Gowling WLG provides Canadian transactional support on CDN$730-million acquisition of Iovate by China's Xiwang Food

23 September 2016

On September 23, 2016, Xiwang Foodstuffs Company Ltd. (“Xiwang Food”) announced that it had completed its previously announced acquisition of Iovate Health Sciences International, Inc. (“Iovate”), via its acquisition of Iovate’s parent company, Kerr Investment Holding Corporation (“Kerr”), from The Toronto Oak Trust for a total consideration of CDN$730 million.

The deal, announced on June 13, 2016, was completed upon confirmation of Canadian and Chinese regulatory approvals.

Xiwang Food, based in Shandong Province, China, is engaged in the food processing and distribution business, with a focus on healthy consumable oils, in China and internationally. 

Oakville, Ontario-based Iovate is an industry-leading manufacturer of bodybuilding and muscle-building supplements.

Sidley Austin LLP, a Chicago-headquartered global law firm, advised Kerr on this transaction.

Gowling WLG provided Canadian transactional support to Sidley Austin with a team led by Cynthia Elderkin (corporate/commercial), Rob Fashler (intellectual property), Ian Macdonald (ICA and competition law), Melanie Polowin (employment and HR), Colin Green (tax; corporate/commercial) and Lewis Retik (food and drug regulation).

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