Independent Aussie liquid carrier acquired
Two firms have advised on the acquisition of one of Australia's largest independent bulk liquid carriers.
Firms: Piper Alderman (Friesian McColls Pty Ltd); Herbert Smith Freehills (Pure Logistics Finance Pty Ltd and KKR Mackellar Partners LP)
Deal: Friesian McColls Pty Ltd has acquired 100 per cent of the shares in The McColl's Group.
Value: $52.5 million
Key players: The Piper Alderman team advising Friesian McColls Pty Ltd was led by Piper Alderman’s co-head of corporate, partner James Macdonald, who was assisted by banking partner Martin Lovell and corporate lawyers Jayde Lysy and Mahla Andrade.
Deal significance: According to a statement from Piper Alderman, this transaction sees Friesian McColls Pty Ltd, a company controlled by private investors, headed by former CEO Simon Thornton, acquire 100 per cent of the shares in McColl’s Group Holdings Pty Ltd.
The McColl's Group has been operating for over 60 years and is described as one of Australia's largest independent bulk liquid carrier of milk, food and chemicals.
“We are delighted to have assisted Simon and his investors in their acquisition of McColl’s Group. This is a significant acquisition for the team given the complexity of the structuring, taxation and financing arrangements involved,” the statement from Piper Alderman said.
“Our team across two offices was able to deliver a great result for the client in a competitive bid situation that was run right up to the wire.
“We look forward to working in the future with the McColl’s group as it continues to thrive.”