Allens Arthur Robinson

• Introduction
• Media releases
  • Archive
• Allens on Air
• Allens insights
• BRR Media
• Photos
• Fact sheet
• Print advertising

Allens acts on 'cool' private equity acquisition for Catalyst

12 May 2010

Allens Arthur Robinson (Allens) has acted for Catalyst Investment Managers Pty Ltd (Catalyst), a leading independent firm in the Australasian private equity market, on its acquisition of Actrol Parts, formerly an operating division of GSA Industries (Aust.) Pty. Ltd.

Actrol Parts is a market leading wholesaler and distributor of refrigeration and air-conditioning systems and parts. Actrol Parts has turnover in excess of $110 million, has been operating in the Australian market for over 70 years and has a national presence with 49 branches across all states and territories.

Allens advised Catalyst on the transaction, which is the first leveraged buyout of its kind since Archer Capital's acquisition of MYOB in early 2009, when Allens also acted for Archer Capital.

Allens' Corporate team, headed by Partner Steve Clifford and Senior Associate Mark Malinas, and the Banking & Finance team, with Partner Richard Gordon and Senior Associate Alex Danne, were assisted on the transaction by specialist lawyers from Property & Environment, Climate Change, Employment, IP & IT and Taxation.

According to Mr Clifford, the transaction was a landmark one in many ways.

'It was the first investment for this particular Catalyst fund and the first LBO of its kind in Australia since early 2009,' he said.

'This transaction, which was codenamed "Project Chill", marks a positive sign that the debt markets are beginning to thaw and private equity may be reviving post-GFC.

'The nature of the target's business also gave rise to numerous environmental regulatory issues of which our Environment and Climate Change teams played a critical role.'

Said Mr Clifford: 'Others have commented on how Project Chill was a very 'cool' transaction in the refrigeration and air conditioning industry. For our part, the most pleasing aspect was that everyone's hard work, collaboration and clear thinking resulted in such a successful outcome for the client.'

Ends

For further information, please contact:

• Jane FoleyCorporate Communications Coordinator, Melbourne
  Ph: +61 3 9613 8503
  Jane.Foley@aar.com.au

Notes for editors..

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.