Australian Gilbert + Tobin advise on selling and refinancing a pet care business

Australian business law firm Gilbert + Tobin advises Australia’s largest pet care company, Greencross, on its partial sale to investment funds and $1.1 billion refinancing.

Private equity fund TPG Capital has sold a 45% stake in Greencross to the Australian Super and Canada’s HOOPP.

Although no transaction value was revealed, the media estimated the value of the whole company at 3.5 billion Australian dollars (2.5 billion US dollars).

The G+T team working on the transaction was led by Rachael Bassil, Business Advisory Partner.

The firm also advised Greencross on the A$1.5 billion cov-lite unitranche refinancing and dividend recapitalization, with the debt financing team led by banking and project partner John Schembri.

“It was a pleasure to advise on these incredible transactions. The investments from Australian Super and HOOPP show the strength of Greencross and it is great to see the business grow and prosper since its privatization by TPG in 2019,” Bassil said in a statement.

“We look forward to continuing to work with TPG and Greencross.”

King & Wood Mallesons advised Australian Super, with a team led by business partners Will Heath and Nicola Charlston.

Greencross operates veterinary clinics across the country.

Australia is in the midst of a booming M&A market.

Last year was a banner year for mergers and acquisitions in Australia, despite disruptions from COVID-19, border closures, supply chain challenges, climate change concerns and the accent put on the ESG.

Some 62 deals worth more than A$50 million were announced in 2021, according to figures compiled by G+T in its TAKEOVERS + SCHEMES REVIEW 2022. The total deal value was $130.5 billion Australian dollars (94 billion US dollars) in 2021, compared to 23 billion Australian dollars. in 2020.