The merger of two “iconic Australian automotive groups” creates significant opportunities in the car sales market, a top lawyer said
G+T acted for PWG, which in partnership with shareholder Quadrant Private Equity, have agreed to invest in Frizelle’s, which was advised by Allens. Financial details of the deal were not disclosed, but industry insiders peg the deal to be worth between $100m and $150m, according to the Gold Coast Bulletin.
The combined group, which will be led by Paul Warren, PWG CEO, will have 15 sites and an annual turnover in excess of $1.5bn. PWG sells about 21,000 cars annually. Its 23 brands include Aston Martin, McLaren, and Rolls-Royce. Frizelle’s sells about 15,000 cars every year and has a stable of 11 brands.
G+T’s team was led by partner Rachael Bassil, who was supported by lawyers Ilona Hunnisett and Ed Willis.
Tom Story was Allens’ lead partner on the deal. The Allens team also included senior associate Sean Cole, associate Stephanie Kam, finance counsel Damon Angus, and lawyer Isaac Wall.
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