TPG’s $1 Billion Acquisition of Greencross Limited

G+T has advised TPG on the acquisition of ASX-listed pets and vets company, Greencross Limited (Greencross), by way of a scheme of arrangement.

Greencross is one of Australasia’s leading integrated pet care companies, with over 250 retail pet stores, a fast-growing online business and the largest network of veterinary practices in Australasia.

TPG, through a special purpose vehicle Vermont Aus Pty Ltd (BidCo), acquired 100% of the share capital of Greencross following the implementation of the scheme of arrangement on 27 February 2019. As part of the transaction, Greencross shareholders were offered three consideration options including the opportunity to hold stub equity alongside TPG.

The transaction, which values Greencross at an enterprise value of approximately $1 billion, was extremely well supported by Greencross shareholders at the company’s scheme vote held in early February, and was implemented on an accelerated timetable.

G+T has advised TPG with a team including Corporate Advisory Partners Peter Cook (Picture) and Rachael Bassil with support from lawyers Olivia Blakiston, Elizabeth Cameron, Anna De Navi and Matt Green and on the debt financing, led by Banking + Infrastructure Partner John Schembri with support from Consultant Chris Roberts

Involved fees earner: Rachael Bassil – Gilbert + Tobin; Olivia Blakiston – Gilbert + Tobin; Elizabeth Cameron – Gilbert + Tobin; Peter Cook – Gilbert + Tobin; Anna De Navi – Gilbert + Tobin; Matt Green – Gilbert + Tobin; Chris Roberts – Gilbert + Tobin; John Schembri – Gilbert + Tobin;

Law Firms: Gilbert + Tobin;

Clients: TPG Capital;

Author: Michael Patrini