Chinese heavyweight acquires Aus probiotics group
A Chinese health business has made a major acquisition in the Australian probiotics market.
Firms: Baker McKenzie (Life-Space Group); King & Wood Mallesons (BY-HEALTH Group)
Deal: BY-HEALTH Group acquired Life-Space Group.
Value: $690 million
Key players: The Baker McKenzie team advising Life-Space Group was led by partner Richard Lustig (pictured below), with support from partner Tracy Wut and registered foreign lawyer Robert Wright in Hong Kong, as well as partner Toby Patten, associate Rowena Baer, solicitor Lucinda Atkinson and trainee solicitor Nicole Edwards in Melbourne.
Deal significance: Privately owned Australian probiotic company Life-Space Group entered a binding agreement to sell 100 per cent of its shares to China-based BY-HEALTH Group.
Life-Space Group is one of Australia’s largest probiotics companies. It owns or distributes brands such as Life-Space, Healthy Essentials, Elmore Oil and Corams, with a portfolio covering natural health, joint and muscular pain relief and infant and baby care. Life-Space Group also operates the Evolution Health and Ultramix businesses.
The deal is subject to shareholder and regulatory approvals. It implies an enterprise value of $690 million for Life-Space Group, according to a statement from Baker McKenzie.
Baker McKenzie lead partner Richard Lustig said the transaction offered great growth potential for Life-Space Group.
“We are delighted to act for our client, the Life-Space Group owners, in what is a terrific transaction providing significant scale and future growth potential to the business,” he said.
“Thanks to the global reach of Baker McKenzie, we were able to successfully coalesce legal talent from both our Melbourne and overseas offices to reach a great outcome.”
Pictured: Baker McKenzie lead partner Richard Lustig