Ashurst has acted for Bubs Australia in a milestone acquisition.
Bubs Australia has agreed to buy NuLac Foods, the owner of the CapriLac and Coach House Dairy brands. It has also agreed to buy a 49.9% stake in the facilities producing NuLac Food products.
Bubs will pay about $25m in cash, 19.99% of all bubs shares upon completion, and an earn out of up to $13.4m, subject to performance.
Bubs will also acquire NuLac’s sales and marketing functions, intellectual property and brands, and will ink a deal with the milk processing joint venture for 100% of its milk supply. If certain conditions are met, Bubs will also have the option to acquire the Australian farm operating company and associated goat farms from the Australia-based vendors.
Ashurst’s team is led by corporate partner Kylie Lane. She is also assisted by corporate partner Elspeth Arnold, intellectual property partner Kellech Smith, employment partner Jane Harvey, disputes partner Mark Bradley, real estate partner Richard Brooks, corporate finance partner Kenneth Nguyen, and tax partners Ian Kellock and Geoff Mann.
“The proposed acquisition will transform Bubs' business and the successful capital raising is another strong sign of confidence in the strategy being pursued,’ said Lane.
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