The firm also advised on a bespoke management equity plan for the major acquisition
Gilbert + Tobin (G+T) has confirmed its role in the $3.2bn acquisition of Arnott’s last year.
The firm’s banking team advised KKR on the $1.04bn and US$400m first-lien / second-lien Term Loan B financing used in the deal, which also included several assets of the Campbell Soup Company’s international business.
G+T said that it also advised KKR on a bespoke management equity plan for the acquisition. John Schembri, the firm’s banking partner who headed the deal team, said that the deal is KKR’s largest ever buyout in Australia. It provides the investor an opportunity to both grow Arnott’s in Australia and develop other Campbell brands across Asia, he said.
“The US-style Term Loan B facilities (which include a delayed draw facility) will provide Arnott’s with a flexible financing package to help secure its strategic objectives going forward,” Schembri said.
He was supported by lawyers Erin Cartledge, Kerry-Lee Carew and Charley Xu, and graduate Matt Mewing.
On the corporate aspects of the transaction, corporate advisory partner Alex Kauye advised KKR. He was assisted by special counsel Ebony Keenan-Dunn and lawyers Travis Cordingley, Ciara Coleman, and Joshua Fisher.
Allens was lead legal adviser to KKR, working alongside US legal adviser Simpson Thacher & Bartlett. King & Wood Mallesons advised Campbell Soup, which has been advising since its takeover of Arnott’s in 1993.