The ~$60m combination will birth a global uniforms platform
Thomson Geer has assisted ASX-listed investment firm Hancock & Gore Ltd with its acquisition of UK-based independent school uniform retailer Schoolblazer.
The ~$60m deal will see Schoolblazer merge with Hancock & Gore wholly owned subsidiary Mountcastle Pty Ltd to birth a “global uniforms platform with leadership positions in the schoolwear segment across the UK, Australia, and New Zealand”, Thomson Geer said. Lead partner Eugene Fung described the combination as a “transformative merger that will see both Mountcastle and Schoolblazer grow and expand their offering in new markets”.
The acquisition will take place via a cash and scrip transaction. The firm also guided Hancock & Gore on the associated equity capital raising, which generated $18.5m to fund the purchase.
Merging with Schoolblazer is in line with Mountcastle’s offering in the Australian schoolwear market. This includes procurement synergies across shared suppliers and “balanced seasonality with peak back to school periods in opposite hemispheres to smooth profitability and working capital cycles”, Thomson Geer said.
Schoolblazer will continue to develop and expand its UK operations. It will also commence the development of its presence in Australia.
Thomson Geer served as the Australian legal counsel to Hancock & Gore; Fung received support from senior associate Thomas Gardner and lawyer Michael Chong. Eversheds Sutherland advised Hancock & Gore on the UK aspects of the deal.
