The joint head of HSF Kramer’s ECM group sits on FDC’s new board, as does a former Skadden lawyer
Allens has advised construction, fitout and building services business FDC on its landmark IPO and ASX listing – the biggest one completed to date for the year, the firm said.
The company was valued at about $1.1bn, with the IPO raising roughly $400m – representing 41% of shares on issue according to an FDC media release. It listed under the name FDC Consolidated Holdings Ltd on 9 July.
“It has been a challenging environment for IPOs, owing to a range of factors. FDC's successful implementation of this deal speaks to the quality of its business and the people who drive it”, Allens M&A and capital markets partner Chris Blane said.
FDC Group first lodged its prospectus with ASIC on 29 June. Its market capitalisation at the time was listed at $969m based on offer price.
“After carefully considering a range of options, we believe an IPO is the right path for FDC. It allows us to continue leading the business and open ownership to more of the people who have helped build it”, said Ben Cottle, founder and chairman of FDC. “I look forward to leading the board and welcoming our new institutional investors as we embark on a new chapter as a public company, making sure the way we look after our clients, our investors and our people remains as personal as it’s ever been”.
Under the IPO, the current shareholders will hold on to 60% of shares in the business post listing. Managing director Russell Grady will become CEO while Andrew Kearney steps into the role of chief financial and operating officer.
The board of the listed entity will consist of Ben Cottle, non-executive director Blake Cottle and independent non-executive directors John Whiteman, Ryan Arnold and Philippa Stone, who is joint head of the ECM team at Herbert Smith Freehills (HSF) Kramer.
Arnold once practised with Blake Dawson Waldron (now Ashurst) and Skadden, Arps, Slate, Meagher & Flom. Whiteman is a seasoned fund manager and equities investor with over three decades under his belt.
The joint lead managers on the IPO are UBS and Moelis. Deloitte and KPMG served as advisors to FDC.
The Allens team that provided legal advice to FDC was led by M&A and capital markets partner Julian Donnan. Donnan and Blane were joined by senior associates Michael Burrell, Will Brown, Hayden Choi and Sylvia Tran; managing associate Tom Hall; special counsel Gadi Bloch; associates Liam Slabber, Lachlan Martin and Fergus Rees; lawyers William Tudehope, Emma Cottle and Kei Shishido; and law graduates Eleanor Clifton-Bligh and Ella Anderson.
Projects partner Nigel Papi and senior associate Louise Flynn pitched in as well.
FDC was established in 1990 and has operated across the commercial, health, education, industrial, aged care and data centre sectors. It recently worked on The Cutaway at Barangaroo, Sydney Swans HQ, Macquarie University’s Michael Kirby Law School, the Mondelēz Manufacturing and Distribution Facility and Macquarie Data Centres projects.
