Arnold Bloch Leibler advises billionaire family on successful raising

Successful $600m equity raising allows company to navigate the uncertain market from a position of strength

Arnold Bloch Leibler advises billionaire family on successful raising

Arnold Bloch Leibler (ABL) has advised a billionaire Australian family on a blockbuster raising for their company.

The commercial law firm has advised the Wilson Family on the $600m equity raising of the ASX-listed Reece Group.

The group, which had solid performance before the pandemic, said earlier this month that it conducted the raising so that the company remained solid as it navigates the crisis. CEO Peter Wilson even told the Australian Financial Review that the funding will even allow it to acquire competitors that collapse.

The raising was comprised of a fully underwritten $232m accelerated pro rata non-renounceable entitlement offer, a fully underwritten $368m institutional placement, and a non-underwritten share purchase plan.

The Wilson family, which is the major shareholder of the company, committed $170m to the raising. The family was advised by a team headed by commercial partner Jonathan Wenig, who was supported by lawyer Max Grunwald.

“The equity raising will enable Reece to navigate through current market uncertainties from a position of strength,” Wenig said.

ABL’s commercial team also advised the Wilson family about two years ago when the family invested $300m into the Reece Group. The investment was made through an entitlement offer, which was part of a $560m equity raising.

In February, ABL played a key role in the sale of a popular property in Byron Bay to a financial giant. The record-setting deal is the biggest pub transaction in Australia, the firm said.

In October, the firm advised an Australian agricultural chemical company sell off its Latin American assets in a $1.19bn deal. The business and assets were acquired by a Japanese chemical giant.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Holding Redlich confirms role in $3bn super merger

Government announces counter-terrorism legislation

Lateral partner hires boost Ashurst's Asia offerings

Cornwalls adds migration offering after merger

NSW man faces charges after extremist online posts

Clifford Chance bolsters US securities law and debt offering with new partner in Hong Kong

Most Read Articles

Six make partner as Moray & Agnew looks ahead to 2022

Australian Unity Trustees' legal services head on making a difference as an elder law specialist

Baker McKenzie guides $729m renewables assets sale to Shell and ICG consortium

White & Case elevates six to counsel in Australia