$60m sale advised by Clarendon Lawyers
Clarendon Lawyers has advised manufacturer Bio-E Australia on the sale of its business to Star Combo.
Firm: Clarendon Lawyers (Bio-E Australia), MinterEllison (Star Combo)
Deal: Clarendon Lawyers has advised the founders and shareholders of Bio-E Australia on the sale of its natural health, food and beverage manufacturing business to Star Combo Pharma Ltd.
Value: $60 million
Key players: The Clarendons team was led by director Rob Feiner. He was assisted by associate Dean Beaumont and lawyer Ayesha Singh.
Deal significance: The transaction, which saw Deloitte Private acting as Bio-E’s corporate adviser, involved the sale of 100 per cent of the shares in Bio-E for an aggregate purchase price of $60 million, which will be satisfied by a combination of cash and the issue of scrip in Star Combo to Bio-E shareholders, a statement from Clarendon Lawyers said.
The transaction allows for further potential conditional earn-out payments and is expected to complete in August 2019, subject to certain conditions, it was noted.
Bio-E specialises in the manufacturing of high-quality natural products made from responsibly sourced materials. Star Combo is an ASX-listed company which manufactures and distributes a range of vitamins, dietary supplements and skincare products in both domestic and international markets.
Mr Feiner congratulated the Bio-E shareholders on the transaction: “It has been a pleasure to assist the Bio-E shareholders on the sale of the Bio-E business to Star Combo. This transaction is a great result of the Bio-E team and a testament to their hard work to build such a strong business in a relatively short period of time.
“We look forward to seeing the business continue to thrive under Star Combo.”