Movement in the private equity sector

A billion dollar IPO and a private equity sale feature in our latest deal round-up

Firm advises on billion dollar IPO
The cleaning and catering contractor Spotless Group will raise nearly $1 billion through an initial public offering. 
Gilbert + Tobin is acting as issuer’s counsel to Spotless Group Holdings Limited on the IPO and ASX listing.
The firm was led by corporate advisory partners Andrew Bullock and Rachael Bassil.
“Spotless’ management team has done a brilliant job of improving the company since we helped the Pacific Equity Partners-advised funds take it
private in 2012 and we hope Spotless continues its success when it returns to the public markets,” Bullock said. 
Partner James Lewis led the finance team negotiating the new corporate debt facilities to operate post IPO.

King & Wood Mallesons advised the syndicate of banks financing the IPO and was led by banking and finance partner Jeff Clark. 

Herbert Smith Freehills, led by partner Philippa Stone, is also advising Citigroup Global Markets Australia, Deutsche Bank, Sydney Branch and UBS Australia Branch in relation to their role as joint lead managers of Spotless Group.

"This IPO is another example of the increasingly resurgent IPO market we have seen since the second half of 2013. The Spotless transaction will be the largest ASX only IPO since the QR National offering in 2010," Stone said. 
The private equity firm, co-investors and management will retain 49 per cent of Spotless with the $1 billion float representing approximately 51 per cent of the shares on issue.

KWM advises Gresham Private Equity on exit from Silk Logistics Group

King & Wood Mallesons has advised Gresham Private Equity on the sale of WA Freightlines to ASX listed McAleese Group.

The transaction marks the sale of the last operating division of Gresham Private Equity’s portfolio company, Silk Logistics Group.

KWM was led by partners Mike Barker, Mark McNamara and Yuen-Yee Cho.

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