Highlights

  • Ares Management Asia has submitted a conditional, non-binding indicative proposal to acquire MaxiPARTS at A$2.50 cash per share.
  • FY26 Revenue was A$274.4 million, EBITDA was A$28.8 million and the group ended the year with A$7.0 million of net cash.
  • The 5.46-cent fully franked final Dividend went ex-dividend on 26 August 2026, with payment scheduled for 17 September 2026.

MaxiPARTS Limited (ASX:MXI) has two material 2026 developments in focus: its FY26 operating result and a conditional Acquisition proposal. On 3 September 2026, the commercial vehicle parts distributor disclosed a non-binding indicative proposal from Ares Management Asia to acquire all MaxiPARTS shares for A$2.50 cash per share. The proposal values the company's Equity at about A$132 million and remains subject to due diligence, funding, internal approvals, regulatory clearances and execution of a scheme implementation deed.

The proposal followed MaxiPARTS Limited (ASX:MXI) reporting FY26 revenue of A$274.4 million and EBITDA of A$28.8 million. The board also declared a 5.46-cent fully franked final dividend. The acquisition proposal specifically allows eligible shareholders to retain that dividend in addition to any scheme consideration if a transaction proceeds.

Company Overview

MaxiPARTS distributes commercial truck and trailer parts across Australia, supplying OEM and aftermarket components across braking, driveline, suspension, axles, electrical, filtration and related product categories. Its operations also include Forch Australia, which distributes workshop consumables to automotive and commercial vehicle customers.

The Business serves road transport and workshop customers through a national distribution network. Its Earnings are therefore influenced by freight activity, fleet maintenance demand, customer purchasing patterns and the cost and availability of imported products.

Financial and Operational Position

For FY26, MaxiPARTS reported revenue of A$274.4 million, EBITDA of A$28.8 million and an EBITDA Margin of 10.5%. Operating net profit before tax was A$14.2 million and Earnings Per Share from continuing operations were 17.4 cents.

Operating cash flow was A$29.8 million and cash conversion was reported at 118%. The group finished FY26 with A$23.5 million of cash and A$16.5 million of borrowings, leaving net cash of A$7.0 million.

The final dividend of 5.46 cents per share is fully franked. It went ex-dividend on 26 August 2026, had a Record Date of 27 August 2026 and is scheduled for payment on 17 September 2026.

What Investors May Watch Next

The central near-term issue is whether Ares Management Asia completes Due Diligence and proceeds to a binding scheme implementation deed. The proposal remains conditional, and MaxiPARTS has stated that there is no certainty a transaction will proceed.

Operationally, investors may also monitor FY27 trading, cash generation and the contribution from growth initiatives within the core parts business and Forch Australia. Any binding transaction documents would provide the next detailed timetable for Shareholder consideration.

Risks

The acquisition proposal may not progress to a binding agreement, while any eventual scheme would remain subject to conditions and approvals. Separately, Demand for commercial vehicle parts is exposed to freight activity, transport-sector spending and the industrial cycle. Imported inventory also creates exposure to currency movements, freight costs and supply-chain disruption.

Key Insights

MaxiPARTS Limited (ASX:MXI) enters mid-September 2026 with a conditional A$2.50-per-share acquisition proposal under review and a FY26 result showing positive cash generation and a net cash position. The immediate corporate focus is the outcome of the Ares process, while the underlying operating question is whether FY27 performance can sustain the cash and margin profile reported for FY26.