Private equity firm buys Kiwi road-construction company with top firms’ aid

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Three top firms provided legal advice as The Riverside Company acquired a majority stake in a mid-market Kiwi firm.

The global private equity firm was counselled by Russell McVeagh and Herbert Smith Freehills (HSF) in its investment in Hiway Group, the leading provider of road construction and maintenance, geotechnical, and environmental services in New Zealand.

Chapman Tripp acted on behalf of the vendor group, which included Direct Capital Investments. The investment, the value of which was not disclosed, comes as Hiway looks to grow, particularly in the Australian market.

M&A partner Ben Paterson led the Russell McVeagh team that worked closely with Riverside partners Steven Spiteri and Nick Speer. “It was a real privilege to work closely with the Riverside team again on such an interesting and pivotal transaction, particularly given the broader infrastructure challenges that New Zealand is facing,” Paterson said.

Corporate partner Andrew Clyne led the HSF team, with support from senior associate Adam Charles.

The Chapman Tripp included partner John Strowger, senior associate Jeremy Gray, senior solicitor Greg Mitchell, and solicitor Calvin Luo.

Russell McVeagh also advised Riverside on its recent exit from Simcro, which was the private equity firm’s first investment in New Zealand.