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AFS Logistics sells controlling stake to The Growth Fund
Clarendons Lawyers has advised the founders of AFS Logistics on the sale of interest in its business to The Growth Fund.
Emma Musgrave
Firms: Clarendons Lawyers (AFS Logistics); Herbert Smith Freehills (The Growth Fund).
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Deal: The Growth Fund has acquired a controlling stake in AFS Logistics.
Value: Undisclosed.
Area: Finance, corporate.
Key players: The Clarendon Lawyers team was led by managing director Tony Symons and director Andrew Chan who were assisted by associate Zara Treacy and lawyer Nik Sachdev.
Deal significance: As per a statement provided by Clarendon Lawyers, AFS Logistics was founded in 1995 and has since become one of Australia’s premier third and fourth-party logistics management solutions specialists.
Meanwhile, The Growth Fund is a leading Australian private equity group with portfolio companies across industry sectors, including Quantum Radiology, Best Friends Pets, Royans and M&J Chickens.
“The sale of a controlling interest in AFS Logistics, whilst maintaining significant shareholdings for founder Tony Bates and CEO Paul Hopgood, will enable the business to continue to grow through a combination of their logistics experience and commercial stewardship of The Growth Fund,” the statement read.
Commenting further, Clarendon Lawyers managing director Mr Symons said: “We were delighted to advise Tony and Paul on the transaction and look forward to watching AFS’s progress in The Growth Fund’s stable.
“It has been a privilege to play a part in the next step of AFS Logistics’ journey. We have extensive experience in advising founders on deals involving private equity and continue to see a significant number of deals involving investment by PE firms into founder led businesses.”
Director Mr Chan added: “This is a terrific result for Tony and Paul in obtaining an investment to accelerate the growth of the AFS Logistics Business after having the courage to disrupt the Australian logistics industry 25 years ago through continuing to invest in technology and data driven insights.
“We regularly help founders to navigate their sale processes and we were proud to support Tony and Paul in this process. We look forward to watching AFS Logistics continue to grow and prosper under The Growth Funds’ custodianship.”
