collision as well as a set of unrelated allegations that publicly emerged several days later. The investigation has determined those unrelated allegations to be entirely without merit. We will be communicating directly with our stakeholders in the coming days as to the broader path forward.”

TPG Capital is not related to the telecommunications company of the same name.

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