Gilbert + Tobin has advised the Commonwealth Bank of Australia (CBA) on the financing of Allegro Funds’ acquisition of the Toll Global Express business.

Toll Global Express is the express parcel, freight delivery and domestic forwarding arm of Toll Group – one of Australia’s largest transportation and logistics companies.  The company has a suite of high quality assets and is a leader in its core markets, which includes express parcel, freight delivery and domestic forwarding services in Australia, and transport and contract logistics services in New Zealand. The company serves more than 36,000 customers, employs over 8,000 people and generates more than A$3bn in annual revenue. The acquisition of this company is a landmark deal for Allegro and the culmination of months of work.

Allegro believe that Toll Global Express has a critical role to play as an ecommerce enabler and will benefit from the increase in online transactions since the emergence of Covid-19. The continued growth in online commerce requires robust logistics networks for delivery and fulfilment. Allegro plans to ensure Toll Global Express is positioned to maximise this opportunity.

G+T was instrumental in advising on the structure and documenting the transaction, which involved the acquisition of two cargo ships and related plant and equipment, as well as real property leases, and was able to effectively negotiate and settle all required finance documents.

The G+T team was led by Banking partner John Schembri, who said “We were pleased to advise CBA on this financing which showcased CBA’s deep understanding of this sector and particularly its expertise in the financing of unique asset classes such as vessels and supply chain infrastructure”.

John was supported by special counsel Caroline Mathie and lawyers James Lee, Shauna Mainprize, Cinzia Tisano and Logan O’Brien.

Gilbert + Tobin’s Banking team is recognised in the leading legal directories, including being recognised as Band 1 for Banking and Finance – Acquisition Finance and Banking and Finance – Corporate Finance by Chambers Asia-Pacific 2021 and Tier 1 for Banking & Finance and Project Finance by Legal 500 2021. G+T has significant experience advising leading Australian and international financial institutions, investment banks, corporations and private equity funds. We act for lenders, borrowers, sponsors and consortia on a range of issues from high-value corporate transactions to complex restructuring projects.

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