Page 6 - Australasian Paint & Panel Magazine Sep-Oct 2018

NEWS
IAG DROP AND GO
PAGE 08
NEW CODE WEBSITE
PAGE 10
INSURANCE NEWS
PAGE 18
SUNCORP TO SELL SMART?
SUNCORP GROUP IS believed to be considering the sale of Capital SMART according to the Street Talk column in the Financial Review.
Street Talk, who also broke the story about the AMA/Blackstone deal, understands Suncorp has hired adviser Luminis Partners to review and test buyer interest in Capital SMART.
The business is reported to have $300 million revenue and about $30 million
EBITDA. The Capital SMART review comes as Suncorp chief executive Michael Cameron appears to be cleaning up the company’s portfolio. He recently signed a $725 million deal to sell the company’s life insurance business.
According to Street Talk’s sources, Suncorp is seeking a new capital partner for Capital SMART Repairs who could buy its 95 per cent stake and join founder and minority shareholder Jim Vais on the share register.
Suncorp’s recent annual results report stated that 45 per cent of its personal insurance motor repairs made their way to Capital SMART last financial year.
Capital SMART Repairs had $290 million revenue in the year to June 30 last year, according to its most recent accounts, which was up from $243 million in 2016. Operating profit was $20.4 million in 2017 financial year, while it made $14.1 million net profit and had assets worth $61.6 million.
Capital SMART Repairs has an estimated 4.3 per cent of the market. The article went on to talk about the recently failed AMA/Blackstone deal in June, mention other ‘major players’ Sheen Group and SmashCare and say that the private equity firms, including Blackstone, are known to consider the industry as ripe for consolidation.
AXALTA CUSTOMERS WIN VIP TOUR
CONGRATULATIONS TO FRANCO Missaglia from Stylefinish Auto Body, Mentone, VIC and Craig Hall from Craig Hall Bodyworks, Canberra ACT who won Axalta’s 2018 Win a Trip to Germany promotion.
The 2018 Win a Trip to Germany promotion was a marketing initiative run by Axalta earlier this year, as a token of appreciation to its loyal customers. By purchasing a promotional kit that included a range of Axalta premium branded clears and primers, customers were eligible to enter the draw to win two VIP trips to Germany, as part of Axalta’s European Tour.
Each winner will be able to take in the sights of Germany’s most beautiful cities, Frankfurt, Stuttgart and Munich, while visiting museums and automotive
manufacturing plants, including Porsche, Mercedes-Benz and BMW. The tour will also focus on Automechanika, the world’s largest automotive trade fair which will be celebrating its 25th anniversary.
“Axalta would like to sincerely thank its customers for their continued support,” said Steven Brett, Axalta Coatings Systems’ managing director for Australia and New Zealand. “Our aim is to make the tour, which includes Automechanika, a wonderful experience but also an opportunity to gain insight into the advancements happening in our industry and the impact they may have on the Australian automotive repair market now and into the future.”
In response to winning the trip to Germany, Franco Missaglia from
Steven Brett presenting winning certificate to Franco Missaglia from Stylefinish Auto Body.
Stylefinish Auto Body said, “I would like to thank Axalta for the great opportunity this promotion has given me to not only visit Germany but to travel with likeminded professionals”.
6 PAINT&PANEL September / October 2018
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