Tip Top sold with top-tier firms' aid

Fonterra turned to Chapman Tripp on the sale of its Tip Top business to Froneri, who had leading dealmakers from MinterEllisonRuddWatts help craft their winning bid.

The global ice-cream giant is buying the much-loved New Zealand ice-cream business for $380m, in a deal expected to settle by the end of the month.

The Chapman Tripp team is headed by partners Pip England, Rachel Dunne, and Kelly McFadzien. The team, which includes senior solicitors Philip Ascroft and Steven Giles, worked closely with Fonterra’s legal team, headed by Luke Facer and Fleur Peacocke.

“Tip Top is a beloved New Zealand business, so it was important to ensure its new owner would continue to meet consumer expectations and that its separation from Fonterra occurs as seamlessly as possible. We are proud to have assisted Fonterra on the sale,” England said.

Facer, Fonterra general counsel – global consumer and foodservice, praised Chapman Tripp’s counsel for their work.

“This was a complex sales process, both in terms of structurally separating Tip Top from Fonterra and dealing with a large number of interested parties,” he said. “Chapman Tripp was incredibly proficient at turning around advice quickly and bringing in subject matter experts where needed. We are very pleased with the outcome for our farmers and unit holders.”