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Firms bring home salty deal
Thomsons Lawyers and Clayton Utz have acted on a $150 million acquisition to create the largest producer of domestic salt in Australia.
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Firm: Thomsons Lawyers (CK Life Sciences); Clayton Utz (Ridley Corporation Limited)
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Deal: CK Life Sciences Int'l. (Holdings) Inc. acquires Cheetham Salt Limited
Area: M&A
Value: $150 million
Key players: The Thomsons M&A team was led by partner David Zwi (pictured). Partner Fraser Bell managed property-related aspects of the deal. Clayton Utz Melbourne corporate partner Michael Linehan led that firm's team, which included senior associate John Brewster and lawyers Quentin Reidy and Angela Manolakos
Deal significance: CK Life Sciences is currently the largest supplier of turf management products and services in Australia, as well as the second largest supplier in the country’s home garden products industry and pest management industry. It is one of the largest manufacturers of health supplements and complementary medicines in Australia, and is the second largest vineyard owner in the country. With the addition of Cheetham, the company will also become the largest producer of domestic salt in Australia.
The acquisition of Cheetham represents CK Life Sciences’ third investment into Australia this year, following the purchase of Peaty Trading Group in January and three vineyards in Western Australia’s Margaret River region in October.
The acquisition is subject to New Zealand Overseas Investment Office approval as Cheetham has business assets in New Zealand. The transaction is expected to be completed by the end of February 2013.
