CHAMP PE sells Australia's Alleasing to Monash
CHAMP Private Equity has sold Alleasing, an Australia-based leasing business, to Monash Private Capital in a deal said to be worth A$190 million ($135 million).
The sale price was reported by The Australian and has yet to be officially disclosed. Monash's purchase was supported by financing provided by KKR and Highbridge Principal Strategies. KKR's contribution is largely drawn from KKR Lending Partners II, a $1.34 billion global fund that primarily focuses on privately-originated senior loans.
CHAMP bought the business in 2008 from Allco Finance Group, paying A$135 million, AVCJ Research's records show. The private equity firm says on its website that Alleasing has financed in excess of A$5 billion of assets since 2000.
Operating leases enable companies to fund equipment purchases with regular payments over the lifetime of an agreement, usually 2-5 years, which eases the burden on capital expenditure. Upon conclusion they can return the equipment, upgrade it, or extend the term.
Monash has appointed Daniel Blizzard as CEO of Alleasing. He is also a significant shareholder in the business.
"This is a long-term investment for Monash in a quality, highly cash generative business with a talented team. With our support, we have a vision to steadily grow and enhance Alleasing's unique business model," said Geoff Levy, chairman of Monash, in a statement.
He added that Monash is a principal investor, not a private equity fund, which means it is able to make long-term investments without the restrictions of a finite fund life. The firm is owned by its senior executives as well as external shareholders Kirsh Group, one of the world's largest private companies, and Genesis Capital, a privately held financial services group.
Monash was advised on the Alleasing deal by MPC Strategic Solutions, Addisons, KPMG and Lewis King Blumberg.
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