06 Dec 2013

Collins Foods turns to Clayton Utz to snag Competitive Foods for $55.6 million

Brisbane, 6 December 2013: Clayton Utz has provided legal advice and support to our client ASX-listed Collins Foods Limited in respect of its strategic acquisition of KFC fast food restaurant franchisee, Competitive Foods Pty Ltd, for a purchase price of $55.6 million. The deal was signed on 28 November.

Clayton Utz Corporate / M&A partner Andrew Hay led the firm's multidisciplinary transaction team, which included Corporate partner Stuart Byrne and senior associate Esteban Gomez, Banking partner Alex Schlosser and senior associate Kathryn Mitchell, and Real Estate special counsel Matthew Castley.

The acquisition, which remains subject to certain conditions, will see Collins Foods expand its network of KFC outlets outside of the East coast to Western Australia and the Northern Territory. Competitive Foods is one of the largest operators of KFC fast food outlets in Western Australia.

A Clayton Utz team, led by Andrew Hay, has also advised Collins Foods' wholly owned subsidiary, Collins Foods Group Pty Ltd, on its acquisition of a 50 per cent stake in gourmet hotdogs start-up business, The Snag Stand Group, for $2.25 million. The transaction, which involved pre-completion restructuring of the Snag Stand Group, completed on 29 November.

Clayton Utz acted for Collins Foods on its Initial Public Offering and listing on the ASX in 2011.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.