Further developments in the sale of Eclipx’s non-core assets are expected to emerge at the company’s strategy day next month.
Private equity, insurers and industry groups are all understood to be in the mix for its Right2Drive business, after its Grays Online operation was recently sold to private equity firm Quadrant for $60m.
Right2Drive — an accident loan-car provider — and the online auction business Grays have been blamed for dragging down the overall performance of the Eclipx business, which earlier was subject to a takeover.
Affinity Partners, Kohlberg Kravis Roberts and Macquarie Group are tipped to be eager to buy Right2Drive.
Grays and Right2Drive make up about 20 per cent of the overall value of Eclipx.
Right2Drive was acquired by Eclipx in 2016 for $67 million. The business provides rental replacement vehicles to “not at fault” drivers who have accident-damaged cars.
Its book is worth about $75m, and some say it is a bargain for any acquirer that can pick up the operation for about $50m.
Eclipx plans to use funds from the asset sales to repay debt.
China energy bid switched off
Aspirations by China’s State Grid to buy Jemena are understood to have put an end to a possible sale of the energy business.
Healthscope firmly in the sights of Bain
Bain Capital is closing in on its next big target struggling with too much debt – the country’s second-largest hospital operator Healthscope.