MaxiPARTS Receives $2.50 Per Share Acquisition Proposal From Ares

Ares Tables Premium $2.50 Per Share Offer for MaxiPARTS

MaxiPARTS Limited (ASX:MXI) has attracted a non-binding indicative cash offer from private equity giant Ares Management Asia Singapore Pte Ltd, proposing to acquire 100% of the company at $2.50 per share. This price tags MaxiPARTS at an enterprise value near $132 million and delivers a striking 46% premium to the stock’s last closing price of $1.71 on 2 September 2026.

The offer, structured as a scheme of arrangement, includes a four-week exclusivity window for Ares to complete due diligence and negotiate binding transaction documents. The exclusivity period may be extended by two weeks if Ares confirms its offer price and terms. The Board has indicated it intends to recommend the proposal unanimously, provided no superior offer emerges and an independent expert deems the deal in shareholders’ best interests.

Dividend Sweetener and Conditions Attached to Proposal

Shareholders registered by 27 August 2026 will still receive MaxiPARTS’ final dividend of 5.46 cents per share alongside the offer price, effectively enhancing total shareholder value. The offer price will be adjusted downward for any future dividends declared after the announcement, excluding this final dividend.

The proposal is conditional on several factors, including Ares completing satisfactory due diligence, securing debt and equity financing supported by a reputable financier, obtaining regulatory approvals, and finalising a binding scheme implementation deed. The Board’s recommendation is also contingent on these conditions being met.

Strategic Acquisition of Air Brake Systems Adds Earnings and Product Depth

In a parallel strategic move, MaxiPARTS has agreed to acquire Air Brake Systems Unit Trust for $11.2 million. ABS is a significant player in Australia’s heavy vehicle braking market, supplying original equipment and aftermarket components primarily on the east coast. The acquisition price equates to roughly four times ABS’s average operating EBITDA of $2.8 million (pre-AASB 16), excluding any synergies.

This deal is expected to be 17% accretive to MaxiPARTS’ earnings per share based on full-year results without factoring in synergies. Funding will come from existing cash reserves and debt facilities, reflecting the company’s robust cash position following a strong FY26 cash generation year, which saw net cash rise to $7 million.

Synergies and Market Expansion Prospects

The acquisition extends MaxiPARTS’ technical capabilities in commercial vehicle braking and provides an entry point into the telematics market, a growing segment in fleet management. Expected synergies include sales growth from expanded product ranges, improved national availability through MaxiPARTS’ network, and supply chain efficiencies. ABS’s existing relationships with global brands such as Wabco and Knorr-Bremse complement MaxiPARTS’ portfolio.

ABS operates from a single site in Hornsby, NSW, with a lean team of 20 employees, and generated $20 million in revenue. This acquisition aligns with MaxiPARTS’ M&A criteria and strategic growth ambitions.

Exclusivity Deed Details and Board Commitment

MaxiPARTS has granted Ares exclusive access to a data room to facilitate confirmatory due diligence. The exclusivity deed imposes strict no-shop and no-talk provisions, preventing MaxiPARTS from soliciting or entertaining competing proposals during the exclusivity period, except under a fiduciary exception for superior bids. The Board has committed to a unanimous recommendation of the scheme, barring a superior proposal.

The exclusivity arrangement includes matching rights, allowing MaxiPARTS to consider competing offers but giving Ares the opportunity to counter with an equivalent or superior proposal within three business days. The exclusivity deed also outlines termination rights should Ares withdraw or materially breach the agreement.