Lander & Rogers has advised KENT Precision Foods Group, a subsidiary of US-headquartered food, beverage and agriculture product manufacturer KENT Corporation, on its acquisition of Frosty Boy Holdings Pty Ltd ─ a producer and exporter of soft serve and other dessert products to over 70 countries.
Under the terms of the deal, KENT Corporation acquired a 100% interest in Frosty Boy from a consortium of sellers including private equity fund Advent Partners. The acquisition will allow KENT Corporation to bolster its food and beverage portfolio and further its expansion across Asia Pacific, the Middle East and South America.
"We're thrilled to have assisted KENT Corporation in the next stage of its ambitious global growth strategy," said Lander & Rogers corporate partner Deanna Constable, who led the transaction for KENT with senior associate Dominic Ho.
"Our relationship with the KENT team goes back to its first foreign investment outside of the US and entry into the Australian market, and we look forward to collaborating with them on future opportunities."
Ms Constable noted that the deal's successful close demonstrates that "despite a cautious M&A market, Australian companies remain an attractive target for international buyers and investors and a launchpad for international expansion."
Ms Constable said: "We coordinated and worked closely with legal, financial and commercial advisers in multiple jurisdictions to diligence the target group, and supported KENT from negotiation of the term sheet through to completion on both strategic and legal elements of the deal."
Lander & Rogers' corporate team is well established in the middle market as strategic counsel for foreign buyers looking to enter into or grow their presence in Australia. Earlier in the year, Lander & Rogers advised UK-based mineral resource developer Metals One on its acquisition of Australian mineral exploration company Scandinavian Resource Holdings.
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