Allegro Funds completes Toll acquisition

Allegro Funds completes Toll acquisition

07 September 2021 By Emma Ryan
Allegro Funds completes Toll acquisition

Global law firm Herbert Smith Freehills has advised Allegro Funds on the successful completion of its acquisition of Toll Global Express.

Firm: Herbert Smith Freehills (Allegro Funds); Ashurst (Toll Group); Gilbert + Tobin (Commonwealth Bank of Australia).

Deal: Allegro Funds has acquired the Toll Global Express from Toll Group and parent company Japan Post. Commonwealth Bank was advised on the financing of the acquisition. 

Value: Undisclosed.


Area: M&A.

Key players: The cross-practice Herbert Smith Freehills team was led by partners Paul Apáthy, Andrew Rich, Nikki Smythe and Steven Catanzariti.

The four were supported by partners Calvin Ho, Kwok Tang, Drew Pearson, Damien Hazard, David Hugo, Kristin Stammer and Leon Chung, executive counsels Josie Essery and Amy Repse, special counsel Nerida Jessup, senior associates Lauren Jeffries, Caitlin Walker, Joshua Santilli, Kimberley Lean, William Chew, Tess Mierendorff, George Psaltis, Lucinda Grant, Jie Li, Rommo Pandit, Kara Reynolds, Sophie Beaman, Graeme Tanner, and solicitors Ting Fan, Caroline Talbert, Darran Devlin, Thomas Gooch, Joel McDonald, Annabel McCullagh, Henry Meehan, Fiona Poh, Gemma Pastellas, Angela Taraborrelli, Nikhil Mishra, Angie Wong and graduates Mitchell Brunker and Crusoe Flynn-Pittar.

The team advising CBA was led by Gilbert + Tobin banking partner John Schembri, with assistance from special counsel Caroline Mathie and lawyers James Lee, Shauna Mainprize, Cinzia Tisano and Logan O’Brien.

Deal significance: As per a statement provided by Herbert Smith Freehills, Toll Global Express was the express parcel, freight delivery and domestic forwarding arm of Toll Group – one of Australia’s largest transportation and logistics companies. 


The company serves more than 36,000 customers, employs more than 8,000 people and generates more than $3 billion in annual revenue.

Completion of the sale to Allegro occurred on 31 August 2021, with final completion of the broader transaction taking place on 1 September 2021.

"Allegro believes that Toll Global Express has a critical role to play as an ecommerce enabler and will benefit from the increase in online transactions since the emergence of COVID-19. The continued growth in online commerce requires robust logistics networks for delivery and fulfilment. Allegro plans to ensure Toll Global Express is positioned to maximise this opportunity," HSF's statement explained.

Commenting further, co-lead partner on the transaction, Paul Apáthy said: “We were delighted to assist our client Allegro Funds with this major acquisition and are very happy with the outcome. This transaction demonstrated the strengths of Allegro’s market-leading transformation and turnaround team, as well the depth of expertise and highly coordinated approach that Herbert Smith Freehills can bring to support complex transactions. We wish Toll Global Express every success under its new ownership.”

Partner Andrew Rich added: “The challenges typically present in a transaction of this size were further compounded by the fact that logistics companies, such as the Toll Global Express business, are inherently complex. I am very pleased to say that the Herbert Smith Freehills team was able to assist Allegro Funds in overcoming these challenges and successfully complete the acquisition.”

Commenting on behalf of Gilbert + Tobin, partner John Schembri said: “We were pleased to advise CBA on this financing which showcased CBA’s deep understanding of this sector and particularly its expertise in the financing of unique asset classes such as vessels and supply chain infrastructure”.

Allegro Funds completes Toll acquisition
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