DLA Piper has advised Freedom Foods Group Limited (ASX:FNP) (Freedom Foods) on its AU$65 million equity raising via a placement and accelerated non-renounceable entitlement offer.

The funds raised will be used to support Freedom Food's growth strategy including the acquisition of Oat based Cereal and Snack manufacturer, Popina Foods, for approximately AU$35 million (total enterprise value), the construction of a new UHT processing facility at Ingleburn in South West Sydney and other future growth opportunities.

Freedom Foods operates in the "free from" market segments comprising food and beverage products manufactured to be free from key allergens such as gluten, wheat, nuts, dairy and in the case of a2 milk™, A1 protein. This market continues to expand in Australia and internationally reflecting the rising prevalence of food allergies and intolerances and the increasing consumer demand for health conscious products.

The DLA Piper team on the entitlement offer was led by corporate partner David Ryan, with assistance with senior associates Adrian Tan and Horace Wu and lawyer Harriet Johnston. Corporate partner Bryan Pointon and senior associate Adrian Tan advised Freedom Foods on the acquisition of Popina Foods.

David Ryan said: "We are delighted to have advised Freedom Foods on this equity raising, which will enable the group to continue its growth strategy and to expand its market share in the food industry, particularly amidst the growing demand for allergen-free food."

DLA Piper's Head of Corporate for Asia Pacific, Bryan Pointon, said: "We are very pleased to be able to assist Freedom Foods in their key ECM and M&A matters and to follow on the work we undertook for Freedom Foods and the Australian Fresh Milk Holdings Consortium on the acquisition of Moxey Farm."