HPA tests the private equity market

As part of a strategic review of the company it is seeking expressions of interest in order to maximise value for its shareholders. The review is at a preliminary stage and is expected to be complete within months.

Financial services companies, Morgan Stanley and Minter Ellison, have been brought in to act as advisors. They have targeted a select number of investors to gauge interest in HPA. Interested parties will be issued with an indicative bid invitation after signing a confidentiality agreement.

HPA said that there is no assurance that this process will result in a specific transaction. Its major shareholder, Kodak Australasia, has expressed its support of the company’s strategic review.

“HPA is a strong, profitable business with a history of innovation and a significant market presence,” said Terry Daly, HPA managing director. “We have a satisfied and loyal client base and highly experienced employees.”

HPA is one of three major corporate fulfilment companies listed on the stock market - the other two being Salmat and QM Technologies.

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