Cool PE deal: Allens acts on sale of air conditioning business

Allens has acted for private equity firm Catalyst Investment Managers Pty Ltd in the sale of the Actrol Group to Reece Australia Limited for $280 million.

Corporate Partner and Co-Head of the firm's private equity practice Mark Malinas, and Corporate Partner Steve Clifford, led the Allens team on the matter, which saw Catalyst sell to Reece the specialist heating, ventilation and airconditioning trade distribution business comprising Actrol Parts and AC Components.

Allens' involvement in this matter came after the firm represented Catalyst on the separate acquisitions of Actrol Parts and AC Components in 2010.

Mr Clifford said: 'It is always satisfying to assist a client from the initial business acquisition through to successful close, with an ongoing advisory role in between.'

'In this deal our understanding of our client's objectives, and its business, meant that our team could act nimbly in a very tight timeframe from bids closing until signing of all the transaction documents,' he said.

Mr Malinas said this deal is indicative of greater activity in the private equity exit space in Australia over the past six months.

'A stronger IPO market in the latter part of 2013 and into the new year is spurring on trade buyers to compete for good assets. We are seeing more competition for quality businesses which, together with lower cost of financing, is giving rise to favourable market conditions for exits,' he said.
 

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