Gilbert + Tobin has advised Mr Brett Blundy and Mr Ray Itaoui on their c. $200 million cash takeover offer for the Best & Less Group.
Best & Less Group is made up of iconic retail brands Best & Less in Australia and Postie in New Zealand. The group operates over 250 retail stores across Australia and New Zealand.
The transaction was structured as an off market takeover offer with a 55% minimum acceptance condition and went unconditional when major shareholders, Allegro & Bignor, accepted into the offer satisfying the minimum acceptance condition. The bidder has now acquired more than 90% of the Best & Less Group shares thereby permitting it to invoke compulsory acquisition to acquire the remaining shares and take the company private.
Mr Brett Blundy and Mr Ray Itaoui are both highly respected figures in the consumer and retail sector with a track record of value creation, with previous investments in Sanity, Accent Group, Lovisa, Aventus Group, Dusk, Universal Stores and Adairs.
Mr Tim Dodd, CFO of BBRC, commented on the deal saying, “We are delighted to have reached a conclusion on an acquisition that represents a good result for all parties. The team at Gilbert + Tobin understood our vision and worked with urgency and diligence to facilitate a smooth transaction in a way that mirrored our values.”
Rachael Bassil commented “We look forward to seeing the Best & Less Group prosper under the leadership of Mr Brett Blundy and Mr Ray Itaoui, two of Australia’s most experienced retailers.”