Allens acts for van Laack in Herringbone buy-out
12 March 2009
Allens Arthur Robinson (Allens) has acted for van Laack GmbH (van Laack), the German-owned, international shirting company, in its acquisition of Australian-owned Herringbone.
Van Laack will now have ownership of the brand and retail outlets of the shirt and suit retailer, after Herringbone was placed into voluntary administration in December 2008.
The transaction will not only boost van Laack's position and presence in the Australian retail landscape, but it has also led to the retention of 37 jobs, eliminated Herringbone's debt and will help the iconic Australian brand to expand internationally.
The Allens team, led by Partner Steve Clifford, consisted of Senior Associates Al Knox, Rebecca Sadleir and Nick Fletcher.
With the client based in Germany, Allens was able to help van Laack with a full service of legal advice: from the negotiation, drafting and execution of the business sale agreement and due diligence; through to strategic advice around the need for an expedient transaction for the acquisition's success.
According to Mr Clifford: 'We were very pleased to work alongside our German-based client on a deal that results in a positive outcome for all.
'It's exciting that we could be a part of our client's success in entering the Australian market, but it was equally rewarding to be working alongside a great team on a deal that ultimately saves a well-known Australian brand.
'The timing of the deal was intense. We negotiated a letter of intent over a three day period when the client's CEO was initially in Australia, then two weeks of intensive due diligence and negotiation of the formal sale agreement, followed by closing approximately one week later.'
Van Laack is the most sophisticated shirtmaker in the world, with expertise in design, manufacturing and retail. Established 128 years ago, the German shirting company has 51 stand-alone stores throughout the world, including on Madison Avenue in New York and Rue de la Paix in Paris, as well as occupying spaces in Harrods in London and Takashimaya in Singapore.
Herringbone, founded 11 years ago by former merchant bankers John Mutton and Matt Jensen, sells suits, business shirts, ties and knitwear in 10 shops throughout NSW, Queensland and Victoria.
| Allens legal team | Steve Clifford (Partner - Melbourne), Al Knox (Senior Associate - Sydney), Rebecca Sadleir (Senior Associate - Sydney), Nick Fletcher (Senior Associate - Sydney) |
Ends
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Founded in 1822, Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with more than 1500 personnel based in 14 cities and eight countries across the region. Clients voted Allens Arthur Robinson the Best Professional Services Firm (revenue over $200 million) and Best Law Firm (revenue over $100 million) in the annual BRW Client Choice Awards 2005, 2006 and 2008. We have been an EOWA Employer of Choice for Women since 2004.
