Private equity in Luxembourg

Allen & Overy Luxembourg

Drawing upon the strength of the firm's broader investment funds, tax and corporate capabilities, Allen & Overy Luxembourg is able to provide a 'practical and creative service' to many leading regional and international private equity sponsors across the spectrum of their requirements, from the initial fund structuring advice, through to ongoing operational concerns and the pursuant downstream investment work. The 'open-minded and solutions-orientedFabian Beullekens and the 'dedicated and highly efficientPeter Myners co-head the office's M&A offering and are regularly engaged by sponsor clients on their acquisitions and disposals.

Other key lawyers:

Fabian Beullekens; Peter Myners; Patrick Mischo; Jean Schaffner; Jean-Christian Six; Jacques Graas; Yannick Arbaut

Testimonials

The team is very proactive and responsive.’

The firm is super practical, very responsive and creative.’

Fabian Beullekens is open-minded and solution-oriented.’

Peter Myners and Patrick Mischo are very dedicated and highly efficient achievers.’

Key clients

Oaktree Capital Management

Ares Management

EQT Partners

PAI Partners

Riverside Partners

CVC Capital Partners

Kharis Capital

Corestate Capital

IFM Investors

Work highlights

  • Advised EQT, the Sweden-based global alternative investment firm, on its acquisition of a majority stake in Freepik, a Spain-based platform that offers graphic resources, including icons, vectors, photos, and templates.
  • Advised PAI Partners on its acquisition of the Armacell Group from Blackstone.
  • Advised private equity firm Riverside on its acquisition of HealthTech BioActivies from Grupo Ferrer, an international pharmaceutical company

Arendt & Medernach

The 'committed and solution-minded' multi-disciplinary team at Arendt & Medernach offers 'pragmatic advice', and is 'well-placed to provide a view on market trends', for an impressive roster of financial sponsors including Blackstone and Apax Partners. Team head Pierre Beissel embodies the firm's overarching strength in the sector, adept as he is at advising on the structuring of the fund, as well as on the subsequent downstream investment/exit work. Laurent Schummer is 'a great strategist and an excellent negotiator'; he regularly advises private equity firms on their M&A activity.

Practice head(s):

Pierre Beissel

Other key lawyers:

Laurent Schummer; Sébastien Binard; Alexander Olliges; Carsten Opitz; Rodrigo Delcourt; Bob Calmes

Testimonials

The lawyers provide pragmatic advice and are well-placed to provide a view on market trends.’

The team is committed, available and solution-minded.’

Laurent Schummer is a great strategist and an excellent negotiator.’

Alexander Olliges stands out for thinking outside the box and giving practical solutions to intricate problems.’

Key clients

Montagu Private Equity

Apax Partners

Ardian

Permira

Platinum Equity

Castik Capital

Blackstone

Summit Partners

Triton Investment Management

Milestone

Work highlights

  • Advised longstanding client, Bain Capital, on the acquisition of a majority stake in advertising giant WPP’s Kantar.
  • Advised Triton Partners on its acquisition of pan-European leader in data collection services for consumer market research, Norstat group.
  • Advised Warburg Pincus on the sale of inexio GmbH, a German internet services provider operating a glass fibre network, to EQT.

Clifford Chance

Closely-aligned with the office's funds and investment management group and also able to leverage the firm's wider international resources, Clifford Chance's Luxembourg-based corporate and M&A team has a strong following among many conventional private equity sponsors (including KKR and BlackRock), as well as more niche players, including Global Infrastructure Partners. Christian Kremer and Katia Gauzès co-head the firm's overarching corporate group and have significant experience handling private equity-led M&A transactions.

Practice head(s):

Christian Kremer (corporate); Katia Gauzès (corporate); Paul Van den Abeele (Investment funds); Emmanuel- Frédéric Henrion (investment funds); Kristof Meynaerts (investment funds)

Other key lawyers:

Maren Stadler-Tjan; Magali Belon; Bart Denys; Christian Lennig; Louis Mamère; Oliver Zwick; Matthias Kerbusch

Key clients

Shinhan Alternative Investment

Global Infrastructure Partners

Three Hills Capital Partners

Arax Properties

Bain Capital Credit

Banca March Corporación Financiera Alba

Hg Incorporations Limited

KKR

BlackRock

Cromwell European Real Estate Investment Trust

JAB

Eurazeo

Nordrheinische Ärzteversorgung

Swisslog Healthcare

Work highlights

  • Advised a fund managed by La Francaise Real Estate Partners International and Shinhan Alternative Investment Management Inc. on the acquisition of the Amazon logistics centre in Germany, by the South Korean financial services provider Samsung Securities, from Germany-based logistics property developer Ixoco.
  • Advised Global Infrastructure Partners on its sale of a 50% stake in the offshore wind farm Gode Wind 1 in equal shares to the investors Glennmont Partners and The Renewables Infrastructure Group Limited.
  • Advised Three Hills Capital Partners, a leading mid-market capital provider in Europe on the establishment of two new funds, Three Hills Capital Solutions I (“THCS I”) and Three Hills Capital Solutions II (“THCS II), in a €192m GP-led secondary transaction.

Elvinger Hoss Prussen

Led on the corporate front by the 'very helpful and hands-onToinon Hoss and also able to draw upon the expertise of lawyers in complementary practice areas including finance, investment funds and tax, Elvinger Hoss Prussen is a popular choice among many leading sponsors to provide advice across the full range of their Luxembourg-based needs associated with big-ticket international mandates. Hoss continues to handle a significant amount of M&A work for Cinven, either on its own or as part of an investment consortium.

Practice head(s):

Toinon Hoss

Other key lawyers:

Thibaut Partsch; Frédéric Clasen; Azadeh Djazayeri

Testimonials

The team assisted in a very complex matter in a thoughtful and pragmatic way.’

‘Toinon Hoss is very helpful and hands-on.’

Key clients

Cinven Partners LLP

Cinven/Astorg

Cinven / Advent

Hellman & Friedman

Bregal Unternehmerkapital II LP

Frutas SCSp

BC Partners Limited

Galileo Global Education Luxco Sàrl

SK Capital Partners

Vitruvian Partners LLP

CVC Capital Partners

Work highlights

  • Advised Cinven on the Luxembourg law-related  aspects of its acquisition of INSEEC U, a leading European institution of private higher education and research.
  • Advised the private equity consortium jointly-led by Astorg Partners and Cinven, as to the Luxembourg law aspects in connection with its acquisition of LGC.
  • Advised the consortium led by Advent, Cinven and the RAG-Stiftung (RAG foundation) on the acquisition of the elevator division of thyssenkrupp AG.

Linklaters

The 'reactive and responsive' multi-disciplinary team at Linklaters provides a cohesive service to private equity firms and sovereign wealth funds on both downstream and upstream structuring, as well as ongoing operational matters, including advice on the development of incentive schemes. Nicolas Gauzès has been central to the firm's success in the market, by dint, not only of his corporate expertise relating to sponsor-led buyouts, but also his ability to provide the accompanying debt financing structuring advice should the need arise.

Practice head(s):

Nicolas Gauzès 

Other key lawyers:

Manfred Müller; Rémy Bonneau

Testimonials

‘The team provides reactive and responsive advice.’

Key clients

South Europe Infrastructure Equity Finance (SEIEF)

PAI Partners

Centerbridge Partners Europe LLP

Ardian SAS

Triton Partners

Gen II Fund Services LLC

Groupe Bruxelles Lambert SA

Loyens & Loeff

Loyens & Loeff is appreciated by financial sponsor clients for its 'collaborative approach' among lawyers within the firm's M&A, finance, investment management, tax and restructuring groups, enabling it to provide 'exceptional quality' on the Luxembourg-related law advice relating to work throughout the fund lifecycle. The 'outstandingGuy Palmaers has many years' experience in the space and has superb insight into the structuring of cross-border private equity-led M&A. Michael Scott 'takes ownership of all transactions', and has a particular strength advising funds on distressed M&A and in a restructuring context. The 'very proactive and professionalMathilde Lattard was promoted to partner in January 2020 and continues to grow her reputation in the market for a number of well-known global sponsors. Frédéric Franckx heads up the private equity transactions team following his move back to Luxembourg in February 2020 after a three year stint in charge of the firm's New York representative office.

Practice head(s):

Frédéric Franckx

Other key lawyers:

Marc Meyers; Jochem van der Wal; Guy Palmaers; Thierry Lohest; Michael Scott; Siobhán McCarthy; Mathilde Lattard

Testimonials

Operates as a proper team which makes them a pleasure to work with, as the members are complimentary to each other and support each other along the way. The lawyers are on-the-ball and knowledgeable about the transactions.’

A team of strong experts that are very savvy in their area of expertise, are easy to work with and are very responsive.’

It is a pleasure to work with other lawyers, who are highly-educated but also very pragmatic. There seems to be no problem that cannot be solved.’

It is an outstanding practice, particularly if you need reliable advice on legal and tax issues. The quality is always exceptional.’

Michael Scott takes ownership of all transactions and consistently adds value to large and small(er) issues.’

Mathilde Lattard is very proactive and professional.’

Guy Palmaers is outstanding.’ 

Key clients

EQT Partners

The Carlyle Group

Blackstone

KKR

Helios Investment Partners

3i Group

Volpi Capital LLP

Platinum Equity

Francisco Partners

Bain Capital

Brookfield Asset Management

Apax Partners

AlpInvest Partners

Ares Management

Partners Group

Starwood Capital Group

IK Investment Partners

Work highlights

  • Advised EQT on its acquisition of Schülke & Mayr GmbH, a leading provider of hygiene solutions.
  • Advised longstanding client CPPIB on its co-investment, alongside KKR, in media company Axel Springer, as well as on the €2.3bn acquisition of Galileo Global Education, the French leader in private higher education and second-largest in the world.
  • Advised GIC on its €950m acquisition of pan-European logistics real estate portfolio from Apollo Global Management.

Bonn Steichen & Partners

Bonn Steichen & Partners provides a 'hands-on and very approachable service' to private equity and venture capital funds, including Advent International and Index Ventures, on the Luxembourg aspects of their transactional work. Team head Linda Harroch is well-versed in advising financial sponsors on fund formation, as well as on the structuring and financing of international buy-out transactions.

Practice head(s):

Linda Harroch

Other key lawyers:

Jean Steffen; Christèle Pierre-Alexandre; Béatrice Boulord; Michaël Kitai; Yseult Tournebize

Testimonials

The firm provides a hands-on and very approachable service.’

Key clients

Goldman Sachs

Global Infrastructure Partners

Advent International

Index Ventures

Work highlights

  • Advised Advent International and Cinven on their acquisition of thyssenkrupp’s Elevator Technology business.
  • Advised Advent International on the acquisition of Cobham.
  • Advised Goldman Sachs on the £320m acquisition of Aston Lark, the UK’s fifth largest independent chartered insurance broker and employee benefits provider.

CMS

The arrival of a fully-formed two-partner corporate/M&A team from Dentons in January 2020 ensured that CMS has immediately gained substantial exposure to the private equity ecosystem, given their ties with some significant players in the market. Gérard Maîtrejean was one of these new hires and he now heads up the practice that, despite its infancy, is well-positioned to handle the full spectrum of investment strategies including M&A (share and asset deals), exits, strategic partnerships and joint ventures, and is also able to draw upon resources from across the firm's broader international network.

Practice head(s):

Gérard Maîtrejean

Other key lawyers:

Pawel Hermelinski; Sylvain Elias; Andreea Antonescu; Mélody Brunot

Key clients

Terra Firma Capital Partners

Apax Capital

Goldman Sachs

Quadriga Capital

I Squared Capital

ABAC Capital

Real Estate Advisers

Aerium

3i

ArcLight Capital Partners

Work highlights

  • Advised the Luxembourg holding company of the Takko group (as a portfolio company of Apax) facing difficulties due to the Covid-19 pandemic.
  • Advised Mayfair Equity Partners in connection with the management buyout of at Home Group Mayfair Equity Partners backed in entering as majority shareholder.
  • Advised Real Assets Advisers in connection with AXA Investment Managers-Real Assets and Acciona S.A.’s acquisition of KKR’s 33.33% equity stake in Acciona Energía Internacional.

Dechert Luxembourg

Private equity-related work forms a key part of Dechert Luxembourg's overarching strength in the investment funds space. Working on its own, as well as often in co-operation with practitioners from across the firm's international network, the team is well-versed in setting up the Luxembourg vehicles for private equity investments, as well as advising on ongoing operational matters and the underlying transactional work. Jean-Louis Frognet is a key practitioner on the private equity transactional front and has expertise on both the financing and corporate aspects of sponsor-led deals. Managing partner Marc Seimetz co-heads the team.

Practice head(s):

Marc Seimetz; Jean-Louis Frognet

Other key lawyers:

Patrick Goebel; Laura Rossi; Arne Bolch; David De Pasquale

Key clients

ArchiMed SAS

Certares

Welsh, Carson, Anderson, & Stowe

Work highlights

  • Acted as primary deal counsel to new private equity client, Welsh, Carson, Anderson & Stowe, on a competitive sale process regarding its portfolio business AIM Software, resulting in the sale of AIM Holding SCA and its subsidiaries to Danish-listed entity, SimCorp.
  • Assisted ArchiMed on the acquisition of Direct Healthcare Group from NorthEdge.

LexField

Increasingly recognised as a viable alternative to the country's more established firms, independent business law-focused boutique LexField has developed a strong reputation among financial sponsors, as well as international law firm referrers, as a result of its 'technically very capable and commercial service' on the Luxembourg corporate structuring aspects of cross-border sponsor-led M&A. 'Very business-oriented and pragmatic' team head Aldric Grosjean has the 'ability to identify solutions' and 'works well in conjunction with other law firms on cross-border transactions'

Practice head(s):

Aldric Grosjean

Other key lawyers:

Pierre-Yves Magerotte; Adrian Dobbyn; Marie Casanova

Testimonials

They are highly organised. You never need to ask twice for anything. They have a very fast turnaround on everything. Plus they really care about their clients.’

It is a strong team that is technically very capable and commercial.’

The team is always available, very efficient, engaged and offers a 360 degree service.’

The team at LexField is first-class. It offers a fantastic service, is responsive and hugely knowledgeable.’

The highly intelligent Aldric Grosjean is very capable and able to answer questions there and then, thinking on his feet.’

Aldric Grosjean is very business-oriented and pragmatic.’

Aldric Grosjean has the ability to identify solutions. He is able to bridge the gap between the Netherlands and Luxembourg and also works well in conjunction with other law firms on cross-border transactions.’

Aldric Grosjean is excellent and really knows his stuff, he takes a more hands- on approach to other lawyers I have worked with in the Luxembourg jurisdiction.’

Adrian Dobbyn never seems to get flustered and handles everything with a cool and calm head.’

Pierre-Yves Magerotte has excellent knowledge of Luxembourg tax laws which makes him a key player in structuring solutions.’

Key clients

Sun Capital Partners

KSL Capital Partners

Volpi Capital LLP

Blue Noble

Meeschaert Capital Partners

KHI Holdings Group

Helios Investment Partners

Korea Asset Investment Management

Argos Wityu

Aldgate Developments

Babilou

MNK Partners

Work highlights

  • Advised a joint venture comprised of Aldgate Developments and KHI Holdings Group on the refinancing and subsequent letting to British Telecom Group Plc of the iconic One Braham office building located in central London.
  • Advised a UK-based global private equity firm on the proposed sale of the group’s interest in a Spanish REIT held via a Luxembourg structure to a financial institution for a consideration of approximately €400m.
  • Advised a large US-based global private equity firm on (i) the restructure of the group which owns one of England’s leading resort and conference hotel, and (ii) a joint venture with one of the world’s oldest and largest global investment firms, in relation to the acquisition of one of the largest US providers of all-inclusive vacation packages.

NautaDutilh

The five-partner, multidisciplinary team at NautaDutilh provides 'practical and effective' advice to financial sponsors on their M&A, finance, fund formation and tax structuring Luxembourg-related requirements. Corporate head Margaretha Wilkenhuysen regularly handles private equity-related M&A, often involving a Benelux nexus. Yoanna Stefanova is also a key practitioner and combines both investment fund structuring expertise with M&A prowess.

Practice head(s):

Margaretha Wilkenhuysen (corporate partner); Romain Sabatier (corporate partner); Yoanna Stefanova (corporate and investment funds partner); Jean-Marc Groelly (tax partner); Luc Courtois (investment funds partner)

Other key lawyers:

Caroline Notté; Aline Nassoy; Audrey Derep; Thibaud Herberigs; Peter-Jan Smet

Testimonials

It is a small and fast-paced team that works well together.’

It provides very practical and effective advice.’

Key clients

Ad Hoc Group of Senior Lenders to Modacin France SAS

Alchemy Partners

Oaktree

Argand Partners

Bottega S.àr.l. (Grupo Cimcorp)

Bridgepoint Services SARL

Thomas H. Lee Partners, L.P.

Darby

Levine Leichtman Capital Partners

March Capital

Orascom TMT Investments (Marchmont)

Partners Group

Silverfleet Capital

McDermott

Horizon Equity Partners

Enterprise Investors Corp.

Interglobe Enterprises

Work highlights

  • Advised Thomas H. Lee Partners on the acquisition of AutoStore, and the rollover by the seller and managing team of AutoStore, with the transaction involving external and internal financings and equity contributions.
  • Advised Oaktree in connection with the Luxembourg corporate law aspects of its acquisition of RAFI and with the establishment of a management participation program.
  • Advised Horizon Equity Partners on Luxembourg and Dutch law in relation to its acquisition of a stake in OMTEL, the Portuguese tower company and its subsequent disposal thereof.

PwC Legal Luxembourg

'Highly knowledgeable of local corporate practice', yet also praised for its ability to 'work very well with other advisors involved in deals', PwC Legal Luxembourg has proved to be a popular choice among a growing roster of sponsor clients to advise on the Luxembourg structuring necessary to facilitate their cross-border acquisitions and exits. Catherine Baflast heads up the overarching corporate offering but it is the 'very friendly and no-nonsenseSaskia Myners who is the primary contact for private equity-related work, particularly on matters with a nexus to the UK and German markets.

Practice head(s):

Catherine Baflast (corporate head); Saskia Myners (private equity head)

Other key lawyers:

Jean-Yves Lhommel; Jean-Philippe Smeets

Testimonials

The lawyers are down-to-earth, no-nonsense advisors. Their advice is short and to-the-point. They were very responsive. They understood the dynamics of the deal and did not need to be coached.’

A very responsive team that is highly knowledgeable of local corporate practice.’

They provide holistic advice; in other words they understood that you needed help more generally on whether everything worked or not, rather than trying to be too picky about their role.’

They are super responsive, always able to action ad-hoc requests and deliver great quality of service. They also work very well with other advisors involved in deals.’

Saskia Myners was very friendly and no-nonsense. She really understood the wider nature of her role, and how she could help in the widest possible sense. Her assistance on the transaction was exactly what was required, without having to elaborate or fight over scope of work. She gave her advice promptly and without any fuss.’

Saskia Myners is able to work on short deadlines and still provide a high- quality product.’

Saskia Myners is a problem-solver and always driven to achieve the best results for her clients.’

Stibbe

With three partners now focused on private equity-related M&A work, following Bernard Beerens ' arrival from AKDStibbe has significant resources to deploy on behalf of an impressive roster of fund clients, including KKR and Investindustrial. The 'pragmaticGérald Origer leads the office's sponsor-led transactional offering, which stands out for its ability to 'really understand its clients' needs' and thereby to effectively act as an extension of the client's in-house function. The firm's strong and established presence in the Netherlands and Belgium ensures that the team is also well-suited to advising clients on regional Benelux mandates.

Practice head(s):

Gérald Origer

Other key lawyers:

Claire-Marie Darnand; Bernard Beerens; Michaël Meylan; Vanessa Schmitt

Testimonials

Stibbe provides extremely professional and high-quality advice.’

The team is composed of qualified lawyers who understand the client’s needs and avoid unnecessary discussions.’

Gérald Origer stands out for his availability, legal analysis and pragmatic approach.’

Key clients

DW Healthcare Partners

Canal+

Zouari family

Investindustrial

KKR

Compagnie Gervais Danone

Astorg

Almacantar

Work highlights

  • Assisted Investindustrial on the corporate and bank financing aspects for the acquisition of the shares and convertible bonds of the Spanish company, NATRA, S.A. (a Spanish-listed company active in the Cacao market).
  • Assisted a global private equity firm with the Luxembourg aspects of the sale its shares in a privately owned security-services company.
  • Assisting an international private equity group on the acquisition and financing structure of a leading European financial broker.

AKD

Now headed by Cedric Bless, following the departure of Bernard Beerens to Stibbe in February 2020, AKD remains focused on work in the private equity sector and handles a sizeable amount of work for sponsors on the Luxembourg structuring to facilitate international M&A transactions.

Practice head(s):

Cedric Bless

Other key lawyers:

Anthony Levy; Imède El Moudden

Key clients

Bridgepoint

Aimco

Apax

Colony

Elliott Management

HERMES

ICAMAP

MNK Partners

Oaktree Capital Management

Oxenwood

Peakside

Ridgemont Equity Partners

Xerys

Roark Capital

Work highlights

  • Assisted the Bridgepoint Luxembourg affiliates within the context of the ownership restructuring of TuvTurk and Thom Europe.
  • Advised Bridgepoint with respect to the set-up of the Luxembourg financing and investment structure (including the setting up of a management equity plan) in relation to the acquisition of Arivia S.A., a world-leading developer of plant-based dairy and dairy-free products based in Greece.
  • Assisted Bridgepoint on the establishment of new Luxembourg special purpose vehicles and documenting the financing (through the Luxembourg structure by way of equity and debt financing) of its acquisition of Vermaat.

Bonn & Schmitt

Led by Frédéric Lemoine and Chantal KeeremanBonn & Schmitt regularly advises core clients EQT and Capvis on the structuring of Luxembourg investment vehicles to facilitate their cross-border M&A.

Practice head(s):

Frederic Lemoine; Chantal Keereman

Other key lawyers:

Anne Selbert; Francesco del Pesce

Key clients

EQT

Capvis

Work highlights

  • Assisted EQT to inject additional cash in its investment structure in the Lima Group, a major actor of the healthcare sector, in order to satisfy its liquidity needs over the short- and long-term.
  • Assisting EQT portfolio company SUSE, an open source infrastructure software provider, on its acquisition of Silicon Valley-based Rancher Labs, a Kubernetes container management platform.
  • Assisting Capvis with respect to the corporate aspects of the acquisition of the Tertianum Group.

KLEYR GRASSO

The 'knowledgeable and professional' team at KLEYR GRASSO has broad transactional expertise, which includes a not insignificant amount of financial sponsor-led work, often on behalf of core client, TA Associates. Rina Breininger is the primary contact.

Practice head(s):

Rina Breininger; Jean-Paul Spang; Delphine Tempe; Renata Jokubauskaite

Testimonials

Kleyr Grasso is knowledgeable and professional.’

Accessibility and personal on-hand involvement definitely sets Kleyr Grasso apart from the numerous other law firms we deal with.’

Key clients

TA Associates

Work highlights

  • Advised TA Associates on its investment (alongside EQT) in IFS.
  • Advised TA Associates on the sale of its investment, held through its Luxembourg structure, in Zadig & Voltaire.
  • Advised TA Associates on its acquisition of a portion of shares held in Netrisk.