Summary of transaction
McInnes Wilson Lawyers has advised Fine Line Commercial on its acquisition of the commercial plastering and cabinetry business carried on by the Scooter Group from the appointed receivers and managers.
About Scooter Group
Based on the Sunshine Coast, the Scooter Group is formerly one of Australia’s largest cabinetry manufacturing and supply businesses. At its peak, the business employed upwards of 650 employees.
In addition to the substantial cabinetry business, the Scooter Group also operated a standalone spray-painting business (which also formed part of the asset purchase transaction).
In December 2022, the Scooter Group companies were placed into receivership. Shortly thereafter, the appointed receivers and managers commenced an open market sale campaign to sell all of the Scooter Group assets and undertakings on a going concern basis, with Fine Line Commercial the successful acquirer.
Work provided by mCW
McInnes Wilson Lawyers advised Fine Line Commercial and the ultimate acquirer of the Scooter Group assets and undertakings in all aspects of the transaction including:
- Advising on the initial bidding process with the appointed receivers and managers;
- Drafting and negotiating the term sheet which documented the underlying offer from Fine Line Commercial for the Scooter Group businesses;
- Specialist insolvency advice, including advice on extensions of time to convening periods for creditor meetings and the potential impact for the acquirer of the businesses;
- Negotiating and amending the business and asset sale agreement for the transaction;
- Industrial relation matters concerning past and present employees of the Scooter Group;
- Leasehold property assignments and registrations;
- Securities advice regarding the acquisition of the assets including potential impact of registered securities on the assets proposed to be acquired; and
- Various completion matters.
The sale and purchase of the Scooter Group completed in April 2023.
The Corporate and Commercial Advisory team was led by Principal, Taryn Hartley and Senior Associate, Nick Camphin.
They were assisted by other teams in the Brisbane office, in particular Disputes and Insolvency (lead by Principals Austin Bull and Glenn Caligaris), Real Estate and Projects (Principal, Brian Schech and Associate, Alex Fung) and Employment and Industrial Relations (Principal, James Christensen).
You can find more information about the McInnes Wilson Lawyers Corporate and Commercial Advisory team and their experience here or contact one of our team members here.
Principal
Principal