Norton Rose Fulbright acts for Independent Living Specialists on share sale

Australia Press release - Business May 2020

Global law firm Norton Rose Fulbright has acted for the founders of Independent Living Specialists Pty Limited (ILS) on the sale of a controlling stake of ILS to Riverside Australia Fund III L.P (the Fund). 

The Fund is the latest Asia-Pacific private equity fund raised by The Riverside Company, a global private equity firm headquartered in New York. The transaction involved a partial scrip-for-scrip rollover for the founders and the other existing shareholders of ILS into the holding entity that indirectly acquired the stake in ILS. 

ILS is a Sydney-based healthcare company and registered NDIS service provider, with a significant product range with a focus on the sale and distribution of mobility devices (e.g. wheelchairs, scooters), specialised furniture (e.g. lift chairs, beds/mattresses) and personal care equipment (e.g. shower stools, mats). 

Products are distributed through a variety of channels including a substantial clinically trained field force, a network of more than 20 retail showrooms and virtual options (online and phone).

Norton Rose Fulbright advised the ILS founders on all legal aspects of the transaction (other than tax), particularly in relation to the transaction structure, drafting and negotiating the ancillary transaction documents and facilitating signing and completion of the transaction.

The Norton Rose Fulbright team was led by corporate M&A partner Richard Lewis in Sydney, and included senior associate Christian McMahon and associate Sassica Hoolahan.

Richard Lewis commented:

“With the world’s attention squarely on the importance of the global healthcare industry right now, it was pleasing to be able to support the founders of ILS to complete the sale of their controlling stake to the Fund.”

 

For more information, contact:

Alex Boxsell, Head of Digital Content & Campaigns, Norton Rose Fulbright in Australia
Tel: +61 (0)2 9330 8165 Mob: +61 (0)414 985 556
alex.boxsell@nortonrosefulbright.com 

Angela Han, Communications Executive, Norton Rose Fulbright in Australia
Tel: +61 (0)2 9330 8610   Mob: +61 (0)438 429 798
angela.han@nortonrosefulbright.com