Gilbert + Tobin announced today it has advised The Carlyle Group, as part of a consortium, on its acquisition of Redflex Holdings Limited, a global traffic safety company, by Scheme of Arrangement. The consortium, comprising The Carlyle Group and Macquarie Group, will purchase all of the ordinary shares in Redflex for A$2.70 per cash share, subject to shareholder and regulatory approval. The deal values Redflex at $340 million.
Carlyle Managing Director David Stonehill said, “We are pleased to partner with the Redflex management team and Macquarie on this remarkable road safety company, which has a demonstrated track record of financial and operating success in its core markets. This is a rare opportunity to invest in a company whose products save lives.”
Redflex, an ASX listed company, is a world leader in traffic enforcement products and services, including owning and operating the largest network of digital speed and red-light cameras globally. Redflex is Headquartered in South Melbourne and is predominantly based in the United States.
Gilbert + Tobin partner Bryan Pointon and lawyer Andrew Crook led the transaction. “We value our relationship with The Carlyle Group. We are delighted to have represented Carlyle US Growth Fund III in its first Australian investment,” Bryan Pointon said.
The Gilbert + Tobin team worked closely with the US based fund to structure a transaction that bridged US and Australian approaches. The transaction involved a unique pricing mechanism for shareholders that met the requirements of US investors and the Australian based Redflex.
The transaction is expected to close by June 2011.
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