find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
McCullough Robertson makes quick steel deal

McCullough Robertson makes quick steel deal

MCCULLOUGH ROBERTSON Lawyers has helped speed up the purchase of a 55.6 per cent stake in a Queensland steel manufacturer by a Sydney-based private equity firm.The law firm said it managed to…

MCCULLOUGH ROBERTSON Lawyers has helped speed up the purchase of a 55.6 per cent stake in a Queensland steel manufacturer by a Sydney-based private equity firm.

The law firm said it managed to finish its part of the work for the $35 million investment by Next Capital in SteelForce within the relatively short time of 31 days.

Private equity specialist Peter Feros and Brett Heading of McCulloughs’ corporate advisory group headed the legal team.

Feros said these types of deals normally take between one to three months, but with a lot of late nights they were able to complete the deal at the bottom end of that scale.

Prior to agreeing to the offer from Next Capital, SteelForce had been working towards an IPO, and was keen on a speedy deal. “One of the attractions for SteelForce was that we could deliver on quite an ambitious timetable,” said Feros.

“We put forward documents that were not entirely one-sided and commercially reasonable documents, and I think that got us a long way to getting a deal done in that timeframe.”

He said the fact that OneSteel and Smorgan, two of the largest steel producers in Australia, announced a merger during the transaction highlighted the fact that the steel industry is an attractive and interesting sector to be in at the moment.

The investment will allow it to build a national distribution network in addition to its centres in Queensland and New South Wales and broaden the range of products it manufactures. The company also owns and operates a steel mill in northern China.

Next Capital was established by three former private equity executives from Macquarie Bank.

Like this story? Read more:

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

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

McCullough Robertson makes quick steel deal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Dec 11 2017
Warm welcome for new district court judges
Three practitioners who were appointed as district court judges in WA have been congratulated by ...
Lawyers welcome same-sex marriage reform
Dec 11 2017
Lawyers welcome same-sex marriage reform
Australian lawyers have welcomed the recent legalisation of same-sex marriage, after a prolonged nat...
Senate disallows double standards for temporary visa holders
Dec 8 2017
Senate disallows double standards for temporary visa holders
Lawyers have welcomed the Senate’s rejection of regulations imposing strict penalties on temporary...
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 & ...