New Zealand Post (Sale of Converga Group)

Advisory role and sale of Australian and NewZealand subsidiary for New Zealand Post. 333 Capital acted as exclusive financial adviser and successfully sold the Coverga business to Canon Australia.

Background

Converga is leader in document storage, processing and digitisation across Australia and New Zealand.

Turnover in excess of AUD 85 million with healthy profit margins.

333 Capital was retained to advise NZ Post on its decision to exit Coverga in May 2015, based on 333 Capital�s:

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  • long and close relationship with NZ Post (including previous transactions with CouriersPlease and ParcelDirect Group)
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  • proven expertise in achieving superior outcomes in mid cap MA transactions.
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Sales process

333 Capital ran a comprehensive international sale process:

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  • identified key business and market attributes and create key selling messages
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  • identified potential purchasers and assess level of interest
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  • created sales documents (flyer and Information Memorandum)
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  • assembled and run data room plus QA facility
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  • co-ordinated all aspects of the transaction (including management presentations and international site tours)
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  • engaged in discussions and negotiations with potential purchasers.
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Outcome

The coordinated and competitive nature of the process ran by 333 Capital allowed NZ Post to exit Converga at an attractive price.