34 deals
BRITA and Vivreau extend partnership
Lawyers from the London and Guildford offices of Penningtons Solicitors LLP have advised BRITA GmbH, one of the world’s leading companies in the drinking water optimisation sector, on the expansion of its equal partnership with Vivreau, the principal British manufacturer of point of use water dispensers. Following its role as lead legal adviser in BRITA’s purchase of an equal stake in Vivreau UK, announced on April 23, 2012, Penningtons has now acted on BRITA’s purchase of an equal stake in Vivreau’s North American sister companies, Vivreau USA, LP and Vivreau USA GP, LLC in the USA and Vivreau Canada, Inc in Canada.
Vivreau is a privately-owned company founded in 1986 which designed the concept of the table water bottling system and now services approximately 75% of the top 100 UK companies. Based in Greenford, Middlesex, it has become the industry standard for all hospitality and catering environments. Two of its ‘bottler’ water dispensers have been installed in the White House on Michelle Obama’s
finance
BDO Thames Valley builds on the strength of international tax team
BDO has appointed international tax expert, Paul Daly, to join its specialist transfer pricing team as a director. His appointment bolsters the firm’s regional expertise to advise clients on one of the most challenging tax issues facing businesses today. Daly joins the accountancy and business advisory firm following five years at telecommunications giant Vodafone. Prior to that he worked for PwC in transfer pricing and R&D tax relief consulting roles.
Also joining the team is senior manager David Elliott. Previously with Ernst & Young, he brings specialist tax skills in all types of transactions. Since qualifying as a chartered accountant in 2004, Elliott has worked with many domestic and international businesses. He has experience advising multinational groups on tax aspects of structuring mergers, acquisitions and investment into the UK, including tax efficient financing, post- merger integration and cash repatriation.
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The team is also celebrating the success of Neil Brackstone, who recently completed the Tax Institute's Advanced International Taxation exams and was one of only six people in the country to be awarded a distinction for his performance in all three papers. Brackstone, who was promoted to director on October 1, was awarded the International Fiscal Association Prize for the highest marks in paper II – Advanced International Taxation. He has deep expertise with inbound and outbound investment involving the UK and the related cross-border transactions.
Malcolm Joy, head of tax for the Thames Valley, says: “The Thames Valley has a high proportion of businesses involved in the national arena. BDO has offices in over 135 countries and therefore is well placed to advise those companies and help them with their international expansion. By considering the tax consequences at the beginning of cross-border expansion, lasting commercial and tax efficiencies
instructions, after she was impressed by the product in a restaurant.
The BRITA Group, which achieved total sales of €320.7 million in the 2011 fiscal year, is based in Taunusstein near Wiesbaden in Germany.
It is represented
by 15 national and international subsidiaries, and distribution and industrial partners in over 60 countries on all five continents, with production facilities in Germany, Great Britain, Switzerland and India. Since inventing the water filter jug over 40 years ago, it has developed into one of the lead players in the global water filter market. The Group’s products are available in more than 60 countries; approximately 250 million people drink BRITA optimised water worldwide. The new BRITA Ionox Division, which was established in 2010 and already lists BMW and Audi among its clients, will be responsible for moving forward the joint activities of BRITA and Vivreau.
Penningtons partner and head of London corporate James Klein led the legal team
advising BRITA, supported by Guildford based corporate solicitor Liz Brassington, who played a pivotal role in managing the transactions, as well as specialists from the firm’s commercial, employment and real estate groups. The Penningtons team worked closely with lawyers from US law firm Polsinelli Shughart and Miller Thomson in Canada, who were also acting for BRITA.
Commenting on the North American deals, which were announced on August 10, BRITA Group CEO Markus Hankammer said: “We are taking a further step in the steady expansion of our BRITA Ionox Division. This partnership is a key milestone in our plan to tap the North American market with the world’s greatest potential for water dispensers. Throughout the formation of the alliance, we have appreciated Penningtons’ commitment to providing swift, commercial solutions and their comprehensive grasp of our requirements.”
Klein said: “We have been delighted to assist on these strategically important transactions, aimed at further strengthening BRITA’s international foothold, and wish both companies every success in their new venture. Our involvement reflects Penningtons’ growing presence in the technology sector and broad international focus.”
Paul Daly can be obtained. In addition to corporate
tax services, the tax team in Reading also includes VAT and customs duties, expatriate tax and cross-border incentive and reward services.”
THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2012
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