Grocery powerhouse snaps up major fisheries business with DLA Piper's help

by Sol Dolor02 Oct 2019

DLA Piper has helped a grocery powerhouse acquire one of New Zealand’s largest fisheries quota holders.

The global firm advised Foodstuffs North Island Ltd on its acquisition of the business and assets of Leigh Fisheries and Leigh Bait.

The DLA Piper team that negotiated the deal was headed by partner Reuben Woods. He was supported by senior associate Sam Wilson and solicitor Edward Krishna. Partner Katie Carson led on debt matters. US legal issues were handled by DLA Piper Silicon Valley.

Financial details of the deal were not disclosed, but DLA Piper said that the deal was complex.

“The target group and shareholding structure was complex. The deal was structured as a business and asset acquisition, with shares in domestic and offshore subsidiaries also acquired, and the interests of joint venture parties, seller shareholders and other stakeholders carefully managed and navigated. The DLA Piper and Foodstuffs teams worked very closely and seamlessly to execute this complex and significant transaction,” the firm said.

Woods said that the deal is an important acquisition for Foodstuffs.

“The same high-quality fish being sold into more than 300 top restaurants – and exported into Europe – is now secured for the benefit of customers at New World, PAK’nSAVE, Gilmours and Four Square stores. It was a pleasure to advise Foodstuffs on this transaction,” Woods said.

DLA Piper’s work on the deal earned praise from David Stewart, GM for merchandise at Foodstuff.

“Reuben and Sam from DLA Piper have provided exceptional legal support and advice throughout this critical transaction for Foodstuffs.  Reuben and Sam have been technically strong but also very commercially focussed, and fantastic at leading Foodstuffs through very complicated due diligence and deal structuring issues.  DLA Piper have proven again through this transaction why they are Foodstuffs’ trusted corporate legal advisers,” he said.