Transaction creates a global leader in its sector, a lead principal says
Russell Kennedy has advised in the creation of a market-leading business through a cross-border acquisition in Australia.
The firm advised Perrot Mill on the sale of its majority stake in Australasian Steel Products Proprietary Limited, the holding company of RYCO Hydraulics, to Manuli Rubber Industries SpA.
The Milan-headquartered Manuli will merge its Manuli Hydraulics and Fluiconnecto divisions with RYCO to create a business with sales of nearly $820m per year. The combined business will have more than 4,500 employees.
“Both Manuli and RYCO are family owned and run private companies with similar cultures and a shared commitment to remaining agile, responsive and customer-focused. This merger creates benefits greater than either company could achieve alone,” said , Leigh Morrison, RYCO Hydraulics chief executive.
Russell Kennedy principal Andrew Parlour said that the transaction combines two market leading hydraulic hose and fittings businesses into a global leader. Parlour and special counsel Rory Maguire headed the Russell Kennedy Team. They were supported by lawyer Angela Liu.
Russell Kennedy said that Herbert Smith Freehills advised Manuli, with a team headed by partner Andrew Clyne, who was supported by senior associate Sam Kings and solicitors Amanda Cowan and James Paolucci. KPMG also advised Manuli.
Arnold Bloch Leibler advised minority shareholders of RYCO. The team was headed by partner Jonathan Wenig and included lawyers Luke Jedynak and Michelle Ainsworth.
Deloitte also advised Perrot Mill, Russell Kennedy said.