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Freshfields advises Permira on acquisition of stake in Grobest’s aquatic feed business
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised funds advised by global investment firm Permira on its acquisition of a 50 per cent interest in Ye Cherng Industrial Products Co., Ltd (“Grobest”), one of the largest independent and most advanced producers of aquatic feed in Asia.
Founded in 1974 and headquartered in Taiwan, Grobest has operations in Taiwan, Vietnam, Thailand, China, India, Indonesia, Philippines, and Malaysia. In addition to this broad presence across Asia, the world’s largest aquaculture market, Grobest is also a pioneer and technological leader in an array of innovative and differentiated functional feed products, focused on preventing and combating diseases as well as increasing yields. Furthermore, Grobest provides a full range of services and technical assistance to farmers throughout Asia, including pond maintenance, water treatment, and soil and disease testing.
Under the terms of the deal, a company backed by the Permira funds will acquire 50 per cent of the shares of Grobest through a new joint venture company that will become the sole corporate shareholder of Grobest. A shareholder group led by Grobest CEO Ko Chi-kang and Chairman Chen Chun-ping will also retain a 50 per cent stake in Grobest. The transaction involves the application of public M&A tools to a private M&A transaction. It is expected to close in December 2018, subject to customary closing conditions.
The Freshfields team advising on the deal was led by partner and co-head of global M&A Bruce Embley and partner Philip Li. Partner Richard Perks advised on the financing arrangements. StrongerTogether firm Lee & Li provided advice on Taiwanese law.
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