Arnold Bloch Leibler (ABL) has acted for the owners of BRB Modular in its $56.5 million sale to Fleetwood Corporation (represented by Corrs Chambers Westgarth), an ASX-listed recreational vehicle and portable accommodation manufacturer.
BRB Modular is a Victorian-based company that manufactures and installs pre-fabricated modular buildings, predominantly for public sector clients in Victoria, New South Wales and Queensland.
The acquisition involved a total purchase price of $56.5 million, comprising $31.5 million in cash to be funded using Fleetwood's facility with Westpac, as well as 2.5 million Fleetwood Corporation shares.
According to ABL, this acquisition gives Western Australia-based Fleetwood Corporation an entry to the public sector market, as well as strengthens its existing presence on the east coast.
It also provides BRB Modular the opportunity to enter markets on the west coast.
The transaction was led by ABL partner Jonathan Wenig with senior associate Jeremy Leibler and lawyer Jeremy Lanzer.