| Decision number | 200710033 |
|---|---|
| Application number | 200710017 |
| Date | 30 March 2007 |
| Offeror/applicant | CCMP Acquisition Co Pty Limited of Australia |
| Ultimate applicant beneficial ownership | 100 percent - Australia |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Existing shareholders of Repco Corporation Limited 53.71 percent - Australia, Australian Public 31.93 percent - Various, Various overseas persons 14.36 percent - United States of America, United States Public |
| Business activities | Wholesale & Retail Trade - Machinery & Motor Vehicles |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | $117,000,000 |
| Consent sought | To acquire up to 100 percent of the shares of Repco Corporation Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The CCMP Funds have undertaken high profile and complex transactions throughout the Asia Pacific in the automotive parts industry and have gained extensive experience from these activities. The CCMP AOF II Funds have access to highly experienced directors and will ensure that the Applicant is able to provide high level strategic advice and access to capital resources which CCMP Capital believes will enable Repco to successfully implement management's strategies. The Applicant's strategy for Repco is, as is typical for CCMP Capital investments, to operate the business substantially as it has been operated to date but to support management's plans for growth and operational improvements. CCMP Capital will back management teams to execute their business plans by providing a degree of autonomy with respect to the strategy and operations of the Repco Corporation, supported by access to highly experienced directors, strategic advice and access to capital resources. |
| Contact | David Quigg Quigg Partners P O Box 3035 WELLINGTON |