Smarter Business Refinance and Restructure

Complex transactions require more than capital they require strategic alignment, financial accuracy, and stakeholder confidence.

This case study explores how Vantage Performance supported the business through a high pressure banking and refinancing environment following the acquisition of Car & Truck Rental group.

The acquisition significantly increased the scale and complexity of the business and triggered a transition from Westpac Corporate into Westpac Institutional banking. At the same time, a financial forecasting model, partially translated from a highly complex Deloitte-built model proved inaccurate, ultimately contributing to breaches of two banking covenants.

As pressure escalated between the business and its incumbent financier, the relationship became increasingly strained due to both operational challenges and a growing mismatch between banking expectations and management priorities.

Vantage Performance was initially engaged to review and improve the forecasting model but quickly became embedded in the broader strategic and financial management process.

Key initiatives included:

• Review and reconstruction of financial forecasting and reporting frameworks

• Ongoing management of stakeholder communication with the incumbent bank

• Strategic advisory support during covenant breach negotiations

• Preparation of a detailed Information Memorandum (IM) to support a market refinance process

• Management support through a competitive sale and capital market engagement process

• Coordination of multiple expressions of interest from prospective acquirers and financiers

During the process, the business also received acquisition interest from an external buyer. Vantage assisted management in navigating and running a competitive process to maximise optionality and strategic positioning.

Ultimately, the business elected to return to the debt market, successfully completing a $45.7M refinance with the Commonwealth Bank of Australia (CBA), delivering a more suitable long-term funding structure and restoring stability to the business.

The Outcome:

• Resolution of covenant and financier pressure

• Improved financial forecasting visibility and accuracy

• Stabilised stakeholder and banking relationships

• Enhanced strategic optionality through market engagement

• Successful $45.7M refinance with CBA

The result wasn’t simply a refinance, it was the restoration of confidence, structure, and strategic control during a period of significant financial complexity.

This is where Vantage Performance operates: supporting businesses through critical financial events with disciplined execution, strategic advisory, and stakeholder management.