A&O advises the underwriters and bookrunners on the debt financing for InVivo Group’s takeover of United Malt Group to form the world’s largest maltster
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Our cross-border team in Paris and Sydney has advised a group of global bank underwriters and bookrunners led by Crédit Agricole Corporate and Investment Bank (CACIB) in connection with the debt financing for InVivo Group takeover of Australian listed company United Malt Group through its subsidiary Malteries Soufflet for 1.5 billion Australian dollars to form the world’s largest maltster.
Malteries Soufflet, the second largest operator in the global malt industry and a subsidiary of leading European agricultural group InVivo Group has completed the takeover of 100 % of Australian formerly listed company United Malt Group Limited (United Malt), the fourth leading global maltster, for 1.5 billion Australian dollars.
The newly created global platform will offer its customers increased resources and support their own ambitions for growth through a presence across all key markets – Europe, North America, Latin America, Africa and Asia – providing a true global reach with 41 facilities in 20 countries. This will enable the new entity to take advantage of the expansion of the international malt market and meet increasingly specific customer demands in terms of malt quality (standard and special), carbon footprint reduction and more ambitious sustainability commitments.
InVivo’s strategic partners in Malteries Soufflet – KKR, Bpifrance and Crédit Agricole Group – have provided equity funding of €550 million for the acquisition of United Malt. This follows an initial combined investment of €440 million in December 2021 to support InVivo’s acquisition of Malteries Soufflet.
This transaction followed previous support from Allen & Overy to the global banks syndicate which provided debt financing to InVivo Group in December 2021 for its acquisition of Groupe Soufflet.
Our cross-border team was led by Paris partner Thomas Roy and associate Jonas Brucker with Sydney partner Marnie Fels on financing aspects and partner Michael Parshall on Australian corporate aspects. The team also included Paris associate Dusan Vukanovic and Sydney associate Sichen Xi on financing aspects, Paris partner Mathieu Vignon and associate Charlotte Signol on tax aspects as well as Sydney associate Javed Ali on Australian corporate aspects.