2018 another huge year for Clarendons

As everyone at Clarendons prepares for the office doors to close for the year and, with that, a chance to take a well-earned break, it seemed to be a good time to pause and reflect on 2018.

Clarendons would like to thank its clients, colleagues and referrers for what has been another huge year for the firm. Clarendons has again proven itself as an industry leader in the mid-market M&A and ECM space, assisting its clients to complete a large number of significant transactions through the calendar year.

M&A

Our corporate/M&A team advised on over 30 M&A deals this calendar year, with an aggregate deal value in excess of $1.1 billion, including the following disclosable transactions:

  • the recently announced sale of Comdain Infrastructure to Service Stream Limited for a total consideration of $161 million;
  • completing 8 acquisitions for ASX-listed Capitol Health (ASX:CAJ) as part of its ongoing growth strategy;
  • advising the newly formed national regulatory body, the Australian Financial Complaints Authority, on its acquisition of the Financial Ombudsman Services and the Credit and Investments Ombudsman organisations;
  • advising on the sale of Climate Technologies Pty Limited, one of Australia’s leading manufacturers and suppliers of cooling and heating appliances, to a wholly owned Australian subsidiary of Symphony Limited (BSE: 517385; NSE: SYMPHONY) for a purchase price of up to $44 million;
  • advising Telix Pharmaceuticals Limited (which we assisted in listing on the ASX last year) in acquiring two overseas companies (French biotechnology company Atlab Pharma SAS and Belgium-based Advanced Nuclear Medicine Ingredients SA);
  • advising TasNetworks, the Tasmanian state owned company responsible for electricity transmission and distribution, on its corporate restructure and transfer of assets to comply with the Australian Energy Regulator’s ring-fencing requirements;
  • assisting the shareholders and founders of the Andrews & Wallis Motor Group on the sale of the group to Australian subsidiaries of Tokyo Stock Exchange listed IDOM Inc. (7599:TYO); and
  • advising the Sterling Talent Solutions group, a world leading background screening and HR solution company, on its acquisition of Australian-based company, National Crime Check.

In addition, there are a number of other high-value confidential transactions which we cannot disclose for confidentiality reasons.

ECM

Our Equity Capital Markets practice has had another very strong year, acting on capital raisings for ASX-listed Adslot, EVZ Limited and Cynata Therapeutics and a recapitalisation of the unlisted Condor Energy Services.

In addition, we acted as ‘Underwriter’s Counsel’ on IPOs and secondary capital raisings for Canaccord Genuity, Wilsons, Ord Minnett and Macquarie.

A large IPO that kept us busy for the second half of 2018 has been held over to 2019 and we are working on another IPO that is expected to launch in February 2019.

Disputes & Property

Since joining Clarendon Lawyers in October 2017, Mark Farquhar and his litigation team have had a very busy and successful year. Highlights of the year included:

  • assisting the Financial Ombudsman Service with responding to and appearing at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry;
  • acting in urgent Federal Court proceedings resulting in a landmark decision concerning shareholders’ statutory rights to call general meetings;
  • acting for an Australian client in successfully settling a multi-million dollar claim against them in the Queen’s Bench Division of the High Court of England and Wales; and
  • advising one of the largest companies on the Tokyo Stock Exchange in relation to ongoing Federal Court proceedings which may affect their supply chain.

2018 also saw Clarendons build a property practice to complement its M&A offering, with property specialist Caroline van Grieken joining the firm from Clayton Utz in May. Caroline was joined in October by lawyer Winsome Tam, who also has an extensive property background. This property expertise has been a valuable (and large) component of some of the highlighted M&A and ECM deals this year.

Other developments

It was a year of significant growth for the firm, with an increase of 35% in revenue. The team also continued to expand this year, gaining three new senior associates, a practice manager and two graduates (with another three set to join the firm in March 2019).

Clarendons is also delighted to announce the promotion of Caroline van Grieken to Director as of 31 December 2018.

From the Clarendons team, we would again like to thank everyone who made 2018 a truly incredible year for the firm.