DLA Piper advises Foodstuffs on its acquisition of Lee Fish

DLA Piper is delighted to have advised Foodstuffs North Island Limited on its acquisition of the business and assets of Leigh Fisheries Limited and Leigh Bait Limited.

‘Lee Fish’ is a brand synonymous with high-quality seafood and sustainable fishing practices. It is a kaitiaki in the industry with a strong environmental ethos and a world-class brand. The acquisition will allow Foodstuffs to offer sustainably-caught, premium seafood in its stores: snapper, tarakihi, hāpuku and line-caught tuna.

This was a complex deal. The target group and shareholding structure was complex. The deal was structured as a business and asset acquisition, with shares in domestic and offshore subsidiaries also acquired, and the interests of joint venture parties, seller shareholders and other stakeholders carefully managed and navigated. The DLA Piper and Foodstuffs teams worked very closely and seamlessly to execute this complex and significant transaction.

Reuben Woods was the lead partner for DLA Piper in these negotiations, supported by Sam Wilson, Senior Associate and Edward Krishna, Solicitor. Partner Katie Carson led the debt piece. DLA Piper in Silicon Valley was also used for US legal issues. Reuben says “This is an important transaction for Foodstuffs. The same high-quality fish being sold into more than 300 top restaurants – and exported into Europe – is now secured for the benefit of customers at New World, PAK’nSAVE, Gilmours and Four Square stores. It was a pleasure to advise Foodstuffs on this transaction."

"Reuben and Sam from DLA Piper have provided exceptional legal support and advice throughout this critical transaction for Foodstuffs. Reuben and Sam have been technically strong but also very commercially focussed, and fantastic at leading Foodstuffs through very complicated due diligence and deal structuring issues. DLA Piper have proven again through this transaction why they are Foodstuffs’ trusted corporate legal advisers." says David Stewart, GM Merchandise, Foodstuffs.

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