Automotive retail group A.P. Eagers has sold its AHG Refrigerated Logistics division to Sydney-based private equity firm Anchorage Capital Partners for A$100 million.
The division includes all of the transport and warehousing operations and associated employees of Rand, Harris, Scott’s and JAT. The sale is expected to be complete by the first half of 2020.
“The sale of AHG Refrigerated Logistics is consistent with our strategy to focus on our core automotive retailing business,” AP Eagers chief executive and managing director Martin Ward says.
“The transaction follows an extensive sale process to find a buyer for the Refrigerated Logistics business on the optimal price and terms.
“Anchorage is the ideal owner for the Refrigerated Logistics business and has indicated a commitment to continue to invest and grow the business. We believe that the business will have a positive future under its new owners,” Ward says.
AHG Refrigerated Logistics had been up for sale for a number of years and A.P. Eagers had expressed disappointed over a scrapped A$400m deal with Chinese group HNA in 2018.
HNA were in negotiations for eight months to purchase the logistics branch but cancelled the deal due to delays and liquidity problems.
