Bakers brews up for Unilever on high-end Australian tea deal
Baker & McKenzie has advised on the sale of premium Australia tea retailer T2 to Anglo-Dutch consumer goods giant Unilever.
September 16, 2013 at 06:48 AM
2 minute read
Baker & McKenzie has advised on the sale of premium Australia tea retailer T2 to Anglo-Dutch consumer goods giant Unilever.
The deal, which has been agreed for an undisclosed amount but remains subject to customary closing conditions, will boost Unilever's portfolio in Australasia where it already sells tea brands Lipton and Bushells.
T2 operates 40 retail stores in Australia, and sells a range of high-end, fragrant tea and tea wares from around the world. In the 12-month period ending June 30 this year, it generated sales approaching AUS$57m (£33m).
Baker & McKenzie acted for T2 on the transaction, with a team led by Melbourne-based M&A partners Richard Lustig and Simon De Young.
Also representing the vendors was boutique commercial law firm Harris Carlson in Melbourne, led by the firm's director Andrew Harris.
Unilever instructed local Australian firm Johnson Winter & Slattery, overseen by corporate partner Andrew Williams.
Deloitte was financial advisor to T2 and KPMG for Unilever.
Unilever is estimated to be the world's third-largest consumer goods company by revenue and has 400 brands within its portfolio, including Flora spread, Hellmann's mayonnaise and Ben & Jerry's ice cream.
The firm is looking to double the size of its business, targeting a number of Asian emerging markets for growth, and in July increased its stake in India's Hindustan Unilever from 52.5% to 67.3%.
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