Advisor to the Board of Fletcher Challenge Forests (now Tenon Limited) in relation to the $700 million sale of forest assets.
As the benefits of vertically integrating forestry ownership and wood products manufacturing reduced, Fletcher decided to divest its forest assets. Cameron Partners advised the board on the sale process. Cameron Partners also advised on the subsequent capital return to shareholders and the establishment of a new capital structure for Tenon.
Advisor to Dux Industries Limited in relation to the divestment of its business and assets to Aliaxis, a Belgian-based multinational building products company.
Dux is a leading manufacturer, marketer and distributor of bathroom and plumbing products in New Zealand. Dux also markets and distributes its products in Australia and other selected international markets. Cameron Partners was retained to provide strategic advice in relation to the sale process, including providing a valuation, advising on negotiation issues, preparation of the management presentation and commercial advice during the due diligence and legal documentation stages of the transaction. The transaction was also project - managed by Cameron Partners, with regular status reports being prepared for the benefit of the Dux Board and shareholders.
Advisor to Bernard Matthews (UK) Limited in relation to the sale of Bernard Matthews New Zealand Limited (“BMNZ”) and its subsidiaries and associated companies.
BMNZ is a leading value added processor and supplier of premium New Zealand lamb to the international market place. The business generates sales in the UK, France, North America, Europe and other countries world-wide and operates from three plants in the North Island of New Zealand.
Cameron Partners was retained during 2006 to manage a competitive sales process on behalf of Bernard Matthews (UK) Limited, which had made the strategic decision to focus on its core turkey business in the Northern Hemisphere. The process attracted considerable interest and culminated in the sale of the business to the Hawkes Bay Meat Company Limited, which was newly formed to make the acquisition on behalf of BMNZ management and a syndicate of private New Zealand equity providers.
Advisor to Brandlines in relation to the sale of the business via competitive tender process to Crescent Capital Partners Australia Pty.
Cameron Partners advised Brandlines on all aspects of the deal including process design, identification of high value buyers, managing due diligence and closing the deal. A key value add from Cameron Partners was structuring the sale process to maximise competitive tension but close a deal within a short time frame to minimise the distraction on key managers and impact of uncertainty of a sale to the wider staff. The outcome was not only a high value exit for the owner but one which allowed for ongoing involvement of the owner in the business and in the wider food interests of the acquirer.
Advisor to New Zealand Post in relation to the NZ$90m sale of 50% of its Express and Logistics Group to DHL.
Cameron Partners was engaged in early 2003 to assist New Zealand Post in a strategic review of the Express Logistics Group and subsequently in June 2003 to advise on the transaction. The engagements required us to be closely involved in most elements of the transaction including development of the strategic rationale, evaluation of sales options, joint venture partner selection and valuation analysis. We assisted in the due diligence and provided input into the negotiation of the shareholder agreement, particularly regarding the arrangements for dispute resolution, default and termination. Our role concluded with a report to the Board of New Zealand Post Limited which provided an “ex poste” review of the overall project. The review provided certification to the Government, the New Zealand Post Board and the public (had it been required).
Advisor to Kapiti Cheeses in relation to the NZ$18m sale of its business.
In 2003 Cameron Partners was appointed by Kapiti Cheeses to sell 100% of the public unlisted company. In this role Cameron Partners ran a competitive open sales process involving a significant number of bidders and acted for Kapiti in successfully negotiations with the successful bidder.
Advisor to Ready Hire in relation to the sale of their New Zealand assets and business to Hirequip.
In August 2003 Cameron Partners were appointed to manage the sale of the New Zealand assets and business of Ready Hire Limited (an equipment hire company with 13 branches in the North Island of New Zealand). In this role Cameron Partners advised Ready Hire on valuation, design and execution of the sale process (including due diligence with a number of parties) and acted for Ready Hire in negotiations with potential purchasers. In January 2004 Hirequip purchased the New Zealand assets and business of Ready Hire for $21.1 million.
Advisor to the New Zealand Apple & Pear Marketing Board on the sale of Frucor Beverages.
Frucor Beverages was New Zealand’s leading producer and marketer of non-alcoholic beverages. In 1998 Cameron Partners was retained by ENZA to sell Frucor, its 100% owned subsidiary. The decision to sell Frucor followed a strategic review of ENZA, also completed by Cameron Partners. We designed, managed and implemented a competitive sale process that resulted in Frucor being purchased by a consortium of investors led by Pacific Equity Partners, one of Australia’s largest private equity firms.
Frucor has subsequently listed on the New Zealand and Australian Stock Exchanges with significant value being added through the globalisation of V, a Frucor-owned beverage brand.
Advisor to major shareholders of Ernest Adams in relation to the sale of their shares to Goodman Fielder.
Ernest Adams was one of New Zealand’s leading manufacturers of baked foods, pastry and pastry products and prepared convenience foods. In 1999, Cameron Partners was retained by the three largest shareholders in Ernest Adams representing nearly 80% of the company to assist them to determine options for maximising the value of their combined shareholding. Cameron Partners developed a new business plan for the company with the potential to significantly increase its value through the break-up and sale of parts of the business. This became the basis for negotiations with Goodman Fielder which eventually made a takeover offer resulting in a substantial premium to the prevailing share price for shareholders.
Advisor to Netlink Limited in relation to the sale of its business to Telstra.
Netlink was New Zealand’s leading internet service provider to the corporate and government markets. In 1999 Cameron Partners was retained to advise on options for, and the valuation of, Netlink and to subsequently manage its sale. Our advice identified that Netlink was likely to be worth more to an alternative owner. The structuring of a sale process addressed a number of issues including the involvement of Netlink’s executive team who were seen as a key component of the value of Netlink.
Netlink was sold in a competitive process to Telstra for a sum substantially in excess of the reserve valuation and well in excess of vendor expectations. This sale represented the first 100% sale of a major New Zealand ISP.
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