Details of a falling-out between two corporate titans are emerging after Joel Thickins, the co-head of TPG Capital Asia, was involved in a headline-grabbing crash in Sydney’s east earlier this month.

Private equity baron Thickins was charged following a collision involving multiple vehicles in Paddington. He has since taken paid leave ahead of his upcoming court appearance.

Police allege the 48-year-old Colorado native struck a Mazda before crashing his BMW into four parked cars on York Road about 7.20pm on June 8. He was arrested and taken to Paddington Police Station, where police allege he refused both a roadside breath test and a breath analysis.

Before becoming the most gossiped-about man in corporate Australia, Thickins had built a reputation as an influential private equity dealmaker. Some industry insiders describe him as ‘cocky’, while others use rather less flattering language.

Now, as scrutiny intensifies around Thickins, attention is also turning to his former friend and associate Rob Speedie, the erstwhile Novotech executive who was once among Thickins’ closest allies in the top end of town.

Sources familiar with the pair say their friendship intensified as they worked together on major transactions while embracing the high-flying lifestyle that often accompanies vast wealth and corporate power.

Sources say the pair grew so turbulent that Thickins relocated from Melbourne to Sydney in 2024 after his wife, Celina, demanded a fresh start away from Speedie.

The move saw the family splash out $14.5million on a South Coogee home, but insiders say it did little to silence chatter about the corporate two-man band that was Thickins and Speedie – described by one insider as ‘nerds done good’ who seemed determined to make up for a bookish adolescence later in life.

Joel Thickins is the American-born head of private equity firm TPG’s operations in Australia. He will front court later this month after allegedly crashing a $170,000 BMW into five cars

Attention is now turning to Thickins’ former friend and associate Rob Speedie (pictured), the ex-Novotech executive who was once among Thickins’ closest allies in the top end of town 

Speedie split from his second wife, former JPMorgan MD Annabelle Mooney, after exiting Novotech under a cloud last year. He is now dating a new partner, Cath (seen together). In a series of Instagram posts, Speedie publicly thanked her for ‘putting up with the chaos of me’

Speedie left Novotech under a cloud last year after reports of a medical episode during a meeting connected to the sale of a major stake in the clinical trials business to Singaporean investment giants GIC and Temasek.

He later underwent treatment for executive burnout.

Leaked text messages seen by the Daily Mail and widely shared among corporate insiders show Speedie referring to heavy partying with Thickins during a company event in 2022, where Novotech reportedly spent about $100,000 on a private performance by Guy Sebastian.

‘They didn’t party in high school, so partying later in life is all ego for them,’ a source claimed last week.

Following his departure, Speedie split from his second wife, former JPMorgan managing director Annabelle Mooney.

He is now based in Melbourne and seems smitten with his new partner, Cath.

In a series of Instagram posts, Speedie publicly thanked her for ‘putting up with the chaos of me’. He has since deleted his social media account.

The father-of-four is now living comfortably in a rented Brighton home complete with a fire pit, reportedly costing about $3,000 a week, while being supported by income-protection payments. 

Speedie is living in a swanky Brighton home complete with a fire pit (seen here)

The private equity giant allegedly careened into five cars. Some of the damage is shown

The exit from Novotech and friendship with Thickins aren’t Speedie’s only claim to fame in the notoriously gossipy world of corporate Australia.

Industry sources spin colourful yarns about Speedie and former JPMorgan banker Jason McLeod’s involvement in efforts to acquire RM Williams at the height of the Covid pandemic in 2020.

The pair are understood to have worked from a discreet office in an inner-city bayside suburb of Melbourne while pursuing the deal.

According to sources familiar with the negotiations, TPG entered exclusive discussions to buy the iconic Australian bootmaker from then-owner L Catterton.

However, the deal ultimately slipped away after Andrew ‘Twiggy’ Forrest’s investment vehicle Tattarang emerged with a significantly higher offer.

Tattarang completed its acquisition of RM Williams in late 2020, returning the company to Australian ownership.

Questions surrounding Speedie’s departure from Novotech intensified last year after reports emerged that he had prepared a detailed affidavit during his exit negotiations.

The document is understood to have outlined the toll the Novotech sale process had taken on his health and included allegations regarding compensation arrangements that he believed would flow from a successful transaction.

In late 2024, sources claim that Celina Thickins (pictured) issued her husband with an ultimatum: move to Sydney or risk losing the marriage altogether

Thickins and wife Celina snapped up this South Coogee home for $14.75million when they moved from Melbourne to Sydney – allegedly at her insistence

Celina Thickins (far left) is seen alongside the children of fashion icon Carla Zampatti and the Forrest family’s Minderoo Foundation to back a female-focused VC fund

The allegations, together with reports of a confidential multimillion-dollar settlement, have prompted questions about what senior figures at TPG knew about disputes involving key executives.

This week, TPG confirmed it had engaged lawyers to investigate circumstances surrounding Thickins’ alleged crash and separate matters that have surfaced in its aftermath. National mastheads were also sent concerns notices.

‘TPG takes this situation seriously and has been working to assess the facts and context in full to identify an appropriate course of action,’ a spokeswoman said.

‘Upon learning of the collision in Sydney, TPG promptly engaged a leading international law firm to conduct an investigation of both the circumstances surrounding the collision and other allegations of which we became aware following the accident.

‘While we await the outcome of Australian court proceedings related to the collision, the investigation to date has not identified any evidence that corroborates these allegations.’ 

The statement followed reporting that Speedie had received a multimillion-dollar payout after allegedly threatening to expose concerns about workplace culture within the business.

Thickins remains on leave and is due to appear at Waverley Local Court on June 30.