Grant Thornton’s Advisory team in the Midlands has advised the shareholders of Grayrentals Plc, the sixth largest specialist trailer leasing company in the UK, on the sale to Hong Kong International Aviation Leasing Company Limited (HKIAL), one of the leading leasing companies in Hong Kong.
The deal is one of a number of recent cross border transactions the team has advised on in the last nine months. The deal team, comprising corporate finance and tax experts, worked with Grayrentals shareholders to provide complex transaction advice, ensuring the transaction was delivered with minimal risk in a tax efficient manner.
Grayrentals provides trailer leasing, rental, maintenance and other value-added solutions to transportation and logistics customers in the UK. The company owns and manages in the region of 3000 units with a diversified customer base.
Grant Thornton’s transaction team on the deal were Maria O’Donnell, associate director and Peter Evans, assistant manager from the Midlands Advisory team, and partner Dan Hartland from the Entrepreneur & Private Client team.
Commenting on the Grayrentals Plc deal, Maria O’Donnell said: “The team has worked closely with the management and shareholders at Grayrentals to prepare the business for sale, providing robust corporate finance and tax planning advice that involved a coordinated approach delivered by our Midlands-based multi-disciplinary service team. Our extensive experience, expertise and capabilities in managing cross-border deals has once again been proven, as the team has supported the shareholders to successfully navigate the intricacies of this international transaction.”
HKIAL is an associate company of the HNA Group (International) Company Limited (HNAI), which bought TIP Trailer Services last year – the acquisition of Grayrentals therefore represents a complementary strategic fit for the global operation as Wang Hao, President of HNAI and Chairman of HKIAL, explains: “The acquisition of Grayrentals into our portfolio is a good strategic fit, complementing our existing investments in trailer leasing and services across Europe with TIP Trailer Services, and HNAI’s investments in world-wide aircraft leasing, marine container leasing and ship leasing.
“As HNA Group’s international headquarters and strategic platform for offshore investment, financing and control work, we continue to strengthen our transportation finance and services capabilities internationally, and we intend to grow Grayrentals during the coming years.”
In April, Grant Thornton’s Midlands’ team advised Miniclip, one of Europe’s largest independent mobile and online game publishers, on the sale of a majority stake to Tencent Holdings Limited, a provider of internet services in China. In February, it advised Northampton-based Doosan Industrial Vehicle UK on its multi-million pound purchase of Rushlift Ltd, whilst last year the team advised on the sale of Telford-based fishing brand Preston Innovations to Oklahoma-based Zebco Brands, the fishing tackle business of WC Bradley Co group.
Grant Thornton’s East Midlands office is in Leicester and has approximately 130 staff providing business and financial advice across Corporate and Personal Tax, audit and assurance, employer solutions, corporate finance, and sustainability, to organisations across the East Midlands.
