Bell Gully has advised on a complex deal to secure New Zealand ownership and rights for the Canterbury clothing brand.
The European operations and the global brand were sold by Canterbury of New Zealand's ultimate owners, Kuwait Finance House of Bahrain to UK sportswear company JD Sports Plc and the Australasian operations were initially sold to existing minority shareholder Ross Munro. Subsequently, the Australian operations were sold by Mr Munro to JD Sports Plc along with an interest in the New Zealand operations.
Bell Gully advised Mr Munro on the initial purchase and in the subsequent negotiation with JD Sports.
The transaction involved securing commercial solutions to complex business structuring, security, tax, licensing and other issues associated with ensuring a receivership of part of the operations of Canterbury evolved into a sale to secure the ongoing operations of the Canterbury business and brand.
Bell Gully's deal team was led by corporate partner Brynn Gilbertson, and also involved partners Rachel Paris (finance), Murray Tingey (insolvency) and David Simcock (tax). Also on the team were senior associates Louise Hill and Michaela Hutton and solicitors Haden Henderson, Dave Natapu and Lucy Harford.
The Canterbury brand was established in New Zealand over 100 years ago and is the major global rugby apparel brand.