Author Archives: FortmanCline

Fortman Cline is awarded as “Most Innovative Financial Solutions Provider ” by the International Finance Publications Ltd. (UK)

International Finance’s Financial Awards aims to reward and recognize the contribution of financial companies, which include path-breaking initiatives in corporate social responsibility or charitable activities, corporate governance and activities that benefits the global finance community, in addition to their outstanding performance in their respective fields.

At the recently concluded International Finance Awards, Fortman Cline Capital Markets Limited was recognized as the Most Innovative Financial Solutions Provider in 2019.

International Finance is a premium financial and business analysis magazine, published by UK’s International Finance Publications Ltd., providing news, analysis and commentary from a range of industry experts, contributors, and writers.

Fortman Cline advised on the M&A of 100% equity stake in a leading LPG distribution company, Liquigaz Philippines Corporation

Fernwood Holdings acquires Liquigaz Philippines from Cosco Capital Inc., the listed retail holding company owned by Lucio Co. Cosco disclosed last October 2018 that it was exiting the LPG business, noting in a statement that the divestment “will allow the firm to maximize shareholders’ value and achieve financial flexibility moving forward.”

Liquigaz Philippines is the second largest supplier of LPG in the country accounting for about 30 percent of total market volume and is the biggest seller in Luzon.
More than 60 percent of the country’s annual LPG importation is unloaded, stored and sold from Liquigaz’s 12,500-metric-ton capacity storage tanks in Mariveles, Bataan, the largest of such facility in the Philippines. It is the only supplier capable of receiving both refrigerated and pressurized LPG cargo.

The transaction was subject to approval from the Philippine Competition Commission (PCC). In January 21, 2019, it was announced that the PCC approved Fernwood Holdings Inc.’s 100% acquisition of Liquigaz Philippines Corp, stating that the deal would not likely result in the substantial lessening of competition for the bulk and cylinder supply of LPG in Luzon.

Fortman Cline Capital Markets Limited served as Financial Advisor.

Fortman Cline co-advised on the M&A of 100% equity stake in New Zealand’s leading poultry company, Tegel Group Holdings Ltd.

Bounty Fresh, the poultry company founded by low-key businessman Tennyson Chen, has received regulatory approvals for its $309 million acquisition of the Tegel Group, removing the last hurdle in the completion of the transaction.

In a disclosure to the New Zealand Stock Exchange, Tegel said it has already received the approval from the Overseas Investment Office, the agency regulating foreign direct investment into New Zealand.

With the offer approved, Bounty as the holder or controller of over 90 percent of Tegel shares now becomes the dominant owner of the company.

The transaction by Bounty Fresh marks yet another global acquisition by a Philippine company.

It came at a challenging time for the New Zealand company amid a glut in domestic chicken supply.

Tegel’s 45 percent shareholder, Claris Investments, had already accepted the offer.

The bid was part of Bounty’s expansion strategy outside the Philippines.

Bounty Fresh was founded in the 1980s by Chen who started the business in a one-layer house in Sta. Maria, Bulacan with an initial 5,000 heads of chicken.

From a 5,000-head layer farm, the business grew to be one of the largest broiler integrators in the country.

Today, it is the only fully-integrated poultry company that has continuously invested in company-owned facilities.

These include grand parent farm, parent stock farm, hatcheries, dressing plants, feed mills, and cool-cell broiler complexes in the Philippines.

It is the first company in the Philippines to put up a single-stage commercial broiler hatchery, a technology that ensures better hatchery sanitation with controlled ventilation that will in turn produce better chick quality.

To cater to the consumers in the various regions and islands of the archipelago, Bounty Agro Ventures Inc. was integrated to operate in several branches across the country.

Bounty is now one of the largest poultry companies in the Philippines with vertically integrated farm-to-plate operations.

 

Fortman Cline served as financial advisor to the Pascual family in its acquisition of a holding company

Fortman Cline served as financial advisor to the Pascual family in its acquisition of a holding company

Fortman Cline served as financial advisor to the Pascual family in its acquisition of 50.78% of the holding company Ondarea, Inc., resulting in the consolidation of its ownership in Ondarea and its subsidiaries ADP Pharma Corp. & Seville Pharmaceuticals, Inc. ADP Pharma is a major player in the Philippine pharmaceutical industry through its market-leading Propan brands.

Fortman Cline advised The Medical City in forming a Joint Venture Company with the Sama Group

Fortman Cline advised The Medical City (TMC) in forming a Joint Venture Company with the Sama Group (Kuwait) to establish and operate a clinic chain in the Gulf Cooperation Council (GCC). The JV opened its first clinic in Dubai under the TMC Proser brand of clinics and it plans to expand to other GCC cities such as Abu Dhabi and Kuwait City. TMC already has over 30 clinics in the Philippines and its expansion into the region allows the company to bring its quality clinic care to Overseas Filipino Workers (OFW). The GCC has the largest OFW population with over 2mn as of 2012.

TCM