Suncorp divests its Capital SMART and ACM Parts businesses

Suncorp announces today that we have signed a binding agreement to sell 90% of our interest in Capital S.M.A.R.T, our market-leading smash repair business, to AMA, a leader in the automotive aftercare market.

S.M.A.R.T will continue to be an important strategic partner for Suncorp, and we will continue to have a 10% interest in the business and a seat on the subsidiary board.

Group CEO Steve Johnston, said the transaction was in the best interests of customers, shareholders and the business.

“The increasing complexity of repairs is driving significant change in the smash repair and parts procurement industry, and the divestment means Suncorp can focus on its core Insurance and Banking operations. Importantly, the agreement maintains Suncorp’s competitive advantage and we look forward to working closely with AMA as an ongoing partner.”

As part of the transaction, Suncorp is also announcing the sale of ACM Parts to AMA. ACM Parts also remains a key partner for Suncorp and will continue to provide genuine alternative parts to the repair market including Suncorp’s repairer network.

The transaction is expected to complete by 31 October 2019.