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Hall & Wilcox in Hastie hydraulics buy

Hall & Wilcox in Hastie hydraulics buy

HALL & WILCOX had to work quickly to complete the $18 million sale of shares by the directors of the Victorian arm of hydraulics supplier Cooke & Carrick (Vic) Pty Ltd to Hastie Group…

HALL & WILCOX had to work quickly to complete the $18 million sale of shares by the directors of the Victorian arm of hydraulics supplier Cooke & Carrick (Vic) Pty Ltd to Hastie Group Ltd.

“The unique feature of this deal was the timing involved. There seemed to be only hours between parties agreeing to go ahead and the share sale agreement being finalised and completed,” said lead partner on the deal Bruce McFarlane.

“There was no room for error — our team had to ensure we covered every base to make the sale smooth and successful for our clients.”

Trading as CDC Plumbing & Drainage, based at Tullamarine in Melbourne, Cooke & Carrick supplies hydraulics services for commercial buildings.

Hastie supplies commercial air conditioning, refrigeration and electrical systems.

“Our entry into the hydraulics market will open up additional cross-selling opportunities and strengthen Hastie’s position to secure multi-service contracts for commercial and industrial buildings in Australia, New Zealand and the United Arab Emirates,” said David Harris, group managing director and CEO of Hastie.

Tax partner at Hall & Wilcox Andrew O’Bryan had initially advised on the tax and restructuring aspects of the transaction.

“We had a team of expert lawyers advising our clients on tax, employment, property and commercial issues in the deal, quickly and efficiently. Quite an achievement considering the time of the year,” said Hall & Wilcox’s managing partner, Tony Macvean.

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