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Firms dig deep on multi-million dollar quarry sale
Two firms have negotiated acquisition of a sand quarry business by Hanson Construction Materials.
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Firms: King & Wood Mallesons (Hanson Construction Materials); Ashurst (Fletcher Building)
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Deal: Hanson Construction Materials bought the Rocla Quarry Products business from Fletcher Building
Value: $203 million
Area: M&A
Key Players: The KWM team was led by Sydney-based partner Adrian Perkins (pictured) and senior associate James Slimnicanovksi, supported by a multi-disciplinary team from across the firm.
Deal Significance:
Rocla Quarry Products operates 12 sand quarries in metropolitan Perth, Adelaide, Melbourne and Sydney, as well as a number of smaller and greenfield sites.
Rocla also holds a 50 per cent interest in joint venture operations at Mt Marrow, Mittagong and Cowra.
“Due to the geography and mix of the assets, the deal involved traversing a complicated and inconsistent regulatory framework across five states, against the background of a tightly run competitive bid process,” according to a statement from KWM.
Credit Suisse and First NZ Capital acted as financial advisers to Fletcher Building.
