Deal Profile | Gadens advises on 2020’s largest almond orchard sale
2 October 2020
National firm Gadens has advised United Almonds Limited (UAL), Bright Light Agribusiness Pty Ltd (BLA) and Lake Lucas Almonds Pty Ltd (LLA) on their proposed sale of the 1,566 hectare north-western Victorian Piangil Almond Orchard to Australia’s largest almond producer, Select Harvests Limited (SHL) (ASX: SHV). The acquisition consideration is A$129m, making it one of the largest agribusiness transactions of 2020. ACCC approval has been obtained with the transaction remaining subject to UAL scheme member and Court approval, with completion anticipated to be by the end of 2020.
UAL sale aspect involves 14 managed investment schemes (with over 600 members), which make up 7 scheme projects. This pool represents one of the largest in the context of Australian agricultural managed investment schemes. UAL operates as the project manager, trustee and responsible entity in connection with those managed investment schemes. BLA and LLA are private sellers.
Commenting on the transaction, partner Richard Partridge said: “We are extremely proud to be advising the vendor parties on the sale of Piangil Almond Orchard to Select Harvests. The sale is an exciting transaction for all parties involved and we would like to recognise the tireless efforts of all concerned. Agribusiness is a significant practice line at Gadens and we are proud to continue advising and supporting our clients in an ever demanding market. It’s a precious centrepiece of Australia and the economy.”
Minter Ellison acted as legal advisors for Select Harvests Limited.
Key team members: Gadens partner Richard Partridge led the transaction, supported by special counsel Winnie Sinn, associate Edward Smith and lawyer Brittany Kluske all from the Corporate Advisory Team. Special counsel Sean Huggins and lawyer Rachel Yard from the Property Team also assisted on the transaction.
Authored by: James Beckley, Partner Corporate Advisory, Sydney