Thursday 28 January 2010
Middletons acts for Harbert Australian Private Equity in Aesop
cosmetics deal
Middletons recently advised international investment fund, Harbert Australian Private Equity in its strategic investment
in Emeis Holdings, the owner of the Aesop cosmetics business. Aesop is a leading premium skincare and cosmetics
brand operating across Australia, Asia and Europe.
Middletons’ lead partner, John Mann described the deal “as a complicated private equity investment involving intricate
equity and funding arrangements and the preparation of complex documents.”
John further commented that “Middletons in a short space of time was able to assist Harbert in conducting an
appropriate due diligence process and the preparation and negotiation of complex transaction documents on a highly
sought after investment.”
Globally Harbert has grown considerably over the past few years with committed capital and assets under
management growing from $1.5 billion in 2002 to approximately $2.6 billion as of November 1, 2009.
When asked what the outlook is for private equity in the next 12 months, John said “2010 will no doubt see private
equity take full advantage of the current environment. A variety of opportunities exist for private equity funds that are
looking to invest such as Harbert who have the required skill and discipline to be cautious about their investment and
selective in regard to opportunities.”
In response to any emerging trends John highlighted “I expect that private equity will return to basics with smaller
deals and certainly more cash upfront. Following years of copious fundraising in a bull market has given private equity
houses more funds than ever to deploy. I do however believe there is no doubt that we will largely see smaller deals
put on the table.”
In other developments John said “There has been a steady trend in the out performance of companies exited by
private equity as opposed to other models. Indeed Australia’s private equity sector is less advanced than both UK and
US counterparts, so we can expect to see a growth in the proportion of M&A activity being linked to private equity
activity in the years to come.”
John described Harbert as “methodical in their assessment process, which showed experience and, most of all,
discipline. Due diligence is of prime importance when making strategic acquisitions and we work very closely with
investment teams to manage this process.
Harbert invest in a variety of asset classes to build a portfolio with a composition that strives to balance risk and
return.
Middletons’ lead partner, John Mann was assisted by Middletons’ partner Craig Sanford in acting on this transaction.
About Middletons
In the modern commercial world, standing still is not an option. Middletons is a full service Australian commercial law
firm.
Our clients are serviced by over 500 employees, including 300 legal advisers, from our offices in Melbourne, Perth
and Sydney.
We have extensive experience acting for industry leaders, major corporations and government on groundbreaking
legal transactions in Australia and internationally. Our commercial expertise and knowledge in specific industries
ensures we add value to our clients’ businesses.
The Middletons’ approach is refreshingly different. We don't confuse clients with lots of legal speak – we are straight
talking.
Further information
Jeremy Hyman
Media and Communications Manager
T: +612 9513 2451
F: +612 9513 2399
M: +614 49 953 890
E: jeremy.hyman@middletons.com
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