DLA Piper has advised a UK-based sawmiller on its acquisition of over half of Hyne Timber – a company with an annual turnover of $380 million.
Firm: DLA Piper (James Jones & Sons Limited).
Deal: DLA Piper has advised Scottish sawmilling company James Jones & Sons Limited on their acquisition of approximately 60 per cent of the family-owned Hyne Timber business.
Key players: The DLA Piper team was led by partner Lyndon Masters and senior associate Alexander Samson. They were assisted by Mim Sherington, Sara de Haan, Andrew Heiner, Luyan Yu, Tom Keyser, Nicholas Turner, Clancy King, Jessica Lim, Hugh Raisin, Kate Pickthall, Kate Howson, Dylan Somers, Rhys Davies, Mariko Hunt, Nicholas Boyle, Claire Kermond, Reuben Woods, Greg Mitchell, Tim Galland, Chelsea Copland, and Jordan Jeffcoat.
Deal significance: The Hyne Timber business is a sixth-generation, family-owned company with an annual turnover of $380 million in the year ending 30 June 2021. The transaction involved collaboration during the due diligence process across various DLA Piper teams in Australia and New Zealand.
Commenting on the deal, Mr Masters said: “We are pleased to have partnered with James Jones & Sons Limited on this acquisition, which now provides them with a strong platform for further consolidation and growth in Australia and New Zealand.
“It was a complex transaction, involving a staged shareholder offer and approval process, placement of warranty and indemnity insurance and approval from the Australian Foreign Investment Review Board.”