Duncan Cotterill has advised Polar Capital on their majority stake purchase of JUCY Group’s Car and Campervan Rental businesses in New Zealand and Australia. The impacts of COVID and resulting border closures required JUCY to restructure and presented an opportunity for Polar Capital to acquire a majority stake in the newly formed entity.
Duncan Cotterill Corporate and M&A Partner Mark Cathro led the transaction advising Polar Capital. He was supported by a core corporate team including Senior Legal Advisor, Gareth Clendinning and Solicitors Jess Hope and Danielle Reddecliffe. The wider Duncan Cotterill team involved in the commercial aspects of the transaction included Partners Scott Whitaker and Richard Smith and Senior Solicitor, Kelsie Bertacco. Employment Partner Sarah Townsend and Senior Associate Julia Hurren advised on the employment aspects of the transaction.
Australian firm Lander & Rogers advised on the Australian part of the transaction, led by Corporate Partners Deanna Constable and Jared Smith.
Lead Partner Mark Cathro said, “We really enjoy working with Colin Neal, Polar Capital and the PWC Corporate Finance team in Christchurch. This transaction was complex and at times challenging however a great result has been achieved. Polar Capital’s majority acquisition secures the future of JUCY Rentals and the jobs of 150 people which given the current uncertainty in the tourism sector is to be applauded. This is the second large pre-packaged receivership we have been involved with, the other being the sale of Smiths City, and we have seen a dramatic increase in M&A activity across all sectors since COVID and expect that to continue for some time.”
Other advisors involved in the transaction included PWC’s Christchurch office who advised on the corporate finance and tax aspects of the transactions. Their team was led by South Island Managing Partner Craig Armitage, supported by Executive Director, Matthew Yates and Partner Henry Risk. MinterEllisonRuddWatts Partner, Mark Forman and Senior Associate James Marriner, acted for JUCY Group.