United Kingdom > London > Corporate and commercial > Private equity: transactions
Index of tables
Private equity: transactions
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Leading individuals
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- Ian Bagshaw Linklaters LLP
- Derek Baird Allen & Overy LLP
- Chris Bown Freshfields Bruckhaus Deringer LLP
- Fabrizio Carpanini Olswang
- Marco Compagnoni Weil, Gotshal & Manges
- Steven Davis SJ Berwin LLP
- Alastair Dickson Dickson Minto WS
- Mike Francies Weil, Gotshal & Manges
- Chris Hale Travers Smith LLP
- Bruce Hanton Ashurst LLP
- Jeff Twentyman Slaughter and May
- Matthew Layton Clifford Chance
- James Learner Kirkland & Ellis International LLP
- Charles Martin Macfarlanes LLP
- Charles Meek Macfarlanes LLP
- Allan Murray-Jones Skadden, Arps, Slate, Meagher & Flom (UK) LLP
- Will Rosen Ropes & Gray LLP
- Philip Sanderson Travers Smith LLP
- Adam Signy Simpson Thacher & Bartlett LLP
- David Walker Clifford Chance
- Graham White Kirkland & Ellis International LLP
- Richard Youle Linklaters LLP
Clifford Chance’s deeply entrenched relationships with many of the most significant sponsors in the market – including CVC, Bridgepoint, Warburg Pincus, and Carlyle – has seen it active across a raft of acquisitions, disposals and portfolio company restructurings. Recent highlights include advising Bridgepoint on the £414m acquisition of Care UK plc; and representing Montagu on its £222m purchase of the Host Europe Group. The latter deal involved significant input from the firm’s German office, and is illustrative of the firm’s capabilities on cross-border mandates. Global head David Walker (‘down to earth, pragmatic, and very smart’), Spencer Baylin (‘very strategic and tactical’) and Simon Tinkler (‘bright and very technically able’) stand out in a ten-partner group praised for its ‘ability to not only rely on market practice but also to think through the specific deal issues at hand’.
One of the more established practices in the market, Ashurst LLP’s eight-partner team has ‘significant strength and depth’, and provides ‘proactive and commercial’ advice. Key clients include Apax, Cinven, Candover and Cognetas, and the team has also successfully expanded its client roster to include Nordic Capital, which it advised on the acquisition of Britax, assisted on the global due diligence by colleagues in the firm’s Munich office. The group has also advised Apax on a number of exits, including the Promethean and Smart Technologies IPOs. Headed by the ‘great’ Charlie Geffen, the team also includes Stephen Lloyd, David Carter and the ‘outstanding’ Bruce Hanton.
‘Commercially and technically very strong’, Freshfields Bruckhaus Deringer LLP has strong relationships with prominent sponsors such as CVC, Hellman & Friedman, and Warburg Pincus, and is valued for its ability to field multidisciplinary teams, often combining lawyers from numerous international offices. Recent highlights include advising Cinvin on the £251m acquisition of Spice plc, and CVC on the acquisition of a majority stake in Autobar Group. Chris Bown heads the team, which also includes Edward Braham, David Higgins, David Sonter and Adrian Maguire.
‘Very responsive, commercial and user friendly’, with ‘strength and depth across the team’, Travers Smith LLP provides ‘well-calibrated advice’ to management and, increasingly, sponsor clients, predominantly in UK-centric mandates. It is active for many of the largest UK sponsors, recently advising Bridgepoint on the £955m secondary sale of Pets at Home to KKR; and new client Silverfleet Capital on the acquisition of Office, the footwear business, from West Coast Capital. On the management side, it advised Brit Insurance on the potential £88m take-private by Apollo and CVC. Standout partners include the ‘utterly commercial’ Philip Sanderson; Chris Hale, who is ‘a genuine thought leader in the market’; Paul Dolman; and Helen Croke.
‘Very commercial and easy to deal with’, Weil, Gotshal & Manges is increasingly recognised as a ‘go-to’ firm for the largest and most complex cross-border deals in the market. The ‘superb’ Marco Compagnoni led a team advising Advent International and Bain Capital on the £2bn acquisition of the Global Merchant Services business of RBS – at the time the largest private equity deal in Europe since 2007. As well as picking up an impressive share of new-money deals, the team is also well positioned to handle portfolio restructurings. Mike Francies and Jacky Kelly recently led the advice to Dubai International Capital on the successful restructuring of its portfolio investment in the Almatis Group.
With a ‘very strong franchise in Europe’, Allen & Overy LLP’s six-partner team ‘sets the gold standard in every way’, and is regularly at the forefront of significant international deals. Notable for its international coverage, it is also able to provide a full-service approach in complementary areas such as tax and employment, and ‘does a good job of being “joined up” across departments’. Charterhouse Capital Partners continues to provide a significant pipeline of work, recently instructing the team on the £325m buyout of Deb Group and also its sale of Autobar to CVC. Gordon Milne is praised for his ‘excellent client skills’; and Susan Howard, Alan Paul and the ‘excellent’ Derek Baird are also recommended.
Leveraging off the firm’s market-leading US practice and providing a full-service offering that includes fund formation as well as transactional work, Kirkland & Ellis International LLP’s 15-partner team continues to gain market share. Bain Capital is a pivotal client, and generates a significant flow of work; recent deals include the acquisition of IMCD Group from AAC Capital. The team also remains at the forefront of debt M&A mandates, and recently acted for Apollo Management on a debt-for-equity swap of the Gala Coral Group. Matthew Hurlock, James Learner and Graham White are integral members of the team, which was strengthened by the arrival of Gavin Gordon and David Arnold from Ashurst LLP.
Linklaters LLP may be better known for its banking and restructuring work, but its private equity team is gaining increased market recognition as a result of an increasingly impressive deal book. As well as handling a flow of work for HgCapital and Triton, it picked up a first major UK instruction from the Carlyle Group, on the £600m acquisitions of Integrated Dental Holdings and Associated Dental Practices. Praised for its ‘strong commercial advice’, the group includes the ‘very responsive, commercial and practical’ Richard Youle; ‘ruthless executor of deals’ Ian Bagshaw; and the ‘very good’ Annette Kurdian.
Headed by Charles Meek, Macfarlanes LLP’s 11-partner group provides ‘excellent’ advice to both sponsors and management. As well as acting on a number of disposals for marquee client Alchemy Partners, the team has picked up work for a number of new clients including JC Flowers, which it is advising on its investment in Kent Reliance Building Society. It also acts for 3i, Oakhill, Indigo Capital, and Greenhill Capital Partners. Charles Martin, Simon Perry and Ian Martin are praised for their ‘commercial and pleasant’ approach and ‘up-to-the-minute knowledge’.
‘One of the best full-service private equity firms in the market’, SJ Berwin LLP combines ‘good general corporate advice with strong commercial skills’. In a deal that married up the firm’s funds and transactional expertise, it advised Apax Partners on the sale of a stake in the business to Chinese sovereign wealth fund China Investment Corporation; and on the more traditional buyout side, it advised Duke Street on the €104m acquisition of Payzone. Team head Steven Davis ‘provides excellent general deal advice’. Also recommended are the ‘creative and highly commercial’ Jonathan Pittal; Ed Harris, who has ‘a great grasp of the detail’; and the ‘extraordinarily dedicated and hardworking’ Tim Wright.
Despite the recent departure of Will Rosen to Ropes & Gray LLP, DLA Piper UK LLP is still able to call on the services of highly regarded practitioners such as Philip Butler and Alexander Griffith, who are ‘excellent’. Praised for its ‘commercially aware and technically sound’ approach, the team has an excellent reputation for mid-market matters, acting for clients such as Gresham, LDC and Sovereign Capital Partners.
‘Very good domestic outfit’ Dickson Minto WS provides a ‘fantastic service’ to core clients such as BC Partners and Charterhouse Capital Partners. While it may lack the international presence of some of its peers, it is steeped in the industry and includes a number of high-profile practitioners, including Alastair Dickson.
Though somewhat overshadowed by the firm’s finance capabilities, Latham & Watkins LLP’s private equity team is an increasingly pervasive presence on major domestic and cross-border deals. Recent highlights include advising the Carlyle Group on the secondary buyout of Britax Childcare Holdings, and Charterhouse Capital Partners on its multimillion-pound acquisition of Card Factory. The ‘very good’ Mike Bond is an integral member of the team, which also acts Apollo, Candover, Indigo Partners, and Genstar Capital.
Leveraging off its excellent ties in the US with private equity giants KKR and Blackstone, Simpson Thacher & Bartlett LLP’s London practice is an increasingly strong force in its own right. Following its high-profile representation of KKR on its acquisition of Pets at Home, led by the ‘excellent’ Adam Signy and Alvaro Gomez de Membrillera, the team advised the same client on its acquisition of Grupo Inaer from Italian private equity firm InvestIndustrial. Managing partner Gregory Conway heads the team.
Closely aligned to the firm’s strong finance capability and benefiting from a far-reaching international network, Skadden, Arps, Slate, Meagher & Flom (UK) LLP’s team has ‘outstanding business acumen and industry knowledge’, acting for a small but impressive group of sponsor clients. It recently advised core client Doughty Hanson on two major acquisitions (the purchase of Vue Cinemas, and the €350m buyout of Equity Trust) and an exit (the £1.45bn disposal of Impress Coöperatieve). ‘Highly commercial’ team head Allan Murray-Jones is recommended.
Slaughter and May provides ‘thorough, technically sound, pragmatic and commercial advice’ to clients such as Terra Firma, Silver Lake and Global Infrastructure Partners. Recent highlights include advising 3i Infrastructure on the acquisition of Eversholt Rail Group. Jeff Twentyman is praised for his ‘understanding of deal dynamics’, and heads a team that also includes the ‘thoughtful and thorough’ Gavin Brown and ‘pragmatic, confident and commercial’ Roland Turnill.
Headed in London by Andrew Carpenter and aided by a significant regional presence, Addleshaw Goddard LLP represents a balanced array of sponsors, management and corporates in mid-market transactions. Recent highlights include advising management on the £325m disposal of Deb Group to Charterhouse Capital. Sponsor clients include 3i, Gresham and LDC.
Able to leverage off the firm’s pan-European network, the team at CMS Cameron McKenna LLP provides a ‘commercial and responsive’ service to sponsors on predominantly mid-market mandates, often with a cross-border complexion. The team has represented LDC on a raft of deals, including the £100m acquisition of Easynet from BSkyB. Headed by David Bresnick, the team includes the ‘technically competent and extremely commercial’ Richard Bull.
‘Very used to thinking outside their comfort zones’, Cleary Gottlieb Steen & Hamilton LLP’s lawyers are ‘very good at handling deals that deviate from the norm’. TPG and Hellman & Friedman are core clients, and have been relatively active in a quiet market; the team advised the former on the acquisition of Republic from Change Capital Partners. Simon Jay, Michael McDonald and Tihir Sarkar are recommended.
Bolstered by the arrival of David Innes from Travers Smith LLP and the relocation of Raman Bet-Mansour from the Paris office, Debevoise & Plimpton LLP’s private equity team has been involved in a significant flow of transactions. In addition to a pipeline of work for core client Clayton, Dubilier & Rice, the firm assisted Helios Investment Partners on its acquisition of a controlling stake in Nigerian company Interswitch. Team head James Kiernan is recommended.
Although it may lack the strength and depth of some of its peers, Herbert Smith LLP is able to call on a ‘number of very smart people’ including Gavin Davies and James MacArthur, who are ‘superb’. Sector strengths include energy, where it recently advised Barclays Natural Resource Investments on its acquisition of Tulip Oil. Other clients include 3i, Hg Capital, TPG and JC Flowers.
Headed by the ‘very experienced and capable’ Alan Greenough, Hogan Lovells International LLP provides ‘timely, technically good and commercial’ advice to both management and sponsors. Highlights included advising Actis on its €118m acquisition of Vlisco from Gamma Holding. ‘Very thorough and responsive’ of counsel Keith Woodhouse is recommended.
Headed by Ashley Ballard, White & Case LLP provides advice to a sponsor-oriented client roster including AlpInvest Partners, Meridian Capital and Nordic Capital, handling both domestic and cross-border transactions. Andrew Weiler has handled a raft of secondary transactions for AlpInvest Partners.
At Baker & McKenzie LLP, the ‘very practical’ David Allen represented Platinum Equity on its acquisition of OAO Technologies, while the ‘measured and commercial’ Charles Whitefoord advised Ontario Teachers’ Pension Plan Board on the £389m buyout of Camelot Group plc.
Berwin Leighton Paisner LLP has a growing reputation in the market, marrying transactional expertise with sector strengths such as healthcare, real estate and hospitality. Raymond McKeeve and Geraint Lloyd co-head the team.
Headed by Richard Moulton, Eversheds LLP has a good reputation, acting for sponsors such as LDC, Trilantic Capital Partners and Inflexion on mid-market transactions.
The relatively small team at Gibson, Dunn & Crutcher LLP is able to leverage off a significant international footprint, and provides an ‘excellent’ service to a growing cadre of sponsor clients including Doughty Hanson, Farallon Capital and Investcorp. Paul Harter heads the team, which was recently strengthened by the arrival of Jeffery Roberts from Freshfields Bruckhaus Deringer LLP.
Jones Day’s team is able to tap into the capabilities of the firm’s impressive international network. It excels in cross-border mandates, and has been involved in a number of pan-European deals for Riverside. Team head Adam Greaves is recommended.
Mayer Brown International LLP advised the management of RBS’ global payments processing unit on the £1.7bn buyout of the business by Advent and Bain Capital. The ‘responsive and practical’ Michael Wallin is the ‘ideal lead counsel for a cross-border transaction’, and the ‘very well-connected’ William Charnley is also recommended.
Norton Rose LLP’s David Baylis is praised for his ‘technical knowledge, business acumen and wealth of experience’, and heads a team praised for its ‘willingness to go the extra mile’. Clients include CIBC, Bridgepoint Capital and Europa Capital.
Olswang operates at the mid-market level, and recently advised Primary Capital on the £30m MBO of Paperchase Products from Borders Group. Team head Fabrizio Carpanini is recommended.
With a growing presence in London and aided by significant regional capability, Pinsent Masons LLP excels in mid-market deals in the healthcare, energy and retail sectors. Andrew Masraf advised Ashridge Capital and Core Capital on their investment in Ark Home Healthcare.
The ‘responsive and knowledgeable’ team at Simmons & Simmons includes Gideon Sharp, who ‘handles complex technical issues with an effective, commercial approach’; and the ‘extremely capable’ Arthur Stewart.
Taylor Wessing LLP’s team is a significant player in the mid-market, where it regularly works alongside the firm’s private wealth group to provide a bespoke service to high-net-worth individual investors. It was strengthened by the arrival of the ‘very approachable, diligent and commercial’ Emma Danks from Clifford Chance.
Akin Gump Strauss Hauer & Feld was recently bolstered by the arrival of Greg Hammond from White & Case LLP.
The ‘top-class’ Jonathan Angell at Dechert LLP displays ‘a really good commercial understanding’.
Mark Davis is recommended at Dewey & LeBoeuf LLP, having recently moved from Taylor Wessing LLP.
The ‘very focused’ Simon Sale heads the team at Dundas & Wilson LLP, which was strengthened by the arrival of Julian Mathews from DLA Piper UK LLP.
John Daghlian at O’Melveny & Myers LLP is recommended for fund formation and investment work.
Stuart Harray is recommended at Milbank, Tweed, Hadley & McCloy LLP.
Paul Cooper at Osborne Clarke is ‘experienced and commercial’.
Ropes & Gray LLP’s nascent group in London now includes Will Rosen, following his recent move from DLA Piper UK LLP.
Although it is better known for strategic M&A, SNR Denton handles some investment work for private equity sponsors.
James McKay heads Squire Sanders Hammonds’ team, which gained greater international capability through the firm’s recent merger.
‘City grandee of the takeover market’ Tim Emmerson is recommended at Sullivan & Cromwell LLP.
Vinson & Elkins RLLP is noted for energy-related private equity transactions.
Practice head Andy Stylianou is recommended at Wragge & Co LLP.