Deal profile | Gadens advises Rinnai Australia on its acquisition of Smart Energy Group

Gadens has advised Rinnai Australia on its acquisition of Smart Energy Group. On 1 August 2024, Rinnai Australia Pty Ltd (Rinnai Australia) acquired SEG Investment Holdings Pty Ltd, the holding company of the leading home energy product sales company Smart Energy Group Pty Ltd (Smart Energy Group).

Gadens advised on all aspects of the transaction including the completion of comprehensive legal due diligence, advice on ACCC and energy regulatory considerations and the negotiation of the sale agreement and co-ownership documentation. The acquisition of a Smart Energy Group will allow Rinnai Australia to continue to develop its Australia offering and represents an exciting development in the company’s ongoing growth.

Rinnai Australia, a wholly-owned subsidiary of the Rinnai Japan Corporation, is a manufacturer and distributor of a wide range of heating, cooling and hot water products. Rinnai Australia prioritises innovation and is viewed as one of the centres for R&D for the Rinnai Corporation globally.

The acquisition of Smart Energy Group is Rinnai Australia’s first step in photovoltaic technology and is expected to be a key component of integrating photovoltaic technologies into its operations moving forward. The acquisition is consistent with Rinnai Australia’s ongoing commitment to serve its customers evolving needs while also making a positive contribution to Australia’s renewable energy goals.

The founders of Smart Energy Group, Beau Savage, Elliot Hayes and Jasper Boyschau have been instrumental in shaping Smart Energy Group’s success since its inception and continue to play a crucial role in providing strategic input as members of the board.

Commenting on the transaction, lead partner Richard Partridge said:

“We are delighted to have advised the Rinnai Australia team with another important acquisition to diversify its footprint in the renewable energy sector. We’re excited about what the next 5 years has in store for the two companies.”

Practice groups: Corporate

Key team members: Gadens partner Richard Partridge led the transaction team. The team was also supported by special counsel Faiza Bukhary, senior associate Robert Wilson and associate Brittany Dorney.