Ogier has advised R&R Ice Cream on the Jersey aspects of its acquisition of Peters Food Group in Australia for an enterprise value of AUD440m (approximately €305m or £240m).
R&R is known for ice-cream brands in the UK such as Fab lollies, Rowntree’s Fruit Pastille lollies and Kelly’s Cornish ice cream and in mainland Europe for the Mondelez ice-cream range. Peters is described as a leading ice-cream manufacturer in the Australian grocery channel.
R&R funded the acquisition with a mixture of equity and by the issuance of a dual tranche (€ and AUD) bond, offering €150m aggregate principal amount of 4.75 per cent senior secured notes due 2020 and AUD152m aggregate principal amount of its 8.25 per cent senior secured notes due 2020.
The separate Ogier Legal and Ogier Fiduciary Services teams acted alongside Latham & Watkins in London (which advised R&R on financing matters) and Allen & Overy (which advised R&R on Australian corporate and related matters).
Kirkland & Ellis London and Carey Olsen acted for the financiers/initial purchasers of the bonds.
The Ogier Legal team in Jersey was led by Simon Dinning (partner) and Paul Burton (managing associate) and included Elaine Kelly (senior associate) and Ross Rennie.
The Ogier Fiduciary Services team was led by director Stephanie Rose and comprised Valentina Zammataro, Laetitia Kersogien and Frances Slattery.