Ashurst has acted for Automotive Holdings Group (AHG) in its A$116 million acquisition of Scott's Refrigerated Freightways (SRF) and JAT Refrigerated Road Services (JAT).

The purchase will be funded from existing facilities and the proceeds of a fully underwritten $115 million equity placement to institutional and sophisticated investors. Eligible shareholders will also be offered the opportunity to participate in a Share Placement Plan (SPP) and subscribe for new shares up to the value of A$15,000 at A$3.49 per new share. The SPP will be capped at A$10 million.

Combined with AHG's existing operations, the acquisition of SRF and JAT consolidates AHG's position as the largest provider of transport and cold storage operations in Australia, with national route coverage and an integrated network of cold store facilities.

Lead partner Roger Davies said of the deal: "We are delighted to have advised AHG on its acquisition of Scott's Refrigerated Freightways and JAT Refrigerated Road Services, and AHG's associated capital raising. AHG is a long standing and valued client of our firm. We've enjoyed again partnering with the AHG team to help the company implement its aggressive growth strategy and desire to become Australia's largest full-service, temperature-controlled carrier."

Roger Davies was assisted by senior associate Chadwick Poletti and special counsel Matthew Rumpus (Corporate); with specialist assistance from partner Rehana Box and lawyer Genovieve Lajeunesse (Insurance); with partners Gaelan Cooney (Banking and Finance) and Len Hertzman (Tax).

The Ashurst team also included senior associate Patrick Nicholas, lawyers Themo Georgiou, Bianca Della Vedova, Jessica Van Dongen, Richard Tan and Emma Chamizo (Corporate); partner Marie-Claire Foley, senior associate Melanie Mallott, and lawyer Jessica Tuffin (Employment); partner Gaelan Cooney, and lawyers Zoe Wiszniewska, Maddie Green and Shalu Varma (Banking and Finance); partner Anita Cade, assistant general counsel Natalie Hazel, and lawyers Mary Papadopoulos, Chris Moses (Regulatory and IP); partner Jason Cornwall-Jones, special counsel Vanessa Flax and senior associate Gaby Stach (Property); partner Robert Jamieson, special counsel Meredith Gibbs, senior associate Katherine Lake and lawyer Jo Slater (Environment); with partner Khai Dang and lawyer Nick Perkins (IT).