Fleetwood acquires BRB Modular
Corrs Chambers Westgarth has assisted Fleetwood Corporation Limited (Fleetwood) in its acquisition of BRB Modular Pty Ltd (BRB), advised by Arnold Bloch Liebler.
The acquisition involved an investment by Fleetwood of $56.5 million, comprising 2.5 million shares in Fleetwood and a payment of $31.5 million in cash, to be funded using Fleetwood's facility with Westpac. BRB currently manufactures and installs prefabricated modular building solutions predominantly for the public sector in New South Wales, Queensland and Victoria.
According to Corrs, the acquisition provides Fleetwood with an immediate entry into the public sector in these states and the potential to enter the market in other states and territories.
It also provides capability for Fleetwood's existing business, most notably as a provider of accommodation for the resources industry to expand into the east coast markets.
The Corrs team was lead by corporate partner Christian Owen and senior associate Louis Martin.
Corrs acts on Canadian capital raising
Corrs Chambers Westgarth has acted as Australian counsel on Andean Resources Limited's C$234.5 million ($250 million) capital raising.
The offering by Andean, which is listed on both the ASX and TSX, was made primarily to North America-based investors under a short form Canadian prospectus and was completed through a syndicate of underwriters with BMO Capital Markets and RBC Capital Markets as joint book runners.
The proceeds of the offering will be used to advance the exploration and development of Andean's Cerro Negro project in Argentina and for general working capital purposes.
The Corrs team was led by James Rozsa, together with senior associate Jaclyn Riley-Smith and lawyer Georgina Gill.
Fraser Milner Casgrain LLP acted as Canadian counsel to Andean.