THE grandson of the man who founded real estate chain LJ Hooker has fulfilled a life-long dream of buying the family creation back.
In an acquisition deal led by law firm Gilbert + Tobin, L. Janusz Hooker has acquired the business in an $82 million deal, including $67 million for the company, which comprises a real estate franchise and a mortgage broker business.
The acquisition also sees LJ Hooker pay Suncorp Metway $15 million in dividends that have been accrued so far this financial year.
Gilbert + Tobin advised the investment group lead Hooker on its acquisition of the Hooker Corporation Limited (HCL) from Suncorp Metway.
Corporate transactions partner Charles Bogle led the transaction and was assisted by senior lawyer Paul Baker.
The creator of the franchise, Leslie Hooker, founded the company in 1928, nit the family sold out of the business in the late 1970s. The company went into liquidation in the late 1980s, Smart Company reports, following a property sector crash. It was acquired by Suncorp in 1989.
“We are very happy for [Hooker], it was a pleasure to advise on this transaction, particularly given the family history of the business. It is also an excellent outcome for the parties involved”, Bogle said.
Gilbert + Tobin recently advised on GrainCorp's acquisition of a commercial malt manufacturers and its associated capital raising. It also advised on AGL Energy's sale of its Hallett 4 wind farm.