Join our daily newsletter At The Bell to receive exclusive market insights
- MaxiPARTS (MXI) announces a $25 million equity raise and agreed to buy the Truckzone Group for $18 million
- Truckzone is one of Australia’s largest independent commercial vehicle parts businesses with ten stores nationwide
- The merger between the companies will position MaxiPARTS as one of the largest independent multi-site truck and trailer parts businesses in Australia
- Additionally, the company is looking at raising $25 million through a placement and entitlement offer, offering shares at $2.50 per share
- MaxiPARTS entered a trading halt this morning and last traded at $2.71 per share
MaxiPARTS (MXI) has announced a $25 million equity raise and agreed to buy the Truckzone Group for $18 million.
Truckzone is one of Australia’s largest independent commercial vehicle parts businesses, with ten stores nationwide and a FY21 revenue of $48 million.
The merger between the companies will position MaxiPARTS as one of the largest independent multi-site truck and trailer parts businesses in Australia, with group pro forma sales approaching $200 million.
“The acquisition of Truckzone Group represents an exciting leap forward in the strategic
development of MaxiPARTS and is fully aligned with our stated acquisition criteria,” MaxiPARTS Managing Director and CEO Peter Loimaranta said.
“We are delighted to welcome such a highly complementary business into the MaxiPARTS family, and I am excited about the significant benefits this combination will bring for our shareholders, customers, suppliers and employees.”
Equity raise
Additionally, the company is looking at raising $25 million, which includes a $15.4 million placement and an entitlement offer for around $9.6 million.
Under the placement, around 6.1 million shares at $2.50 per share, a 7.7 per cent discount to the last trading price.
While the entitlement offer will allow eligible shareholders to buy one new share for every 9.7 existing shares held at the same price as the placement.
MaxiPARTS entered a trading halt this morning and last traded at $2.71 per share.
