Clarendon Lawyers is thrilled to confirm that it advised Petra Industries (Petra) on its recent acquisition of the entities that conduct the Woodcut business, a premium provider of engineered flooring products throughout Australia.
Petra is a leading manufacturer, importer and supplier of stone and tile products in the residential and commercial construction industries. It is majority owned by Queens Lane Capital (QLC), a private equity firm established by Larry Kestelman, Nicholas Tsoumanis and Boris Rozenvasser. In 2018, Clarendons advised QLC on the formation of Petra and roll-up of three Australian stone and tile businesses.
The acquisition of Woodcut, Petra’s first bolt-on acquisition, is a strategic expansion of Petra’s premium product offering. The parties entered into a binding agreement in December 2020, with completion of the acquisition occurring on 5 February 2021. Darko Glogovac, the founding director of Woodcut, will continue to be involved in the business.
The Clarendons team was led by Managing Director, Tony Symons and Director, Brendan Sheehan who were assisted by Associate, Stephen Dyason and Lawyer, Ayesha Singh.
Mr Symons congratulated Petra on this important milestone transaction, noting “We love working with the Petra team and assisting them with their first bolt-on was an absolute pleasure. The addition of Woodcut to Petra’s stable is a natural fit and creates an exciting opportunity for Petra to expand its product offering to customers in the residential and commercial construction sectors. We look forward to seeing the Woodcut brand continue to excel as a market leader under Petra’s ownership alongside Signorino and Multiform Industries.”
MinterEllison acted as legal adviser to Woodcut.