Deals round up: Firms advise on $89m acquisition, $62m purchase

by Hannah Norton17 Jul 2015
Simpson Grierson has advised South Island-based power company Marlborough Lines on its acquisition of an 80 percent stake in Yealands Wine Group for $89m.

The team consisted of Michael Pollard and Anastasiya Gutorova.

"It was great to be involved in a key deal for the Marlborough region like this one and deeply satisfying when it all came together in the end,” Pollard said.

Yealands is the sixth biggest wine company in New Zealand.

A joint statement from the two companies stated that Marlborough Lines had realised $100 million in cash from investments, and wanted to reinvest locally.

Marlborough Lines managing director Ken Forrest said opportunities to invest in the electricity industry were limited, leading the company to look at other options.

"We are satisfied this will be a successful investment, which will broaden our asset base for the benefit of Marlborough people."

Firms advise on $62m purchase

Anthony Harper advised Aria in its sale of three Auckland aged care facilities to Arvida Group for $62m.

Chapman Tripp advised Arvida Group.

Anthony Harper consultant Simon Marks acted for Chris and Jenny Stokes, the management and stakeholders of the retirement villages.

“It was a pleasure working for Chris and Jenny Stokes and the team at Aria, and helping them secure the sale to Arvida,” Marks said.

“We look forward to continue working with Arvida and Aria in the future.”

The deal received the required regulatory consents from the statutory supervisor and District Health Board and Ministry of Health on 30 and settled 3 July.

It was financed by a cash settlement of $27.5m, $6m in shares and a repayment of $26.7m of Aria’s debt.

The Chapman Tripp team was led by partner Roger Wallis, assisted by senior associates Adrien Hunter and Nick Letham, and solicitor Briar Malpas.

Wallis recently told NZLawyer the deal was complex as the villages were owned by two different syndicates, with around 18 vendors in each.

“To make the negotiations manageable, at an early stage the vendors held an investor meeting and appointed one of their number as their agent to conclude the transaction.

“From our perspective, Chapman Tripp was able to draw on the significant expertise we have in the retirement village sector across our offices to complete the due diligence and obtain various consents within a very short timeframe [for this deal],” he said.