Kain Lawyers has advised ASX Listed SeaLink Travel Group (ASX:SLK) on its $698m* acquisition of Transit Systems Group, together with a $154m capital raise by way of a fully underwritten accelerated non-renounceable entitlement offer and placement, and the establishment of new multi-tranche debt and revolving credit facilities.
SeaLink is an Australian transport and tourism leader operating passenger transport, freight transport and resorts throughout Australia.
Transit Systems Group is Australia’s largest private bus operator in metropolitan public bus services on behalf of governments, with an established international platform in London and Singapore.
“We are proud to have led this very important deal for SeaLink. We’ve worked with the SeaLink team on several transactions over the years but none more significant to their business than this one. We understood what they wanted to achieve from the outset and never deviated from their commercial objective. We’re excited to see what the future holds as they continue to grow as one of Australia’s tourism and transport leaders.” Said Kain Director and deal lead James Burchnall.
The complex deal involved a number of the Kain Lawyers team led by James Burchnall (M&A and Capital Raise) and Michael Garry (Debt), with significant involvement from Tim Hall, Sarah Chia, Brian Vuong and Sara Ucci (M&A); John Kain, Alyce Ricciardi and Scott Hunt (ECM); and Michael Chrisohoou and Max Jamieson (Debt), with support from the entire team.
“Kain put together an outstanding deal team led by James and Michael. This is a significant deal for SeaLink, one which substantially enhances our business and we couldn’t have been in better hands. James and his team were proactive in their approach and execution and were available to us 24/7 to get the job done.
“We’ve worked with Kain for a number of years. Their team are market leaders in the public markets, M&A and debt financing space. They understood what we wanted to achieve from the deal, guided us through each stage, and worked tirelessly to achieve this exceptional outcome” said SeaLink Travel Group CEO Jeff Ellison.
The transaction will create one of Australia’s largest multi-modal transport providers with established international operations.
The SeaLink deal is one of a number of recent high-profile deals involving the Kain Transactions team, including online beauty retailer Adore Beauty’s majority sale to Quadrant and award winning tourism operator Horizontal Falls Seaplane Adventure’s sale to Ghan operator Journey Beyond.
About Kain Lawyers
Kain Lawyers is an innovative legal consulting company specialising in complex transactions, disputes and advice. The Kain Lawyers Transaction team has been a national Transactions Team of the Year finalist for two years’ running at the Australian Law Awards and is a top 10 national transactions firm (by volume) as listed by Refinitiv (Thomson Reuters).
*Including up to $63m of contingent consideration.