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Baker McKenzie has advised Shawcorp Investments on its agreement to sell Sydney-based cell building company Modular Building Systems (MBS) to Fleetwood Corporation.
Firms: Baker McKenzie (Shawcorp Investments); Clayton Utz (Fleetwood Corporation)
Value: $34 million
Area: Construction
Key players: The Baker McKenzie team led by Tharani Dharmaraj was assisted by Ben McLaughlin, Kathryn Schultz and Emily Hunter. Clayton Utz’s Perth team was made up of Mark Paganin, Liz Humphry and Benjamin Depiazzi.
Deal significance: MBS holds the Australian rights to use patented steel prison cell designs of US company Maximum Security Systems for ten years. It specialises in manufacturing and installing prefabricated modular buildings and is one of two NSW builders appointed to build modular cells for the state government.
Baker McKenzie senior associate Tharani Dharmaraj called the sale a “game changer” for Fleetwood’s business, which does not presently operate in the Sydney market. She said “the deal represents significant value being realised on both sides of the transaction.”
Ben McLaughlin, Baker McKenzie’s Australian head of corporate in Australia, expressed his delight at the firm’s acting for Shawcorp Investments: “MBS provides Fleetwood a significant opportunity to gain a stronghold in the NSW corrections, education and commercial sectors, through MBS’s impressive facility in Western Sydney.”
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