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ABL deal leads to $15 million bonus

ABL deal leads to $15 million bonus

The Grenda family, which rewarded its staff for their service and loyalty with a $15 million surprise bonus, has sold its bus and coach operating business with the help of Arnold Bloch Leibler and two other firms

Firms: Arnold Bloch Leibler (Grenda family), Freehills (Ventura), PWC Legal (Volgren)

Deal: Sale of bus and coach operating business Grenda Transit Management to privately-owned Melbourne bus operator Ventura, as well as the sale of a majority stake in its bus manufacturing business, Volgren, to Brazilian company Marcopolo

Area: Corporate

Value: Undisclosed

Key players: The ABL team was led by Ross Paterson, together with Christine Fleer, Clare Varghese, Daniel Mote, Gia Cari, Jeremy Lanzer and Essie Rosenblum. The Volgren matter was completed by Arnold Bloch Leibler partner Jeremy Leibler, together with Tiffany Lucas, Gia Cari, Jason van Grieken and Tegan Rudolph

Deal significance: Grenda Transit Management has provided public transport services in Victoria since 1945, and has become a market leader with more than 1,100 staff and 600 buses in operation. Bus and coach operating entities sold to Ventura included Cardinia Transit, Grenda's Bus Services, Invicta Bus Services, Moorabbin Transit, Peninsula Bus Lines and Portsea Passenger Service. Following completion of the sale, the Grenda family rewarded its staff for their service and loyalty with a $15 million surprise bonus. The generous gift created international media coverage and a huge response from the staff, who were overwhelmed by the Grenda family’s generosity.

 

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