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Private equity firm takes over infrastructure company

Private equity firm takes over infrastructure company

Tim Gordon, Gilbert + Tobin

An initially hostile takeover bid of Cardno Limited by Crescent Capital has been settled for $235 million.

Firms: Gilbert + Tobin (Crescent Capital); McCullough Robertson (Cardno Limited)

Deal: Crescent Capital took over half of Cardno Limited’s ASX-200 shares.

Value: $235 million

Area: M&A

Key players: The Gilbert + Tobin team was led by corporate advisory partners Tim Gordon (pictured) and John Williamson-Noble, with support from lawyer Wendy Hsu.

Deal significance: Crescent Capital is a private equity firm investing in middle market companies in Australia and New Zealand.

Cardno is an ASX-200 professional infrastructure and environmental services company valued at more than $570 million.

Crescent launched a proportional takeover bid for one out of every two Cardno shares on 14 September, with the offer closing successfully for $235 million on 2 November.

The initial takeover bid was hostile, but the two companies entered into an implementation agreement following negotiations, including Crescent increasing its offer price and waiving its bid conditions and Cardno agreeing to changes in board composition.

Gilbert + Tobin lead partner Tim Gordon said: “The use of a proportional bid structure, as well as the terms of the implementation deed regarding the board transition process and the differentiated recommendation, were innovative and resulted in a successful outcome for Crescent and Cardno shareholders.”

 

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