Gilbert + Tobin acted for Macquarie Capital (Australia) Limited and UBS AG, Australia Branch as joint lead managers, bookrunners and underwriters on the IPO of Autosports Group.
The IPO has priced at $2.40 a share, equating to 17.2 times the forecasted net profit, with Autosports Group raising $160 million for a projected $482.4 million market capitalisation.
Autosports is one of Australia’s largest private car dealership groups with 27 retail businesses including new car dealerships, used car dealerships and collision repair centres. The transaction included a challenging restructure involving a roll-up of 30 existing shareholders of smaller entities. Gilbert + Tobin has had considerable expertise in this sector, with prolific involvement in Australia’s most significant IPOs.
Partner Adam D’Andreti is delighted to have acted for Macquarie Capital and UBS.
“This IPO highlights the team’s continued success in providing our clients with efficient and responsive advice. Facilitated by our extensive experience, we are able to navigate through any complications that arise, offering a commercially astute approach backed by deep understanding of the marketplace.”
Partner Adam D’Andreti led the team, which included senior lawyer Alastair Corrigall and lawyer Clare Harris.
Gilbert + Tobin is ranked Band 1 in Corporate/M&A, Equity Capital Markets and Private Equity in Chambers Asia Pacific 2016, as one of only three Australian law firms to be ranked top tier in all three categories. The team is consistently regarded by many as the firm of choice on these matters.