find the latest legal job
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Arncliffe NSW 2205
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: All Sydney NSW
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Senior Property Lawyer I Commercial Litigator
Category: Property Law | Location: Sydney NSW 2000
· Rapidly growing law firm, working with a highly experienced team in a high growth industry across all areas of property and strata law
View details
Plenty of slices in pie deal

Plenty of slices in pie deal

Deacons and Clayton Utz have represented Patties Bakery in its acquisition of the savoury and sweet bakery assets of Simplot Australia, being the brands Four’N’Twenty, Herbert Adams and…

Deacons and Clayton Utz have represented Patties Bakery in its acquisition of the savoury and sweet bakery assets of Simplot Australia, being the brands Four’N’Twenty, Herbert Adams and Nanna’s.

Simplot has retained the land and buildings at its Kensington, Victoria facility. Production of both Patties Bakery and Simplot Bakery products will be performed at Patties Bakery facility at Bairnsdale.

Patties funded the transaction with both a debt facility from National Australia Bank (represented by Mallesons Stephen Jacques) and a hybrid equity issue arranged by Macquarie Bank (represented by Allens Arthur Robinson). Patties’ corporate adviser was Ernst & Young M&A.

As a result of the acquisition, Patties has become the national leader in the savoury pastry segment of the frozen food market.

A family-owned business since 1996, Patties has a history of strong revenue and earnings growth.

Patties’ long-term plan is to offer participation in the future growth of the company to the public and to seek a listing on the Australian Stock Exchange.

Deacons represented Patties in respect of the debt and equity funding of the transaction, and Clayton Utz represented Patties in respect of the acquisition from Simplot. Minter Ellison represented Simplot.

Rod Lyle, the Deacons partner who lead the Deacons team, said it was very pleasing to be involved in a transaction where a long-established, Australian-owned family company was building its brand strength and reach by acquiring well-known and long-standing icon brands such as Four’N’Twenty. The transaction had its challenges in terms of matching the due diligence and covenant requirements for the bank and hybrid equity funding with the purchase negotiations. He said that having two firms involved worked well and he believed that Deacons and Clayton Utz worked very effectively and cooperatively together to meet Patties’ needs for both the funding and the acquisition and to get the deal across the line on the best possible terms for Patties.

Like this story? Read more:

Book commemorates diamond milestone for WA law society

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

Plenty of slices in pie deal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Gavel, legal book, criminal lawyers
Jan 19 2018
Three criminal lawyers named NSW magistrates
The NSW Attorney-General has announced the appointment of three new local court magistrates. ...
Warning
Jan 18 2018
Lawyer highlights ‘unintended consequences’ on SSM estate planning
A succession lawyer has warned that the right for same-sex couples to legally marry could have a sub...
drug rehabilitation services available in rural and remote communities
Jan 18 2018
ALS survey shines spotlight on insufficient rehabilitation services
A new survey posted by the Aboriginal Legal Service (NSW/ACT) has revealed an alarming insight into ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...