Gilbert + Tobin has advised GrainCorp Limited (GrainCorp) on the sale of its Australian Bulk Liquid Terminals business to ANZ Terminals Pty Ltd (ANZ Terminals) for an enterprise value of approximately $350 million. The deal was announced to the market yesterday. As part of the sale arrangements, Gilbert + Tobin also advised GrainCorp on a long-term storage agreement, which will take effect on the sale’s completion.
The sale of the Australian Bulk Liquid Terminals business is an outcome of GrainCorp’s ongoing Portfolio Review. The divestment to ANZ Terminals, an experienced operator of bulk liquid terminals, along with entry into a long-term storage agreement, secures GrainCorp ongoing access to infrastructure to support its oils business. GrainCorp will also release capital and unlock significant value for shareholders as a result of the sale.
G+T provided strategic advice in relation to GrainCorp’s divestment of this established infrastructure business. Corporate Advisory Partner John Williamson-Noble led the G+T team on this deal, which involved partners and lawyers from across six of the firm’s industry specialisations.
Commenting on the deal, Mr Williamson-Noble said, “This was a significant transaction for GrainCorp, exiting their investment in the Australian Bulk Liquid Terminals business in the context of the Portfolio Review. We are thrilled to have assisted GrainCorp throughout this process and support the business with expertise across multiple G+T practice groups. ”
Mr Williamson-Noble was supported by lawyers Chris Morse, Jenny Leung and Jack Coles. Partner Tim Gole and special counsel Melissa Fai, assisted by lawyer Stephanie Essey and consultant Rosalind Moffatt, advised in relation to the long-term storage agreement and other transitional arrangements. Real Estate and Property partners Amanda Hempel and Ben Fuller respectively provided advice on property and environmental issues, assisted by lawyer Ammara Ijaz.
GrainCorp was also advised by Competition + Regulation partner Elizabeth Avery and lawyer Amelia McKellar. Partner John Schembri and lawyer Erin Cartledge provided support from G+T’s Banking + Infrastructure group.
GrainCorp acquired the Australian Bulk Liquid Terminals business in 2012 as part of the acquisition of Gardner Smith. The business operates eight liquid terminals sites across Australia. The sites are designed to store and handle bulk liquid fats and oils, fuels and chemicals for a range of customers, including GrainCorp Oils.
Blackpeak Capital acted as GrainCorp’s financial adviser.
Gilbert + Tobin has advised on many of Australia’s largest and most innovative transactions, including advising Harbour Energy on its $14.4 billion bid for Santos, Investa Property Group on the $3.4 billion contested acquisition (by trust scheme) of Investa Office Fund, Coca-Cola Amatil on the joint acquisition by Amatil and its major shareholder, US-based The Coca-Cola Company, of a 45% equity stake in Made Group and CHAMP Private Equity on the $1 billion sale of Accolade Wines.