A director of the Optimus Group, a new holding company of some of the biggest names in the used import trade, has acknowledged a share market listing is likely in the future.
Announced publicly this Monday, though in the works for years, Optimus now owns JEVIC, VINZ, Nichibo, FastTrack Compliance, AutoFinanceDirect and NCC Car Carriers.
Its board includes key directors of each company, and while ownership is being kept under wraps, the previous owners and directors of the member companies are likely to all hold stakes.
In its original announcement: Import operators group together as Optimus, it was stressed the individual firms will maintain their independence, particularly the compliance components of the business, something JEVIC president and Optimus director Damon Jackson is keen to reinforce.
“We have gone to ensure the independence of the inspection group, including maintaining our accreditation with the ISO, Jackson says.
So why create the group?
Jackson says it is good news for the industry. There are synergies that reduce some admin costs and better access to capital.
It is also creating a company that will be appealing to investors, and Jackson indicates a share market listing is possible.
“Yes, I think that is one of the opportunities, and a logical progression.”
VIA chief executive David Vinsen says the creation of Optimus is fantastic news for the import industry, and a vote of confidence in the trade itself.
“It is great to know a group of service providers focussed on the New Zealand industry have solid financial backing and have combined into one entity,” Vinsen says. “It is a real sign of confidence in New Zealand.”
“It is a very logical, positive move, and a sign of maturity in the businesses that service our industry.”
He is excited about the prospect of Optimus listing.
“It would be a very attractive IPO,” Vinsen predicts as a personal opinion. “I would just ask the Optimus Group that if, and when, they float, there is the opportunity for New Zealanders to invest.”
Vinsen says they have no concerns over having trading and compliance operators under the same holding company.
“No concerns, because they are discrete and separate operations entities,” he notes. “If people are concerned, the market itself will sort it out.”
