Japanese-listed company Kagome Co Ltd has acquired Cedenco JV Australia Pty, SK Foods Australia Pty Ltd (Cedenco Australia) and SS Farms Australia Pty Ltd (SS Farms) for $91million.
Craig Shepard and Mark Korda of KordaMentha Pty Ltd, advised by Blake Dawson, were appointed as receivers and managers of Cedenco Australia and SS Farms on 9 November 2009 in response to certain issues concerning a major shareholder of Cedenco Australia and SS Farms, rather than any solvency issues.
Following completion of a global sale campaign by Goldman Sachs, Cedenco Australia and SS Farms have signed business sale and purchase agreements with Kagome Co Ltd.
Completion will be subject to a number of conditions and is expected to occur on 30 July 2010.
Cedenco Australia is the largest manufacturer of tomato paste and diced tomatoes in Australia, while SS Farms undertakes corporate farming, providing Cedenco Australia with the majority of its tomato raw materials.
Kagome Co Ltd is a leading Japanese food company and is one of the world's largest manufacturers of tomato based products.
The Blake Dawson teams was led by partner Arthur Apos, in conjunction with Michael Sloan, Eliza Blandford and Vanessa Flax.