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Food testing provider to change hands
Two firms have advised an international consortium on the joint purchase of food testing provider Dairy Technical Services (DTS).
Melissa Coade
Firms: King & Wood Mallesons (Consortium: AsureQuality and the Bureau Veritas Group); Baker & McKenzie (DTS)
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Deal: An international consortium has made a bid to takeover DTS.
Value: Undisclosed
Area: M&A
Key players: King & Wood Mallesons partner Peter Stirling (pictured) led the advising team with the support of senior associate Robert Wright and solicitor Michelle Siekierka.
Deal significance:
The deal remains subject to regulatory approval. On completion of the acquisition, DTS will be operated by a consortium comprising AsureQuality, a New Zealand state-owned enterprise, and Bureau Veritas, a French publicly listed company.
DTS was founded in Melbourne in 1954 and is a leading food testing provider that conducts microbiological and chemical laboratory testing to Australian food and dairy industries.
The DTS transaction reflects an exit by dairy producer shareholders, Murray Goulburn, the Warrnambool Cheese & Butter Group, the Fonterra Group and AsureQuality. AsureQuality currently holds a 25.4 per cent shareholding in the company.
King & Wood Mallesons partner Peter Stirling said the team was delighted to support the consortium on the "significant acquisition".
"The quality of Australian food products is highly regarded and this deal reflects the growing importance of the Australian food industry internationally,” said Mr Stirling.
