GUD TO ACQUIRE APG
GUD Holdings has entered into an agreement to acquire the AutoPacific Group
Under the agreement, GUD Holdings will acquire the AutoPacific Group (APG) for a total consideration of approximately $744.6 million from funds managed or advised by Pacific Equity Partners (PEP) and its other shareholders (which are associated with APG’s management).
GUD’s acquisition of APG will see the Group make a meaningful step towards its vision of becoming an integrated leader in 4WD Accessories and Trailering in Australia and New Zealand (ANZ) with future export potential. The transaction is expected to complete in January 2022 and is subject to limited conditions.
“4WD accessories and trailering is a cornerstone of GUD’s automotive vision. This acquisition represents the culmination of management and the Board’s work in creating GUD’s Portfolio Vision,” GUD Managing Director and Chief Executive Officer, Graeme Whickman, said.
“We are excited by the opportunity for GUD to expand its existing 4WD and Commercial Vehicle businesses with complementary products, customers, and capabilities.
“APG is an industry leading designer, manufacturer and distributor of high-quality, engineered and functional automotive and lifestyle accessories that are suitable for all combustion and electric vehicle applications”.
The synergistic acquisition represents an opportunity for GUD to expand its existing 4WD and Commercial Vehicle businesses with complementary products, customers and capabilities and further increases the mix of powertrain-agnostic products in GUD’s automotive portfolio.
“APG represents a portfolio of market leading brands and has longstanding customer relationships across diverse channels,” APG Chief Executive Officer, Jason Kieseker, said.
“With innovation at the heart of what we do, we see GUD as a natural fit for APG and we look forward to leveraging the synergistic opportunities that joining with GUD presents.”
GUD Chairman, Graeme Billings, commented that “the combination of GUD’s existing businesses and APG, firmly establishes GUD as a leader in 4WD Accessories and Trailering in Australia and New Zealand. We see ourselves as the natural owner of the APG business and welcome Jason Kieseker and his team to GUD.”
For more from GUD Holdings, visit www.gud.com.au