Private Equity

We pride ourselves on having "whole of transaction" and "life of fund" skills.  We offer expertise that is relevant throughout the life of a private equity fund, from fund formation to raising capital, to individual investments, follow-on acquisitions, re-financings, strategic transactions by investee companies and ultimately their sale.

We understand the value drivers of private equity investments and the requirement for funds to achieve timely and clean exits and can offer solutions to minimise or eliminate post-divestment risks.  We also have particular expertise in developing tax-effective structures including structures with flow-through benefits for offshore investors.

We take an integrated approach to meeting our clients' needs and offer expertise across:

• Fund establishment and tax-effective structuring (including VCLPs)
• Fund management including fee structuring, offshore investment, syndication and financial services reform
• Capital raising
• Expansion capital
• Capital restructuring
• New investments including LBOs, MBOs, MBIs
• Managing investments including advising on a range of corporations law, governance and capital management issues affecting portfolio companies
• Exit strategies including the efficient structuring, negotiation and execution of IPO and trade sale divestments
• Restructuring of debt in relation to distressed assets.

Acting for clients across a wide range of sectors and supported by the firm's national industry groups, we can draw on a wide body of legal and technical expertise in areas such as media and telecommunications and energy and resources.

Experience

Our team has worked on some of Australia's and New Zealand's largest private equity transactions of recent years. Some of the transactions we've advised private equity participants on are provided below.

Australia

• Advised on the NZ$1.525 billion divestment of Independent Liquor to Asahi Group Holdings (2011).
• Advised on the approximately A$700 million sale of iNova Pharmaceuticals to NYSE-listed Valeant (2011).
• Advised on the successful A$201 million plus float of Collins Foods - one of the largest initial public offerings in Australia in 2011.
• Acting as Australian Counsel to Bain Capital on its A$1.2 billion acquisition of MYOB Ltd, Australia's largest independent software vendor, from a consortium led by Archer Capital (2011) - a finalist in the M&A Deal of the Year category (between $1 billion and $3 billion) for The M&A Advisor 2012 International M&A Awards.
• Advised Pacific Equity Partners on a joint venture with Swedish-based global consumer goods company Svenska Cellulosa Aktiebolaget (2011).
• Advised on the sale of Healthbridge's pathology business to Healthscope (2011).
• Advised on the acquisition of Australian Offshore Solutions Pty Ltd (2011).
• Advised Ironbridge on its investment in ISG Management Pty Limited (2011).
• Advised on the proposed acquisition of the Loscam pallets business for approximately A$500 million (2010).
• National Hearing Care for approximately A$400 million (2010).
• Advised Catalyst private equity on its acquisition of the Dusk and Adairs retail businesses (2010).
• Advised Bain Capital Partners on the Australian aspects of Dow Chemical’s US$1.63billion sale of its Styron plastics business to private equity firm Bain Capital Partners (2010).
• Advised on the acquisition of Global Renewables Limited (2010).
• Advised on the acquisition of the Repromed IVF business and Monash IVF business and the formation of the Healthbridge Group (2009/10).
• Advised on the proposed acquisition of Frucor for approximately A$1 billion (2009).
• Advised on the acquisition of the American Stock Transfer & Trust Company for A$1 billion (2008).
• Acted for the lead arranger and underwriter on the provision of a A$900 million facility in relation to the funding of a recapitalisation of the Stella resort and hospitality business owned by MFS Limited and the restructuring of that facility to implement the sale of the business to CVC (2008). 
• Providing advice to the leading industry association in Australia, namely the Australian Venture Capital Association Limited (AVCAL), on a range of issues including tax advice.
• Advised a private equity syndicate on the A$900 million potential acquisition of Tenix (2008).
• Advised a private equity syndicate on its proposed acquisition of the consumer and pharmacy businesses of Symbion Health Limited for A$1.085 billion (2007/08).

New Zealand

• Advised on the NZ$350 million takeover of EnviroWaste Services (2007). 
• Acted on the NZ$1.35 billion acquisition of Independent Distillers (NZ) (2006). 
• Advised on the takeover of Griffin Foods NZ for NZ$390 million (2006). 
• Acted for a syndicate of banks on the $500million+ financing of the acquisition of the MediaWorks business in New Zealand by Ironbridge Capital (2007)

Fund structuring

• Advised Pacific Equity Partners on the structuring of the A$4.2 billion PEP Fund IV, A$1.5 billion PEP Fund III and A$500 million PEP Fund II.
• Acting for Ironbridge Capital on the raising of the A$1.05 billion Ironbridge Fund II.
• Acting for the founding partners on the establishment of Ironbridge Capital, the A$451 million equity raising for their first private equity fund and acting for GIC Special Investments Pte Ltd (the private equity arm of the Government of Singapore) in its A$125 million investment in Ironbridge Fund 1.
• Acted for CHAMP on the fundraising for various CHAMP funds including, most recently, A$300 million for CHAMP Ventures No. 6 fund; A$1 billion for CHAMP II fund; and A$700 million for CHAMP I fund.
• Acting for Pacific Road Capital Management on the US$300 million raising of the first Pacific Road Resources Fund (2007).
• Acting for Macquarie Investment Management Limited in relation to the establishment of Macquarie Private Equity Trust II.
• Providing tax advice to Wolseley in connection with the Wolseley Private Equity Fund II.