Gilbert + Tobin (G+T) has helped sell the largest flour and baked goods manufacturer in Australia.
The independent firm advised Pacific Equity Partners (PEP) and management shareholders on the sale of Allied Pinnacle to the Nisshin Seifun Group, the largest flour miller in Japan. Reports suggest that Nisshin Seifun paid $950m for Allied Pinnacle, which generates sales of around $750m every year.
G+T’s team was headed by corporate M&A partner Hiroshi Narushima. He was supported by lawyers Ilona Hunnisett and Oliver Yee. Narushima described G+T’s long-standing involvement with what became the Allied Pinnacle company.
“We have worked closely with PEP and management since PEP’s original acquisition of the Pinnacle Bakery and Integrated Ingredients business. We have seen the Allied Pinnacle business evolve through innovation initiatives and acquisitions into adjacent products to become the leading Australasian flour and baked products manufacturer,” he said.
PEP is said to have paid $200m for Pinnacle Bakery and subsequently spent $455m for Allied Mills. It later sold Allied’s properties in a $400m sale-and-leaseback deal agreed with Qualitas.
G+T said that Nisshin Seifun was advised by global firm Ashurst and top-tier Japanese firm Nishimura & Asahi.