Norton Rose Fulbright advises Resource Management Service, LLC on sale of Tasmanian hardwood estate

Australia Press release - Business January 10, 2020

Global law firm Norton Rose Fulbright has advised Resource Management Service, LLC (RMS) on the sale of its Tasmanian hardwood plantations to investment funds advised by Global Forest Partners LP. The deal completed on December 23, 2019.

The team advised RMS on all aspects of the transaction including vendor due diligence, competitive tender auction sale process, transaction structuring and documentation, property and land transaction matters and relevant approvals from the Foreign Investment Review Board (FIRB) and Australian Competition and Consumer Commission (ACCC).

The cross-practice Norton Rose Fulbright team was led by corporate M&A partner Ben Smits and supported by lawyers across corporate M&A, property, environment and planning, regulatory and tax lawyers across Sydney and Melbourne. 

Resolute Advisory, an independent M&A advisory firm headquartered in Melbourne, acted as financial advisor to RMS. Michail Lagogiannis, Managing Director of Resolute Advisory commented:

“We were delighted to manage a highly competitive auction, working closely with Norton Rose Fulbright. The team successfully navigated a wide range of issues and delivered an excellent outcome for RMS”.  

Norton Rose Fulbright partner Ben Smits commented:

“This deal shows a continued interest in Australian land and forestry assets by foreign investors and in addition to FIRB approval, we are pleased to have successfully addressed the ACCC’s concerns on market concentration. The team worked seamlessly alongside Resolute Advisory and interstate counsel to ensure smooth transaction management and delivery.”

Ben Smits was supported by partners Stephen Iu, Claire Forster, Greg Reinhardt, Michael McKee and Elisa de Wit; special counsel Stephanie Barnes; senior associates Adam Hunter, Zoe Lonard, Sonali Seneviratne, Duncan Webber and Jacqueline Plant; associates Hugo Gotterson, Edwina Grigg and Andrew Pattinson; and lawyers Andrew Cho, Sassica Hoolahan, Alex Brand, Christopher Goutama and Rachel Murphy.