Hamilton Locke advised longstanding HPX Group client IPD Group Limited (ASX:IPG) on its announced acquisition of Platinum Cables Pty Ltd, a leading distributor of electrical cables, from Platinum Cables Holdings Pty Ltd and others.
IPD has acquired 100% of the shares in Platinum Cables Pty Ltd for a total of up to $45 million, consisting of $37.5 million upfront and contingent cash consideration of up to $7.5 million based on EBIT growth through to 31 December 2026, which will be funded through a combination of cash and debt funded via expanded core debt facility with CBA, with a new $10 million working capital facility also agreed.
IPD specialises in power distribution, power monitoring, industrial control, renewables and services across a range of areas in the electrical industry. Platinum Cables is a leading distributor of electrical cables 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 and debt facility arrangement.
The M&A team was led by Partner James Delesclefs and Consultant Gonzalo Castro, and the Debt facility arrangement was led by Partner Zina Edwards and Lawyer Ho Yan Ko.
Commenting on the transaction, James Delesclefs said: “We are proud to have supported longstanding client IPD Group with another strategic acquisition that will expand its product offering.”
