AMA Group Limited (AMA) has acquired Suncorp's Capital S.M.A.R.T Repairs Australia Pty Ltd (Capital S.M.A.R.T) crash repair business for A$420 million, increasing its network to 200 outlets in Australasia.
AMA is a leader in the automotive aftercare and accessories market.
G+T has assisted AMA with its A$420 million acquisition of 90% of Capital S.M.A.R.T smash repairs business, with Suncorp Insurance Ventures Pty Ltd (Suncorp) retaining a 10% holding in Capital S.M.A.R.T.
The acquisition was accompanied by a $216 million capital raising and includes a long-term strategic service agreement of 25 years under which Capital S.M.A.R.T. remains Suncorp’s recommended repairer.
G+T also assisted AMA on its A$20 million concurrent acquisition of 100% of Suncorp’s ACM Parts Pty Ltd (ACM) automotive parts supplier, as announced on 1 October 2019.
G+T’s Banking + Infrastructure team assisted on the debt financing arrangements which enabled AMA’s acquisitions of Capital S.M.A.R.T and ACM. AMA’s debt facilities were funded by a syndicate of Australian commercial banks.
Clifford Chance advised AMA on the corporate aspects of the transaction.
The completion of these acquisitions combines AMA’s industry-leading platform and Capital S.M.A.R.T’s best-in-class capabilities in low to medium severity panel repairs.
John Schembri, head of G+T’s Banking + Infrastructure team was supported by special counsel Spiro Papadolias and lawyers Corrie Eames and Felix Buddee.
Commenting on the deal, John Schembri said, “We were delighted to have assisted AMA on this milestone transaction. This new facility will provide AMA with a tailored and flexible financing package to help secure its strategic objectives going forward”.
Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2019 and Tier 1 for Restructuring + Insolvency by Legal 500. In the IFLR1000 Specialists Guide 2019, G+T are recognised for work in Unitranche financings, the only Australian firm to be recognised. G+T has significant experience advising leading Australian and international financial institutions, investment banks, corporations and private equity funds. We act for lenders, borrowers, sponsors and consortia on a range of issues from high-value corporate transactions to complex restructuring projects.