Leveraging the strength of the firm’s broader investment funds, tax and corporate capabilities, Allen & Overy Luxembourg provides a ‘customer-oriented and seamless service‘ to many leading regional and global financial sponsors across the spectrum of their requirements, from the initial fund structuring advice through to ongoing operational concerns and the pursuant downstream investment work. ‘Stand-out’ partner Fabian Beullekens and Peter Myners co-head the office’s M&A practice and are both regularly instructed by sponsor clients on their acquisitions and disposals.
Private equity in Luxembourg
Allen & Overy Luxembourg
‘The team is customer oriented and provides a seamless service.’
‘Individuals are available around the clock and understand business needs and priorities. Fabian Beullekens is the standout partner.’
- Advised global private equity firm The Riverside Company on the acquisition of a majority stake in Danish software company Cryptomathic.
- Advised IK Investment Partners on the Luxembourg law aspects of its acquisition of a majority stake in LSACourtage, a leading French online insurance brokerage platform, from BlackFin Capital Partners.
- Advised CVC Capital Partners on the sale of a majority stake in Corialis, a leading European designer and manufacturer of aluminium systems for windows and doors, to private equity firm Astorg.
With ten partners dedicated to transactional private equity work, and also benefitting from the requisite regulatory, tax and fund structuring expertise, Arendt & Medernach is a popular choice among global private equity heavyweights, including Warburg Pincus, Bain Capital and Blackstone, to provide the requisite Luxembourg structuring advice pursuant to many big-ticket mandates. In this context the team, which is headed by Adrian Aldinger, is noted for its ability to provide ‘strategic advice’. The practice is not, however, limited to advising on large-scale international acquisitions/disposals; in addition, it advises local/regional funds, and is also well-plugged in to the venture/growth capital ecosystem. Pierre Beissel is a key member of the team and as well as practical knowledge gleaned from his involvement in many key sponsor-led transactions, also gains further insight as a result of his commitment to the industry as whole, including as a board member of the Luxembourg Private Equity Association. The ‘incredible‘ Laurent Schummer has an ‘excellent understanding of start-ups’ and therefore, as well as his core private equity prowess, is a popular choice in relation to venture capital matters (where his capital markets knowledge can be effectively leveraged on IPO exit strategies).
Other key lawyers:
‘The team provides very up-to-date advice and really know their business. For significant transactions and strategic advice they are one of the best firms in the market.’
‘Laurent Schummer is incredible and really understands start-ups.’
Montagu Private Equity
Triton Investment Management
- Avised Milestone, an independent investment company based in Luxembourg, on the disposal of Swania International SA to Henkel AG & Co. KGaA, one of the largest players in the household and hygiene markets.
- Advised longstanding client Bain Capital, as sponsor of Diversey Holding Ltd, an American provider of cleaning and hygiene products, in the context of Diversey’s IPO in the US.
- Assisted L Catterton, the largest global consumer-focused private equity firm part-owned by LVMH, together with Financière Agache, the family investment firm of Bernard Arnault, the French billionaire who controls the designer brand conglomerate LVMH, in the acquisition of global lifestyle brand BIRKENSTOCK.
Clifford Chance provides a ‘very strong and integrated service’ to an impressive range of sponsors across all aspects of the private equity value chain. Christian Kremer and Katia Gauzès are the key contacts on the transactional side and regularly team up with lawyers from across the firm’s huge international network to provide crucial local law advice pursuant to major downstream investments/divestments across a range of sectors.
Other key lawyers:
‘The team provides a very strong and integrated service.’
Clayton, Dubilier & Rice
TVM Capital Life Science
Stirling Square Capital Partners
- Advised Partners Group on the acquisition of a significant equity stake in Telepass S.p.A, a leading electronic toll collection services provider in Europe.
- Advised Clayton, Dubilier & Rice on its $4bn public to private bid for UDG Healthcare Plc.
- Advised Partners Group on the acquisition of a majority stake in Rovensa.
Benefiting from strong M&A, fund structuring and regulatory expertise, the ‘tightly integrated and highly co-ordinated team’ at Elvinger Hoss Prussen ‘has an extensive knowledge of the applicable standards for the industry’ and provides ‘commercially savvy and legally accurate advice’ to many leading sponsors across the full range of their Luxembourg-based needs associated with big-ticket international mandates. The ‘smart and innovative‘ Toinon Hoss has a fiercely loyal client base that is appreciative of her ‘encyclopaedic knowledge of the law’ and her ‘great understanding of the tax and economic side of deals‘.
‘The private equity team is very efficient, has an extensive knowledge of the applicable standards for the industry and always provides high-value advice to clients.’
‘The well-resourced and responsive team has strong technical capability.’
‘When working with the firm I have noticed their capacity to adapt to changes in the transaction in a great pace which is great when you have the closing tension. They are also innovative to propose alternatives when needed.’
‘Tightly integrated and highly co-ordinated team offering first rate, commercially savvy and legally accurate advice at all times.’
‘The team provides advice with a permanent objective to achieve solutions for the clients.’
‘Toinon Hoss is a unique character, totally involved and hands on. Smart, innovative and fighting for her clients. Great understanding of tax and economic side of deals, beyond pure legal.’
‘Toinon Hoss is a market-leading partner in this area, with an encyclopaedic knowledge of the law, a quick mind and a strong voice on our behalf. We do not want to work with anyone else!’
Sixth Street Partners
Hellman & Friedman
- Advising Hellmann & Friedman on the Luxembourg aspects of the €7.8bn all-share merger of Nets into Nexi, a leading payment services provider.
- Advised Cinven and Bain Capital on the Luxembourg aspects of the acquisition of Lonza Specialty Ingredients, a division of Lonza AG.
- Advised BC Partners in connection with the setting up of the co-investment structure established for the purpose of acquiring a stake in I.M.A. Industria Macchine Automatiche S.p.A. (BIT: IMA) and the related MTO.
Able to mobilise resources from across numerous separate but connected practice areas, including corporate, tax, finance and funds, Linklaters is well-placed to provide a synergistic service to a plethora of well-known private equity sponsors across their downstream investment and exit strategies. Given the nature of M&A in Luxembourg, most of the work is of a cross-border nature and in this regard clients benefit from its ability to work with market-leading practitioners from across the firm’s international network. Team head Nicolas Gauzès embodies the versatility of the firm’s private equity offering, in light of his expertise not only in relation to the corporate aspects of sponsor-led M&A but also his ability to advise on other connected areas, including portfolio assistance and restructuring advice.
Other key lawyers:
SkyLake Investment Co. Ltd
Centerbridge Partners L.P.
VP Bank (Luxembourg)
Montagu Private Equity
Loyens & Loeff has an excellent understanding of the private equity sector and is thereby able to provide ‘technically strong‘ and ‘solutions-oriented‘ advice across the needs of its loyal roster of sponsor clients, including fund structuring, downstream investment advice and portfolio management. Led on the transactional side by Frederic Franckx (who was himself formerly head of the firm’s New York representative office), many of the mandates have a North American nexus, cultivated by dint of the firm’s strong ties with US-based law firm referrers, as well as directly from numerous large global US-based sponsors. ‘Well-connected in the Luxembourg market‘, Guy Palmaers provides ‘very reliable advice‘ to clients engaged in cross-border private equity-led M&A. The ‘outstanding‘ Mathilde Lattard regularly handles private equity-led M&A and is a key member of the team that also includes the ‘user-friendly and level-headed’ Michael Scott, who has developed particular expertise advising US and UK-based funds, investing through Luxembourg, looking to realise value through acquiring distressed assets.
Other key lawyers:
‘The responsive and client-oriented team is helpful at guiding us to commercially acceptable outcomes. I am also impressed by the commitment of the associates who are ready to help and assist – all in all a very strong bench of talent.’
‘We work with mostly female lawyers and I am really happy to see that women have such a high profile since we are an impact PE house.’
‘It is a fantastic, technically strong and client facing team.’
‘Siobhan McCarthy gives practical advice and works with us to find solutions. I very much enjoy her guidance and collaborating on issues together.’
‘Michael Scott is user friendly and level headed.’
‘Mathilde Lattard is an outstanding partner, very close and approachable to her clients. Her patience and competency are amazing. It almost feels like we as a client, are part of one single team.’
The Carlyle Group
Helios Investment Partners
Volpi Capital LLP
Brookfield Asset Management
IK Investment Partners
- Advising longstanding client EQT Partners on multiple acquisitions of businesses active in the real estate, infrastructure and credit sectors.
- Advising CPPIB on ongoing legal advice relating to several innovative projects in the energy sector, including the acquisition and holding of a new generation floating wind farm project.
- Advised Appaloosa, as creditors of the Intelsat Group, on the debt restructuring of the group that lies in complex interplay between fiscal unity rules, loss carry forward rules, cancellation of debt income rules and Chapter 11 negotiations.
Led by Linda Harroch, BSP has a strong reputation in the private equity space, as a result of its ability to provide ‘practical, focused and comprehensive advice‘. Active on the debt financing and corporate structuring front, Harroch has a versatile practice and continues to handle a significant volume of work for core client Advent International.
Other key lawyers:
‘Practical, focused and comprehensive advice delivered efficiently and with excellent client focus.’
‘Partner availability, efficiency, commercial awareness and industry experience.’
Global Infrastructure Partners
Biotoscana Investments SA (listed company)
- Advised Advent on the Luxembourg part of (i) its equity financing, and (ii) the Luxembourg part of the joint venture debt financing, as to the acquisition by Advent and Cinven Partners in July 2020 of the ThyssenKrupp elevator technology business.
- Advised Goldman Sachs on the acquisition of the Blanchardstown Centre in Dublin from Blackstone.
- Advised Global Infrastructure Partners on the Luxembourg law aspects as part of GIP Spectrum Fund, L.P, along with its affiliates and coinvestors, in the $325m Secured Term Loan for Saavi Energia, the fourth largest independent power producer and the largest privately held stand-alone power generator in Mexico.
Led by Gérard Maîtrejean, the ‘very responsive’ team at CMS provides ‘high-quality and practical advice’ to regional and global sponsors across the full spectrum of investment strategies including M&A (share and asset deals), exits, strategic partnerships and joint ventures. Maitrejean is praised for his ‘sensible, efficient and reasoned advice’, in the context of cross-border mandates.
‘The team is made of experts in local legal fields. Very available and responsive. Deadlines never missed. Reliable external counsels.’
‘The team is very responsive and always provides high-quality and practical advice.’
‘They respond fast to requests. As a startup business accelerator we have witnessed their willingness to think outside of the box and be flexible with billing to accommodate innovative companies.’
‘Gérard Maitrejean provides sensible, efficient and reasoned advice at a reasonable price point.’
Terra Firma Capital Partners
I Squared Capital
Real Estate Advisers
ArcLight Capital Partners
Dechert Luxembourg is a popular choice among financial sponsor clients by dint of its strong credentials in the country, as well as its ability to draw upon the expertise of lawyers spread throughout the firm’s international network, which includes resources in all the major fund centres in Europe, Asia and the US. Co-headed by Patrick Goebel and Jean-Louis Frognet, the team is well-versed at advising on matters throughout the life cycle of traditional private equity matters, including M&A mandates, and has also been increasingly active in relation to credit fund-related work.
- Assisted ArchiMed on the acquisition of Direct Healthcare Group (DHG) from NorthEdge.
Private equity-led M&A is one of the core areas of focus for boutique independent Luxembourg business law firm LexField and it provides ‘high-quality and commercially astute advice’ directly to a growing roster of internationally renowned financial sponsors, as well as in a referral capacity for many large international law firms which lack a presence in the country. ‘Highly skilled’ team head Aldric Grosjean has a strong reputation as a result of his ‘capacity to find appropriate and acceptable solutions even in the situations where the parties come close to deal-breaking point’. ‘Highly organised and technically astute’ counsel Adrian Dobbyn is also a pivotal member of the team and regularly assists Grosjean on the most significant mandates handled by the firm.
‘People in the team are responsive, courteous and approachable. I like their creativity and business-minded approach.’
‘Very pragmatic and responsive.’
‘Great client service, and value for money. Basically, they offer Big Law quality at client-friendly price.’
‘They have very good insight and knowledge about the industry sectors where their clients operate and have always attested excellent legal knowledge. They have smaller but efficient teams with highly skilled and senior lawyers able to handle the negotiation and drafting process with all involved counterparties.’
‘LexField is a dynamic law firm that offers high quality and commercially astute advice. The team is proactive and always responds promptly. They are efficient and deliver above expectations.’
‘A hands-on, pragmatic and solutions-oriented team; they look at the big picture to get the deal done within the legal framework.’
‘The team is well-balanced and professional. Colleagues proposed best decisions within short period of time.’
‘Aldric Grosjean – he stays involved at all times, which is unusual at senior partner level.’
‘Adrian Dobbyn is very capable and knowledgeable, he could run just abut every matter himself on his own, and he works extremely hard, providing a very fast turnaround on matters.’
‘Aldric Grosjean is highly appreciated for his practical approach and ability to put himself in the shoes of his clients.’
‘Aldric Grosjean is a very easy going person with outstanding technical and commercial skills.’
‘Aldric Grosjean is a good technician, calm and looking to accommodate the legal needs of the transaction.’
‘Aldric Grosjean is an incredible lawyer. He is an expert in all areas of corporate law and always has a practical solution for every issue when it arises.’
‘Adrian Dobbyn is highly organised and technically astute.’
‘Aldric Grosjean is highly skilled lawyer and excellent negotiator with the capacity to find appropriate and acceptable solutions even in the situations where the parties come close to deal-breaking point. He sets a pragmatic and step-by-step approach leading to successful closing of transactions.’
‘Aldric Grosjean is obsessively focused on quality. His attention to detail is second to none.’
‘Aldric Grosjean is a stand out partner in the practice. Commercially minded, impressive client service, technically excellent. Delivers every time with the reliability of a London Magic Circle firm.’
Helios Investment Partners
KHI Holdings Group
Korea Asset Investment Management
KSL Capital Partners
Meeschaert Capital Partners
Sun Capital Partners
Citius Fund I, SCSp
- Advised a leading US private equity firm on its joint venture with a sovereign wealth fund with respect to the creation of a securitisation vehicle on a series of financings for a number of well-known hotel groups.
- Advised UK and Hong Kong private equity players on the sale of a landmark office building situated in the City of London for a total consideration in excess of €500m.
- Assisted Helios Investments Partners on the strategic merger between Fairfax Africa and Helios Holdings which resulted in the creation of a leading pan-Africa focused investment holding company listed on the Toronto Stock Exchange.
NautaDutilh provides ‘solutions-oriented and cost-effective advice’ directly for some major international sponsors, as well as in a referral context from numerous heavyweight law firms on the buy and sell-side on major multi-jurisdictional mandates. The team’s Benelux offices also enable the team to provide a co-ordinated and seamless service on deals with a nexus to the region. Romain Sabatier ‘is pragmatic and technically strong’ and alongside Margaretha Wilkenhuysen and Yoanna Stefanova is a key member of the team.
Margaretha Wilkenhuysen (corporate M&A partner); Jean-Marc Groelly (tax partner); Romain Sabatier (corporate M&A partner); Yoanna Stefanova (corporate M&A partner); Luc Courtois (investment funds partner)
Other key lawyers:
‘The team provides solutions-oriented and cost-effective advice.’
‘The team is very focused and helpful.’
‘Smart and proactive; good at finding commercial solutions.’
‘Romain Sabatier is pragmatic and technically strong.’
Mérieux Equity Partners
Bridgepoint Services SARL
Thomas H. Lee Partners, L.P. (THL)
Apex Group Ltd
Partners Group AG
Levine Leichtman Capital Partners
- Advised Thomas H. Lee Partners regarding the agreement between it, Autostore and SoftBank further to which Softbank acquired 40% of shares in AutoStore from funds affiliated with THL and EQT Private Equity, among other shareholders.
- Advised Partners Group on its acquisition of Pharmathen.
- Assisted Accelero Capital on the sale of the entire share capital of ACDC Holdings, the controlling shareholder of SUPERNAP Italia, to IPI Partners.
Benefiting from excellent local knowledge and also able to leverage vast resources throughout the global PwC network, the ‘efficient’ team at PwC Legal Luxembourg is well-positioned to advise sponsor clients on the Luxembourg structuring necessary to facilitate their cross-border acquisitions and exits. Catherine Baflast is the primary contact for private equity-led M&A mandates.
‘Very efficient, no nonsense. Direct and to the point advice, but at the same time, very responsive and helpful. Above and beyond the call of duty. Did extra work for no additional fee. Friendly.’
Stibbe’s ‘flexible and dynamic’ three-partner team has an ‘excellent understanding of the industry’, as a result of many years’ experience handling private equity-led M&A mandates. The firm’s established presence in the Netherlands and Belgium ensures that the team is also well-suited to advising clients on regional Benelux mandates. Gérald Origer is, according to one client, ‘one of the best market participants in Luxembourg’.
Other key lawyers:
‘It is a very responsive team with lawyers specialised and acquainted with the needs and requirements of private equity clients.’
‘The team is very responsive, flexible and dynamic. Excellent understanding of the industry with receptiveness to client’s individual particular needs.’
‘Gerald Origer has turned this firm into one of the best market participants in Luxembourg.’
Wright Medical Group N.V. / Wright Luxembourg S.A.
Oaktree Capital Management
Agro Merchants Group
AE Industrial Partners
Third Bridge Private Equity
- Assisted global medical device company Wright Medical Group N.V. with its acquisition by Stryker.
- Advised InPost on its IPO and listing on Euronext Amsterdam; the IPO consisted of an offering of existing shares held by Advent International and other shareholders.
- Assisted Investindustrial with various private equity and corporate matters, including the exit from its portfolio investment in luxury carmaker Aston Martin Lagonda and its acquisition of a participation in Knoll.
Appreciated for its ‘pragmatic approach to solving issues’, AKD‘s ‘flexible and innovative‘ two-partner team is regularly engaged directly by funds, as well as in a referral capacity from interational law firms to provide the Luxembourg structuring to facilitate international M&A transactions. The ‘pragmatic and technically outstanding‘ Nicolas Marchand has a significant amount of sponsor-led M&A experience and his arrival in September 2020 from DLA Piper was a major boost to the team. Marchand now co-heads the department alongside the ‘responsive and solutions-oriented‘ Cedric Bless.
‘In our view the main strengths of AKD are responsiveness, comprehensive solutions, attention to detail, understanding of client’s needs and good client relationship building.’
‘What set AKD apart from the other firms for us was its responsiveness and understanding of our needs and also its pragmatic approach to solving issues.’
‘Good time and cost management, very responsive, flexible and innovative.’
‘Great team, albeit small, responsive, practical approach and top-notch quality.’
‘Cedric Bless is responsive and solutions-oriented.’
‘Nicolas Marchand is one of the best I worked with in Luxembourg. He is very client focused and is more hands on than most competitors.’
‘Nicolas Marchand is a very experienced practitioner, who is not only very hard working and knowledgeable about the market, but also proactive in terms of client relationship and pragmatic in his approach.’
‘Nicolas Marchand is technically outstanding, with a really pragmatic approach, allowing very good effectiveness and thus a contained budget. Nicolas is also very good at making communication fluid and very easy to access. Probably the best value for money services we received this year.’
Pictet Alternative Advisors (Europe) SA
Oaktree Capital Management
Ridgemont Equity Partners
- Acted as special Luxembourg legal counsel to an international alternative asset fund management group on the indirect sale of a major international group specialising in the well-balanced agricultural concept.
- Acted as special Luxembourg legal counsel to a major international alternative asset fund management group relating to the indirect sale of a major group operator.
- Representing an asset manager on the acquisition of real estate assets in the UK and Sweden.
Bonn & Schmitt regularly provides the local law structuring advice on behalf of a small but loyal roster of significant private equity firms, including EQT and Capvis. Frédéric Lemoine co-heads the team alongside Cedric Bellwald and is appreciated for his ‘very pragmatic approach and hands-on advice’.
Other key lawyers:
‘The team is empathetic, supportive and very technical.’
‘They are our go-to counsel for all Luxembourg matters. Since many of our investments are made through Luxembourg we have a fair amount of local law work.’
‘Frederic Lemoine has a very pragmatic approach and provides hands-on advice. He is highly knowledgeable on Luxembourg corporate law.’
Although it lacks the same degree of specialisation and focus as some of its peers in the market, KLEYR GRASSO handles a not inconsiderable volume of private equity and growth capital M&A-related work as a function of its broader corporate practice. The arrival from D.Law in March 2021 of corporate finance expert Jean-Philippe Drescher strengthens the team. Rina Breininger retired in July 2021.
IK Investment Partners