Transactions Newsletter – December 2022

As 2022 comes to a close we wish our clients a safe and happy holiday break. Our Transactions, Strategy and Business Improvement team has enjoyed a successful year of solid deal flow, growth and change.

As we look to 2023 we remain optimistic. We expect the abundance of private debt and equity capital to drive activity in Australia and privatisation of listed assets as a key area of interest given valuations have been in decline in 2022. We see the mid-market as a key driver of deal flow while M&A at the top-end-of-town becomes more challenging, until the cost of debt stabilises and listed boards have greater confidence in the outlook for their businesses. Health Care, Supply Chain and the Energy Transition will remain areas of focus.

Recent Deals & Activity

Advised Hickory on their successful capital raise from Stack Infrastructure. Funds will be used to construct data centres in Melbourne, Canberra and Perth.

Advised BUMA, a large listed Indonesian mining services business, on its acquisition of Downer’s Open Cut East Mining Services business.

Financial due diligence for Bunzl acquisition targets including a designer, importer and manufacturer of storage systems, medical devices and consumables distribution businesses.

Financial due diligence assistance to the Fiji National Provident Fund on the investment in Fiji Airways, Fiji’s flag carrier airline.

Due diligence assistance to the Casino regulators of NSW, Victoria and WA in relation to Blackstone’s takeover of Crown resorts.

Vendor assistance services to Wesfarmers Industrial and Safety for the sale of Greencap Holdings Ltd, a provider of risk management and compliance services.

Financial due diligence for Lonsec on their acquisition of managed discretionary account provider Implemented Portfolios Limited.

Adviser on sale of Australia’s leading cathodic protection services provider Corrosion Control Engineering to Eptec.

Provided buy side due diligence for Endota Spa on the acquisition of Forme Spa and Wellbeing, the largest day spa group in New Zealand.

Engaged by medical technology company, MedAdvisor Limited to perform financial due diligence for their $9.1m acquisition of Guildlink.

Provided financial due diligence to Are Media on the acquisition of Hard to Find, a leading e-commerce business.

Provided financial due diligence assistance to CVC Emerging Companies on the investment in Cloudwerx, a leading mid-market Salesforce consulting business.

Financial due diligence for DGL Group for the acquisitions of Temples Chemical Warehousing Division and Austrech Chemicals.

Financial due diligence for Deep Blue Company on the acquisition of ByTheRules, a conveyancing law firm with 26 administrative franchisees.

Advisor to Viral Ventures arranging a growth loan to facilitate store roll-out of Karen’s Diners in Australia, the UK and US.


Team Growth

Our business grew significantly in 2022 and we welcomed two new partners to the Transactions, Strategy and Business Improvement team.

Sam McCombe was admitted to the partnership on 1 July 2022. Sam has over 15 years experience with expertise on the buy and sell-side of M&A transactions, capital raisings and strategic reviews, with extensive experience in the Consumer and Transport & Logistics sectors.

Gordon Morrison joined the firm as a partner on 1 August 2022. Gordon has over 20 years of experience advising shareholders, boards and senior management of private and public companies, and financial sponsors. He brings extensive Energy and Resources capability along with US and UK experience.

We also welcomed several new starters over the last 12 months including Lucille Nicoll (Senior Manager), Sam Hoiles (Senior Manager), Zac Bradford (Assistant Manager), Mark Batrouney (Senior Analyst), Kim Domleo (Senior Analyst), Curtley Duncan (Senior Analyst), Jesse Velleman (Analyst), Viktoria Kovacs (Analyst) and Michael Zhao (Analyst) and have made further new hires to commence in the new year. We are actively recruiting and would be pleased to connect with anyone in your network with an interest in joining our team.

AUTHORED BY

Hugh Monaghan

Hugh Monaghan
Partner, Sydney
T: +61 2 9248 9915
E: hmonaghan

Gordon Morrison

Gordon Morrison
Partner, Sydney
T: +61 2 9338 2630
E: gmorrison

Rhyan Stephens

Rhyan Stephens
Partner, Sydney
T: +61 2 9248 9977
E: rstephens

Sean Wiles

Sean Wiles
Partner, Sydney
T: +61 2 9248 9986
E: swiles

David Barnaby

David Barnaby
Partner, Melbourne
T: +61 3 9038 3188
E: dbarnaby

Christopher Davey

Christopher Davey
Partner, Melbourne
T: +61 3 9038 3137
E: cdavey

Samuel McCombe

Samuel McCombe
Partner, Melbourne
T: +61 3 9038 3186
E: smccombe

Selina Gerner

Selina Gerner
Partner, Brisbane
T: +61 7 3333 9848
E: sgerner