Together with HSF, Goldman Sachs and PwC, the founders conducted a competitive sale process which saw Supagas acquired by TNSC (Australia) Pty Ltd (TNSC Australia).
On 18 November 2016, the founders signed agreements for the sale of the Supagas group and associated properties to TNSC Australia for over $300 million. Completion is expected to occur later this year.
HSF advised on all aspects of the sale transaction, including pre-sale structuring and diligence, transaction documentation and strategy, warranty & indemnity insurance and the sale of properties located throughout Australia.
The team was led by executive counsel Ben Landau (corporate M&A) and partners Baden Furphy (corporate M&A) and David Sinn (property).
They were supported by solicitors Jenny Altherr, Robert Prosser and Elizabeth Goodman (Corporate M&A), and senior associate Carla de Luca and solicitors Emma Larkin and Lamberg (property). Specialist advice was provided by partner Matthew Bull (competition), executive counsel Natalie Perrin (employment) and special counsel Michael Voros (environment), partner Martin MacDonald, senior associate Melanie Chan and solicitor Mary Griffiths (banking).
Established in 1968 by the Haddrell family, Supagas is a family-owned Liquid Petroleum Gas (LPG) and industrial gases manufacturing and distribution business, headquartered in Dandenong, Victoria, Australia.
Supagas supplies over one million cylinders of LPG annually and employs approximately 275 people across four manufacturing facilities and 16 branches, located in five states and territories in Australia.
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