Marshall Bromwich, Brisbane-based partner, leads Australian due diligence team
Norton Rose Fulbright has announced that it is advising Volution Group plc – based in Crawley, West Sussex, England – on its proposed acquisition of Fantech Group in Dandenong South, Victoria, from the owners of Elta Group Ltd in Kingswinford, England.
The initial consideration has been set at $220m on a debt/cash-free basis and further non-contingent consideration at $60m, payable 12 months after the completion date, according to NRF’s press release.
Fiona Millington, corporate and M&A partner, led NRF’s deal team representing Volution in London, U.K. Assistance came from Mark Maurice, counsel; Matt O’Shea, counsel; Charlie Warren, associate; and Ellen Pen, associate.
Dominic Stuttaford, Mike Knapper, and Matt Foster advised on the transaction’s tax, IP/IT, and warranty and indemnity insurance aspects, respectively. These three partners are also based in London.
Marshall Bromwich, Brisbane-based partner, led the Australian due diligence team. Laura Martin, Brisbane-based senior associate, and Terry Stavrianos, associate, provided assistance. Georgina Hey, Sydney-based partner, and Ka-Chi Cheung, Melbourne-based partner, gave specialist support.
Ian Giles, London-based partner, and Claire Forster, Sydney-based partner, coordinated on antitrust advice. Zoe Lonard, Sydney-based special counsel, and Maxine Richard, Sydney-based associate, assisted.
Volution’s £230m multi-currency sustainability-linked revolving credit facilities, with an uncommitted £70m accordion facility, will partly finance the acquisition. A syndicate of international banks provided refinancing.
The refinancing team included Neha Khosla, London-based partner, primarily assisted by Shivani Patel and Ian Lam, London-based associates. Other lawyers from across NRF’s London, Sydney, Frankfurt, Amsterdam, and Milan offices also assisted.
Deal parties
“We are delighted to advise our longstanding client, Volution, on its largest acquisition to date and support its further expansion into one of its key markets,” said Millington in the firm’s press release.
Volution Group plc is an international designer and manufacturer of energy-efficient indoor air quality solutions, with brands across the U.K., Continental Europe, and Australasia.
Fantech Group – which includes the Fantech, Ideal Air, NCS Acoustics, Air Design, Major Air, Systemaire, and Burra Steel brands – is a provider of commercial and residential ventilation in Australia and commercial ventilation solutions in New Zealand. The company has 13 manufacturing, warehouse, and sales locations across Australia and New Zealand.
