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Private Equity and Financial Sponsors

Linklaters is trusted by the world’s leading private equity houses and financial sponsors to deliver their most important transactions

Private equity and financial sponsors are central to Linklaters’ strategy and have been for many years. The legal directories and league tables consistently rank Linklaters as having one of the leading private equity practices and our clients benefit from our invaluable experience. We advise our clients in a commercial and pragmatic way and support them globally via our 31 offices.

Unlike many of our peers we have leading expertise in private M&A, public M&A, carve-out transactions and IPOs and offer a genuine full-service offering. Clients regularly point to the depth and breadth of our specialist practices as being a key differentiator. Whether it be our financial regulatory team helping a client navigate complex cross-border regulation, our anti-trust team advising on a sensitive price-fixing investigation, our IP team managing complex brand licensing issues on a corporate carve-out or our employment team managing a time-critical transfer of employees, our teams are leaders in their fields.

A top-tier sponsors platform with full-service offering

Leading financial sponsors instruct us for our technical expertise, global coverage, and trust-building capabilities throughout the entire investment cycle. We provide support across M&A, IPOs, management equity and incentivisation, financing (debt and structured equity) and strategic advice. Our extensive deal experience ensures innovative solutions tailored to your needs.

Having advised on many of the most significant public offers, very few firms can match our experience in public M&A and public-to-private transactions. Financial sponsors instruct us on public M&A deals in the UK knowing that, whatever the scale or complexity of the challenge, we will deliver, drawing on the best team from across our global practices.

  • Advent: advising on
    • the £4bn recommended cash offer for Cobham plc.
    • the £1bn take private of Laird.
  • Brookfield: advising on
    • its recommended cash offer for Network International Holdings plc at an enterprise value of £2.2bn.
    • its £4bn recommended offer for HomeServe plc.
  • TDR Capital and I Squared Capital: advising a consortium of TDR and I Squared on their €1.65bn public offer for Applus Services S.A., a testing, inspection, and certification services company listed in Spain.
  • Global Infrastructure Partners and the Consortium: advising on the $4.73bn recommended cash offer for ordinary share capital of Signature Aviation.
  • Hg: advising on its £1bn takeover and related financing of Ideagen plc, a premier British software solutions company and leader in the regulatory and compliance software sector listed in London.
  • IFM Investors: advising on the €5bn takeover bid launched over Naturgy, a leading global gas and electric utility company with a diversified infrastructure portfolio.
  • Warburg Pincus and TowerBrook Capital Partners: advising the consortium on the recommended offer for AA, valuing the business at approximately £2.8bn.

We are ranked as a Band 1 multijurisdictional global M&A team and consistently act on the largest and most complex M&A transactions. Leading financial sponsors in the market instruct us for our execution skills, commercial advice, technical expertise, global coverage and full service one-stop-shop offering.

  • Apax Partners: advising on
    • the acquisition and the subsequent sale of Neuraxpharm.
    • the €1.8bn acquisition of Rodenstock from Compass Partners.
  • BC Partners: advising on the £1.2bn acquisition of Davies Group, the leading provider of professional services and technology solutions to the global insurance market.
  • Carlyle:
    • its acquisition of Anthesis, a global sustainability advisory and solutions firm.
    • the $2bn acquisition of AutoForm Engineering.
    • the acquisition and subsequent €1.4bn sale of Logoplaste Group.
  • Carlyle and PAI: advising on their acquisition of Theramex, the leading global specialty pharmaceuticals company focused on women’s health, from CVC Capital Partners.
  • CDPQ: advising on the €2bn acquisition of Akiem.
  • Hg: advising on
    • its investment in The Access Group, valuing the business at £9.2bn.
    • the raising of significant new investment by Visma, valuing it at €19bn.
    • the investments by CPP Investments and Sofina in team.blue, valuing the company at €4.8bn.
  • iCON Infrastructure: advising on its acquisition of Alliance Medical group from Life Healthcare, a South African listed company, at an enterprise value of £910m.
  • Montagu: advising on the acquisition of Universal-Investment, and the subsequent sale of a minority stake to CPPIB.
  • Ontario Teachers’ Pension Plan: advising on its investment in and combination of group.ONE and dogado group.
  • Permira: advising on the acquisition of Universidad Europea de Madrid - the second-largest private university in Spain - together with two other higher education centres in Spain and one in Portugal.
  • The TDR Capital-led consortium of private equity shareholders of LeasePlan: advising on its contemplated combination with ALD, Société Générale's car leasing division, for €4.9bn.
  • TPG and GIC: advising on the acquisition of Techem for €6.7bn.
  • EQT: advising on the acquisition of a majority stake in Trescal, a global leader in calibration laboratories.
  • BlackRock: advising on its US$860m acquisition of a 30% stake in AirFirst Co. in Korea.

Having acted on more European large-cap sell-side mandates than any other law firm in recent years, we understand what is required to position a company for sale. Whether the exit is a sale by way of auction process, IPO, a dual track exit, merger, minority sale or otherwise, we have market-leading teams able to support you.

  • Ardian and the minority shareholders: advising on the sale of 100% of the share capital of Monbake Group, to CVC.
  • Apax Partners: advising on its sale of Unilabs Holding AB to A.P. Moller.
  • Carlyle: advising on the sale of PA Consulting to Jacobs Engineering, valuing PA’s business at £1.825bn.
  • Cerberus: advising on its sale of Worldwide Flight Services for an enterprise value of c. €2.25bn.
  • PAI: advising on its sale of Atos Medical to Coloplast for an enterprise value of c. €2.2bn.
  • Partners Group: advising on the €4.5bn sale of Cerba HealthCare to EQT.
  • Ontario Teachers’ Pension Plan: advising on its sale of Mémora Servicios Funerarios to Grupo Catalana Occidente, S.A.

Our specialist team acts for financial sponsors on their most significant and complex carve-out transactions across all sectors. We have unrivalled experience in delivering successful results both on the sell and the buy side, and as a result, are at the forefront of the latest market precedents, enabling us to provide clients with innovative solutions and efficient execution.

  • Altaris Capital Partners: advising on its £325m purchase of Johnson Matthey Plc's health division (a global developer and manufacturer of specialist and complex active pharmaceutical ingredients for pharma and biotech companies).
  • Blackstone and its portfolio company, Draken International: advising on the acquisition of Cobham's UK aviation services business.
  • Hillhouse Investment: advising on the $5.2bn carve-out acquisition of Philips’ domestic appliances business.
  • Montagu: advising on its carve-out acquisitions of the Emerging Portfolio Funds Research platform and the Maritime Intelligence business from Informa plc.
  • Montagu: advising on its $470m global carve-out acquisition of Jane’s Information Group from IHS Markit.
  • I Squared Capital: advising on the acquisition of the infrastructure division of GTT Communications, for $2.15bn.
  • Nestlé: advising on the £7.8bn sale of its Skin Health division and related global supply and distribution arrangements.
  • Thyssenkrupp: advising on the $18.7bn sale of its elevators business to Advent and Cinven.
  • Unilever Teas: advising Unilever on the sale of its teas business to CVC, valuing the business at €4.5bn.
  • Unilever Spreads: advising Unilever on the €6.825bn sale of its spreads business to KKR.

Many companies and their existing stakeholders are increasingly seeking flexible and bespoke capital solutions which bridge the gap between traditional debt and common equity. At Linklaters, we draw upon our expertise across all key disciplines relevant to structured capital solutions, including private equity, restructuring and insolvency, dispute resolution, capital markets and debt finance, to deliver innovative and bespoke structures for the deployment of private capital in novel ways.

  • Brookfield-led consortium: advising on its preferred equity investment in GEMS Education, a UAE-based education and ancillary services provider, in one of the largest private equity investments in the region.
  • Carlyle: advising Carlyle as arranger on a senior facilities agreement for Cordstrap, a manufacturer and distributor of corded polyester strapping and load securing systems.
  • Morgan Stanley: advising on its preference share investment into the real estate assets of Swedish landlord, SBB.
  • Apollo Hybrid Value Management: advising investment funds managed by Apollo on their convertible preference share investment in the Group of Butchers business.
  • Montagu: advising on the preferred equity investment by Ares in Universal Investment Group.
  • PIMCO: advising in relation to a number of its structured investments, including Finance Ireland, Qualco and Hellenic Bank.
  • Portobello Structured Partnerships Fund investments: advising on its significant preferred equity investments in AGQ Labs, Condis, and Eurocebollas.

Our financial sponsor offering includes a market-leading leveraged finance and High Yield practice which is experienced in structuring innovative financing solutions to address operational flexibilities required by you and your portfolio companies.

  • Brookfield: advising Brookfield on the financing for its £2.2bn recommended offer for Network International Holdings plc.
  • Brookfield: advising Brookfield on the financing for its £4bn public offer for HomeServe plc.
  • Carlyle: advising Carlyle on the financing for its acquisition of Anthesis.
  • Carlyle: advising Carlyle on the TLB, RCF and PIK financing for its US$2bn acquisition of Autoform.
  • Hg: advising Hg on the financing for its public offer for Ideagen plc.
  • Hg: advising Hg on the financing for Team.blue.
  • Hillhouse: advising Hillhouse on the financing for its US$3.7bn acquisition of the Phillips Domestic Appliances business.
  • Macquarie: advising Macquarie on the financing for its recommended public takeover of Byggfakta in consortium with Stirling Square and TA Associates.
  • Montagu: advising Montagu on the financing for its acquisition of Waystone Group and subsequent acquisition of Link Fund Solutions.
  • Triton: advising Triton on the financing for its public tender offer for Caverion Corporation.
  • Warburg Pincus and Towerbrook: advising Warburg Pincus and Towerbrook on the financing for the £2.8bn offer of The AA plc.
  • Wendel: advising Wendel on the financing to support its investment in Globeducate alongside Providence Equity Partners.

With specialist investment fund practitioners in the major asset management jurisdictions, we see the full scope of the global funds market from the perspective of sponsor and investor. Our experienced practitioners advise on structuring, formation, taxation and regulation of all types of investment funds, investment management arrangements, separate managed accounts and co-investments for investment in a broad range of asset classes. We produce a tailored product, bespoke to the client, asset type and commercial deal.

  • Ardian: advising on the establishment and fundraising of a number of fund products across private equity, infrastructure and credit strategies.
  • Partners Group: advising on the structuring and setting-up of European Long-Term Investment Funds.
  • KKR: advising on the establishment of a variety of fund products, including private equity, infrastructure, real estate, and special situations products.
  • Macquarie Group: advising on its European and Global infrastructure debt funds investing into investment grade and sub-investment grade infrastructure debt.
  • CVC Credit: advising on the establishment of its first Luxembourg licensed credit fund and on the structuring of its first RAIF in the form of a Luxembourg limited partnership pursuing a European credit investment strategy.

We are a trusted partner for many established sponsors focused on private credit in Europe and globally for our structuring advice, supporting our clients to raise products that allow them to access institutional and private wealth capital from around the world. We work hand-in-hand with our colleagues across practice areas and often advise at all points the private credit spectrum including senior-secured lending, mezzanine, distressed and special situations strategies.

  • Barings: advising on the establishment of its fourth generation closed-ended global private credit fund platform; a series of large private credit-focused separate managed accounts for various institutional investors; its fourth-generation special situations fund; Barings European Real Estate Debt Income Fund, and its open-ended real estate debt fund.
  • CVC Credit: advising on the establishment of its first Luxembourg licensed credit fund and on the structuring of its first RAIF in the form of a Luxembourg limited partnership pursuing a European credit investment strategy.
  • KKR Credit Advisors: advising on the establishment of a number of credit funds across direct lending and special situations strategies.
  • Macquarie Asset Management: advising on the launch of its fund finance strategy.
  • Morgan Stanley Investment Management: advising on the establishment of North Haven Secured Private Credit Fund, a semi open-ended credit fund.
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