Firms: Minter Ellison (GrainCorp and Gardner Smith on joint bid and Gardner Smith sale to GrainCorp), Freehills and Bell Gully (Goodman Fielder on the sale of Integro Foods), Gilbert + Tobin (GrainCorp on the acquisition of Gardner Smith)
Deal: GrainCorp and Gardner Smith joint bid to acquire Integro Foods and the related long-term supply arrangements. Gardner Smith sells to GrainCorp
Value: Combined purchase price of $472 million
Key players: Costas Condoleon led the Minters team, with assistance from Anthony Borgese, Gordon Williams, Antra Hood, Christopher Jordan, Nicholas Pascoe and Dennis Schubauer. John Wiliamson-Noble led for G +T. Rebecca Maslen-Stannage and Catriona McGregor advised for Freehills on the corporate aspects of the transaction, while Sarah Kenny, Shaun Reynolds, Kwok Tang and Ben Wray advised on the transitional service agreements and the long-term supply arrangements
Deal significance: GrainCorp has agreed to acquire Gardner Smith and also Goodman Fielder's commercial oils business, Integro Foods. Both businesses will be combined to form GrainCorp Oils, creating a leading integrated edible oils business. The Integro business has three manufacturing sites, which will transfer as part of the sale, two in Australia and one in New Zealand. The sale excludes Goodman Fielder’s out-of-home business in Australia and its Asia-Pacific fats and oils business. The sale is expected to complete at the beginning of October and Goodman Fielder will provide the buyer with short-term transitional assistance after the sale. As part of the deal, Goodman Fielder will enter into a long-term supply arrangement with GrainCorp and Gardner Smith for the supply of oil and finished goods to Goodman Fielder, thereby securing and delivering an efficient supply chain.
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