Clarendon Lawyers is delighted to announce that it has advised the founders and shareholders of Bio-E Australia Pty Ltd (Bio-E) on the sale of its natural health, food and beverage manufacturing business to Star Combo Pharma Ltd (ASX: S66) (Star Combo).
Bio-E, based in Melbourne, specialises in the manufacturing of high quality natural products made from responsibly sourced materials. Bio-E’s product range includes pure Australian honey, fermented drinks and natural honey skincare. Star Combo is an ASX listed company which manufactures and distributes a range of vitamins, dietary supplements and skincare products in both domestic and international markets.
The transaction involves the sale of 100% of the shares in Bio-E for an aggregate purchase price of $60 million, which will be satisfied by a combination of cash and the issue of scrip in Star Combo to the Bio-E shareholders. The transaction also allows further potential conditional earn out payments. The transaction is expected to complete in August 2019, subject to certain conditions.
The Clarendons team was led by Director, Rob Feiner who was assisted by Associate, Dean Beaumont and Lawyer, Ayesha Singh.
Mr Feiner congratulated the Bio-E shareholders on the transaction, saying “It has been a pleasure to assist the Bio-E shareholders on the sale of the Bio-E business to Star Combo. This transaction is a great result for the Bio-E team and a testament to their hard work to build such a strong business in a relatively short period of time. We look forward to seeing the business continue to thrive under Star Combo.”
The corporate adviser to Bio-E was Deloitte Private. MinterEllison acted as legal adviser to Star Combo.