Firms: Herbert Smith Freehills (Haddrell family, founders of Supagas), Clayton Utz (TNSC)
Deal: Supagas was sold to TNSC.
Value: $300 million
Key players: The Herbert Smith Freehills team was led by executive counsel Ben Landau (corporate M&A) and partners Baden Furphy (corporate M&A) and David Sinn (property).
They were supported by solicitors Jenny Altherr, Robert Prosser and Elizabeth Goodman (corporate M&A), senior associate Carla de Luca and solicitors Emma Larkin and Olivia Lamberg (property).
The Supagas group, a liquid petroleum gas (LPG) and industrial gases manufacturing and distribution business, was established by the Haddrell family in 1968 and supplies over 1 million cylinders of LPG annually, employing approximately 275 people around Australia.
“The sale of Supagas to TNSC Australia creates a national LPG and industrial gases businesses, through the merger of Supagas and TNSC Australia’s Renegade Gas,” executive counsel and leader of the HSF advisory team Ben Landau told Lawyers Weekly.
“The merger will create a national competitor for the likes of BOC, Air Liquide, Origin and Coregas.”
He predicts the market is likely to continue to see consolidation of smaller players in the LPG and industrial gases sector, as LPG prices are tipped to remain high in 2017.
The Supagas founders signed the agreement on 18 November; completion is expected to occur later this year.