The Australian Financial Review's Street Talk has published a story saying that a syndicate led by Jim Vais and Mark Milliner (who was spearheaded the push for the Capital S.M.A.R.T network when he was a senior manager at Suncorp) has approached what it describes as 'embattled smash repairer AMA Group' to buy it back.
The article says: "AMA Group has fielded an M&A approach amid its refinancing. Street Talk can reveal the duo approached AMA’s board in January, in hopes of obtaining due diligence to put an offer on the table. However, they were rebuffed by the Caroline Waldron-chaired board.
"It is understood Vais and Milliner are leading a group, dubbed the Firebird syndicate along with other industry players. They have mandated Taylor Collison, while former Suncorp operative Charlie Green’s firm Hunter Green is providing advice on the tilt.
"Of note, Vais, Milliner and their backers are expected to team up with a private equity player to bankroll their bid, should they get a look at the books. Sources said the suitors are confident they could get a deal done by June 30, and have continued to seek due diligence since AMA refused to engage in January."
"The syndicate is believed to be willing to pay more than $50 million for the business, which was valued at $420 million just five years ago when AMA carved it out of Suncorp."
"Sources with knowledge of the approach said it has been framed as a solution for AMA to stabilise its capital structure, while retaining its original business. The Capital SMART business, where Suncorp is a major client, could continue servicing customers under the leadership of people who built it from scratch."
In an ASX announcement AMA Group responded to what it described at media speculation stating: "The group refers to previous disclosures that it is progressing its debt refinancing and expects to finalise the new arrangements through 2H24. The Group is currently considering a range of refinancing structures. These options do not include an asset sale.
AMA Group will continue to update the market in accordance with its continuous disclosure obligations."