Fleet of foot
A private equity group has sold down its stake in FleetPartners at significant discount following a management buyout.
Vehicle fleet leasing company FleetPartners has had a change of ownership structure following the management buyout of its private equity owner Nikko Principal Investments.
FleetPartners was sold by ANZ's leasing arm Esanda in late 2006 for $379 million to Nikko Principal, the first investment for the then newly established firm largely of executives from Deutsche Bank's DB Capital.
Nikko Principal was then put up for sale after the purchase of its parent company by Citi, and its local team led by Gene Lorenz finally concluded a deal this month with the creation of a new private equity investor, Tasman Capital.
Tasman has sought to retain FleetPartners but has sold down its interest by bringing in Ironbridge Capital and the Government of Singapore Investment Corp's private equity arm GIC SI.
The transaction price was not disclosed but is believed to be at a discount to the 2006 deal because of the ructions in financial markets over the past 18 months.
Ironbridge is receiving bridging finance from Ironbridge and GIC while it seeks to raise money for its investments in FleetPartners, as well as New Zealand equipment hire firm Hire Equip (bought in 2006 for $NZ165 million).
These assets will be put into a fund specialising in secondary investments, while the principals - Gene Lorenz, Rob Nicholls and Janine Middleton – seek between $350 million and $400 million in a new fund to specialise in middle-market transactions.
Indeed, the structure is very similar to that adopted by Ironbridge itself when it broke its shackles from Gresham Private Equity several years ago.
FleetPartners was sold by ANZ's leasing arm Esanda in late 2006 for $379 million to Nikko Principal, the first investment for the then newly established firm largely of executives from Deutsche Bank's DB Capital.
Nikko Principal was then put up for sale after the purchase of its parent company by Citi, and its local team led by Gene Lorenz finally concluded a deal this month with the creation of a new private equity investor, Tasman Capital.
Tasman has sought to retain FleetPartners but has sold down its interest by bringing in Ironbridge Capital and the Government of Singapore Investment Corp's private equity arm GIC SI.
The transaction price was not disclosed but is believed to be at a discount to the 2006 deal because of the ructions in financial markets over the past 18 months.
Ironbridge is receiving bridging finance from Ironbridge and GIC while it seeks to raise money for its investments in FleetPartners, as well as New Zealand equipment hire firm Hire Equip (bought in 2006 for $NZ165 million).
These assets will be put into a fund specialising in secondary investments, while the principals - Gene Lorenz, Rob Nicholls and Janine Middleton – seek between $350 million and $400 million in a new fund to specialise in middle-market transactions.
Indeed, the structure is very similar to that adopted by Ironbridge itself when it broke its shackles from Gresham Private Equity several years ago.
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