Cattaneo LLP has advised on the £8.5m sale of CLM Fleet Management to McMillan Shakespeare. 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 £30 million. McMillan Shakespeare, which is listed on the Australian Stock Exchange, is Australia’s largest provider of salary packaging and novated leasing, and a leading provider of fleet and asset management services.
Having been appointed by the CLM shareholders to begin preparing the business for sale we received an approach from McMillan Shakespeare through its joint venture UK business, Maxxia, who were seeking an enlarged platform from which to strategically develop McMillan Shakespeare’s UK presence. We negotiated the deal and project managed the due diligence and legal processes to achieve completion within a three month period to fit with the purchaser’s public reporting responsibilities.
WHAT OUR CLIENT SAID:
‘We were impressed with the quality of the individuals at Cattaneo and knew that we could depend on them to look after our best interests and do the best deal possible for us. We appointed them to carefully prepare for a sale within an eighteen month timescale but this was soon turned on its head following the approach and they quickly adapted the process to achieve the result we were looking for but significantly quicker than we had anticipated’
Tony Hulatt, Managing Director and shareholder, CLM Fleet Management