Private equity in Luxembourg

Allen & Overy Luxembourg

Leveraging the firm's strong institutional ties with many high-profile global private equity sponsors and its vast international network, Allen & Overy Luxembourg's multi-disciplinary investment funds team is extremely visible in the local market, both on fund structuring as well as on mandates where it takes the lead on the subsequent acquisitions by these vehicles. Fabian Beullekens and Peter Myners  regularly handle the highest-profile private equity-led M&A deals handled by the team.

Key clients

Oaktree Capital Management

Ares Management

EQT Partners

PAI Partners

Riverside Partners

Chequers Capital

PAI Partners

European Investment Fund

Kharis Capital

CVC Capital Partners

IFM Investors

Work highlights

  • Advised global private equity firm, The Riverside Company, on the acquisition of La Galvanina, an Italian producer of premium private label and branded mineral water and traditional and organic soft drinks owned by the Mini family.
  • Advised EQT on its acquisition of biotechnology company Igenomix from Charme Capital.
  • Assisted Riverside Partners with the sale of its investment in Euromed Botanicals to Demapharm Holding.

Arendt & Medernach

Deeply entrenched in the private equity space and also working with many high-profile international law firms, by virtue of its (largely) independent status, Arendt & Medernach provides a one-stop-shop service to a myriad sponsors at every level of the value chain - including on the structuring of the funds, the pursuant M&A activity and any associated regulatory matters. Team head Pierre Beissel has vast industry credibility and takes the lead on many of the most significant mandates handled by the team, including his work for The Carlyle Group on its €10.1bn acquisition of Akzo Nobel's Specialty Chemicals unit. Laurent Schummer is also recommended.

Practice head(s):

Pierre Beissel

Testimonials

The practice runs like clockwork, with transactions executed smoothly and professionally.

Key clients

Rantum

17 Capital

Ardian

Citic Capital Partners

Rocket Internet SE

Castik Capital

Partners Group

Summit Partners

Triton Investment Management

Milestone

Work highlights

  • Advised The Carlyle Group on its €10.1bn acquisition of Akzo Nobel’s Specialty Chemicals unit.
  • Advised Summit Partners on its acquisition of Elatec from Deutsche Private Equity.
  • Advised Apax Partners on its acquisition of Italian company AEB.

Clifford Chance

With significant capability on the ground in Luxembourg and also able to work with a huge roster of private equity experts across the firm's international network, Clifford Chance is a popular choice for many leading sponsors, including KKR and CVC, on their cross-border mandates implementing Luxembourg structuring. Christian Kremer and Katia Gauzès are the primary contacts for private equity transactional work.

Key clients

Permira

EQT fund management

Partners Group

CVC Capital Partners

AXA

Cinven

KKR

Credit Suisse

Work highlights

  • Advised EQT Infrastructure III on its acquisition of Holding d’Infrastructure des Métiers de l’Environnement.
  • Advised Partners Group on the €2bn acquisitions of the two world-leading suppliers in belt technology.
  • Advised KKR on its €3.6bn acquisition of French telecoms company Starlight SAS SFR.

Elvinger Hoss Prussen

Implementing a multi-disciplinary approach which draws upon the expertise of practitioners from the firm's corporate, banking and funds teams, Elvinger Hoss Prussen provides a comprehensive offering to high-profile private equity sponsors, including KKR and Cinven. With a team of lawyers dedicated to servicing Asian clients from Luxembourg and also aided by a small Hong Kong office, the firm continues to pick up a significant share of Asia-based funds - which are appreciative of the firm's ability to significantly aid the 'difficult process of raising capital in Europe and establish Luxembourg-domiciled funds'. The 'brilliantToinon Hoss is a market-leader for private equity-related M&A, and the practice also gained Thibaut Partsch  from Loyens & Loeff in January 2020.

Practice head(s):

Pit Reckinger; Thierry Kauffman

Testimonials

Very good legal knowledge, combined with experience in private equity structuring.

Key clients

Pramerica European Value Partners Limited Partnership SCS

Fortress Investment Group LLC

Providence Equity Partners VII LP

CVC Advisers Company (Luxembourg) Sàrl

KKR

PAI Partners S.à r.l.

Cinven Ltd.

Baring Private Equity Asia

Kronos Investment Group

Work highlights

  • Advised Providence Equity Partners on the acquisition of a majority stake in Advanced Music SL, the Barcelona-based company behind the Sónar festivals through Superstruct Entertainment.
  • Advised CVC Capital Partners on the acquisition of Finland-based private healthcare and social care provider  Mehiläinen.
  • Assisted PAI Partners with the acquisition of Albéa from Sun Partners.

Linklaters

Linklaters' multi-disciplinary private equity offering draws upon the expertise of lawyers from across the firm's corporate, capital markets, banking, funds and tax teams. Consequently, the team is well-positioned to advise an impressive roster of clients, including Oaktree and KKR, across the full spectrum of their Luxembourg-based needs. Corporate partner Nicolas Gauzès is regularly involved in significant private equity-led M&A mandates.

Key clients

Triton Partners

DBG managing Partner GmbH & Co. KG – Deutsche Beteiligungs AG (DBAG)

Oaktree

KKR

Montagu Private Equity

BC Partners

Round Hill Capital S.à.r.l.

Equitix Limited

Work highlights

  • Advised Triton on numerous mandates, including on the Luxembourg regulatory, tax, and legal aspects of the setting up, structuring and closing of Triton Fund V.
  • Advised Oaktree on the sale of its outstanding shares in Countryside Properties plc.
  • Advised Montagu Private Equity on its acquisition of the flexographic printing division of Kodak.

Loyens & Loeff

Private equity work is one of the cornerstones of Loyens & Loeff's activities in Luxembourg. With 12 partners focusing on work in the sector from across the corporate, fund formation and tax practice groups, and also able to leverage the expertise of practitioners throughout the Benelux region, the team has excellent credibility among a plethora of leading sponsors, including Bain Capital and Blackstone. The team has recently handled numerous disposals for KKR, including on its €2.6bn sale of European cable and pay-TV operator to BC Partners. Guy Palmaers has strong market credibility for private equity-led M&A. The 'smart, calm and diligentMichael Scott has an excellent reputation among US and UK-based private equity sponsors. Thibaut Partsch  left for Elvinger Hoss Prussen in January 2020.

Practice head(s):

Guy Palmaers; Marc Meyers; Jochem van der Wal

Testimonials

Michael Scott is a real star.

Key clients

AlpInvest Partners

AMP Capital Investors

Anchorage Capital

Ares Management

Astorg Partners

Avenue Capital

Bain Capital

Blackrock

Blackstone

Brookfield Asset Management

Caisse de dépôt et placement du Québec

CCMP Capital

Cinven

Elliott Capital Management

EMG (The Energy and Minerals Group)

EQT Partners

Francisco Partners

Goldman Sachs Asset Management and Private Equity

King Street Capital Management

KKR

Maddison Dearborn Partners

Magnum Capital

Novalpina Capital

Oaktree Capital Management

Ontario Teachers’ Pension Plan (OTPP)

Park Square Capital Partners

Partners Group

Strategic Value Partners

Summit Capital Partners

The Carlyle Group

Work highlights

  • Advising longstanding client CPP Investment Board Europe on major acquisitions in sports data and energy industries.
  • Advised KKR on the sale of its stakeholding in European cable and pay-TV operator United Group to BC Partners.
  • Advised KKR on the sale of Webhelp to Groupe Bruxelles Lambert.

Bonn Steichen & Partners

At Bonn Steichen & Partners, 'very efficient and technical' team head Linda Harroch regularly handles work for global private equity sponsor, Advent International, which she recently advised on its $3.25bn acquisition of General Electric’s Distributed Power business.

Practice head(s):

Linda Harroch

Testimonials

The practice has a well-established reputation on the Luxembourg market, with notably high-profile partners having a strong technical knowledge and well integrated with Luxembourg institutions.

Linda Harroch, Beatrice Boulord and Yseult Tournebize are very efficient, reactive and technical.

Key clients

Apax

Lime Rock Partners

Cadent Energy Partners

Index Ventures

Goldman Sachs

Morgan Stanley

Bain Capital

ADO Properties

Advent International

KRR

Global Infrastructure Partners

Catalyst Capital

Work highlights

  • Advised Advent International on the acquisition of a majority stake in Argentinian payments company, Prisma Medios de Pago, from a group of 14 Argentinian banks and Visa International.
  • Advised Advent International on the $3.25bn acquisition of General Electric’s Distributed Power business .
  • Assisted Advent International with the agreement in principle concerning the proposed sale of Mondo Minerals for $600m.

Dechert Luxembourg

Led by Marc Seimetz from Luxembourg and aided by an international network, which includes offices based across many of the primary global fund centres in Europe, Asia and the US, Dechert Luxembourg provides 'good knowledge and understanding of the private debt and private equity business'.

Practice head(s):

Marc Seimetz

Testimonials

The firm provides excellent practical legal knowledge and experience.

Dentons

Led out of Luxembourg by Gérard Maîtrejean and aided by an extensive international network of offices, Dentons has a strong pedigree on behalf of major private equity sponsors, including Terra Firma and Apax Partners, across the spectrum of their investment strategies.

Practice head(s):

Gérard Maîtrejean

Key clients

Terra Firma Capital Partners

ABAC Capital

Quadriga Capital

Apax Partners

3i

BNP Paribas Fortis Private Equity

Work highlights

  • Advising Terra Firma Capital Partners on a €200m co-investment to acquire Parmaco Group.

LexField

Independent business boutique LexField provides a 'cost-effective international service' across the spectrum of private equity-related work, including advising on the Luxembourg structuring elements of cross-border M&A matters. Appreciated for its 'pragmatic and responsive approach', the firm regularly receives referral work and partners up with international law firms who lack a presence in Luxembourg. The team is particularly strong at real estate-related private equity work. The 'fantasticAldric Grosjean provides 'clear and concise advice and is able to resolve any problems which are thrown at him'.

Practice head(s):

Aldric Grosjean; Pierre-Yves Magerotte

Testimonials

The Lexfield team is pragmatic and responsive, and has been particularly helpful on transactions where timing is sensitive.

The very knowledgeable team is extremely responsive, and well-connected to local service providers.

The team has great technical expertise and are able to distill issues down to very clear advice.

Aldric Grosjean is an excellent professional with substantial experience.

The outstanding Pierre-Yves Magerotte ably supports the team in tax matters.

Adrian Dobbyn is the senior associate to watch for. He is hands-on and very knowledgeable, as well as a true team player.

Key clients

Aldgate Developments

KHI Holdings Group

Meeschaert Capital Partners

KSL Capital Partners

Babilou Group

Sun Capital Partners

Volpi Capital LLP

Blue Noble

Argos Wityu

Befimmo

Helios Investment Partners

Korea Asset Investment Management

Work highlights

  • Advised Aldgate Developments and KHI Holdings Group on the refinancing and subsequent letting to BT Group plc of an 18 storey 320,000 square foot office building located in central London.
  • Advised on all Luxembourg law aspects for Omnes Capital on the acquisition of a minority stake in the Belgian consulting firm Intys.
  • Advised Helios Investment Partners on all Luxembourg legal aspects regarding the restructuring of the group financing including all Luxembourg companies.

NautaDutilh

Praised for its 'speed of execution and responsiveness' and 'ability to think outside the box',  NautaDutilh is able to provide a 'responsive and skilled offering' by virtue of its ability to seamlessly knit together expertise from the corporate, tax and funds practice groups. The team's transactional expertise encompasses public-to-private transactions, IPO exits, secondary or other private transactions, and acquisition finance.

Testimonials

The team is responsive, skilled and friendly.

The very commercial and pragmatic Romain Sabatier has a wide knowledge throughout various areas, allowing him to provide a holistic, full “big picture” legal view on things.

Key clients

Ardian France as AIFM of Ardian Real Estate European Fund S.C.S., SICAV-FIS

Carlyle Group

Coreza Holdings Limited

Grupo Cimcorp (BottegaS.à r.l.)

March Capital (Sawiris Family)

Work highlights

  • Advised a key financial investor in the European market on the sale of a payments group to a US global investment firm.
  • Assisted an Austrian bank with its takeover from a private equity firm of the remaining assets in a UK shopping centre portfolio.
  • Advised a US-based private equity firm on the acquisition of a group of companies operating in the global automated storage and retrieval systems market, and the rollover by the seller and its managing team.

Stibbe

Praised for its 'market knowledge and responsiveness', Stibbe receives a significant amount of high-quality private equity M&A work, either from sponsors directly or as a result of the strong ties it has forged with numerous large international law firms. The 'very efficient' Gérald Origer heads the team and has recently handled numerous mandates for Investindustrial, including advising on the IPO exit (on the London Stock Exchange) of portfolio company Aston Martin.

Practice head(s):

Gérald Origer

Testimonials

At the very top of the tree for Luxembourg-based law firms in terms of reliability, reactivity, professional competencies, in-depth knowledge of the Luxembourg legal environment and hands-on business attitude.

Dedicated associate Vanessa Schmitt provides highly professional advice which always met and even exceeded our expectations.

Key clients

Investindustrial

Interoute

Almacantar

Accor

Astorg

GHO

Equistone Partners

Audax Group

KKR

Rhône Capital

Work highlights

  • Assisted Investindustrial with the Luxembourg law aspects relating to the IPO of its portfolio company Aston Martin on the London Stock Exchange.
  • Advised Global Healthcare Opportunities on the Luxembourg tax and corporate aspects related to the acquisition of Linimed Gruppe.
  • Advised Rhône Capital on the acquisition of Fluidra, a global manufacturer of residential and commercial swimming pool equipment based in Spain.

AKD

Since opening its Luxembourg office in 2016, Benelux firm AKD has successfully cultivated a credible private equity offering, which has effectively been engaged directly by sponsors and through law firm referrals to advise on the Luxembourg structuring aspects of international transactions. Bernard Beerens heads the team.

Practice head(s):

Bernard Beerens

Key clients

Battery Capital

Bridgepoint

NEO Investment Partners

Bonn & Schmitt

At Bonn & SchmittFrédéric Lemoine regularly handles M&A work for private equity firms, including EQT, which he recently advised on its acquisition of Nestlé Skin Health.

Practice head(s):

Frédéric Lemoine; Chantal Keereman

Key clients

EQT

Capvis

Adelis Equity Partners

Work highlights

  • Advised EQT on its CHF10.2bn acquisition of Nestlé Skin Health.
  • Acted for EQT on its €1.5bn sale of a minority stake in Independent Vetcare Group.
  • Advised EQT on its acquisition of Acumatica International.

KLEYR GRASSO

KLEYR GRASSO is 'very knowledgeable of the Luxembourg private equity market'. Praised for its 'high-quality service', clients appreciate the firm's partner-led approach which enables it to handle complex and often bespoke mandates. The firm handles a significant amount of work for global growth private equity firm, TA Associates. Rina Breininger is noted for her private equity-related M&A work.

Testimonials

Fantastic quality, availability and intelligence.

Rina Breninger and Jerome Burel work well together and provide a proactive and solution-oriented service.

Key clients

TA Associates

Lecta/CVC Capital Partners

IK Investment Partners

CVC Capital Partners

Work highlights

  • Advised TA Associates on its investment in Italy-based software solutions developer List.
  • Acted for TA Associates on its exit from Hana Group, by selling its participation, held via its Luxembourg holding structure, to Permira.
  • Advised TA Associates on its investment in Compusoft, a Norway-based leading provider of computer-aided design software to the kitchen and bathroom retail industries.

PwC Legal Luxembourg

PwC Legal Luxembourg is particularly noted for its ability to handle complex cross-border mandates involving multi-jurisdictional tax structuring issues. 'Very positive and proactive'  team head Saskia Myners has a particular focus on the UK and German markets.

Practice head(s):

Saskia Myners

Testimonials

PwC Legal was able to provide us with high-quality advice on complex Luxembourgish law aspects of the transaction in a manner which was understandable and clear, not only for us and other professional advisors involved in the project, but also for our clients.

Saskia Myners is always in control of her team, even when there are different topics and transactions at once, and gives the client the feeling of being their number one priority.