Media Release | 6 June 2012
Hall & Wilcox acts on first sales of assets from Hastie collapse
Hall & Wilcox Lawyers has this week acted for two groups of purchasers in the acquisition of Hastie subsidiaries Cooke & Carrick (trading as CDC Plumbing) and D&E Air Conditioning.
Cooke & Carrick’s original ownership group sold the company to Hastie in 2007 as part of that company’s expansion. A company controlled by one of the former owners, Peter Carrick, has this week agreed to purchase the assets back from Hastie for an undisclosed amount.
D&E Air Conditioning has been purchased by an entity controlled by one of its former owners, Greg Andrews.
Negotiations on both deals were commenced after Hastie entered into voluntary administration and terms of the sale were agreed to this week.
The Hall & Wilcox team on both transactions was led by commercial partner Bruce McFarlane.
“We are pleased to have been able to reach a decisive outcome so quickly after Hastie entered into voluntary administration,” Mr McFarlane said.
“CDC has long been important to its employees and the construction industry generally, and this sale provides those groups with certainty about the future of the business. The same can be said for the importance of D&E Air Conditioning to its employees and clients.
“In both cases, the new ownership groups recognised the health of the subsidiaries as being a separate proposition to the circumstances surrounding Hastie.”
Peter Carrick from CDC Plumbing said that the ownership group was both relieved and excited.
“The uncertainty for the employees and clients was very difficult to manage, but we are looking forward to re establishing the CDC business,” Mr Carrick said.
Greg Andrews from D&E Air Conditioning said he was glad to play a part in the next chapter of the business despite the circumstances around the sale.
Mr McFarlane praised the commitment and contribution of the new owners of both companies, as well as the work of administrators PPB Advisory and Henry Davis York, which also acted on the deals.
“To complete these two deals in such a short period is a testament to the commitment of everybody involved in the transactions.
“The speed with which the deals were completed will send a positive message to everyone doing business with or working for these companies,” Mr McFarlane said.
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