Powered by
MOMENTUM
MEDIA
Two firms have advised on the acquisition of a Western Australian drilling services business by a private equity fund manager.
Firms: Herbert Smith Freehills (Allegro Funds); Clayton Utz (JSW Australia)
Value: Undisclosed
Area: M&A
Key players: The legal team advising Allegro Funds was led by Herbert Smith Freehills partners Mark Currell (pictured) and Mark Clifton, with assistance from senior associate Jacob Kahwaji and solicitor Anna Prell.
Deal significance: JSW is a mine production and specialist drilling services business, operating a fleet of 18 drill rigs.
The company has long-term relationships with customers in the mining, government and private enterprise sectors.
The acquisition of JSW was completed pursuant to a deed of company arrangement and required specialist expertise in a number of key areas, including mergers and acquisitions, restructuring and insolvency, according to HSF partner Mark Currell.
“In the distressed space, deals are completed at a rapid pace,” Mr Currell said.
“Closing this acquisition within the tightest of time frames is a testament to the efforts of the Allegro and Herbert Smith Freehills teams throughout the process.
“It has been a pleasure working with Allegro on this transaction.”
This is the second acquisition that Allegro Funds has made in 2016. In September, Herbert Smith Freehills also advised Allegro Funds on its acquisition of the master franchisee licence for Pizza Hut in Australia from US-based parent company Yum! Brands, the global owner of the Pizza Hut brand.
