Good Spirits Hospitality’s Acquisition of Nourish Group

Buddle Findlay assisted Good Spirits Hospitality on the acquisition of the Nourish Group.

Good Spirits Hospitality (NZE:GSH) has made a deal to buy Nourish Group, which will double the company’s size.

Good Spirits Hospitality (GSH) will take ownership of Soul Bar & Bistro, Talulah, The Chamberlain, The Brit, Andiamo, Shed 5, The Crab Shack (Wellington), Pravda Café and Grill, and the Auckland and Queenstown Jervois Steak House venues.  GSH already owns ten venues including the well-known Danny Doolans and The Cav. 

The base purchase price is $21.3m and has a possible earnout of up to $5.9m payable within two years through an agreed earnout formula based on venue performance. The transaction will be funded through a combination of cash, new debt and equity placement. 

The deal is conditional on obtaining shareholder approval, GSH’s financier (Nomura subsidiary Pacific Dawn) entering into new financing agreements, obtaining debt and equity to fund the transaction and securing supplier and landlord consents. The shareholder vote to approve the transaction will be sought in a special meeting in the first quarter of 2022.

The Buddle Findlay team was led by partner Grant Dunn (Picture) and included partners Miriam Andrews, Sarah McEwan, Hamish Selby and Tony Wilkinson, senior consultant Simon Vodanovich, senior associates Amy Goatley and Ed McGimpsey, senior solicitor Jessica Seo and solicitor Siobhan Reynolds. 

 

Involved fees earner: Miriam Andrews – Buddle Findlay; Grant Dunn – Buddle Findlay; Amy Goatley – Buddle Findlay; Sarah McEwan – Buddle Findlay; Ed McGimpsey – Buddle Findlay; Siobhan Reynolds – Buddle Findlay; Hamish Selby – Buddle Findlay; Jessica Seo – Buddle Findlay; Simon Vodanovich – Buddle Findlay; Tony Wilkinson – Buddle Findlay;

Law Firms: Buddle Findlay;

Clients: Good Spirits Hospitality ;

Sonia Carcano

Author: Sonia Carcano