Deal profile | Gadens advises Made Group on next chapter with TPG Capital share sale

Gadens has advised the founders of the Made Group – Matthew Dennis and Luke Marget – on the sale of 60 per cent of the Made Group to private equity firm TPG Capital (TPG). As precursor to the sale, Gadens also advised the founders in relation to Coca-Cola Europacific Partners’ and The Coca-Cola Company’s exit of their combined 45% stake in the Made Group.

Founded in 2005, the Made Group launched Australia’s first enhanced water beverage, NutrientWater. The Made Group now boasts five brands with its own manufacturing capability. The Made Group’s products have significant appeal to health and wellness conscious consumers.

The Made Group will sit within TPG’s Asia fund where the intention is to scale the company, particularly its presence within the Asian market. The Made Group has already successfully launched products in Malaysia, Singapore, Hong Kong and Japan and its aims to work with the operations team at TPG to grow further into the Asian market including in Thailand and South Korea.

Gadens advised in relation to all elements of the transaction including the initial exit of Coca-Cola Europacific Partners and The Coca-Cola Company, the exit of other minority shareholders and, ultimately, on the acquisition by TPG of its 60 per cent interest. Gadens has a long-standing advisory relationship with the Made Group, having previously advised in relation to the original sale of a combined 45% interest to Coca-Cola Europacific Partners’ (then known as Coca-Cola Amatil) and The Coca-Cola Company in 2018.

“It has been great to work with Made Group and its founders again. The company brings unique health and wellness focussed products to the consumer market and I have no doubt that the business will continue to thrive”, commented Richard Partridge, Gadens’ partner who led the team.

Practice groups: Corporate.

Value: Following TPG’s investment, Made Group’s enterprise value is sitting between $300m to $350m.

Deal significance: Made Group is an independent Australian beverages manufacturer with forward thinking brands. The sale of shares to TPG is an exciting next chapter for the company, which targets sales growth and M&A.

Key team members: Gadens partner Richard Partridge led the transaction with Edward Smith (Associate) and Elizabeth Gregory (Lawyer).