Firms: Clayton Utz (GWA Group); Gadens (Rinnai Australia Pty Ltd); Ashurst (Noritz Australia)
Deal: ASX-listed GWA Group has made two strategic divestments of non-core assets, GWA Group’s Brivis climate systems and Dux hot water businesses, to Japanese-owned Rinnai Australia and Noritz Australia respectively.
Value: $95.2 million
Key players: Clayton Utz corporate partner Andrew Hay (pictured) led the teams that advised on both transactions. Other team members who provided specialist input were partners Michael Corrigan (competition), Claire Smith (environment and planning), Mark Sammut (insurance and risk) and Ian Bloemendal (commercial litigation).
On the other side of the Brivis transaction, Gadens acted for Rinnai Australia, with Deloitte as financial adviser.
On the Dux deal, Ashurst (Japan) acted for Noritz Australia, with Nomura as financial adviser.
Deal significance: The sales, which were completed as part of competitive tender processes within two months of each other, were to Japanese-owned businesses. “This reflects the current strong level of inbound investment from Japan into Australia by entities that are seeking to expand in strategic growth areas and capitalise on the solid fundamentals of Australian businesses in key sectors,” said Mr Hay.
GWA Group is an Australian supplier of fixtures and fittings to households and commercial premises. Its portfolio of brands includes Caroma, Dorf, Fowler, Stylus, Clark, Austral Lock, Gainsborough, Gliderol and API Locksmiths.