Herbert Smith Freehills has advised Asaleo Care on its A$350 million new banking facilities that will refinance its existing debt facilities on completion of Asaleo Care’s upcoming initial public offering (IPO). Herbert Smith Freehills also advised Asaleo Care on various material contracts including its Trade mark and Technology Licence and Supply material contracts and advised Pacific Equity Partners in relation to the IPO.
Asaleo Care was listed on the Australian Securities Exchange on 27 June 2014.
Asaleo Care is a leading personal care and hygiene company. Asaleo Care manufactures, markets and distributes consumer products across the Feminine Hygiene, Incontinence Hygiene, Baby Hygiene, Consumer Tissue and Professional Hygiene product categories. Asaleo Care has operations throughout Australia, New Zealand and Fiji.
Asaleo Care’s existing shareholders are Svenska Cellulosa Aktiebolaget SCA (SCA) (a leading global hygiene and forest products company that conducts sales in approximately 100 countries and has approximately 44,000 employees), a leading Australian private equity firm, Pacific Equity Partners (PEP) and certain management shareholders. Following the completion of the IPO, the PEP entities are not expected to have an interest in Asaleo Care, and SCA and other management shareholders will retain approximately 34.2% of the shares in Asaleo Care.
Finance partner Hayley Neilson advised Asaleo Care on the IPO facilities. Hayley was supported by senior associate Kelvin Choy and solicitor James Mesiti. Corporate partner Kristin Stammer advised on intellectual property aspects and the material contracts. Kristin was supported by senior associates Nick Golding, Hannah Wright, Conor Seenan and Melanie Bouton. Corporate partners Damien Hazard and Michael Ziegelaar advised Pacific Equity Partners.
Ms Neilson said, “This transaction is further evidence that financiers remain keen to support companies in their transition from private equity owned businesses to publicly listed companies. Herbert Smith Freehills is delighted to have been advising Asaleo Care on its debt facilities as a private company since its acquisition by PEP in early 2012 and as it enters into its next phase as a publicly listed company.”
