DLA Piper has advised Helios Technologies (Nasdaq: SNHY) on the 100% acquisition of Australian business Custom Fluidpower for AU$35 million (approximately US$26 million) on 1 August, 2018. The acquisition was funded using cash and shares of SNHY common stock.

Helios Technologies (formerly known as Sun Hydraulics) is a US headquartered global industrial technology leader in the hydraulics and electronics markets. Custom Fluidpower is Australia’s largest independently-owned fluid power solutions and service provider to the mining, material handling, agriculture, construction and energy sectors.

The multi-jurisdictional DLA Piper team included lawyers in the US and Australia, with Steven Pidgeon, Co-Managing Partner of DLA Piper’s Phoenix, Arizona, office and Corporate associate Sarah Stanton providing advice in relation to the issue of securities as part of the consideration payable for the acquisition.

The Australian team was led by Corporate partner Mark Burger who was assisted by Dylan Burke, James McCarthy, Kathryn Randle and Sarah Dressler. DLA Piper advised on all legal due diligence, negotiations and drafting the transaction documentation required to complete the acquisition. The team also received additional support and advice from lawyers in the Intellectual Property and Technology, Real Estate, Employment, Banking and Finance and Insurance groups to deliver the due diligence requirements.

Mark Burger said: "We are delighted to have advised Helios Technologies on this acquisition of a highly respected and mature distribution business operating across Australia. This strategic acquisition will facilitate Helios Technologies to expand the group's presence in the Asia-Pacific region."