Fleet services and vehicle leasing firm's IPO would bolster a growing trend
The apparent trend of private equity firms cashing in on their transport-related assets has gained momentum with CHAMP Ventures seeking to float its stake in fleet services and vehicle leasing firm SG Fleet.
The move is the latest in in a short but lengthening string of stock market manoeuvres involving transport and transport related firms that gained some momentum in the final months of last year with the float of McAleese Transport, the merger of Scott Corporation with K&S Group and the proposed float, postponed at the last minute, by Kohlberg Kravis Roberts (KKR) of Bis Industries.
CHAMP Ventures bought the stake nearly three years ago and South African supply chain management firm and majority owner Super Group indicates that the move was expected for what is tipped to be an initial public offering before Australia Day.
“Super Group notes that CHAMP Ventures, an Australian private equity firm, is currently exploring alternatives for its 42 per cent minority shareholding in Super Group’s Australian fleet solutions business, SG Fleet,” the company says.
“This is consistent with the shareholding arrangements entered into between Super Group and CHAMP Ventures in 2011.
“Business continues as usual for Super Group, which will retain its current majority shareholding of SG Fleet and will continue to consolidate SG Fleet in its accounts. Together with the existing management team of SG Fleet, Super Group remains committed to the long term growth of the business.”