It had $146 million in cash, and $775.9 million in property, plant and equipment.
Peter Warren’s IPO documents listed Suttons among the key players in fragmented Australian automotive dealership industry. Suttons has stuck to New South Wales, while Peter Warren has presence in NSW and Queensland.
It’s an interesting play and shows Peter Warren’s already attracting attention from trade/strategic types, less than two years after it’s initial public offering.
The big question is what’s Suttons after at Peter Warren.
It’s clearly flush with cash and its finances look to be in good shape. But it’s also privately owned, with no outside shareholders. Which begs the question, if Suttons eventual plan is to buy Peter Warren or use it as a way to list itself and give the family an exit.
Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years’ experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at [email protected]
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at [email protected]
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