The private equity sector constantly transforms and renews itself.
Whilst there has been a significant global decline in mega buyouts and fundraising and an increase in restructurings, a changed economic environment will provide opportunities for a revival in M&A activity, whether because of forced exits, “bolt ons” to portfolio companies, sellers price expectations dropping or otherwise.
In the short term, private equity houses that bought highly leveraged companies between 2005 and 2007, particularly in key sectors like retail and luxury goods, could see their loans recalled and private equity houses will need to refinance and restructure debt and their investments, focusing on maximising value within each portfolio. In addition, private equity funding with unspent funds will see opportunistic buys in the market place.
Private equity houses, investors, funds, banks and financial institutions rely on Linklaters’ market leading global experts. Linklaters’ private equity lawyers advise clients at all stages, from establishing the fund and making investments, to ongoing portfolio assistance including restructuring advice, to exiting from those investments.
Clients benefit from market-leading funds, corporate M&A, and restructuring, finance experts and their understanding of both the fund-raising, fund structuring, buyout and restructuring market. Linklaters helps clients structure the best investment methods for them, from helping sponsors position themselves to ensure they are the lead equity sponsor when looking at M&A situations to clubbing together to compete for distressed assets. With pressure for more scrutiny and transparency, clients will especially value Linklaters' experience of working with industry bodies like the BVCA, EVCA and Brussels Task Force (set up in response to EU proposals to regulate private equity) who are shaping the private equity landscape across Europe.
Many clients come to Linklaters to do pan-European deals, and the firm’s private equity team has deep-rooted experience in each jurisdiction. In the wake of the credit crunch, the firm’s superb local restructuring & insolvency teams are relevant to private equity clients, for whom Linklaters restructures corporate debt for the lenders and management across Europe and the UK.
In 2010, our Asian and European practices received the following awards:
Asia:
- IFLR Asia Private Equity Deal of the Year (the KKR and Affinity / Oriental Brewery deal in Korea led by Sang Lee)
- IFLR Asia Private Equity Team of the Year
Europe:
- IFLR Europe Private Equity Deal of the Year
- IFLR Private Equity Team of the Year
- Reuters / European Capital Venture Journal (EVCJ) Private Equity Law Firm of the Year
Contact us
To discuss legal issues with Linklaters’ private equity sector team, please contact leaders Ian Bagshaw, Richard Youle or Charles Jacobs, Fabrice de La Morandière, Rainer Traugott, Krister Hansen or Chris Kelly. For industry body developments, please contact Elizabeth Ward (member of the BVCA Legal & Technical Committee and PAE working group in relation to the AIFM Directive).
Recent private equity transactions include advising:
- Triton on the €850 million ($1.1 billion) acquisition of Ambea from 3i, the largest leveraged buyout in the Nordic region since July 2007
- Axa Private Equity on the sale of Spotless Group to BC Partners
- China Investment Corporation (CIC) on its minority investment into Apax Partners LLP and its commitment to Apax' most recent buyout fund through an innovative sidecar structure
- HgCapital on the recommended bid by for Goldshields Group plc
- Oaktree on the acquisition of Countrywide via a debt restructuring (Awarded ‘Deal of the Year’ at the IFLR European Awards)
- The Montagu Private Equity and GIP consortium on the £1.7bn P2P of Biffa
- Affinity Equity Partners on the US$1.8bn acquisition of Oriental Brewery by Affinity and KKR. This is the largest LBO in Asia since 2006
- The debtor and sponsor on the restructuring of Italian luxury yacht manufacturer Ferretti
