Downer & Company Completes Sale of Goodman Fielder Subsidiary to Tessenderlo Chemie NV
Announces divestiture of client's remaining Ingredients business.
BOSTON, April 16, 2003 - Downer & Company, LLC, an international investment banking firm specializing in middle-market corporate acquisitions and divestitures, announced that the company has completed the sale of Leiner Davis Gelatin, a subsidiary of Goodman Fielder Ltd., to Tessenderlo Chemie NV for $67 million USD. The sale closed on April 4, 2003.
Goodman Fielder is the largest Australian-owned food company producing many of Australia's and New Zealand's best-known brands as well as products and ingredients for the food service, commercial and industrial sectors. Tessenderlo, through its PB Gelatins business, currently operates facilities in Belgium, Germany and the UK with a production capacity of 22,000 tons of gelatin a year. With this acquisition, PB Gelatins confirmed its position as the number three producer of high-quality gelatins worldwide. Most of this gelatin is used in the food and pharmaceutical industries.
Downer & Company acted as joint advisor with Grant Samuel, a leading independent Australian and New Zealand investment house, on this transaction.
Tessenderlo is an international chemicals group with over 112 branches in 22 countries, employing 8,000 people. The group is a European or world leader in most of its product areas including inorganic chemicals, fine chemicals, PVC, plastics converting and natural organic products. Visit their website at www.tessenderlo.com.
About Goodman Fielder
Goodman Fielder is the largest Australian-owned food company producing many of Australia's and New Zealand's most popular and well-known brands as well as products and ingredients for the food service, commercial and industrial sectors. Goodman Fielder's major product areas include retail branded bread and other baked goods, cereals, snack foods, margarine, edible oils, sauces, dressings, Asian cuisine, pasta, cake mixes, desserts and food ingredients. For more information, please visit www.goodmanfielder.com.au.
About Grant Samuel
Grant Samuel is a leading independent investment house with offices in Sydney, Melbourne, Perth and Auckland. Established in 1988 and wholly owned by its executives, the group employs more than 80 people across its Corporate Finance, Property and Private Equity businesses. Grant Samuel's Corporate Finance practice is known as one of the leading independent corporate advisory groups in Australia and New Zealand specializing in mergers and acquisitions, capital raisings, corporate restructurings and valuations. For more information, visit www.grantsamuel.com.au.
About Downer & Company
Since its inception in 1975, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company received an award for transacting the “International Cross-Border Deal of 2004” and was recognized as the top Investment Banking Firm of 2003 by The Mergers & Acquisitions Advisor. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit www.downer.com.
Joseph J. Downing