Herbert Smith Freehills Kramer (HSF Kramer) has advised long-standing private equity client, The Growth Fund, and minority shareholders on:
- the sale of Black Mount Spring Water (Black Mount) to Tasman Capital; and
- the sale of AFS Logistics (AFS) to FMH Group, a portfolio company of Pacific Equity Partners.
Black Mount is a bulk spring water supplier that sources and transports natural spring and mineral water for Australia's major bottled water brands. With sources located across Victoria, New South Wales, Queensland and Western Australia, Black Mount has experienced significant growth and operates a large fleet of specialised, purpose-built tankers capable of delivering 28,000 - 60,000 litres of water.
AFS is a provider of logistics and freight management solutions that supports over 80 brands nationally and internationally. AFS has become of one of Australia's fastest-growing logistics specialists, recognised for its expertise and customer-focused solutions.
The HSF Kramer team was led by Partner Tom Hoare with support from Senior Associate Jack McDonell and Solicitors James Webb and Zoe Feldman. Partner Patrick Clark assisted on the competition aspects of these transactions.
Tom Hoare said, "We have acted for The Growth Fund for over 10 years on more than 15 transactions, including the original acquisitions of Black Mount and AFS. We are pleased to assist The Growth Fund over the full life cycle of their ownership of these businesses and to see them successfully exit their investments. We would like to thank Craig Cartner, Adam Foster, Alex Huynh and the broader team at The Growth Fund for their continuing support."
The Growth Fund were assisted by A&M, GreenMount and EY on the tax and accounting aspects of these transactions.
These transactions are the latest examples of HSF Kramer's market-leading work in Australian private equity and private M&A. Other recent examples include advising:
- Carlyle on its acquisition of Waste Services Group;
- Adamantem Capital on its acquisition of Mason Stevens by way of scheme of arrangement;
- Mercury Capital, and its portfolio company Fyfe, on the acquisition of Middleton Group;
- Mercury Capital, and its portfolio company Fyfe, on the acquisition of Ecology and Heritage Partners;
- Mercury Capital, and its portfolio company Fyfe, on the acquisition of NGH;
- Ventia on its acquisition of PowerNet Constructions; and
- Vimian on its acquisition of David AI.