CLM, based in Newport Pagnell and operating throughout the UK, is a specialist vehicle fleet management company with a fleet of more than 12,000 vehicles generating turnover of around £30m. It provides a full range of management services to the fleet sector.
McMillan Shakespeare (MMS:ASX), which is listed on the Australian Stock Exchange with a A$963m market capitalisation, is Australia’s largest provider of salary packaging and novated leasing, and a leading provider of fleet and asset management services. Its UK business, Maxxia, is a provider of enterprise-wide financing solutions, supporting the funding and management of a wide range of assets with significant expertise in vehicle leasing and fleet management, IT lifecycle management and general asset financing.
Maxxia will now run CLM’s independent vehicle management service, enhancing the fleet management and cost management expertise previously available. The acquisition means the market can now access general asset financing, vehicle finance, sale and leaseback, fleet management and employee leasing solutions from one provider.
Martyn Pilley and Charles Cattaneo of Birmingham based Cattaneo LLP acted as corporate finance advisers to the CLM shareholders while Adam McGiveron and Marie-Therese Harper of SGH Martineau provided legal advice.
Martyn Pilley of Cattaneo LLP said;
“After a period working with CLM to prepare the company for sale we are delighted to have advised on its acquisition by Maxxia, achieving a great result for the shareholders. With the deal being completed in a three month period, all parties involved in the project should be congratulated on their dedication, professionalism, and management of the process across time zones.”
SGH Martineau’s Adam McGiveron added;
“There were some challenging legal aspects to be overcome in a short timescale but with all parties’ willingness to find workable solutions these were worked through and the sale was achieved to tight timescales.”
Roger Skinner, CEO of Maxxia said:
“We are always seeking to build out stronger capabilities to support the changing needs of businesses. CLM is a long-established, well-respected firm and the benefits of combining its fleet management expertise with our broader financing capabilities were very clear. We are now able to provide a holistic answer to financing, leasing and vehicle management needs and I look forward to working with the expanded team to deliver this.”
CLM’s executive and senior management will remain in place to support the integration. Tony Hulatt, Managing Director of CLM, adds;
“There is a good cultural fit between our two businesses. We both have a strong focus on customer service and are firm believers in a transparent and integrated approach. The acquisition by Maxxia takes that one step further to offer truly consolidated fleet management solution.”