HWL Ebsworth has advised Coventry Group Ltd on the deal
Coventry Group Ltd (ASX:CYG) executed its $36 million 100% acquisition of Nubco.
Founded in 1982, Nubco is the largest independent Tasmanian hardware and industrial supplier in the industrial segment with seven locations across the State.
The acquisition was in part funded via a successful $27.6 million pro-rata accelerated non-renounceable entitlement offer, on which the firm also advised. The balance of the purchase price was funded by the issue of Coventry shares to the Nubco vendor and from Coventry’s existing debt facilities.
Coventry delivers innovative industrial solutions to the mining, construction and manufacturing sectors, supplying a range of fastening systems, cabinet hardware systems and hydraulics, lubrication, fire suppression, refueling systems and products.The company, led by Robert James Bulluss, Rod Jackson and Ken Lam, in 2018 recorded A$168 million revenues.
The Nubco acquisition offers tangible synergies that will benefit Coventry’s Australia-wide business by delivering procurement cost savings and knowledge transfer, and providing immediate earnings to Coventry and cash generation.
The HWL Ebsworth team was led by Jeremy McCarthy (Corporate M&A Partner, Picture) and David Woodford (Corporate ECM Partner, Melbourne), with assistance from Paul Lewis (Special Counsel, Melbourne) and Nathalie Ng (Associate, Melbourne).
Law Firms: HWL Ebsworth;
Clients: Coventry Group Ltd;