Malaysia-based private equity firm Navis Capital Partners has reached a deal to sell its interest in WorldMark Group Holdings to Australia’s Quadrant Private Equity.
Navis had acquired a controlling stake in WorldMark, a B2B distributor of automotive aftermarket products and services to Australian dealerships, in 2010. It assisted WorldMark to increase its market share within dealerships and expand into new channels.
The company is best known for its Tint-a-Car brand in New Zealand and Australia, but also supplies other car protection products as well as fleet management operations.
The sale of WorldMark’s domestic and international operations realised over $300 million. Key senior management have retained equity in the business and the transaction is expected to close in the third quarter.
“The Australian automotive industry has been a resilient sector to invest and during Navis’ ownership the business has driven strong product innovation and expanded into new channels through both organic initiatives and a focused acquisition strategy,” said Philip Latham, director of Navis Capital Australia.
Navis said it has signed definitive documentation to sell to ‘funds advised by Australian private equity firm Quadrant Private Equit’, but did not disclose the buyers and the financial terms of the deal.
“Navis actively supported our growth strategy in both domestic and international markets as we looked to expand our distribution platform and enhance our offering. We are proud to be the supplier of choice for aftermarket products and services to dealerships in Australia and now look forward to working with Quadrant to further expand our reach and capabilities by leveraging our new partner’s experience in the sector,” John Weekley, executive chairman of WorldMark, said.
Navis is being advised by Miles Advisory and Herbert Smith Freehills.
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