Global company cleans up with major acquisition
A major professional cleaning company has been sold to German-headquartered global technology company Freudenberg.
Firms: Allens (Freudenberg Household Products Pty Ltd); Herbert Smith Freehills (GUD Holdings Limited)
Deal: E.D. Oates Pty Ltd (Oates) has been sold by GUD Holdings Limited to Freudenberg Household Products Pty Ltd (Freudenberg).
Value: $80 million
Key players: The Allens team advising Freudenberg was led by partner Mark Malinas (pictured).
Deal significance: Australian household products business Oates has been sold for an $80 million price tag. The transaction completed on 2 January after clearance from the ACCC last year.
Freudenberg, a German-headquartered global technology company, said that its acquisition of Oates aligned with its growth strategy in the local Aussie household products market.
Allens lead partner Mark Malinas said that the deal was part of a broader increase in German investment in Australian businesses.
“We believe [this trend] is set to continue as Australia’s free trade agreement with the EU progresses,” Mr Malinas said.
“We congratulate Freudenberg on the acquisition of this well-known Australian brand.”
Allens advised on all aspects of the transaction, drawing on its corporate and competition, consumer and regulatory teams. Experts in property, banking and finance, employment and safety, tax and intellectual property were also involved in the deal.