Processing timeline
22
days
Acquirer(s)
Hootie Blowfish Pty Ltd ACN - 605 475 992, COUNTING CROWS PTY LTD ABN - 19 659 478 485, Gainsdale Pty Ltd ACN - 008 971 499
Target(s) or Vendor(s)
Pedal Group Pty Ltd ABN - 67 131 402 278
Other parties
None listed
The Turner Family Entities are increasing their shareholding in Pedal Group Pty Ltd, a bicycle and e-bike retailer and wholesaler. This share transaction involves acquiring 20.32% from Flight Centre Travel Group Limited and Pedal Group buying back Flight Centre's remaining 26.68%. The Turner Family Entities' stake will rise to 77.23%.
Gainsdale Pty Ltd, Hootie Blowfish Pty Ltd, and Counting Crows Pty Ltd, which are entities associated with Mr Matthew Turner and his family (together, the Turner Family Entities ), propose to increase their existing shareholdings in Pedal Group Pty Ltd ( Pedal Group ) by collectively acquiring from Flight Centre Travel Group Limited ( Flight Centre ) shares representing (in aggregate) 20.32% of the shares in Pedal Group. In connection with this acquisition, Pedal Group will buy back the remaining shares held by Flight Centre in Pedal Group, representing (in aggregate) 26.68% of the shares in Pedal Group. The share buy-back and proposed acquisition of shares in Pedal Group by the Turner Family Entities (together, the Acquisition ) are interrelated and conditional upon each other. Upon completion of the Acquisition, the Turner Family Entities’ shareholding in Pedal Group will increase from 36.30% to 77.23%. The balance of the Pedal Group share register will continue to be held by existing and former Pedal Group employees. Pedal Group is a retailer and/or wholesaler of bicycles, e-bikes, scooters, associated accessories and a provider of bicycle / e-bike maintenance services. In Australia, Pedal Group operates 71 “99 Bikes”-branded retail stores and the “Advance Traders” wholesale business. Pedal Group also supplies bicycle rental services in Queensland.