As part of its long-term investment strategy, AMP Capital, which took a stake in Mitchell Corp back in 2003, is looking for a buyer for its stake in the West Australian trucking group.
AMP and the Mitchell family together own around 80% of Mitchell Corp and the company strategy has been aiming for 2011 as the date for the investment group to exit the business.
“Our business has performed well over the past few years, obviously being in the resources sector we are very well positioned for growth,” said Mitchell Managing Director, Ian Kent in an interview with the West Australian newspaper. “The past two years have been all about continuing growth and putting the framework in place in terms of where we wanted to be in 2011. So now is the ideal time to start to prepare for an exit strategy for major shareholders.”
Speculation in the newspaper suggested any sale could potentially value Mitchell Corp at up to $200 million. If a suitable bidder is not found, the company may consider a sharemarket float of the business.
60% of the business is involved with transporting dangerous goods in tankers with the rest of the income coming from iron ore and other bulk commodities in the large tipper fleet.
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