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Media Release: Clayton Utz acts for Collins Foods on sale of Sizzler Asia
Time to read: 1.5 minutes
A Clayton Utz team has acted for Collins Foods Limited (ASX: CKF) on the sale of Sizzler Asia to MFG International Holding (Singapore) Pte Ltd (Minor) for SGD$20.2 million (approx. AUD$22.46 million). The transaction was completed yesterday.
Corporate partner Andrew Hay led our team, which included senior associate Lisa Tolhurst and lawyer Kai Priestly.
Commenting on the transaction, Andrew said:
In a challenging climate for fast food restaurant operations and M&A generally, we are delighted to have assisted Collins Foods complete this strategic transaction that allows them to redeploy capital into and attention towards their core Collins Foods' Australian and European operations.
The sale was run through CFG Finance Pty Ltd (a wholly owned subsidiary of Collins Foods), via Minor acquiring 100 per cent of the issued shares held by CFG Finance in SingCo Trading Pte Ltd (SingCo).
Minor has acquired several subsidiary entities associated with the Sizzler Asia business which Collins Foods owned, including the franchisor entities for Sizzler restaurants in Japan and Thailand and the entities that own various Sizzler trademarks and other intellectual property, including the Australian registered trademarks.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.