Weil Gotshal & Manges and Slaughter and Might have scooped key mandates on Bain Capital’s proposed £1.2bn takeover of UK insurer esure as RPC and Clifford Likelihood (CC) wade into the Home of Fraser saga.
Weil is advising Bain on the proposed take-private, which can see the non-public fairness participant purchase, by way of its Blue (BC) Bidco Restricted subsidiary, all shares within the motor and residential insurer for 280 pence per share. The Weil crew is led by non-public fairness accomplice Marco Compagnoni and senior advisor Ian Hamilton.
The mandate is critical for a agency which has traditionally acted for Bain along with Introduction Worldwide on a number of cost processor transactions. These embrace the $745m acquisition of Concardis and its subsequent merger with NETS in 2017, a $1bn deal to amass the funds items of Intesa Sanpaolo Banking Group in 2016, in addition to the acquisition and subsequent London itemizing of Worldpay in 2015.
Compagnoni commented: ‘We’ve got labored with the Bain crew for numerous years on a variety of alternatives, so additionally it is pleasing that that is our first introduced solo deal for them.’
Slaughters, in the meantime, acted for esure in a continuation of its longstanding relationship with the corporate. The agency’s company crew was led by companions John Papanichola and Robert Innes.
Papanichola informed Authorized Enterprise: ‘The crew is happy to have suggested esure on its London itemizing in 2013, its demerger from GoCompare in 2016 and now on this proposed take-private in a relationship that has spanned a number of years.’
A Skadden, Arps, Slate, Meagher & Flom crew led by London company accomplice Scott Hopkins suggested the joint monetary advisers to Bain Capital: Goldman Sachs; Cenkos Securities and Dean Avenue Advisers.
The money consideration will probably be funded from fairness financing drawn down from Bain Capital funds in addition to minority fairness invested from numerous HarbourVest, Lexington Companions and LGT funds. Debevoise & Plimpton, led by accomplice Katherine Ashton, suggested HarbourVest.
Elsewhere, the administration of UK division retailer chain Home of Fraser final Friday (10 August) and its subsequent £90m disposal to Mike Ashley, the proprietor of Excessive Avenue chain Sports activities Direct, has led to RPC and CC being added to the checklist of advisers.
RPC is advising Sports activities Direct and CC is advising EY, which is appearing because the administrator of the corporate. The pre-pack administration happened after Chinese language investor C.banner, the proprietor of iconic London toy store Hamleys, earlier this month backed out of a deal to inject £70m into Home of Fraser and issued a revenue warning.
Earlier this yr, Home of Fraser had been taking a look at a controversial firm voluntary settlement (CVA) with landlords, which might have seen a number of shops closed and lease reductions agreed with unsecured collectors.
To that finish, Freshfields Bruckhaus Deringer was mandated by Home of Fraser, with Kirkland & Ellis appearing for the bondholders. The Freshfields crew was led by restructuring accomplice Ken Baird and included accomplice Adam Gallagher, and dispute decision accomplice Craig Montgomery. Kirkland has additionally this week been mandated to advise beleaguered UK DIY model Homebase on its CVA, with a crew led by restructuring companions Kon Asimacopoulos and Elaine Nolan. The CVA, which might see 42 shops shut, is about to be put to a creditor vote later this month.
Travers Smith, with a crew led by restructuring accomplice Edward Smith, suggested KPMG because the supervisor of the Home of Fraser CVA.
The CVA took an attention-grabbing flip just lately as a gaggle of landlords, represented by restructuring agency Begbies Traynor and property company JLL, filed a authorized problem to the proposed association.
The petition within the Scottish Courts challenged ‘alleged unfair prejudice in opposition to sure collectors in addition to materials irregularities within the implementation of the CVA’, in accordance with a joint assertion from Mark Fry of Begbies Traynor and Charlotte Coates of JLL. The problem was final week settled out of court docket.