Hamilton Locke acted for Gayle Dickerson, Phil Quinlan and Morgan Kelly in their capacity as administrators of Internet Services Australia 3 Pty Limited (Administrators Appointed) on the sale of online retail homewares and furniture business, Zanui.
The Hamilton Locke team was led by partner Nicholas Edwards and assisted by lawyers Amelia Schubach and Morgan Sheargold. The successful purchaser was represented by Clayton Utz.
The sale demanded tight deadlines but ultimately resulted in a successful sale to Marlin Brands, majority owned by global investment firm, Oaktree Capital Management L.P. and specialist private equity firm, Alceon Group. The sale will allow Zanui to grow amidst the burgeoning online retail market, while remaining faithful to existing customers and employees.
Commenting on the transaction, Nicholas Edwards said: “This transaction represented a wonderful result for creditors, employees, customers and the business. The administrators rightly made the decision to transact quickly in order to preserve value and given the cooperation between the parties completion of the sale occurred before the second meeting of creditors.”
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