Australia's Catalyst secures $245m Actrol trade sale

Actrol Group comprises Actrol Parts and AC Components, which in turn operates the Metaflex and Airplus brands. Catalyst bought the business from GSA Industries for an undisclosed sum in 2010, making a reported equity investment of around A$90 million through Catalyst Buyout Fund 2.

Revenues are said to have increased from around A$110 million to A$240 million during the private equity firm's ownership period.

Reece said in a regulatory filing that the Actrol acquisition represents an opportunity to establish a presence in Australia's refrigeration and air conditioning industries. It will finance the purchase through cash reserves and A$200 million in bank debt.

Actrol Parts is a wholesale provider of refrigerant gas, controls and valves, air conditioning and refrigeration units and servicing equipment. It has 61 branches across Australia, as well as five distribution centers and a gas decanting plant. AC Components supplies heating and cooling units and components for the residential market through a network of 18 outlets.

Reece, which supplies plumbing and bathroom products in more than 400 stores nationwide, reported a net profit of A$119.1 million for the year ended June 2013 on the back of revenues of A$1.5 billion. It expects the Actrol acquisition to contribute in excess of A$100 million to sales in the 2014 financial year.

Last year, Cataylyst exited Australia and New Zealand apparel and homeware retailer EziBuy to Woolworths for NZ$350 million ($274 million), six years after partnering with founders and management in a buyout that valued the business at NZ$200 million.

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• Topics
• Exits
• Australasia
• Industrials
• Exit
• Trade sale
• manufacturing
• Australia
• Catalyst Investment Managers