Ironbridge has today executed an agreement to acquire FleetPartners, a leading provider of fleet leasing solutions in Australia and New Zealand.

FleetPartners' major shareholder Nikko Citi Holdings Co is selling the company to a consortium led by Ironbridge and including Tasman Capital Partners and GIC SI.

The CEO of FleetPartners, Nick Johnson, said: "This transaction marks an important milestone for FleetPartners. The broadening of the shareholder base will provide us a strong platform for growth."

Mr Johnson continued: "It is great that the Tasman team will continue its close relationship with FleetPartners and we welcome the considerable resources that GIC SI and Ironbridge will bring to the board table. We are excited to be working alongside people who share our vision for the company."

Mr Johnson added: "FleetPartners is well placed to capitalize on the increased penetration of fleet outsourcing. We expect that tighter economic conditions will see companies increasingly focus on their core activities and look to free up their balance sheet."

Director of Ironbridge, John Russell, said: "We have long been attracted to the fleet industry and identified Nick and his team as being best placed to capitalise on the industry's long term growth potential."

Managing Director of Tasman Capital Partners and Director of FleetPartners, Gene Lorenz, said: "It is tremendous day for FleetPartners, the business is now well positioned with long term investors focused on business growth and the future."

The purchase price was not disclosed. The transaction will complete on receipt of overseas investments consents.

Contacts:

John Russell
Ironbridge
+61 2 9250 8700

Justin Kirkwood
Kirkwoods Corporate Relations
+61 2 9231 5600