MinterEllison has advised Freight Management Holdings Pty Ltd (FMH) on $330m financing to acquire Border Express logistics and freight management business, one of Australia's largest pallet and parcel distribution operators.
FMH is a subsidiary of Singapore Post Limited, a public company listed on the Singapore Exchange (SGX-ST). Established in 2000, the FMH Group is comprised of three operating divisions: Fourth-Party Logistics (4PL) and Warehousing, Technology and Transport.
The FMH Group is the largest 4PL provider in Australia and New Zealand, providing independent and strategic end-to-end supply chain and management solutions.
Border Express is a national transport and distribution services company with a strong capital city and regional network and is one of Australia's largest pallet and parcel distribution operators.
The transaction was structured as a 100% share acquisition of the Border Express Group. FMH arranged a $330m financing with Australia and New Zealand Banking Group Limited, Westpac Banking Corporation and MUFG Bank, Ltd. In addition to assisting with its acquisition, FMH also refinanced the existing debt of the FMH Group and the Border Express Group.
MinterEllison's Finance Solutions team, including Geoff Earl (Partner), Leigh Schulz (Special Counsel) and Dominic Puri (Associate), advised FMH on all aspects of the acquisition financing including drafting and negotiating the full suite of finance and security documentation, and preparing the initial term sheet for the financing.
Geoff Earl commented "We are delighted to have advised FMH on its $330m financing in connection with its acquisition of Border Express. Facilitating FMH's ambition to expand its network and achieve innovation and operational excellence required highly complex acquisition financing, and was made possible by leveraging synergies and a collaborative approach".
