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Ironbridge retains 10 per cent shareholding in Eclipx

Ironbridge Funds has reduced its investment in fleet management and car financing group Eclipx, with the successful execution of a 38 million share block trade.

user iconMelissa Coade 18 May 2016 Big Law
Ironbridge retains 10 per cent shareholding in Eclipx
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Firms: Clayton Utz (Ironbridge Capital Management)

Deal: Ironbridge Funds has executed the block trade of 38 million shares held in Eclipx Group Ltd to UBS.

Value: More than $120 million

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Area: Banking and finance

Key players: Clayton Utz corporate/private equity partners Niro Ananda (pictured) and David Stammers led the team advising selling shareholder Ironbridge Funds, with assistance from senior associate Kounny Rattley.

Deal significance: Eclipx is a fleet management and car financing group, of which private equity firm Ironbridge Capital Management (Ironbridge Funds) executed the block trade of a portion of its share stake. According to the AFR, Ironbridge Funds has retained a 10 per cent shareholding in Eclipx.

The successful block trade saw UBS purchase the 38 million shares from Ironbridge Funds for over $120 million.

Clayton Utz advised Ironbridge Funds on the execution of the block trade. In a statement released by the firm, the deal adds to the track record of Clayton Utz’s private equity team, which has acted on a number of block trades for private equity investors over the years who have exited investments in ASX-listed companies.

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