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Consumer Goods & Retail

Greenhill has considerable transaction experience and a global network of corporate relationships in the Consumer Goods & Retail sector.  Our managing directors and professionals in North America, the United Kingdom, Continental Europe, Australia and Japan have executed many of the most significant and complex transactions for some of the leading companies in the industry.

Our experience in the Consumer Goods & Retail industry encompasses the following sub-sectors: consumer goods; food; beverage; restaurants; and retail.

Below we highlight a few of the transactions on which we have advised in this area:

DATE $   COMPANY/ASSET ACQUIRED   ACQUIROR
06-Jun-2014
$7.2 billion AA Limited
Advised the management buy-in team on the acquisition by leading institutional investors of AA Limited from Acromas and simultaneous listing on the London Stock Exchange
 
01-Apr-2014
Pending
NA Dillard's, Inc. (Credit Card Assets)
Advising Dillard’s, Inc. on a strategic alliance relating to its credit card business with Wells Fargo & Company
Wells Fargo & Company
10-Mar-2014
Pending
NA K-Y brand
Advising Reckitt Benckiser, a leading consumer goods manufacturer, on the acquisition of the global rights to the K-Y brand, a leader in intimate lubricants
Reckitt Benckiser Group plc
06-Mar-2014
$10.0 billion Safeway Inc.
Advised the Board of Directors of Safeway Inc., a leading food and drug retailer, on its acquisition by Albertsons
Albertsons (majority owned by Cerberus Capital Management)
09-Dec-2013
NA Lazada Group GmbH
Advised Tesco plc, a listed FTSE 100 retailer, on its acquisition of a significant minority shareholding in Lazada, the leading online general merchandise retailer in South East Asia
Tesco plc
04-Dec-2013
$850 million Megapolis Distribution
Advised Japan Tobacco Inc in connection with the acquisition of a minority stake in Megapolis Distribution B.V., Russia’s leading tobacco distributor
Japan Tobacco Inc
02-Oct-2013
NA Tesco PLC's Chinese retail operations
Advised Tesco PLC on the formation of a joint venture with China Resources Enterprise, a Hong Kong listed, Chinese retailer, to create the leading multi-format retailer in China
China Resources Enterprise
10-Sep-2013
NA Fresh & Easy (owned by Tesco plc)
Advised Tesco plc, a listed FTSE 100 retailer, on the sale of a substantive part of Fresh & Easy’s operating business to YFE Holdings, Inc, an affiliate of The Yucaipa Companies, LLC
YFE Holdings, Inc (affiliate of The Yucaipa Companies, LLC)
09-Sep-2013
$2.1 billion Lucozade & Ribena brands (owned by GSK)
Advised GlaxoSmithKline, the UK listed international pharmaceutical and consumer company, on the sale of its nutritional drinks brands Lucozade and Ribena to Suntory Beverage & Food Ltd
Suntory Beverage & Food Ltd
20-Feb-2013
$120 million Trivett Automotive Group
Advised Inchcape plc, the leading independent international automotive distributor and retailer, on the acquisition of Trivett Automotive Group, the leading luxury and premium automotive group in Australia
Inchcape plc
10-Jan-2013
$3.3 billion SUPERVALU, Inc.
Advised SUPERVALU, a leading food retailer, on the sale of its New Albertsons, Inc. subsidiary to an investor group led by Cerberus Capital Management L.P. In addition to the sale, Greenhill also advised the Company on a simultaneous equity tender offer by Cerberus for up to a 30% stake in pro forma SUPERVALU
Cerberus Capital Management L.P.
07-Dec-2012
$43 million Champion Flour Limited
Advised Goodman Fielder, a leading Australian listed food company, on the sale of its New Zealand flour milling business, Champion Flour, to Nisshin Seifun Group Inc.
Nisshin Seifun Group Inc.
23-Oct-2012
$5.7 billion Target Corporation’s REDcard credit card assets
Advised The Toronto-Dominion Bank Group on its acquisition of Target Corporation’s REDcard credit card assets
The Toronto-Dominion Bank Group
26-Sep-2012
NA Dick Smith Electronics, a subsidiary of Woolworths Limited
Advised Woolworths Limited, Australia’s largest supermarket operator, on the sale of its Consumer Electronics retail chain, Dick Smith Electronics, to Anchorage Capital Partners
Anchorage Capital Partners
06-Jul-2012
$730 million WMF Württembergische Metallwarenfabrik AG
Provided fairness opinion to the Executive Management Board of WMF in connection with the voluntary public takeover offer by Finedining Capital GmbH, a holding company in the possession of funds managed by Kohlberg Kravis Roberts & Co. L.P.
Kohlberg Kravis Roberts & Co. L.P.
18-Jun-2012
NA Pension Trustees of Howden Joinery Group plc
Advised the Pension Trustees of Howden Joinery Group plc in negotiating a revised schedule of deficit reduction payments, and with regards to their security position relative to the Company’s lenders
 
18-Jun-2012
$386 million Little World Beverages
Advised Lion on the acquisition of Little World Beverages, Australia’s largest listed brewer and one of the country’s leading players in the Craft beer segment
Lion / Kirin
04-May-2012
$55 million Armajaro Trading Limited
Advised Armajaro Trading Limited, a global soft commodity trading house and supply chain manager, on raising mezzanine capital from the International Finance Corporation, a unit of the World Bank
International Finance Corporation
16-Jan-2012
$428 million Robert Wiseman Dairies PLC
Advised Robert Wiseman Dairies PLC, the UK’s largest processor of fresh milk, on a recommended offer from Unternehmensgruppe Theo Müller S.e.c.s.
Unternehmensgruppe Theo Müller
17-Oct-2011
$630 million Rebel Group Limited
Advised Super Retail Group on the acquisition of Rebel Group Limited, Australia’s largest retailer of sporting goods, for A$610 million and the associated A$334 million capital raising used to fund the acquisition
Super Retail Group
27-Sep-2011
$259 million Goodman Fielder Limited
Advised Goodman Fielder Limited, an Australian consumer foods manufacturer and distributor, on its equity capital raising via a rights issue
 
13-Jun-2011
$2.3 billion The Timberland Corporation
Advised VF Corporation, a global leader in branded lifestyle apparel on its acquisition of The Timberland Company, a leading outdoor footwear and apparel company
VF Corporation
09-May-2011
$843 million The Forzani Group Ltd.
Advised The Forzani Group Ltd., Canada's largest national retailer of brand-name and private-brand sporting goods, apparel and footwear, on its sale to Canadian Tire Corporation, Limited
Canadian Tire Corporation, Limited
13-Apr-2011
NA Retail Apparel Group
Advised CHAMP Ventures on the sale of its portfolio company Retail Apparel Group, an Australian based men’s specialty apparel retailer, to Navis Capital, one of the largest regional private equity business in south-east Asia
Navis Capital
11-Feb-2011
$986 million Findel plc
Advised Findel plc, a UK listed multi-channel retailer, on the restructuring of its balance sheet comprising an equity capital raising and refinancing of its debt and pension obligations
 
07-Feb-2011
$548 million Wesco Financial Corporation
Advised the Special Committee of Wesco Financial Corporation in connection with Berkshire Hathaway Inc.'s proposal to acquire the remaining 19.9% of the shares of Wesco’s common stock that it does not presently own
Berkshire Hathaway Inc.
24-Dec-2010
NA Tegel Foods Limited
Advised Pacific Equity Partners and ANZ, the shareholders of Tegel Foods (Tegel), on the sale of Tegel, New Zealand’s preeminent producer of poultry products, to Affinity Equity Partners
Affinity Equity Partners
13-Dec-2010
$256 million Maxinutrition Group Holdings Limited
Advised GlaxoSmithKline Plc, the UK listed international pharmaceutical and consumer company, on its acquisition of Maxinutrition Group Holdings Limited, a UK based sports nutrition business, from Darwin Private Equity
GlaxoSmithKline Plc
26-Aug-2010
$622 million Woolworths Limited
Advised Woolworths Limited, an Australian food and general merchandise retailer, on its A$704 million off-market share buy-back
 
12-Aug-2010
NA Kohl’s Corporation Private Label Credit Card Business
Advised Kohl’s Corporation on a strategic alliance relating to its private label credit card business with Capital One Financial Corporation
Capital One Financial Corporation
10-Mar-2010
$576 million Camelot Group plc
Advised the shareholders of Camelot – Cadbury, De La Rue, Fujitsu, Royal Mail and Thales – on the sale of their shareholdings in Camelot, the operator of the UK National Lottery, to Ontario Teachers’ Pensions Plan
Ontario Teachers’ Pensions Plan
25-Feb-2010
$14.4 billion Coca-Cola Enterprises Inc.
Advised the Affiliated Transaction Committee of Coca-Cola Enterprises Inc. on the sale of its North American bottling operations to The Coca-Cola Company and on its concurrent acquisition of The Coca-Cola Company’s bottling operations in the Nordic region
The Coca-Cola Company
10-Aug-2009
$596 million Barnes & Noble College Booksellers, Inc.
Advised the Special Committee of the Board of Directors of Barnes & Noble, Inc., the world’s largest bookseller, on its acquisition of Barnes & Noble College Booksellers, Inc.
Barnes & Noble, Inc.
29-Jul-2009
$138 million Groupe Aeroplan Inc.
Advised Groupe Aeroplan on its C$150MM participation in a C$600MM credit facility for Air Canada
 
28-Jul-2008
$2.1 billion Tesco Personal Finance Group Limited
Advised Tesco plc in relation to its acquisition of the 50% interest it does not already own in Tesco Personal Finance Group Limited, a joint venture with The Royal Bank of Scotland Group plc. Tesco Personal Finance offers a range of retail insurance and banking products under the Tesco brand
Tesco plc
21-May-2008
$85 million Dobbies Garden Centres plc
Advised Tesco plc in relation to its public cash offer to acquire the 35% of Dobbies Garden Centres plc which it does not already own
Tesco plc
23-Apr-2008
$2.8 billion Wendy's International, Inc.
Advised the special committee of the board of directors in connection with its merger with Triarc Companies, Inc., the operator of the Arby’s franchise. The combined systems will have approximately 10,000 restaurant units and pro forma annual system sales of approximately $12.5 billion, positioning it as the nation’s third largest quick service restaurant company
Triarc Companies, Inc.
16-Jul-2007
$2.1 billion Applebee’s International, Inc.
Sole advisor to IHOP Corp., the fastest growing family dining concept in the US, on its acquisition of Applebee's
IHOP Corp.
08-Jun-2007
$448 million Dobbies Garden Centres plc
Acted as financial adviser to Tesco plc on its recommended acquisition of Dobbies Garden Centres plc, one of the UK's largest garden centre retailers
Tesco plc
30-Mar-2007
$24.4 billion Alliance Boots plc
Advised Alliance Boots plc, the leading international pharmacy-led health and beauty group, on a proposal regarding an offer for the company from a consortium comprising of Kohlberg Kravis Roberts & Co. Ltd. and Stefano Pessina
Kohlberg Kravis Roberts & Co. Ltd. and Stefano Pessina
18-Dec-2006
NA InBev SA
Advised InBev SA, the world's largest brewery, on the sale of German regional brewery Dinkelacker-Schwaben Bräu KG
Mr. Wolfgang Dinkelacker
15-Dec-2006
$19.1 billion Gallaher Group plc
Advised Gallaher Group plc, the world’s fifth largest tobacco company, on a recommended cash offer from Japan Tobacco Inc
Japan Tobacco Inc.
12-Apr-2006
WH Smith PLC
Advised WH Smith PLC on the demerger of its Retail business
 
09-Sep-2005
$1.0 billion 7-Eleven, Inc.
Advised the special committee of 7-Eleven, Inc. in connection with its evaluation of an unsolicited tender offer commenced by Seven-Eleven Japan Co., Ltd
Seven-Eleven Japan Co., Ltd
08-Mar-2004
$840 million International Multifoods Corporation
Advised International Multifoods Corporation, whose brands include Pillsbury, Martha White, Hungry Jack and Robin Hood, on its sale to the J.M Smucker Company.
JM Smucker Company
23-Oct-2003
$3.1 billion Debenhams plc
Advised the independent committee of the Board of Directors of Debenhams plc, a leading UK department store chain, with regards to the sale of the company
Baroness Retail (a consortium of CVC, TPG and Merrill Lynch)
18-Mar-2003
$7.0 billion Wella AG
Advised Wella AG, a global market leader in hair care and fragrances, on its sale to The Procter & Gamble Company
The Procter & Gamble Company
13-Dec-2002
$1.5 billion Burger King Corp (subsidiary of Diageo plc)
Advised Diageo plc on sale of Burger King Corporation restaurant system.
Texas Pacific Group, Bain Capital, Goldman Sachs Capital Partners
30-Oct-2002
$588 million T&S Stores Plc
Advised Tesco PLC, Britain’s largest retailing group, on its acquisition of T&S Stores plc, a publicly listed convenience store retailer operating in the UK.
Tesco PLC
27-Mar-2002
$168 million Morton’s Restaurant Group Inc.
Advised the Special Committee of Morton’s on sale of the Company.
  Castle Harlan, Inc.
16-Jan-2001
$11.5 billion Ralston Purina Co.
Advised Nestlé on the agreed cash offer for the US pet-food company Ralston Purina
Nestlé S.A.
19-Dec-2000
$8.2 billion Seagram (Spirits Division)
Advised Diageo on its joint agreed bid with Pernod Ricard for Seagram’s spirits business.
Diageo plc and Pernod Ricard
17-Jul-2000
$10.5 billion Diageo plc
Advised Diageo on the sale of The Pillsbury Company for $5.1 billion in assumed debt and $5.4 billion in stock to General Mills.
General Mills, Inc.
16-Jan-1998
Borden Foods International
Advised Nestlé on its acquisition of Borden Foods International’s businesses, which have sales of more than $400 million.
Nestlé S.A.
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Case Study
M&A:
The Toronto-Dominion Bank (
The Toronto-Dominion Bank ("TD")
Greenhill acted as financial adviser to The Toronto-Dominion Bank (“TD”) on TD’s acquisition of Target Corporation’s $5.
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