Chapman Tripp advised Fonterra on the sale of its iconic ice-cream business Tip Top to global ice cream manufacturer Froneri for $380m.
The Chapman Tripp team was led by partners Pip England, Rachel Dunne and Kelly McFadzien, with senior solicitors Philip Ascroft and Stephen Giles. They worked closely alongside Fonterra’s legal team led by Luke Facer and Fleur Peacocke.
Partner Pip England said it was a complex deal for many reasons. “Tip Top is a beloved New Zealand business, so it was important to ensure its new owner would continue to meet consumer expectations and that its separation from Fonterra occurs as seamlessly as possible. We are proud to have assisted Fonterra on the sale.”
Luke Facer, Fonterra General Counsel – Global Consumer and Foodservice, commented, “This was a complex sales process, both in terms of structurally separating Tip Top from Fonterra and dealing with a large number of interested parties. Chapman Tripp was incredibly proficient at turning around advice quickly and bringing in subject matter experts where needed. We are very pleased with the outcome for our farmers and unit holders.”
The transaction is expected to settle on 31 May 2019.