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Private equity specialism drives record growth for Shoosmiths’ corporate department
An incredible run of deals in 2011-12 confirms the strength and reputation of Shoosmiths’ private equity (PE) practice
Sean Wright (pictured right), who is head of Shoosmiths’ national private equity team, confirmed that the development of a PE practice has played a key role in the growth strategy of Shoosmiths both nationally and in the south. Shoosmiths has focused on working with PE houses in identifying potential new investment opportunities, buy and build targets in specific sectors and helping companies looking to raise equity finance. Wright confirmed “that this has been a key part of our strategic plan to grow our corporate practice in the region. PE houses, when identifying potential investment opportunities, are looking for businesses with strong growth characteristics, good cash management and a strong and stable management team which will enable them to generate their desired investment returns. By working regularly with the PE houses or specifically for management teams or target companies, Shoosmiths is well placed to advise businesses looking at exit strategies to consider PE as a viable option.“
Part of the reason for the firm’s credibility in this area is the breadth of expertise that Shoosmiths now fields. Shoosmiths partners in the south who focus on private equity work with Wright now include Emma Gibson (pictured), Adam Dowdney, Lynn Knight and Sanjeev Sharma, and the firm additionally fields specialist teams to support such work in tax, technology, competition law and pensions. Partner Emma Gibson explained: “It is unusual to
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find such a depth of private equity experience outside London, but clients are increasingly viewing us as an equal alternative to the City practices who have traditionally been active in this area.“
The size and experience of the team also provides a further key differentiator, as Gibson further explained: “Shoosmiths is able to act on all sides of private equity transactions whether for management, a private equity house itself or the banks.“
The roll-call of private equity deals completed in the past 18 months includes acting for August Equity with regard to its investment in SecureData Europe, the disposal of Planit Group to trade and the disposal of Lifeways Community Care to Omers private equity; acting for management in the reported £60 million disposal of Hamleys; acting on the Alcuin Capital backed Krispy Kreme MBO £25m; acting for management on the £60m secondary buyout of Davis Group backed by Electra Partners which was bought from LDC; acting on the development capital investment by the Business Growth Fund in Benefex and Cennox Group; the ISIS Equity buyout of DiGiCo and AutoLogic Diagnostic and the recent sale by Primary Group of its investee company, Acumus.
In addition, and hot off the press is the sale by August Equity of its portfolio company Enara Group which is the fourth largest provider of home care services in the UK. Enara Group was sold for
a consideration of c £110m to MITIE Group plc in a transaction which completed last month led by partner Emma Gibson and involving the Thames Valley corporate team. This was a particularly pleasing transaction for Shoosmiths to be a part of, as Shoosmiths acted on the original investment by August Equity, the 50 plus acquisitions made by Enara Group over a four year period and the final disposal.
Sean Wright believes that the depth of knowledge together with the strength of our relationships with companies, private equity houses, banks and management has been a key role in Shoosmiths’ success story across the south over the past 10 years. This is underpinned by top ranking for corporate finance work in The Legal 500 for the past five years, being ranked in the top five for UK deals completed in 2011 (Corpfin) and being ranked in the top 10 for private equity transactions compiled in 2011 (Unquote). Wright commented that “we enjoy working with businesses that are dynamic in approach and this is certainly true of PE investment companies and the management teams that run these businesses, and we look forward to continuing to do so.“
Details:
Sean Wright 03700-866845
sean.wright@shoosmiths.co.uk
Emma Gibson 03700-868819
emma.gibson@
shoosmiths.co.uk
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – NOVEMBER 2012
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