According to a story in the Australian Financial Review’s Street Talk column, banking and insurance company Suncorp was expected to today collect bids for Capital SMART and ACM Parts.
The AFR says that neither sale is likely to be material to Suncorp’s balance sheet or profit & loss statement, but is important as part of its simplification strategy.
At Capital SMART, Suncorp has several private equity funds and offshore trade types seeking to buy the business, which is being offered with a long-term supply arrangement with Suncorp’s insurance arm, while ACM Parts is tied to Capital SMART. The newspaper says ACM Parts is considered to be one of the largest alternative parts suppliers in Australia and the largest recycler of collision and mechanical parts, with its customers including Capital SMART and the Gemini/AMA Group.