ALB Melbourne Law Firm of the Year Hall & Wilcox advised the vendors on the $18 million sale of their shares in Cooke & Carrick (Vic) Pty Ltd to Hastie Group Limited.
The sale was finalised late Monday 2 July 2007, with the ASX advised yesterday. Cooke & Carrick own and operate a large scale plumbing and hydraulics business, based in Melbourne. The purchase price comprises an initial payment of $18 million in cash, by Hastie Group. The transaction involves an earn-out based on average EBIT for the next two years.
Tax Partner
Andrew O’Bryan initially advised on the tax and structuring aspects of the transaction and Commercial Partner
Bruce McFarlane led the Hall & Wilcox team on the deal. Bruce commented that the timeline of the sale was very tight.
“The unique feature of this deal was the timing involved,” Bruce explained. “There seemed to be only hours between the parties agreeing to go ahead and the share sale agreement being finalised and completed then announced yesterday. There was no room for error - our team had to ensure we covered every base to make the sale smooth and successful for our clients.”
“This deal highlights the service Hall & Wilcox can provide to complete the transaction,” commented Hall & Wilcox Managing Partner
Tony Macvean. “We had a team of expert lawyers advising our clients on tax, employment, property and commercial issues in the deal, quickly and efficiently. Quite an achievement considering the time of year.”
Quick Facts
- Sale of Cooke & Carrick (Vic) Pty Ltd, trading as CDC Plumbing & Drainage
- Hall & Wilcox advised the vendors who are currently CDC’s managing director and operations director and will continue to manage the business
- Buyer was Hastie Group Limited, listed on the ASX
- Purchase price comprises an initial payment of $18 million in cash. The transaction involves an earn-out based on average EBIT for the next two years.
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