United Kingdom > London > Finance > Acquisition finance
Index of tables
Acquisition finance
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Leading individuals
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- Maurice Allen Ropes & Gray LLP
- Andrew Bamber Berwin Leighton Paisner LLP
- Matthew Cottis Hogan Lovells International LLP
- Mark Darley Skadden, Arps, Slate, Meagher & Flom (UK) LLP
- David Ereira Linklaters LLP
- Stephen Gillespie Kirkland & Ellis International LLP
- Michael Goetz Ropes & Gray LLP
- Robin Harvey Allen & Overy LLP
- James Johnson Clifford Chance
- Anthony Keal Simpson Thacher & Bartlett LLP
- Gideon Moore Linklaters LLP
- Sean Pierce Freshfields Bruckhaus Deringer LLP
- Timothy Polglase Allen & Overy LLP
- Malcolm Sweeting Clifford Chance
- Nick Syson Linklaters LLP
- Mark Vickers Ashurst LLP
- Nigel Ward Ashurst LLP
- Clive Wells Skadden, Arps, Slate, Meagher & Flom (UK) LLP
With ‘incredible depth, knowledge and expertise’, Allen & Overy LLP provides a ‘superb service and sets the gold standard in every way’, acting for an impressive roster of banks. Chair of the group Stephen Kensell has a particular focus on telecoms financing, and recently advised the arrangers of Wind Telecomunicazioni’s €3.9bn senior facilities; this was one of a raft of high-profile leveraged finance deals handled by the firm, which also included providing the £300m mezzanine facilities supporting Bain and Advent’s acquisition of RBS Worldpay. Another highlight was advising Royal Bank of Canada and RBS on Ontario Teachers’ Pension Plan’s £389m acquisition of Camelot Group. Capitalising on the strength of the firm’s insolvency group, the team remains well placed to handle the ongoing diet of leveraged finance restructurings in the market. Recommended partners include Timothy Polglase, Robin Harvey, George Link, and Nicholas Clark.
The ‘excellent’ team at Clifford Chance advises a balanced spread of banks and borrowers that includes HSBC, Lloyds, RBS, EQT, Bridgepoint Capital, and Warburg Pincus. As well as its traditional strength on the bank side, the firm has responded well to changes in the market and handled complex bank and bond financings, including acting for the lenders on the €1.7bn acquisition of Impress by Ardagh Glass. The firm’s ‘ability to run a seamless team across practice areas and jurisdictions’ was underscored by its recent representation of Thai Union Frozen Products on its €680m acquisition of MW Brands from Trilantic Capital Partners, involving significant input from the firm’s European and Asian offices. Malcolm Sweeting has ‘excellent client-facing skills’; James Butters is ‘simply the best’; Alan Inglis is ‘very smart and commercial’; and Mark Campbell and James Johnson are also recommended.
Co-headed by Gideon Moore and the ‘very charismatic’ Nick Syson, Linklaters LLP’s ‘proactive and commercial’ leveraged finance team has the capability to handle the full array of transactions for an impressive cadre of banks and borrowers. Bolstered by the recent recruitment of Mark Hageman from Cravath, Swaine & Moore LLP and the formal integration of its high yield lawyers within the banking group, the firm is picking up a raft of complex bank and bond financings for the likes of Goldman Sachs and Morgan Stanley, which it advised on the issue of €375m senior secured notes and €75m floating-rate senior secured notes by ATU. As well as high-profile new-money deals, such as advising the lenders on the €800m acquisition financing of Findus Italy by Birds Eye Iglo Group and Permira, the firm continues to handle a flow of major LBO restructurings, including Almatis’ $1.3bn cross-border restructuring and its $715m financing on exit from Chapter 11. Annette Kurdian (‘a superstar of the banking group’) and ‘rising star’ Yen Sum are also recommended.
‘Absolutely superb on complex financings involving high yield and bank debt’, Latham & Watkins LLP continues to gain market share and has expertise at all levels of the capital structure. The team is also able to tap into the firm’s extensive international network, and is increasingly the first port of call for big-ticket mandates, such as advising Onex and the Canadian Pension Plan Investment Board on the $3.4bn acquisition financing of Tomkins plc. Other highlights included advising Barclays Capital on Phillips-Van Heusen’s $2.4bn acquisition financing of Tommy Hilfiger. Christopher Hall, Ross Pooley, Dominic Newcomb and James Chesterman are recommended.
Strengthened by the return to London of Martyn Rogers, Ashurst LLP’s bank-facing practice continues to do well in a difficult market. Benefiting from deeply entrenched relationships with RBS, Lloyds and Barclays, and enjoying a growing acceptance with the likes of Goldman Sachs and Credit Suisse, the team has had a role in some of the most significant deals in the market. It advised a group of banks including Goldman Sachs and Morgan Stanley on the senior staple financing of RBS’ £2bn sale of its merchant services business, Worldpay, to a consortium of sponsors. On the sponsor side, Jane Fissenden advised Nordic Capital on the financing aspects of its acquisition of Britax. The ‘strong team’ includes Mark Vickers, Lee Doyle, Nigel Ward, Dan Hamilton and Simon Thrower.
Praised for its ‘ability to find solutions rather than problems’, Freshfields Bruckhaus Deringer LLP provides a ‘first-class service’ to a sponsor-oriented client base that includes Cinven, CVC and AEA Investors. Recently promoted partner Sean Lacey wins plaudits for his ‘dynamism and commerciality’, and recently advised Babson Capital Europe on financing Exponent Private Equity’s acquisition of the Ambassador Theatre Group. David Trott heads the team, which includes the ‘exceptional’ Sean Pierce and was recently bolstered by the arrival of Gil Strauss and Simone Bono from Simpson Thacher & Bartlett LLP, enhancing its high-yield capability.
Kirkland & Ellis International LLP provides ‘commercial, smart and innovative’ advice to an impressive collection of sponsor clients including Apollo, Oaktree and Mid Europa Partners. The ‘vastly experienced and skilled’ Stephen Gillespie advised Bain Capital and Advent International on the financing of the £2bn acquisition of RBS’ Worldpay merchant services business. The ‘extremely commercial’ Neel Sachdev has a ‘great understanding of market conditions’, and represented Apollo Management on the debt-for-equity swap of the Gala Coral group. Philip Crump and John Markland are also recommended, in a team known for its ability ‘to really understand the new financing structures’.
Cleary Gottlieb Steen & Hamilton LLP’s four-partner finance team excels in matters ‘that deviate from the norm’, and, though small, is ‘flexible and innovative’. The ‘excellent’ Andrew Shutter recently advised TPG on the financing of its acquisition of fashion retailer Republic, and subsequently advised the acquired company on a syndicated loan to refinance a bridge loan funded by TPG at the time of the acquisition. Clients include a mix of banks, corporates and sponsors such as including ArcelorMittal, Hellman & Friedman and JP Morgan.
Led by Philip Butler, DLA Piper UK LLP’s five-partner team excels in mid-market deals for a bank-oriented client base that includes Barclays, HSBC and RBS. Alexander Griffith advised Axa Private Equity as agent of a group of mezzanine lenders on the €170m financing of a senior debt purchase by the Maxeda DIY group. Peter Crichton is also recommended, and recently represented a group of banks including HSBC on the £200m refinancing of Telecity Group.
Herbert Smith LLP’s impressive array of blue-chip corporate clients have generated a significant amount of acquisition finance work; Bharti Airtel, for instance, instructed the firm on its $10.7bn acquisition of Zain Africa. On the lender side, the firm has notable expertise in the emerging markets, for the likes of Citigroup, Credit Suisse and Standard Chartered, and has also handled some significant ‘Western’ transactions, including advising Deutsche Bank and others on three cash confirmations in relation to the £11.5bn hostile takeover of Cadbury by Kraft. Malcolm Hitching and Ewen Fergusson are recommended.
Headed by the ‘commercial yet technical’ Penny Angell, Hogan Lovells International LLP’s ten-partner team has consolidated its position as a ‘market-leading lender practice’, advising the likes of Barclays, Citigroup and Credit Suisse. ‘Commercial, client focused and a market leader on intercreditor structuring’, Mathew Cottis is regularly at the forefront of the firm’s highest-profile deals, including its work for Goldman Sachs on the refinancing of Matalan. ‘Excellent at finding consensual routes through documentation’, Paul Mullen continues to work extensively for Ares Capital. On the borrower side, the firm was bolstered by the arrival of Stuart Brinkworth from SJ Berwin LLP.
Led by ‘strong operator’ Julian Howard, Macfarlanes LLP’s seven-partner team provides ‘first-class’ advice to a balanced array of lender and borrower clients including 3i, Haymarket Financial, JD Wetherspoon, and RBS. Active across refinancings and new-money deals, Christopher Lawrence recently advised Graphite Capital on its acquisition of Teaching Personnel.
With its dual UK/US capability, Shearman & Sterling LLP is well placed to handle the trend among borrowers to tap the high yield market as well as to seek bank debt to fund acquisitions. It advised Advent International on the £670m acquisition of the Priory Group from RBS, involving a £600m bond element and £70m super senior revolving credit facility. Anthony Ward, Clifford Atkins, Caroline Leeds Ruby and Iain Goalen are integral members of the team, whose clients include Citigroup, Credit Suisse, UBS, Investcorp, and TPG.
Simpson Thacher & Bartlett LLP’s small team punches above its weight, acting for blue-ribbon private equity sponsors such as KKR and Blackstone. The ‘exceptional’ Ian Barratt has ‘very deep technical knowledge’, and recently advised Apax Partners on the financing of its acquisition of Takko Fashion from Advent International.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP provides ‘responsive and knowledgeable’ advice to a borrower-focused client base. The small team operates at the upper-end of the market, and is able to call on the resources of the firm’s international network on cross-border deals such as core client Doughty Hanson’s acquisition of Equity Trust. Pete Coulton is praised for his ‘very hands-on’ approach, and is an integral member of a team that also includes recommended partners Mark Darley and Clive Wells.
Slaughter and May has a strong team that regularly handles financing work for the firm’s blue-chip corporate client base; recent highlights include representing WS Atkins on the £178m acquisition financing of PBSJ. Praised for its ‘responsiveness, and great judgement and advice’, the group includes the ‘bright, responsive and commercial’ Philip Snell. Andrew Balfour has retired.
Weil, Gotshal & Manges’ ‘very responsive’ team represents an impressive cast of sponsors including Lion Capital, Advent International and HgCapital, as well as new clients Teachers’ Private Capital and Summit Partners. Leveraging the firm’s market-leading restructuring capability, it has handled complex and innovative refinancing deals for ONO and Elementis, as well as representing Dubai International Capital on the successful refinancing of its portfolio company Almatis. It saw the departure of Michael Nicklin to the Hong Kong office of Ropes & Gray LLP, but welcomed the arrival of James Hogben from Ashurst LLP and Stephen Lucas from Linklaters LLP.
Headed by the ‘very smart’ Lee Cullinane, following his recent arrival from Mayer Brown International LLP, White & Case LLP’s leveraged finance practice combines high-yield capability with significant expertise in bank debt. Able to tap into the firm’s extensive international network, the team excels in cross-border deals, and recently, alongside colleagues in Stockholm, assisted Nordic Capital on the acquisition financing of the Handicare Group. The ‘very detailed and skilled’ Jacqueline Evans joined from Mayer Brown International LLP.
Bolstered by the arrival in September 2010 of John Cutler from DLA Piper UK LLP, Addleshaw Goddard LLP provides ‘very commercial and pragmatic advice’ to an increasingly robust roster of banks that includes HSBC, RBS and Barclays. On the sponsor side, the firm has handled a raft of refinancings for 3i. Claire Denison is well regarded, and David Handy in Leeds is praised for his ‘focus on getting the deal across the line’.
Baker & McKenzie LLP provides ‘very flexible and responsive’ advice to a good spread of lenders and borrowers including RBS, Société Générale, BNP Paribas, Dura Automotive Systems, and Macquarie. With an extensive international network, the firm stands out on cross-border deals, and recently advised EQT on the financing of its bid to acquire a controlling interest in Stockholm-listed ArcadeMedia. Department head Bernard Sharp, Ian Jack and Nick Tostivin are recommended.
Berwin Leighton Paisner LLP advised RBS and HSBC on the £55m acquisition financing of COA Solutions by Advanced Computer Software. Andrew Bamber heads the team, and has developed the firm’s reputation on the sponsor side since his arrival in 2009 from Allen & Overy LLP.
Headed by Will Meredith, CMS Cameron McKenna LLP’s eight-partner team acts for an impressive roster of lenders including Lloyds, RBS and HSBC. The ‘very commercial’ Alex Patience is ‘up to date with market practice’, and has handled a number of mandates for LDC, including advising it on the financing of its £100m acquisition of Easynet Global Services.
Mirroring the firm’s impressive US offering, Debevoise & Plimpton LLP’s four-partner team provides a full-service approach to its sponsor clients, across fund formation, investments and concomitant financing. It handles a regular flow of financing work for marquee client Clayton, Dubilier & Rice, including on its acquisition of British Car Auctions. Alan Davies led on this deal, and is an integral part of a team that also includes the ‘excellent’ Peter Hockless.
Although it recently saw the departure of Lee Cullinane and Jacqueline Evans to White & Case LLP, Mayer Brown International LLP continues to focus on the leveraged market, recently welcoming Neil Caddy from Allen & Overy LLP. Caddy ‘demonstrates a detailed knowledge of banking law’, and advised Wilmington Trust on the restructuring of the leveraged finance facilities of the Almatis Group.
Pinsent Masons LLP continues to pick up market share, and is developing a significant roster of banking clients. Team head Martin Bishop has ‘valuable experience of deal structures’, and has handled a number of deals for HSBC including advising it on the £27m facilities necessary for Lyceum Capital to acquire McKinnon & Clarke.
SJ Berwin LLP provides ‘excellent advice and high-level partner attention’ to an increasingly balanced array of borrower and lender clients, on largely mid-market transactions. Sponsor-side engagements, nevertheless, remain the at the heart of the practice; recent work includes advising Lion Capital on the €975m senior and high yield bridge financing for the acquisition of Picard Surgeles. Ian Borman and the ‘very commercial’ Jeremy Cross are recommended.
SNR Denton is particularly ‘active in the mid-market’. As well as consolidating its existing relationships with clients such as Lloyds, it has successfully cultivated new ties with banks including HSBC and Barclays. Active in the telecoms sector, the team advised Investec Bank and HSBC on the £30m acquisition financing by LDC of the Easynet Group. Catherine Astruc and Richard Garvan are recommended.
Simmons & Simmons is known for its work for hedge funds in their role as lenders, and also continues to develop its core banking practice. It has strong relationships with a number of Scandinavian banks, including Skandinaviska Enskilda Banken and Nordea. Simon Middleton and Richard Hughes are recommended.
Led by Jeremy Walsh, Travers Smith LLP’s sponsor-facing practice handles significant domestic work and also, increasingly, cross-border mandates. The team has advised Bridgepoint on a number of notable deals including its acquisition of Pets at Home.
Bruce Johnston at Dewey & LeBoeuf LLP has been at the heart of many of the firm’s most significant deals in the emerging markets and CEE region.
Nick Swiss at Eversheds LLP is recommended for both lender and borrower work.
Mark Wesseldine at Fried, Frank, Harris, Shriver & Jacobson (London) LLP is ‘responsive, solutions orientated and pleasant’.
Milbank, Tweed, Hadley & McCloy LLP’s team head Suhrud Mehta is ‘very articulate and effective’.
The ‘very creative and business savvy’ James Dunnett is recommended at Norton Rose LLP.
Maurice Allen and Mike Goetz are key figures in Ropes & Gray LLP’s nascent team.
Dominic Ross at Taylor Wessing LLP has expertise across an array of matters for borrowers and lenders.