Jevic completes VINZ takeover

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Jevic completes VINZ takeover

The New Zealand arm of international inspection firm Jevic, which is privately owned and led by Yokohama-based managing director Damon Jackson, says it has successfully completed its bid for the complete takeover of Vehicle Inspection New Zealand (VINZ).  
Jevic NZ recently announced to media that it had received acceptances representing 100 percent of the total shares in Vehicle Inspection New Zealand Limited (VINZ). The offer for all of the shares in VINZ in is now unconditional with respect to each of the conditions recorded in the offer document.  
During the process of takeover negotiations JEVIC reached an agreement with Frank Willett, who said he would remain as General Manager if the offer succeeded. JEVIC also received an assurance from NZTA that the existing VINZ contracts will not be negatively impacted by the takeover.
The VINZ Board confirmed to media that vehicle licensing reform will negatively impact the company’s business, significantly reducing the size of the WoF and CoF markets, and opening the way for new entrants. After considering the Government’s changes earlier this year the Directors of VINZ confirmed that they regarded the revised offer price of $2.15 per share as fair.
All of the VINZ Directors sold their own shares, and the Board recommended that shareholders accepted the revised offer.
 “We are delighted to have secured acceptances from all shareholders for our increased offer,” says Jevic NZ CEO Euan Philpot.
“That our offer received unanimous support showed a high level of goodwill carried through the transaction. And it will help streamline the remainder of the offer process, as we do not need to compulsorily acquire any outstanding shares.
“We have already started working with the outgoing Board to ensure a smooth transition and we look forward to sitting down with VINZ senior management team to better understand the totality of VINZ business, function-by-function and location-by-location, and to identify potential synergies throughout the inspection supply chain.”
Jevic NZ is an approved Ministry for Primary Industries operator for the pre-shipment inspection programme in Japan and the United Kingdom and has been involved in pre-shipment inspections, verifications and certification of used vehicles entering New Zealand since 2003.
The company says it is New Zealand’s largest biosecurity vehicle inspectorate with approximately 85 percent market share. It is authorised by the New Zealand Transport Agency as a Border Inspection Organisation. JEVIC NZ also provides vehicle inspection services to exporters, importers, shipping lines and logistic chain suppliers.

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22
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