Value: Undisclosed.

Deal: Allens has advised Cerberus Capital Management, L.P. and its affiliates (Cerberus) on its proposed acquisition of the Strategic Alliances (Strategic Alliances) business from Westpac Group. Strategic Alliances is an equipment finance business and has a loan book of approximately $500 million as of 30 June 2020.

Area: M&A.

Key players: Allens partners Noah Obradovic and Benjamin Downie led the transaction.

Deal significance: This acquisition forms part of Westpac’s strategy to focus on core banking operations and trim its portfolio of underperforming businesses.

The unit, which supports third parties to fund small-scale equipment finance loans, would be sold to Angle Finance, a portfolio company of Cerberus Capital Management.

“We are thrilled to work with our client Cerberus on its agreement to acquire Strategic Alliances, having previously advised on its acquisition of Angle Finance and Bluestone Mortgages. The combined Angle Finance business will create an even stronger equipment financier business in the Australian market,” Mr Downie said.

VIEW ALL

The cross-practice Allens’ team advised on all aspects of the acquisition, including financing, and provided advice on competition law, TMT, regulatory compliance and employment law in addition to PE expertise.

“[Carve-out] transactions play to our strengths – our depth across M&A, financing, funds, IT/separation and competition positions us well to advise on complex and significant matters such as this one,” Mr Obradovic added.

Cerberus, a leader in alternative investing, will combine Strategic Alliances with its portfolio company, Angle Finance, to create a leading equipment financing company with diversified financing solutions for Australian businesses.