Transaction Reports INPP International Public
Partnerships Limited (INPP) £25m+ consolidation of its BSF portfolio
Banks: Company’s investment advisor:
INPP has contracted to acquire a 48% interest in the Kent BSF project from Kier Project Investments for £7.2m, giving it a 58% investment in the project, with Kent County Council owning the remaining 42% on completion of the transaction. The project which reached financial close in 2008 comprises three secondary schools on separate sites located across Kent.
Legal advisor to INPP:
In two separate transactions, INPP also agreed to divest its minority interests in the Hull, Leeds,
INPP consolidates BSF portfolio
International Public Partnerships Limited (INPP) has agreed to a number of transactions within its Building Schools for the Future (BSF) portfolio, consolidating its position within the UK schools sector.
Newcastle, Rochdale and Sandwell BSF1 projects to the Dalmore Capital Fund, and a minority interest in the Leicester BSF project to Semperian Investments, two secondary market investors in the infrastructure sector who already have significant investments in these projects.
Leading national law firm Freeth Cartwright advised INPP in a team lead by project finance and infrastructure partner James Larmour, who commented: “We are delighted to have advised INPP on these strategically important transactions. These are good examples of the high quality mandates we are able to secure and deliver upon in the PPP/PFI sector. Our skills and capability enabled us to deliver the high quality service required by the client at an extremely competitive price”
Ogier Fiduciary Services
£180m Ogier Fiduciary Services’ MBO
Legal advisors to Ogier: Legal advisor to Electra: Electra backs
Electra backs £180m Ogier Fiduciary Services’ MBO
The Ogier Group has announced that the partners of Ogier Fiduciary Services have agreed terms to complete a management buy- out of the Ogier Fiduciary Services business from the Ogier Group.
Regulatory Due Diligence Provider:
The management buy-out of Ogier Fiduciary Services is being backed by Electra Partners, an independent private equity fund manager with over 25 years’ experience of supporting businesses, including those in the financial services industry. On behalf of its major client, Electra Partners has agreed to invest £83 million of equity in the £180 million transaction. Completion is subject to certain conditions including regulatory approvals.
Corporate finance and diligence advisor to the vendor:
Tax advisor: The deal will result in significant additional funding
to ensure that Ogier Fiduciary Services is able to realise its ambitious growth plans, taking advantage of market opportunities as they arise. The investment will also ensure Ogier Fiduciary Services continues to provide the very highest levels of client service supported by additional investment in key systems and infrastructure.
Commenting on the news Nick Kershaw, CEO Ogier Group said “Ogier Fiduciary Services is now at the stage where an MBO makes perfect sense given the additional investment needed to achieve its significant growth plans. This transaction is one of the largest and most significant within the offshore world and I believe that Electra will be an excellent partner for Ogier Fiduciary Services; together they will continue to deliver impressive growth.”
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