The BDT & MSD transaction comprises an A$1.6 billion initial investment for a minority stake in DBG, plus access to up to A$1 billion of additional capital for future acquisitions, making this one of the largest private, founder-led transactions in Australian business. Proceeds include both primary capital to support growth and secondary liquidity for existing shareholders. BDT & MSD will be a long-term, strategic partner as DBG accelerates its global scaling efforts. Completion of BDT & MSD’s investment is subject to customary regulatory approvals.

Founded by Executive Chair and CEO Mr Dennis Bastas and Executive Director Mr Con Tangalakis, DBG has grown rapidly since acquiring its foundational pharmaceuticals business, Arrow Pharmaceuticals, in 2015. Today, the group generates A$2 billion in annual revenue, increasing 11 times over the last nine years through a combination of organic growth and strategic acquisitions.

MinterEllison assisted with all aspects of the transaction, including comprehensive vendor legal due diligence, sale process structuring and advice, bidder engagement and negotiation of transaction documents and transaction structuring advice, FIRB and competition advice.

The MinterEllison core team was led by Jeremy Blackshaw (Partner, M&A / Capital Markets), Stephen Clarke (Partner, M&A / Capital Markets) and Joseph Pace (Partner, M&A / Capital Markets), with support from Korey Barbousas (Senior Associate, M&A / Capital Markets), Alice Tyson (Associate, M&A / Capital Markets) and Liam Plant (Associate, M&A / Capital Markets).

They were supported by a broader group of M&A/Capital Markets and Banking & Finance specialists, with additional support provided by teams across Litigation, Tax, Workplace, IT, IP, Insurance and Real Estate.

Stephen Clarke, Partner at MinterEllison, said: “We are proud to support DBG on this landmark transaction. It reflects the strength of both DBG and Australia’s founder-led businesses, and the global appetite for strategic investment in high-growth, innovation-driven companies. This partnership positions DBG for its next phase of global expansion, and we’re pleased to have supported the DBG team in delivering this milestone deal.”