Australia’s Gilbert+Tobin Advises on Pet Care Company Selldown, Refinancing

Australian corporate law firm Gilbert + Tobin is advising Australia’s largest pet care company, Greencross, on its partial selldown to investment funds and $1.1 billion refinancing.

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

While no deal value was revealed, media reports put the value of the entire company at A$3.5 billion (US$2.5 billion).

The G+T team working on the transaction was led by corporate advisory partner Rachael Bassil.

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

“It was a pleasure advising on these incredible transactions. The investments by Australian Super and HOOPP shows the strength of Greencross and it has been great to see the business grow and thrive since being taken private 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 corporate partners Will Heath and Nicola Charlston.

Greencross operates vet clinics around the country.

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

Last year was a record year for mergers and acquisitions in Australia, despite COVID-19 disruptions, closed borders, supply chain challenges, climate change concerns and a spotlight on ESG.

Some 62 deals valued at over A$50 million were announced in 2021, according to figures collated by G+T in its TAKEOVERS + SCHEMES REVIEW 2022. Total deal value was A$130.5 billion (US$94 billion) in 2021, compared with A$23 billion in 2020.

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