| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 October 2008 |
| Investment | An overseas investment in significant business assets, being the Applicant's direct or indirect acquisition of rights or interests in 100.0% of the shares of Alleasing Pty Limited, the value of the assets of Alleasing Pty Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $122,664,000 |
| Applicant | Castle Harlan Australian Mezzanine Partners Pty Limited, on behalf of CHAMP Buyout II Trust, and Castle Harlan, Inc., on behalf of CHAMP II Worldwide, LP, CHAMP II Worldwide Affiliates, LP and CHAMP II Worldwide Cooperatief UA, or any of them. Applicant includes any associate of the Applicant, including Leasing Finco Pty Limited. The country of incorporation of the ultimate beneficial owners of Castle Harlan Australian Mezzanine Partners Pty Limited is Australia (50%) and United States of America (50%). The country of incorporation of the ultimate beneficial owners of Castle Harlan Inc. is United States of America (100%). |
| Vendor | Allco Managed Investments Fund Limited as responsible entity of the Alleasing Trust Australia (100.0%) |
| Background | The CHAMP II fund and the CHI II funds (the Funds) propose to acquire 100 percent of the shares in Alleasing Pty Limited. The Funds intend to establish a special purpose vehicle, Leasing Finco Pty Limited which will acquire the shares. Alleasing Pty Limited is a leading equipment finance company, specialising in small ticket leases in the non-motor, non-consumer segments across Australia and New Zealand. The Applicant proposes to acquire 100 percent of the shares in Alleasing Pty Limited. CHAMP and CHI view the transaction as a sound investment for the Funds under their respective management as the investment represents an opportunity to earn a superior return for their investors. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Garth Sinclair Russell McVeagh (Auckland) PO Box 8 AUCKLAND |