Weil Gotshal London arm lands Bridgepoint
Legal Week Reports
November 02, 2005 at 07:03 PM
2 minute read
Weil Gotshal & Manges' push to widen its band of European private equity clients has scored a boost as the New York firm's London arm picked up its first major instruction for Bridgepoint Capital.
It is understood that a conflict at Bridgepoint regular Travers Smith handed the US firm the deal, the $535m (£302m) bid for environmental consultancy Environmental Resources Management (ERM) from 3i.
The secondary buy-out, which was agreed this week, looks set to be first successful deal Weil Gotshal has closed for the active mid-market buy-out house.
The deal is believed to be the largest ever leveraged buy-out in UK professional services and is one of Bridgepoint's biggest deals.
Bridgepoint normally uses Travers Smith for legal advice,but the UK firm had a conflict of interest as it had already agreed to act for another possible bidder for ERM, thought to be Exponent.
Ex-Travers Smith corporate partner Mark Soundy led the Weil Gotshal team for Bridgepoint with assistance from US partner Michael Brady and associate Ian Shawyer.
The deal will be regarded as a welcome boost for Weil Gotshal, which has made little secret of its drive to broaden its City private equity practice. The practice was historically driven by Hicks Muse Tate & Furst, but the house has been sending much of its work to SJ Berwin since its US and European arms split up in 2004.
Weil Gotshal's practice received a boost when it was appointed to Apax's panel last year and the firm earlier this year picked up its first instruction for Candover on the acquisition of a division of French electronics group Thales.
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