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Law firm helps rescue Anzac biscuit
Law firm Rockwell Bates has advised a group of private investors out to save the Anzac biscuit.
The New Lawyer
Law firm Rockwell Bates has advised a group of private investors out to rescue the Anzac biscuit.
The firm advised a consortium of private investors in the rescue of the business of Unibic Australia, which is in administration. The business includes Australia’s iconic Anzac biscuit brand and another 90 product lines. It was acquired by a syndicate of the company’s management and the private investors.
The recapitalisation of the business will allow all staff to be re-employed and for full production to begin immediately to ensure supermarket shelves are stocked well ahead of Anzac Day.
Mills Oakley acted on behalf of Unibic Australia Pty Ltd, Madgwicks acted on behalf of the administrator and Cornwall Stodart acted on behalf of the acquisition vehicle.
Rockwell Bates corporate principal Brett Burns said that as soon as the company was put into administration the lawyers had a very short window to revive it.
"The whole asset sale process had to be consolidated into an eight day period, including the negotiations with a multitude of counterparties," he said.
The Rockwell Bates team, led by Burns and assisted by associate director Prakash Patel and associates Michelle Anglin and Daniel Parncutt, closed the deal late in the evening on 9 March 2012 after final negotiations succeeded.
Unibic is one of Australia’s largest biscuit manufacturers, with a lion share market over the iconic ANZAC biscuit. Its Broadmeadows plant employs 170 staff, whose jobs and futures up until the close of this deal, remained in jeopardy.
Principal Brett Burns commented that “in such uncertain times for manufacturing it is fantastic to be involved in transaction that preserved 170 jobs for the sector and saved an Australian icon”.
