CMI Electrical (divested on 31 January 2024:
The Board of Excelsior Capital (“Company” or “ECL”) announced that it had completed the sale of CMI Operations Pty Ltd (“CMI”), a wholly owned subsidiary of ECL, to IPD Group (“IPD”, ASX: IPG) at close of business on 31 January 2024.
The Company received $91.7 million by way of upfront cash proceeds, after completion adjustments. The upfront purchase price cash consideration is further subject to minor post -Completion working capital adjustments. As previously announced, the transaction is subject to a deferred cash consideration of up to $8.9 million.
Houlihan Lokey acted as Financial Advisor to ECL and Nicholson Ryan Lawyers is acting as legal advisor.