Finemore Holdings

Finemore Holdings was an Australian transport and logistics company founded by Ron Finemore in Wagga Wagga in November 1966. It began trading as Finemores Haulage Contractors, initially using an International truck to haul fuel to farms. The business expanded as it added grain, fertilizer, livestock, processed meat, general freight and refrigerated transport to its activities. A contract with Melbourne meat processor R. J. Gilbertson helped establish a broader southern Australian operating base, while sheep transport from western New South Wales to Melbourne became an important part of its early diversification. The company subsequently expanded through acquisitions. Purchases including Bruce Dickenson Transport, Bruce Marks Transport, Clive Brothers Transport and Gills Transport broadened its depot network and increased the fleet to approximately 160 trucks. Rapid expansion was followed by financial difficulty, and the business entered voluntary administration in December 1979, with Arthur Young & Co appointed administrator. The restructuring reduced the fleet to roughly 70 vehicles and left Ron Finemore with a minority shareholding. After restructuring, Finemores entered vehicle transportation and developed contracts with Ford and Holden. It emerged from administration in September 1983 under a scheme of arrangement. In 1985, Wodger Corporation of Queanbeyan acquired a majority shareholding. The following year Ron Finemore acquired Wodger Corporation and renamed the business Finemore Holdings in a reverse takeover. This transaction restored the Finemore name while providing a corporate structure for renewed expansion. During the second half of the 1980s, Finemore Holdings moved into interstate express freight through the acquisition of AEI Group Transport Services in Sydney. In 1987 it acquired South Australian operators Friendly Transport and Power Transport Group, bringing more than 100 vehicles into the enlarged organization. The company also entered fuel distribution, first winning Ampol's distribution contract in Sydney and later undertaking work associated with Woolworths petrol operations. Its international activity included a contract for ExxonMobil in Thailand during the 1990s, although Australia remained its principal market. Toll Holdings launched a takeover offer for Finemore Holdings in June 2000. The initial offer did not secure the 90 percent acceptance level required for completion; Lindsay Fox's approximately 10.1 percent shareholding was reported as a decisive obstacle. A subsequent scheme of arrangement, requiring a lower acceptance threshold, was approved, and the acquisition was completed in March 2001. Finemore Holdings therefore ceased to operate as an independent transport group. In 2004, after completing a non-compete period, Ron Finemore returned to the transport industry by purchasing Lewington's Transport and renaming it Ron Finemore Transport. That later company was separate from the acquired Finemore Holdings business, although it continued the founder's association with Australian road transport.

Finemore Holdings originated in Wagga Wagga, New South Wales, where Ron Finemore established Finemores Haulage Contractors in November 1966. The first operation used an International truck to deliver fuel to farms. The company soon broadened its freight base, moving grain, fertilizer, livestock and processed meat. A contract with Melbourne meat processor R. J. Gilbertson supported expansion into longer-distance work, including sheep transport from western New South Wales to Melbourne. General and refrigerated freight were later added, making the business less dependent on any single commodity sector. Growth was accelerated by a series of acquisitions. Finemores bought Bruce Dickenson Transport of Dubbo, Bruce Marks Transport, which had depots in Hamilton, Mount Gambier and Wodonga, Clive Brothers Transport of Melbourne, and Gills Transport, with depots in Casino and Moree. These purchases expanded the fleet to about 160 trucks. The enlarged group then encountered financial pressure and entered voluntary administration in December 1979. Arthur Young & Co was appointed administrator, and the restructuring reduced the fleet to approximately 70 trucks. Ron Finemore retained a 20 percent interest. The restructured operation entered car carrying and obtained contracts with Ford and Holden. It ultimately became a major national vehicle carrier. The company exited administration in September 1983 after creditors approved a scheme of arrangement. In 1985, Wodger Corporation of Queanbeyan purchased a majority shareholding. Ron Finemore acquired Wodger Corporation in 1986 and renamed it Finemore Holdings through a reverse takeover, re-establishing his name as the identity of the transport group. Finemore Holdings then pursued interstate and sectoral diversification. It acquired AEI Group Transport Services in Sydney to enter interstate freight express services. In 1987, acquisitions of Friendly Transport and Power Transport Group in South Australia added more than 100 vehicles. The company also entered fuel distribution, securing Ampol's Sydney distribution contract and later undertaking work connected with Woolworths petrol operations. In the 1990s, it received a contract from ExxonMobil in Thailand, giving the group an international element while its principal business remained Australian road transport. Toll Holdings announced a takeover offer in June 2000. The initial offer obtained 68 percent acceptance, short of the 90 percent level then required. Lindsay Fox, whose reported 10.1 percent shareholding prevented the higher threshold from being reached, was an important factor in the failed first stage. A scheme of arrangement requiring 75 percent approval was subsequently accepted, and the acquisition was completed in March 2001. Finemore Holdings consequently stopped operating as an independent group. After a non-compete period, Ron Finemore returned to the sector in 2004 by buying Lewington's Transport and renaming it Ron Finemore Transport. This was a later, separate enterprise rather than a continuation of the acquired Finemore Holdings corporate entity.

• 2004

  Ron Finemore returns to transport

  [1]Finemore Holdingsen.wikipedia.org

  After completing a non-compete clause, Ron Finemore purchased Lewington's Transport and renamed it Ron Finemore Transport.

• 2001

  Acquisition by Toll completed

  [1]Finemore Holdingsen.wikipedia.org

  The scheme of arrangement was completed in March, bringing Finemore Holdings under Toll Holdings and ending its independent operation.

• 2000

  Toll launches takeover offer

  [1]Finemore Holdingsen.wikipedia.org

  Toll Holdings launched a takeover bid in June. The first offer fell short of its required acceptance level, leading to a later scheme-of-arrangement approach.

• 1987

  South Australian transport acquisitions

  [1]Finemore Holdingsen.wikipedia.org

  The acquisitions of Friendly Transport and Power Transport Group expanded the business with more than 100 additional vehicles.

• 1986

  Finemore Holdings name adopted

  [1]Finemore Holdingsen.wikipedia.org

  Ron Finemore acquired Wodger Corporation and renamed it Finemore Holdings in a reverse takeover.

• 1985

  Wodger Corporation acquires majority shareholding

  [1]Finemore Holdingsen.wikipedia.org

  Wodger Corporation of Queanbeyan purchased a majority interest in the transport business.

• 1983

  Company exits administration

  [1]Finemore Holdingsen.wikipedia.org

  Finemores emerged from administration in September after a scheme of arrangement was agreed.

• 1979

  Business enters voluntary administration

  [1]Finemore Holdingsen.wikipedia.org

  After rapid fleet and acquisition-led expansion, the company entered voluntary administration in December. Arthur Young & Co was appointed administrator and the fleet was substantially reduced.

• 1966

  Finemores Haulage Contractors established

  [1]Finemore Holdingsen.wikipedia.org

  Ron Finemore established the original haulage business in Wagga Wagga in November, beginning with farm fuel deliveries using an International truck.

A diversified Australian road-transport operator that evolved from regional agricultural and fuel haulage into national freight, vehicle carrying and fuel-distribution services.

• Fuel logistics · 1966

  Fuel haulage and distribution

  The original business transported fuel to farms and later expanded into commercial fuel distribution. Finemore Holdings won Ampol's Sydney distribution contract and subsequently handled work associated with Woolworths petrol operations. Its fuel-logistics activities formed one of the company's major diversification paths beyond agricultural freight.

• Road freight · 1966

  Agricultural and livestock haulage

  Early operations covered grain, fertilizer and livestock, including sheep moved from western New South Wales to Melbourne. These services reflected the company's regional origins and connected rural producers with processors and metropolitan markets.

• Temperature-controlled and general freight

  Processed meat, general and refrigerated freight

  The company broadened its portfolio through processed-meat transport, general freight and refrigerated freight. A contract with R. J. Gilbertson helped support its early meat-haulage development, while refrigerated capability allowed it to serve cargo requiring controlled conditions.

• Automotive logistics

  Vehicle carrying

  Following its restructuring, Finemore Holdings entered car carrying and secured contracts with Ford and Holden. The business became a large national carrier for finished vehicles, adding a specialized automotive-logistics service to its broader road-transport network.

• Express freight · 1986

  Interstate express freight

  The acquisition of AEI Group Transport Services in Sydney enabled Finemore Holdings to enter the interstate freight express market and strengthen its presence beyond its original regional and agricultural customer base.

• 2000

  Toll takeover strategyM&A

  Background

  Toll Holdings sought to acquire Finemore Holdings and launched an offer in June.

  Action taken

  After the initial offer achieved 68 percent acceptance, Toll proceeded through a scheme of arrangement requiring a lower approval threshold than the original bid structure.

  Aftermath

  The scheme was accepted and the acquisition completed in March 2001, ending Finemore Holdings' independent existence.

  Source

• 1986

  Reverse takeover and renaming as Finemore HoldingsM&A

  Background

  Wodger Corporation had acquired a majority shareholding in the transport business in 1985.

  Action taken

  Ron Finemore acquired Wodger Corporation and renamed the resulting business Finemore Holdings through a reverse takeover.

  Aftermath

  The renamed group pursued interstate express freight and additional transport acquisitions.

  Source

• 1979

  Restructuring through voluntary administrationStrategy

  Background

  A period of rapid acquisition-led expansion had increased the fleet to approximately 160 trucks, after which the business entered voluntary administration.

  Action taken

  Arthur Young & Co was appointed administrator and the fleet was reduced to about 70 trucks. Ron Finemore retained a 20 percent shareholding.

  Aftermath

  The restructured company continued operating, entered vehicle carrying and later secured major automotive contracts.

  Source

1. 1Finemore Holdingsen.wikipedia.org