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Fleet manager expands salary packaging arm
Three firms have advised on the acquisition of a specialist salary packaging and novated leases provider by a vehicle leasing provider.
Stefanie Garber
Firms: Herbert Smith Freehills and Lewis King Blumberg (SG Fleet); HWL Ebsworth (NLC shareholders); DLA Piper (Westpac and St. George Bank)
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Deal: Vehicle leasing provider SG Fleet purchased salary packager NLC.
Value: $200 million
Area: M&A
Key players: The Herbert Smith Freehills team was led by partners Philip Hart (pictured) and Mark Currell, who were supported by senior associate Jacob Kahwaji.
The HWL Ebsworth team was led by partner Teresa Torcasio and senior associate Tim Dorgan.
The DLA Piper team was led by banking and finance partner Hugo Thistlewood, with assistance with senior associates Gary Segal and Sarsha Housham and lawyer Phillipa Montgomery.
Deal significance: SG Fleet is one of Australia’s largest providers of vehicle leasing and fleet management services to corporate and government customers, according to a statement from HSF.
nlc is a privately held Australian company with a national presence as a specialist manager and provider of novated leases, consumer vehicle finance and vehicle sourcing services, according to a statement from HWL Ebsworth. The company is based in Melbourne, employing about 140 people.
SG Fleet listed on the ASX in March 2014 with an estimated market capitalisation of around $600 million.
This latest acquisition represents an expansion of its existing salary packaging and novated leasing business, according to HSF.
The sale was announced to the ASX on 17 November 2015 and is due to close before the end of 2015.
