Gilbert + Tobin has advised Quadrant Private Equity and the shareholders of Superior Food Services on the sale of Superior Food to ASX-listed Metcash Limited (ASX:MTS).
Superior Food is a leading Australian foodservice distribution business and the acquisition will enhance Metcash’s core food wholesale and distribution capabilities.
The transaction represents a total potential enterprise value of up to A$412.3m and will be funded via a fully underwritten institutional placement and existing Metcash cash and available debt facilities.
Superior Food has a large network of ~600 suppliers with a product range comprising ~15,000 SKUs. Products are delivered to ~20,000 customers across a diverse range of markets including quick service restaurants, corporate caterers, cafés, restaurants and hotels. Superior Food will continue to be led by founder and current CEO, Craig Phillips, and will operate within the Metcash Food pillar.
Corporate Advisory M&A partner David Josselsohn led the matter for G+T, together with lawyers Ashleigh Kern, James Fisher and Taylor Jones.
The Corporate Advisory M&A team was supported by Competition, Consumer + Market Regulation partner Charles Coorey and special counsel Sarah Lynch, Environment + Planning partner Ben Fuller. As well as Real Estate team members including special counsel, Jo Bayes and lawyers Chris Tohme and Nina Pearse, Energy + Infrastructure lawyer Michal Magat and Intellectual Property lawyer Fiona Brittain.
Speaking of the transaction, David said "We are pleased to have assisted our long-standing client Quadrant Private Equity and Superior Food on this transaction, having advised on Quadrant’s initial investment in Superior in 2015. We look forward to seeing this leading Australian foodservice business continue to grow under Metcash’s ownership."