Hall & Wilcox helps plate up $40m acquisition and a $30m raising for gourmet food brand

The transaction bolsters Maggie Beer Holdings’ e-commerce capabilities

Hall & Wilcox helps plate up $40m acquisition and a $30m raising for gourmet food brand
James Morvell

Hall & Wilcox has helped Australian gourmet food producer Maggie Beer Holdings (MBH) on the $40m acquisition of e-commerce business Hampers & Gifts Australia (HGA), as well as with the related $30m capital raising.

MBH CEO Chantale Millard told the ASX that the deal would “help us transform the MBH Group and move it to its next level of growth and shareholder value.” The company’s annual report for 2020 revealed that online sales volume skyrocketed by 167% in December 2020 – a result that was attributed in large part to the increase in stay-at-home consumption during COVID-19.

The acquisition of HGA is expected to speed up MBH’s online sales growth further. According to Hall & Wilcox lead partner James Morvell, the transaction is “part of the company’s increased focus on e-commerce and direct-to-consumer sales.”

Following HGA’s sale, founder Emily McWaters will stay on with MBH in her role as creative director, according to an ASX announcement.

The $30m capital raised will be applied to the cash component of HGA’s purchase price, Hall & Wilcox said. The raising effort involved a placement and an underwritten accelerated non-renounceable entitlement offer.

Bell Potter Securities acted as the lead manager and underwriter in the capital raising.

Morvell’s team consisted of senior associates James Bull and Vanessa Murphy, who the firm said took the lead on “key streams of the transaction.” Lawyers David Holland, Alex Berry, Tamara Charlwood, Michael Henderson and law graduate Aron Mazur handled the corporate aspects, while partner Mark Dunphy and lawyer Nhu-Thuy Dinh took charge of the employment aspects.

Partner Emily Kyriacou and lawyer Chi Han Yeo advised on the property aspects of the deal.

Last year, Hall & Wilcox helped its clients to generate more than $80m in capital raisings.

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