Gilbert + Tobin acts in $449m acquisition of enterprise software and services company

Firm says it is "proud to have been involved in such a significant public-to-private transaction"

Gilbert + Tobin acts in $449m acquisition of enterprise software and services company

Gilbert + Tobin (G+T) has acted on the $449m acquisition of an ASX-listed software company by a private equity investment group.

The firm advised Pacific Group Bidco Pty Ltd, an entity owned by funds advised by Pacific Equity Partners (PEP), on the financing aspects of its acquisition of 100% of the shares in tech firm Citadel Group Limited by way of a scheme of arrangement.

The firm’s team on the deal was led by John Schembri, banking + Infrastructure partner at G+T, and supported by partner Spiro Papadolias, lawyer Corrie Eames, and graduate Logan O’Brien.

In a joint statement, Schembri and Papadolias said that they are “proud to have been involved in such a significant public-to-private transaction for our longstanding and highly valued client, Pacific Equity Partners.”

“The acquisition of Citadel will complement their portfolio of investments and we look forward to Citadel’s continued growth in this market under PEP ownership,” the two said.

Citadel is a software and technology company that specialises in secure enterprise information management across health, national security, defence, and corporate enterprises. The company specialises in providing core software for medical specialists and secure records management software, technology and professional services to a diversified set of government clients in Australia and the UK.

Pacific Equity Partners secured support for its $449 million acquisition of Citadel by receiving backing for the approach from the company’s Board back in September 2020. The scheme was approved by the Federal Court on 7 December 2020 and was implemented on 17 December 2020.

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