Johnsons is pleased to announce the sale of a private, mid-sized Australian business to a related trade buyer. After facilitating a comprehensive, end-to-end sales and negotiations process, our client – CIGL Pty Ltd – has successfully divested its Workforce Clothing business, which provides high quality industrial workwear to the Mining, Engineering, Transport, Manufacturing and Civil Con-tracting sectors across Australia. The acquirer – ATOM – is one of Australia’s leading and fastest growing Industrial Hardware & Safety Equipment suppliers.
The team at Johnsons were pleased to act as lead advisors to CIGL’s directors and would like to extend our congratulations to both the vendor and the purchaser.
A privately owned and diversified industrial products company, CIGL had originally acquired the Workforce Clothing business in 2011. In 2018 the directors made a strategic decision to divest non-core assets and re-focus their energy and resources on CIGL’s primary operations. They engaged Johnsons undertake a divestment campaign on their behalf, seeking a strategic acquirer with the resources to continue its growth and development.
“Our initial discussions with Johnsons Corporate led us to the conclusion, that whilst a divestment of this asset would require some ‘heavy lifting’ given the dynamics within the sector, with the right approach and a genuine commitment to the divestment process, an outcome could be achieved.” Within 8 weeks of going to market, Johnsons secured Offer & Acceptance with the strategic trade buyer.