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Gilbert + Tobin advises TPG on its acquisition of Greencross Limited
G+T has advised TPG on the acquisition of ASX-listed pets and vets company, Greencross Limited (Greencross), by way of a scheme of arrangement.
Greencross is one of Australasia’s leading integrated pet care companies, with over 250 retail pet stores, a fast-growing online business and the largest network of veterinary practices in Australasia.
TPG, through a special purpose vehicle Vermont Aus Pty Ltd (BidCo), acquired 100% of the share capital of Greencross following the implementation of the scheme of arrangement on 27 February 2019. As part of the transaction, Greencross shareholders were offered three consideration options including the opportunity to hold stub equity alongside TPG.
The transaction, which values Greencross at an enterprise value of approximately $1 billion, was extremely well supported by Greencross shareholders at the company’s scheme vote held in early February, and was implemented on an accelerated timetable.
G+T’s market-leading Corporate Advisory and Banking + Infrastructure teams advised on all aspects of the transaction including structuring, regulatory, due diligence and financing.
On the scheme of arrangement, the G+T team was led by Corporate Advisory Partners Peter Cook and Rachael Bassil with support from lawyers Olivia Blakiston, Elizabeth Cameron, Anna De Navi and Matt Green and on the debt financing, led by Banking + Infrastructure Partner John Schembri with support from Consultant Chris Roberts.
Rachael Bassil said “We are delighted to have assisted TPG with this transaction, which was significant in terms of its size, structure and speed of completion. It is a credit to TPG that they have been able to successfully implement such a large and complex public to private transaction so smoothly and efficiently. We look forward to seeing Greencross continue on its successful trajectory under its new ownership.”
Gilbert + Tobin’s market-leading Corporate team has advised on many of Australia’s largest and most innovative transactions, including advising Harbour Energy on its $14.4 billion bid for Santos, GrainCorp on its $3.3 billion (enterprise value) approach by Long Term Asset Partners and Investa Property Group on the $3.4 billion contested acquisition (by trust scheme) of Investa Office Fund.