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CSR offloads Viridian glass company
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CSR offloads Viridian glass company

Viridian Glass will soon have new owners, with Herbert Smith Freehills advising CSR on the business’ sale to Crescent Capital Partners.

Firm: Herbert Smith Freehills (CSR); MinterEllisonRuddWatts (CSR – New Zealand)

Deal: Herbert Smith Freehills has advised CSR on the sale of its Viridian glass business to Crescent Capital Partners.

Value: Undisclosed

Area: M&A

Key players: HSF’s team was led by partner Peter Dunne and senior associate Francine Kinkade, with senior associate Rebekah Lam. Support was provided by solicitor Ben Waterfall and specialists from the firm’s property, employment and superannuation teams.

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MinterEllisonRuddWatts advised CSR on transaction aspects subject to New Zealand law.

Deal significance: According to CSR, Viridian is “Australia’s largest provider of glass,” for commercial and residential purposes.

Crescent Capital Partners is an Australian private equity firm.

The transaction announced on 28 November 2018 followed a “competitive sale process involving a number of interested parties and includes the sale of property in Dandenong” used by the business, according to Herbert Smith Freehills.

The sale is subject to a limited number of conditions, and completion is expected by the end of January next year.

Partner Peter Dunne said the firm was “delighted to have worked alongside CSR on this complex transaction.”

“The transaction presented a number of unique challenges and we valued being able to work these through with the experienced CSR team, led by head of legal Sean Ventris and CFO David Fallu,” he said.

Mr Dunne is “looking forward to working with the CSR to complete the transaction.”

For CSR’s head of legal, Sean Ventris, “this was a complex transaction, with a large number of work streams needing to be managed tightly.”

“It was great working with Peter, Francine and Rebekah to get this across the line,” he said.

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