The Financial Review's Street Talk reports that Fix Auto, which is backed by Canadian pension fund giant CDPQ, is in the final stages of putting together a binding bid for Capital S.M.A.R.T and 'is likely to be there when the hammer falls on September 23'.
Fix Auto has more than 700 collision repair, mechanical and glass locations across nine countries worldwide.
Street Talk says: 'The mere fact it is backed by CDPQ is sure to have rival bidders taking notice - the Canadian pension fund manager is not shy when it comes to bidding for Australian assets.'
The article continues 'Fix Auto is expected to come up against the country’s biggest smash repairer, ASX-listed AMA Group, and a handful of private equity firms that are also putting together bids. The sponsors expected to lob a final offer include Quadrant Private Equity, which is working with Capital SMART founder Jim Vais, and Pacific Equity Partners.
Luminis Partners is running the auction and has called for binding bids on September 23, sources told Street Talk. It is understood Suncorp has made it abundantly clear to potential buyers that it is seeking a long-term partner, as much as it is a buyer for its network.'