Seven takes Coates from Carlyle in lucky break

Original article by Carrie LaFrenz, Tess Ingram
The Australian Financial Review – Page: 15 & 20 : 21-Sep-17

Diversified conglomerate Seven Group Holdings will assume full ownership of Coates Hire after securing a deal to buy The Carlyle Group’s stake. Shares in Seven Group closed 9.8 per cent higher at $A12.28 after the $A517m deal was announced on 20 September. Carlyle had considered listing Coates Hire on the sharemarket earlier in 2017, and Seven CEO Ryan Stokes has not ruled out an IPO for the equipment rental firm in the future. The proportion of Seven’s revenue that is derived from industrial services will rise to 70 per cent as a result of the deal.

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, COATES HIRE LIMITED, THE CARLYLE GROUP, CARLYLE ASIA PARTNERS LP, WESTRAC HOLDINGS PTY LTD

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