Bell Gully advises Fletcher Building on Formica Group sale
Press release – Thursday 6 June 2019
Bell Gully advises Fletcher Building on sale of Formica Group
Bell Gully, together with Sullivan & Cromwell LLP, New York, advised Fletcher Building on the successful sale of the Formica Group to Broadview (a member of HAL Trust group, which is listed on the Amsterdam stock exchange) for US$840 million (NZ$1.2 billion). The deal settled on Tuesday 4 June 2019 (New Zealand time).
The Formica Group is an industry leader in the design, manufacture and distribution of innovative surfacing products for commercial and residential applications, employing over 3,000 people across North America, Asia and Europe. The sale completes Fletcher Building’s strategy to divest its non-core businesses, following the divestment of the Roof Tile Group in November 2018, which Bell Gully also advised Fletcher Building on.
Group General Counsel and Company Secretary of Fletcher Building, Charles Bolt, commented that “the teamwork between Bell Gully, Sullivan & Cromwell and the rest of the deal team and the level of support they provided were key elements in the successful completion of the transaction”.
Bell Gully partner Brynn Gilbertson said “Fletcher Building is a long-standing and valued client of Bell Gully so it is very pleasing to be able to assist it in this strategically important transaction”.
The Fletcher Building transaction team included Group General Counsel Charles Bolt and General Counsel – Corporate Sara Wheeler. The Bell Gully team included Brynn Gilbertson, Jennifer Coote, Caroline Dekker, Murray King, Jennifer Gunser and Mat McKay and the Sullivan & Cromwell team included partner George Sampas and associates Mimi Wu and Lisa Morales.