MinterEllison advised long-standing client Onsite Rental Group Limited (Onsite) on its sale to Sime Darby Allied Operations Pty Ltd.
Onsite has 39 branches across Australia with an extensive presence in Western Australia and Queensland, and primarily services the mining and construction industries.
The rental assets that Onsite offers span across access, power and tool equipment, site accommodation, materials-handling, industrial tools and small-scale earthmoving and compaction.
Founded in 1910, the Sime Darby group already has key operating businesses in Australia and New Zealand. This acquisition is intended to complement Sime Darby's existing rental offering through Salmon Earthmoving and Hastings Deering and strengthen its participation across the industrial equipment rental spectrum in Australasia.
The transaction, which completed on 3 April 2023, involved the sale of the entire issued share capital of Onsite to Sime Darby for cash consideration of $635 million, subject to customary adjustments for working capital, capital expenditure and stocktake.
MinterEllison advised on all legal aspects of the transaction. The team was led by Partners Daniel Scotti and Nicole Sloggett with support from Joshua Waters, Edward Elliott, Liam Tomlinson, Michael Swain, and included specialists in property, employment, planning, IP, IT and finance.
"We congratulate the parties on achieving this milestone transaction in challenging economic conditions. The transaction demonstrates the resilience of the Australian market and the quality of Onsite's business and management team," Mr Scotti said.
"We were pleased to support Onsite in achieving a great result in this transaction. The sale will help Onsite to expand its operations, access new markets and enhance its offering to accelerate growth and contract wins," Ms Sloggett said.
