Gilbert + Tobin acted for the lenders on Pacific Equity Partners’ $232 million acquisition of ASX-listed food manufacturing company Patties Foods, the maker of brands such as Herbert Adams, Nanna's and Four 'N Twenty pies. The takeover was effected on Thursday 22 September by scheme of arrangement and involved Commonwealth Bank of Australia, the Australia branch of Coöperatieve Rabobank U.A., National Australia Bank Limited and Westpac Banking Corporation as lenders. 

PEP is a notable player in the Australian food industry and brings a wealth of experience and a new energy to an iconic brand. For Patties, this deal presents opportunities of increased capital investment and expansion of its organisation.

Gilbert + Tobin was integral to the transaction by providing strategic advice to the lenders on the terms appropriate for a financing package with a well-established corporate in the food industry. With considerable expertise in this sector, Gilbert + Tobin’s previous experience in advising both sponsors and lenders on similar transactions ensured that this deal met the strict time requirements for schemes of arrangement.

Head of Banking + Infrastructure Partner John Schembri is delighted to have acted for lenders to Pacific Equity Partners.

“This transaction highlights the team’s continued success in market leading acquisition deals in the Australian market, providing an ability to think beyond the legal and commercial. The existing relationships with the financiers, as well as the depth and expertise of our team, enabled us to execute this transaction in accordance with the tight court-mandated scheme timetable and ensure that the deal ran efficiently and without complications.” 

Other team members on the deal included senior lawyers Adela Smith (Banking) and Andrew Sharp (Tax), as well as banking lawyers Corrie Eames and Lauren Cloete.

Gilbert + Tobin’s Banking + Infrastructure team is consistently regarded by many as the firm of choice on banking and financial matters, particularly in relation to acquisition and corporate finance transactions. They are ranked by Chambers as Band 1 for Acquisition Finance.

Expertise Area
Media Contact