Five national firms act on fruit supplier buy-out
Legal Week reports
September 20, 2006 at 08:03 PM
2 minute read
Five national firms have advised on the secondary buyout of a stake in fruit company Empire World Trade (EWT).
HBJ Gateley Wareing, Browne Jacobson, DLA Piper, Pinsent Masons and Addle-shaw Goddard all secured roles on the deal, which saw 3i sell its minority stake in the company to ISIS Equity Partners and HSBC for an undisclosed sum.
HBJ corporate partner Austin Moore advised EWT's shareholders. HBJ has acted for EWT since 1997 when it represented the management team on the original management buy-out.
Midlands rival Browne Jacobson corporate partner Richard Cox advised EWT's management after the mandate was referred to the firm earlier in the year by Clearwater Corporate Finance, the financial advisers on the deal.
The current management will continue to be involved in the new set-up. Cox said: "We are hoping to continue to work with EWT in the future."
DLA Piper corporate partner Mark Beardmore, assisted by Richard Wilkey, advised ISIS.
Beardmore said: "We have acted for ISIS on a number of occasions and we were instructed by ISIS when they secured the deal. This is the second deal we have worked on with them this year."
Pinsents finance partner Alice Broadfield, aided by assistant Ruth Packwood, advised long-term client HSBC on the acquisition's financing.
Addleshaws corporate associate Michael Potter advised longstanding client 3i on the sale of the stake.
EWT was established 18 years ago and is now a key supplier of fruit to major retailers, including Tesco, Marks & Spencer and Morrisons. It has a turnover of £80m.
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