The Legal 500

Clifford Chance’s private equity team is headed by Oliver Felsenstein in Frankfurt, with two partners also based in Munich. The team witnessed a marked return to form in the sector following the financial crisis, notably advising 3i on the purchase of MWM Holding by Caterpillar, and CVC Capital Partners on the Elster Group’s IPO. It also acted for Nordic Capital on the proposed acquisition of Siemens Audiologie. Christopher Kellett and Kerstin Kopp are recommended individuals in a strong team.

Freshfields Bruckhaus Deringer’s ‘good, strong’ team, spread between six offices in Germany, demonstrates a ‘sound commercial approach’, and has a specialism in large-cap deals. It acted for Kabel Deutschland Holding on its €760m listing on the Frankfurt Stock Exchange; and Ströer Out-of-Home Media on its €394m IPO. The firm also advised BASF on the purchase of chemicals company Cognis, and handled the €3bn purchase of Anheuser-Busch Inbev’s CEE operations by CVC Capital. Ludwig Leyendecker leads the team, and Anselm Raddatz and Andreas von Werder are also recommended.

Gleiss Lutz expanded in 2010 with its integration of Hamburg-based boutique Rittstieg Rechtsanwälte. Christian Cascante’s team also witnessed the arrival of a new partner in Thomas Menke from Baker & McKenzie. Highlights included advising Golden Gate Capital on the planned acquisition of Primondo and HSE24, and assisting One Equity Partners on the restructuring of Hosel. The Hilton Hotel Group instructed the firm on the refinancing and restructuring of the group’s existing debt, including the conversion and repayment of part of the mezzanine tranches to equity at an early stage. Clients praise the team’s ‘innovative and responsive’ manner.

Hengeler Mueller has a very successful cross-departmental team noted for its ‘business acumen’, and acts for an impressive roster of clients that includes Industri Kapital and Goldman Sachs. It worked for Cinven on the acquisition of Jost Group from Silverfleet, and also on the €1.3bn sale of Klöckner Pentaplast to Blackstone. The team was also instructed by MSREF FUND VI on the sale of a majority stake in Sony Center at the Potzdamer Platz, Berlin to the National Pension Service of Korea. Christof Jäckle and Peter Weyland are recommended.

Latham & Watkins LLP focuses on large and mid-sized deals, and clients appreciate the range of services that the team provides, commenting on its ‘abundant expertise’. Key clients include Capvis Equity Partners, which instructed the firm on the joint leveraged acquisition of Kaffee Partner Group; and BC Partners and Apollo Global, which it advised on the €3.5bn sale of Unitymedia to Liberty Global. Renewables are a growth area, the firm recently assisting Ventizz Capital Fund IV on the acquisition of Sovello, a manufacturer of solar energy equipment. Christian Edye and Dirk Oberbracht are recommended.

Milbank, Tweed, Hadley & McCloy LLP has an integrated private equity practice across Frankfurt and Munich. The team advised Lafayette Capital Partners on its purchase of various locations formerly operated by insolvent fitness company Elixia, and LR Health & Beauty Systems on the acquisition of a majority stake in the Eastern European companies in the LR franchise. Clients recommend Peter Memminger, Peter Nussbaum and Norbert Rieger.

P+P Pöllath + Partners is notable for its focus on innovative private equity funds. Matthias Bruse assisted Findos Investor on the acquisition of gabo Systemtechnik, and Michael Inhester assisted DLD Ventures on a financing round in Glam Media. Other key figures are the ‘hardworking’ Andreas Rodin and Otto Haberstock.

Skadden, Arps, Slate, Meagher & Flom LLP’s three-partner team includes the renowned Lutz Zimmer, and has extensive combined experience. It acted for Cipio Partners and others on the €60m sale of their stake in eCircle to a private equity firm, and for Hornschuh Konzern and Barclays Private Equity on the acquisition of US-based O’Sullivan Films. AXA Private Equity and Quadriga Capital are long-established clients. Walter Henle and Matthias Jaletzke are recommended.

CMS Hasche Sigle provides a ‘full-service approach’ and is ‘very good value for money’. The team has a growing profile and advised on a high number of deals in 2010, including a major cross-border transaction for BC Partners covering 18 jurisdictions and worth €500m. The firm also acted for Brenntag on a complex €740m IPO, and in the mid-cap arena advised AXA Private Equity on the €150m acquisition of HSE24, the shopping channel. Udo Simmat and Martin Bell are both recommended by clients.

The practice at Heymann & Partner Rechtsanwälte focuses on high-end work, and had its busiest year since its inception in 2005. It acted on several restructurings, notably on the Monier, Rodenstock and Karstadt transactions, and also advised Fortelus on a variety of equity and debt mandates and investment matters. Head of the firm Thomas Heymann has a wealth of experience that clients greatly appreciate.

The well-respected Joachim Habetha heads the team at Hogan Lovells International LLP, which, post-merger, is able to offer a larger cross-border profile to its private equity and venture capital clients. Transactions of note in 2010 included advising Advent International on the acquisition of a majority stake in GFKL Financial Services, one of the most significant private equity deals of the year. It also acted for Marcol on the purchase of MEDIAN, the largest private operator of rehabilitation clinics in Germany.

Kirkland & Ellis International LLP’s ‘commercially minded’, six-partner team is based in Munich. Highlights of 2010 included advising Apollo Management and others on the hostile takeover of the Monier Group; the mezzanine steering committee involved in the restructuring of cable net provider TeleColumbus, on its acquisition by a Luxembourg company; and Teva Pharmaceutical Industries in the acquisition of the Merckle/ratiopharm group, a €3.6bn deal. Volker Kullman is ‘very impressive’.

Linklaters LLP’s private equity practice has been headed by Rainer Traugott since late 2009, and is appreciated for its ‘high-quality structuring and regulatory advice’. It acted for Actavis, the Icelandic pharmaceutical company, on the complex purchase of ratiopharm, and Montagu Private Equity on the acquisition of ADB Airfield Solutions Solutions from Siemens. The team is present on the EVCA Task Force on the AIFM directive, relating to the new regulation of the private equity sector.

Private equity is a key practice for SJ Berwin LLP, which acts for a number of firms in the mid-cap sector. The team was instructed by Harbinger Capital Partners on the all-stock merger of Spectrum Brand, and also acted for PAIG International on the sale of Sell premium aircraft. Julian Lemor is ‘competent and co-operative’, and Frank Vogel in Berlin and Christoph Brenner are also recommended.

Weil, Gotshal & Manges’ private equity team has four partners and is regarded highly in the market for the quality of its work. It assisted Lone Star, the US financial investor, on its acquisition of Düsseldorfer Hypothekenbank; Change Capital Partners on its acquisition of Hallhuber, the German fashion retail chain; and TPG Capital on its contemplated acquisition of Dow Chemical’s Styron unit.

Willkie Farr & Gallagher LLP has a highly successful practice that operates in an innovative way and in all disciplines of private equity. The team, headed by Mario Schmidt, is active in the growing area of portfolio advice, and is also well versed in asset swaps. It acted for AXA PE on the acquisition of HSE, the home-shopping channel, and for KI Kapital in its acquisition of life science companies. Michael Bernhardt and Stefan Joergens are recommended.

‘Top firm’ Allen & Overy LLP’s seven-partner team regularly advises private equity houses such as 3i and Herkules Private Equity. It acted for Pamplona Capital Management on its acquisition of a stake in WEPA Industrieholding, and for a UK-based private equity investor on a proposed acquisition of Tyco Waterworks. The team also assisted Deutsche Bank on a squeeze-out of minority shareholders from a portfolio company of Apax Partners. Helge Schäfer heads the practice.

Ashurst LLP’s private equity practice is led by Nikolaus von Jakobs, based in Munich. The team advised Apax Partners on the acquisition of a majority share in international IT security company Sophos, and Oakley Capital on acquiring a 51% share in Verivox. The team is described as ‘first rate’ and ‘unbelievably quick to respond’.

Baker & McKenzie’s private equity team features the well-respected figures of Nikolaus Reinhuber and Regina Engelstädter. The group assisted One Equity Partners on the €250m financial restructuring of the VAC group, and Montagu Private Equity on the refinancing of vendor loan notes issued in the context of the Euromedic acquisition. The team is praised as ‘exceedingly knowledgeable’.

Alexander Schroeder-Frerkes heads the team at Bird & Bird LLP, which has seen notable success in renewables projects. The firm advised AMP Capital Investors on the acquisition of various solar projects, and Deutsche Biofonds and Siemens on the financing of a 100MW solar project in Italy, the largest such project worldwide. It also advised Bank of America Merrill Lynch on the acquisition of Clean Energy, a large developer of Polish wind farms.

Dechert LLP’s hard-working private equity team is headed by Federico Pappalardo, and was recently involved in the acquisition of the assets of shipbuilder Wadan Yards by Nordic Yards. 3i portfolio company NORMA also instructed the firm, on the acquisition of R G Ray Corporation, the US-based maker of heavy-duty engineered clamps. Berthold Hummel is recommended.

Private equity is a core area for Haarmann Partnerschaftsgesellschaft Rechtsanwälte Steuerberater Wirtschaftsprüfer, which has a three-partner team. Highlights of 2010 included advising Quadriga Capital on its buyout of the TECTUM Group, and assisting a venture capital company on its acquisition of an internet services provider. The team offers ‘practical solutions’ to clients’ needs, with Tobias Fenck and Wilhelm Haarmann ‘among the very best’ in SPA and due diligence work.

Heisse Kursawe Eversheds advised JC Flowers on a €1.2bn investment in Hypo Real Estate Bank in accordance with a takeover bid from the German government. It also advised longstanding client BAVARIA Industriekapital on the sale of an Alcoa aluminium foil factory in Spain, and a private investor on the restructuring and financing of a well-known German car rental company. Christophe Samson is recommended.

Jones Day’s team is headed jointly by Andreas Jürgens in Frankfurt and Ivo Posluschny in Munich. The team represented STAR Capital Partners in the acquisition of German cable network Pepcom, and assisted the Riverside Company in acquiring the portfolio company Summit Medical Group. Clients appreciate the global reach of the firm.

McDermott Will & Emery Rechtsanwälte Steuerberater LLP’s team has a notable focus on healthcare regulatory matters. On the deal side, the firm advised Honeywell International on its €400m acquisition of the RMG Group, a leading gas measuring and control products supplier; and Argantis Beteiligungs-Holding on the acquisition of the remaining shares in EliteMedianet. Konstantin Günther is recommended.

Noerr LLP has longstanding experience in handling distressed assets and restructuring transactions, and acted on a remarkable number of deals in 2010. It advised the principal shareholders in the Pepcom cable company, Veronis Suhler Stevenson and GMT Communications Partners, on the sale of their interests to STAR Capital Partners; and French private equity house Argos Soditic on the takeover of insolvent musical instrument manufacturer Schreiber & Keilwerth. Georg Schneider and Thomas Schultz are recommended.

Salans LLP’s private equity practice has developed rapidly over recent years, headed by the recommended figures of Holger Scheer in Frankfurt and Christoph Kautzsch in Berlin. It advised AXA Private Equity on the acquisition of a majority share in the Competence Call Center Group, and assisted BayernLB Private Equity on the bidding procedure in a management buyout of a food logistics company. Healthcare, chemicals and energy are growing sectors for the firm.

Shearman & Sterling LLP’s four-partner private equity group advised Carlyle on the unsuccessful acquisition of a minority stake in a listed German company, and Warburg Pincus on the sale of Easycash Group to Ingenico, and has recently given anti-trust law advice to Barclays Bank on several proposed acquisitions. The team includes Harald Selzner and Thomas König.

Simmons & Simmons LLP’s private equity team is led by Jan Wildberger and has further established itself in the German market. It advised Aragon on the takeover of Austria’s MLP Finanzdienstleistungen, and a portfolio company of L-EA Private Equity on growth financing for a water facility treatment producer.

Taylor Wessing’s team is headed by the well-respected figure of Peter Hellich, and acts for key clients such as DZ Equity Partners and Rutland Partners, recently advising the latter on the MBO of CeDo Group (Bad Homburg), with subsidiaries in several jurisdictions. The team also acted for Granville Baird on the sale of its investment in Berkenhoff among other matters.

White & Case LLP’s team is headed by Frank Evers and Andreas Stilcken, and has a strong involvement in distressed or special situations stemming from the firm’s renowned restructuring and insolvency practice. The firm advised NIBC Infrastructure Partners on the acquisition of a German wind farm portfolio, and assisted Novasep on its due diligence review of a €370m issue of high yield bonds.