Thomson Geer acted for ASX-listed macadamia nut processor and marketer, Health and Plant Protein Group Limited (HPP) in the sale of their business to MNP Holdings LLC for US$23 million. MNP Holdings LLC is a company based in Wyoming, USA whose shareholders have significant investments in the Hawaiian macadamia nut industry.
The sale was the outcome of a strategic review of HPP's US assets and a competitive sale process under which HPP held discussions with interested parties in relation to the future ownership of the Kapua Macadamia Orchard and macadamia nut business. The net sale proceeds will be used to reduce debt and to pay employee entitlements, with the surplus after ongoing working capital requirements to be returned to shareholders.
The Thomson Geer team was led by Partner, Eugene Fung and supported by Associate, Thomas Gardner.