Allens has advised Pacific Equity Partners (PEP) on its proposed acquisition of ASX-listed SG Fleet Group Limited, a leading provider of fleet management, vehicle leasing and salary packaging services, for an enterprise value of $1.4 billion by way of scheme of arrangement.
A key aspect of Allens' advice - and of the broader proposed acquisition - was the leveraged finance package, where lenders showed strong support.
The transaction is the largest announced take-private deal of 2024.
'This transaction is another example of PEP's ability to navigate the most sensitive and complex transactions in the market and adds to their strong record in public M&A,' said joint lead partner and co-head of private equity, Noah Obradovic.
'We are grateful to have ended a big year - during which we advised on more public-to-private transactions than any other law firm - working with longstanding client PEP on this landmark acquisition,'
'As public M&A activity levels continue to increase in the new year, we expect to see more PE sponsors exploring listed markets for new opportunities,' said joint lead partner Charles Ashton.
'Strong interest from creditors in this transaction shows building confidence in leveraged finance markets. We are optimistic this trajectory will continue in 2025,' said partner David Couper, who led the leveraged finance component of Allens' advice.
Allens provided comprehensive advice on every aspect of the transaction, leveraging a cross-disciplinary team of experts in M&A, leveraged finance, securitisation, automotive finance, financial regulation, and FIRB approval.
The scheme is subject to regulatory and shareholder approval.
Allens legal team
M&A and Capital Markets
Noah Obradovic (joint lead Partner), Charles Ashton (joint lead Partner), Tom Story (Partner), Stephanie Rowan (Senior Associate), Katherine Silvers (Senior Associate), Chris Yuan (Associate), Chiara Biviano (Associate), Will Simpson (Associate), Maeve Rapkins (Lawyer)
Finance, Banking & Debt Capital
David Couper (Partner), Benajamin Downie (Partner), Renee Boundy (Partner), Jamie Taylor (Managing Associate), Flavia Michael (Senior Associate), Sally Page (Senior Associate), Michael Gibling (Senior Associate), Alice Johnson (Associate)
Employment & Safety
Sikeli Ratu (Partner), Hannah Jorgensen (Associate)
Funds, Super and Financial Services
Kerensa Sneyd (Partner), Andrew Wilcock (Managing Associate), Lauren McCarthy (Senior Associate), Craig Evans (Associate), Laura Newman (Associate), Curtis Haas (Lawyer)
Intellectual Property
Tracy Lu (Partner), Robert Vienet (Senior Associate), Katie Saliba (Lawyer)
Real Estate
Annabelle Aland (Partner), Matt Smalberger (Overseas Practitioner), Stella Bogdanovic (Lawyer)
Technology, Media & Telecommunications
Jessica Mottau (Partner), William Coote (Managing Associate), Joshua Fisher (Associate)