Global tech business acquires Aussie cleaning giant
Allens and Herbert Smith Freehills have advised on an M&A deal between a national cleaning giant and a global tech company.
Firms: Allens (Freudenberg Household Products Pty Ltd); Herbert Smith Freehills (GUD Holdings Limited)
Deal: Freudenberg Household Products Pty Ltd (Freudenberg) has been advised on its acquisition of E.D. Oates Pty Ltd (Oates) from GUD Holdings Limited (GUD Holdings).
Value: $80 million
Key players: The Allens legal team was led by partner Mark Malinas, with assistance from partners Rob Walker and Kon Stellios, senior associate Hannah Biggins, and associates Thomas Wallrich, Evan Lacey, George Klonis, Fiona Sam and Nikita Harrison.
Deal significance: Oates is a national professional cleaning company, while Freudenberg is a German-headquartered global technology company.
The acquisition by Freudenberg demonstrates a growth strategy it has for its household products business across Australia.
“We congratulate Freudenberg on the acquisition of this well-known Australian brand,” said Mark Malinas, lead partner on the deal.
“The acquisition is part of a broader increase in German investment in Australian businesses, a trend we believe is set to continue as Australia’s free trade agreement with the EU progresses.”