Fletcher Building has unloaded Formica Group with the help of a leading New Zealand firm.
Bell Gully advised the construction giant on the $1.2bn sale of the surfacing products manufacturer to Broadview, a member of the Euronext Amsterdam-listed HAL Trust.
Bell Gully worked with elite New York firm Sullivan & Cromwell on the transaction. The work has earned praise from Fletcher Building.
“The teamwork between Bell Gully, Sullivan & Cromwell and the rest of the deal team and the level of support they provided were key elements in the successful completion of the transaction,” said Charles Bolt, Fletcher Building group general counsel and company secretary.
Bell Gully partner Brynn Gilbertson said that Fletcher Building is a long-standing and valued client. The firm also recently advised on the sale of Fletcher Building Roofing Tile Group to a Canadian buyer for $59.8m. The Formica Group sale is a strategically important transaction, Gilbertson said.
The Bell Gully corporate team also included senior associate Jennifer Coote and solicitor Caroline Dekker. Partner Murray King and senior associate Jennifer Gunser worked from the firm’s banking and finance practice. Tax partner Mat McKay also advised.
The Fletcher Building transaction team included Bolt and Sara Wheeler, general counsel – corporate.
The Sullivan & Cromwell team included partner George Sampas and associates Mimi Wu and Lisa Morales.