17 January 2006
Perth, 17 January 2006: Clayton Utz has played a key advisory role in the recent acquisition of P&O Cold Logistics, a refrigerated warehousing and distribution business, by Canadian cold storage facilities operator Versacold Holdings Corp. from the Peninsular and Oriental Steam Navigation Company ("P&O"), for approximately C$382 million (A$435 million).
The transaction involved acquisitions in the United States, Australia, New Zealand and Argentina, and a debt and equity raising by Versacold in Canada, with the main closings taking place in Seattle and Sydney in December. The acquisition significantly strengthens Versacold's position as a leading operator of refrigerated warehousing in the North American, Australian and New Zealand markets.
Clayton Utz M&A partner Will Moncrieff led a team drawn from the firm's Perth, Sydney, Melbourne and Brisbane offices, with the core transaction and financing team comprising Peter Wilkes, Scott Girdler and Brett Cohen of the Perth office.
Mr Moncrieff described the closing process as particularly demanding due to the numerous advisers, jurisdictions and transactions involved.
"The Perth office of Clayton Utz has had extensive dealings with Canadian companies and advisers on many mining deals in the last few years, and it was pleasing to put our transactional skills to the test on a significant industrial acquisition for a Canadian client," Mr Moncrieff said. "Transactions of this nature require the co-operation of many to succeed, and on this deal we were particularly pleased to have had the opportunity to work closely with Versacold's Canadian advisers Fraser Milner Casgrain, US advisers Stoel Rives and New Zealand advisers Simpson Grierson."
Allens Arthur Robinson led by Jon North and Fred Chilton acted for P&O and Freehills led by Patrick Lowden acted for the financiers headed by Bank of Nova Scotia.
Clayton Utz, Fraser Milner Casgrain and Simpson Grierson are all members of the Pacific Rim Advisory Council, a strategic alliance of 31 top tier independent member law firms with a business focus on the Pacific Rim region.
