New Zealand-based private equity firm, Pencarrow Private Equity, has settled the first investment from its new fund, partnering with key management to acquire 100% of the shares in Shoof International Limited, a leading distributor of a wide range of on-farm and veterinary products in New Zealand, Australia and Chile.

Leading law firm, MinterEllisonRuddWatts advised long-standing client Pencarrow on the strategically important transaction for its new fund – Fund VI – which closed late last year. 

Pencarrow’s investment strategy for Fund VI follows prior funds with its focus on targeting emerging global operators alongside leading domestic businesses, in particular those that provide a growth opportunity in Australia. 

Partner Neil Millar says “As always, it’s fantastic to work alongside Pencarrow as it continues to grow its investment portfolio. This deal presented the perfect opportunity for Pencarrow to partner with a global, innovation-led company with a bold, future-focused strategic plan.”

MinterEllisonRuddWatts’ core transaction team, led by Partner Neil Millar, included Partner Steve Gallaugher, Senior Associate James Marriner, solicitors Tom Kennedy and Travis Mackie with support from Partners Sarah Salmond, Chris Young, Nick Frith and June Hardacre, along with Senior Associate Jenny Ali, Senior Solicitor Nathalie Harrington, and solicitors Conor Masila, Dilshen Dahanayake and Rosa Laugesen.

The team advised on all aspects of the transaction, including due diligence of the corporate structures, intellectual property, employees, property interests and regulatory matters, along with the drafting and negotiation of the share sale and purchase agreement and related transaction documents. The team also assisted with documentation relating to equity, shareholder loans and debt financing.