Hamilton Locke advises IPD Group on its acquisition of CMI Operations, Equity and Debt Fundraisings

Hamilton Locke advised longstanding HPX Group client IPD Group Limited (ASX:IPG) on its announced acquisition of CMI Operations, a leading distributor of electrical cables and manufacturer and distributor of plug brands in Australia, from Excelsior Capital Limited (ASX:ECL).

IPD entered into a conditional agreement to acquire 100% of the shares in CMI Operations Pty Ltd for a total of up to $101 million, which will be funded through a combination of a fully underwritten $65 million equity raising and new $40 million debt facilities.

IPD specialises in power distribution, power monitoring, industrial control, renewables and services across a range of areas in the electrical industry. CMI is a leading distributor of electrical cables and manufacturer and distributor of plug brands in Australia, and the acquisition will further enhance IPD’s position as a leading distributor to the Australian electrical market.

Hamilton Locke advised on all aspects of the transaction from due diligence to managing the acquisition process, equity raising and debt facility arrangement.

The M&A team was led by Partner James Delesclefs and Senior Associate Michael Jefferies, the Equity Fundraising was led by Partner Guy Sanderson and Special Counsel Sandra Taran, the Debt Fundraising was led by Partner Adam Jeffrey and Lawyer Ho Yan Ko, with assistance from across the firm and broader HPX Group, including:

  • Corporate M&A: Gordon McCann, Ally Frizelle and Lucinda Tracy
  • Tax: Seema Sandhu, Anushka De Alwis and Anish Prakash
  • Real Estate: Sarah Roettgers and Faye Winterflood
  • IP: Sarah Gilkes and Janice Yew
  • Employment: Tim Zahara and Georgie Chard
  • Insurance: Charmian Holmes and Jasmine Tran
  • Construction: Veno Panicker and Gareth Howard
  • Source: Jade Cook (IPD’s Company Secretary) and Stanislav Roth, whereby IPD has been a client of the HPX Group’s Source Legal and Company Secretarial offering for many years.

James Delesclefs said: ‘We are delighted to have assisted IPD with another strategic acquisition that will further build out its national footprint, allowing it to increase its servicing of the electrification market in Australia’s energy transition. Through the HPX Group’s full service offering from company secretary, through M&A to the full equity and debt fundraising workstreams, we look forward to partnering with IPD to complete the transaction and execute on further opportunities.”

Earlier this year Hamilton Locke also advised IPD on its acquisition of EX Engineering.

Further details about the transaction can be found here (IPD Group announcement) and here (Excelsior Capital Limited announcement).

For more information, please contact James Delesclefs, Guy Sanderson, and Adam Jeffrey.