News - Page 24 of 25 - SLM Corporate

SLM Corporate is pleased to announce that FoodWorks has successfully raised $10.4m through its member only capital raising, exceeding its $10.0m target.

FoodWorks was created through the successful merger of two independent groups; FoodWorks Supermarket Group and Australian United Retailers in late 2004. Its members operate 710 supermarkets, food and convenience stores across Australia supporting in excess of $1.35bn in annual sales at the retail level.

SLM identified the appropriate corporate structure for FoodWorks, having regard to the nature of the membership and the future capital requirements, and then presented a range of financing alternatives. Once the members decided to fund the Company from their own resources, SLM worked closely with the FoodWorks Board and internal and external specialists to formulate, then implement, the strategy. This included an extensive consultation process with members, member approval for the restructuring of the Company, and extensive prospectus and due diligence processes.

The result provides FoodWorks with an excellent platform for further growth. FoodWorks will use the capital to invest in the growth of its business including store refurbishment, acquiring new supermarket stores, investing in product development and back-end systems, and attracting and training new retailers.

For further information regarding SLM’s role, please contact:

Barry Lewin
Managing Director
SLM Corporate Ltd
Ph: 03 9244 9644
Email: barry.lewin@slmcorporate.com.au

SLM Corporate is pleased to announce that it has advised on the sale of all of the shares in Not Quite Right Pty Ltd (“NQR”) to a private equity consortium led by Hastings Funds Management. Hastings is a significant alternative asset funds manager with $3.6 billion in funds under management in infrastructure, private equity, timberland and high yield debt investments.

NQR is a grocery clearance store group that commenced operations from a single store in West Melbourne in 1987. NQR today has 20 retail stores in metropolitan Melbourne and country Victoria supported by appropriate warehouse and office support structures.

SLM’s role included:

• Valuing the company for sale
• Identifying a number of potential buyers and receiving bids
• Advising the company throughout the negotiations with the highest bidder
• Facilitating the due diligence process
• Coordinating the overall transaction.

For further information, please contact Barry Lewin:

Barry Lewin
Managing Director
Ph: 03 9244 9644
Email: barry.lewin@slmcorporate.com.au

SLM Corporate is pleased to announce that it has advised on the sale of Classic Food Holdings Pty Ltd (“Classic Foods”) to Murray Goulburn Co-Operative Co Limited.

Based in Edith Creek in the north-west corner of Tasmania, Classic Foods was founded in 1989 and enjoyed significant growth by providing an independent contract packing service of Ultra Heat Treated food and beverage products for the Australian food industry. Classic Foods’ product range includes long life milk and milk based products such as custards, dairy desserts, ice cream mixes, pet milks, flavoured milks and modified milks designed to meet its wholesale food distribution customers’ specifications in their own branded packaging.

SLM Corporate advised the board and shareholders of Classic Foods on this transaction, and its role included:

• Valuing the company for investment/ sale;
• Preparing a detailed information memorandum;
• Identifying a number of potential buyers and receiving bids;
• Advising the company throughout the negotiations with the highest bidder, Murray Goulburn;
• Facilitating the due diligence process with Murray Goulburn’s specialist advisors;
• Reviewing all communications with the ACCC during its clearance process;
• Coordinating the overall transaction.

For further information, please contact SLM Corporate Pty Ltd:

Barry Lewin
Managing Director
Ph: 03 9244 9644
Email: barry.lewin@slmcorporate.com.au

SLM advised the board and shareholders of Flextool (Aust) Pty Ltd on the sale of the assets and undertaking of the Flextool concrete equipment and accessories business to Alesco Corporation Limited (ASX:ALS), announced today.

Flextool is a leading industrial brand, specialising in concrete vibrators, submersible water and trash pumps, concreting power finishing trowels and compactors. SLM’s role included valuing the business for the shareholders, identifying potential buyers and managing the sale process.

Completion is expected to take place on 31 January 2006.

For further information, please contact SLM Corporate Pty Ltd:

Barry Lewin
Managing Director
Ph: 03 9629 4411
Email: barry.lewin@slmcorporate.com.au