Allens Arthur Robinson has acted for Catalyst Investment Managers Pty Ltd (Catalyst), an independent firm in the Australasian private equity market, on its acquisition of Actrol Parts, formerly an operating division of GSA Industries (Aust) Pty Ltd.
Freehills advised the vendor in the transaction, while Corrs Chambers Westgarth advised Westpac and CBA.
Actrol Parts is a wholesaler and distributor of refrigeration and air-conditioning systems and parts, turning over in excess of $110 million, and has been present in the Australian market for over 70 years.
The transaction is the first leveraged buyout of its kind since Archer Capital's acquisition of MYOB in 2009.
Headed by partner Steve Clifford and senior associate Mark Malinas, the corporate team joined the banking & finance, property & environment, climate change, employment, IP & IT and taxation teams to complete the deal.
According to 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."