Herringbone, founded 11 years ago by former merchant bankers John Mutton and Matt Jensen, was placed into voluntary administration in December 2008. Van Laack will now have ownership of the brand and retail outlets of the shirt and suit retailer.
According to the van Laack company announcement, the deal will secure the place of Herringbone in the Australian market, as well as securing 37 jobs, eliminating Herringbone’s debt and boosting its international presence.
The Allens team, led by Partner Steve Clifford, consisted of senior associates Al Knox, Rebecca Sadleir and Nick Fletcher.
Allens was able to help the Germany-based van Laack with a full service of legal advice: from the negotiation, drafting and execution of the business sale agreement and due diligence, through to strategic advice around the need for an expedient transaction for the acquisition’s success.
According to Clifford, the deal was a rewarding one to work on for all involved.
“We were very pleased to work alongside our German-based client on a deal that results in a positive outcome for all.
“It’s exciting that we could be a part of our client’s success in entering the Australian market, but it was equally rewarding to be working alongside a great team on a deal that ultimately saves a well-known Australian brand.”
Herringbone sells suits and men’s accessories in 13 shops throughout NSW, the ACT,