Addleshaw Goddard's Manchester Corporate team has advised long-standing client PZ Cussons Plc on its buy-out of Glanbia's 50% stake in Nutricima for £21m.
The buy-out of Nutricima, which is a joint venture between PZ Cussons and Glanbia that manufactures and supplies diary based consumer products to the Nigerian market, will see PZ Cussons take full ownership and control and further develop existing brands including Nunu, Olympic and Yo. PZ Cussons has also entered into a new long-term agreement with Glanbia Ingredients Ireland for the supply of milk-based products to Nutricima.
The AG team was led by Corporate Partner Paul Medlicott and included Tina Wong, Joanne Cooper, Michael Rainey, William Ngan and Justine Delroy.
Paul Medlicott said "We are delighted to have advised PZ Cussons in relation to this transaction which will enable PZ Cussons to further develop consumer nutrition brands in Nigeria, one of their key markets that they know incredibly well."