McPherson’s acquires Home Appliances for $22m

11 March 2013

News

Thomsons has acted for McPherson’s Limited (the buyer) and Anacacia Capital Pty Limited (the seller) on the acquisition of ~82% of Home Appliances Pty Ltd by McPherson’s for $22 million.

Partner David Zwi, Senior Associate Jason Marcus and Associate Helen Jin acted for McPherson’s on the acquisition and associated capital raising, comprising an underwritten placement and a share purchase plan. Partner, Dan Kramer and Lawyer, Bernardo Wood acted for Anacacia, the seller of Home Appliances.

The acquisition will be funded through a fully underwritten placement of $24 million. The placement is fully underwritten by CBA Equities Limited who is acting as sole lead manager, bookrunner and underwriter to the equity raising. Herbert Smith Freehills acted for the underwriter.

McPherson’s successfully completed its placement on 7 March 2013, the same day the transaction was announced, and will launch its share purchase plan shortly. Completion of the acquisition is expected to occur by the end of March 2013 and is conditional on receiving customary approvals.