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Description of the Deal |
Share Purchase Deal pursuant to which MYERS HOLDINGS BRASIL LTDA acquired 100% of the stock of PLASTICOS NOVEL DO NORDESTE S.A (NOVEL BAHIA) subject to a prior corporate reorganization of NOVEL BAHIA whereby the company PLASTICOS NOVEL DO PARANÃ S.A (NOVEL PARANA) would be a wholly owned subsidiary of NOVEL BAHIA. |
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Value of the Deal |
US$ 27.500.000,00 |
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Closing date |
July 3rd, 2012 |
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DeA Participation |
DeA assisted Myers Group on the legal due diligence and risk assessments, definition of the transaction structure, negotiation of the terms and conditions of the transaction, preparation of the Letter of Intent (LOI), draft of the Share Purchase Agreement (SPA), as well as documentation, schedules and ancillary contracts. |
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Members of DeA Involved |
1. Partners: Edimara Iansen Wieczorek, Daniel Caramaschi and Luciano Burti Maldonado 2. Associates: Marco Favini, Luciano Wolf de Almeida and Graziela Mellis |
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Other Law Firm Involved - Individual Names |
Counsel to the Sellers only in part of the transaction: Barbosa, Müssnich& Aragão Individuals: Plínio Simões Barbosa Counsel to Myers Group in USA: Benesch, Friedlander, Coplan & Aronoff LLP Individuals: Megan L. Mehalko and Sara Bunke Evans |
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Participation of In-House Counsels |
1. BNY Mellon Brasil (Escrow Agent) - Villemor Amaral Advogados Individuals:Corintho Falcão Neto |
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Financial Advisers |
PricewaterhouseCoopers Transaction Services Ltda. |
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Auditors |
PricewaterhouseCoopers Transaction Services Ltda. |
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Importance of the Deal - summary (E.g.: setting legal precedent, complexity, money involved) |
Since MYERS INDUSTRIES (parent company of MYERS HOLDINGS BRASIL LTDA) is a NYSE-trade company the transaction involved a high level of complexity to implement Corporate Reorganization pursuant to which NOVEL PARANÃ would be a wholly-owned subsidiary of NOVEL BAHIA prior the Closing. The NYSE-trade rules and the terms of the transaction demanded the immediate payment of all tax and banking debts carried out by both NOVEL PARANÃ and NOVEL BAHIA at the same day of the Closing. Such payment allocated about US$ 25.000.000,00 in debts and demanded prior conference and monitoring acts with the tax authorities and banks to allow the payment of all debts, as well as the payment of the share purchase price to each of the Sellers and capital contribution to each of the acquired companies in one single day. In addition, since NOVEL PARANÃ and NOVEL BAHIA were both a family owned companies, the transaction managed issues to avoid risk associated to FCPA rules. President and Chief Executive Officer John C. Orr said, "Novel complements our existing material handling business in Brazil, and has strong ties with industry-leading companies through its reputation for innovation and service. Novel clearly fits our material handling and geographic growth strategy." Founded in 1975, Novel has two manufacturing facilities located in the Brazilian states of Bahia and Paraná, covering the major industrial and agribusiness centers of northeastern and southern Brazil. Specializing in injection molded material handling products, Novel is a leader in reusable plastic containers for markets ranging from food and beverage to agriculture. Its industrial safety and traffic products range from safety helmets and ear protection to signs and flooring. With major international companies as its customers, Novel is highly regarded for continuous innovation, quality and service. |
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Contact Info of the Client (name, title, telephone, e-mail) |
John Orr President & Chief Executive Officer - Myers Industries, Inc. Tel: (330) 761-6139 email: jorr@myersind.com Salvador Incanno Vice President of Business Development & Corporate Treasurer
- Myers Industries, Inc.Tel: (330) 253-5592 Fax: (330) 761-6375 • Mobile: (330) 208-7748 email: sincanno@myersind.com Jose A Panosso General Manager - Myers do Brasil Fone +55 (19) 3847-9990 Fax +55 (19) 3937-4451 Cel +55 (19) 9633-3028 email: jpanosso@myersind.com |
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Directories Informed |
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