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Major firms seal $80m dairy sale
Four firms have advised on the acquisition of one of Australia’s largest single-site dairy operations.
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Firms: DLA Piper (Australian Fresh Milk Holdings Pty Ltd – a consortium comprising Freedom Foods Group, Leppington Pastoral Company and New Hope Dairy); Addisons (Moxey Farms), Marsdens (Perich Family), King & Wood Mallesons (New Hope)
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Deal: The acquisition of Moxey Farms by Australian Fresh Milk Holdings, an incorporated joint venture formed to invest in intensive dairy farming in Australia
Value: $80 million
Area: M&A
Key players: The DLA Piper team was led by Asia-Pacific head of corporate Bryan Pointon (pictured), with senior associates Horace Wu and James McCarthy who advised on all legal aspects of the establishment of the joint venture and the acquisition of Moxey Farms.
Onno Bakker, DLA’s head of banking and finance in Australia, and senior associate Sarsha Housham advised on the financing arrangements, while senior associate Bhavini Sundarjee advised on land and water matters.
Deal significance: The transaction secures access to a long-term supply of milk as the group explores expansion opportunities. It also leverages Freedom Foods’ processing capabilities and New Hope Dairy’s Asian footprint to readily access export markets such as China and south-east Asia.
