Advent opens account with Weil Gotshal on CCS sale
Weil Gotshal handles first deal for Advent while US firm works on latest Apax mandate
October 25, 2006 at 08:03 PM
2 minute read
Weil Gotshal & Manges has advised on its first deal for private equity house Advent International since being appointed to its global panel in May.
London private equity partner Ken Schiff led the Weil Gotshal team on the deal, which was signed on 11 October and will see Advent's Czech payment card company CCS, which has revenues in excess of £400m, merge with US rival FleetCor.
Weil Gotshal secured Advent as a client when regular adviser Marco Compagnoni joined from Lovells earlier this year. The firm, which has acted for Advent over-seas but never before in the UK, is also working on a number of other mandates for the client.
Advent was previously advised by Lovells on a number of deals including the buy-out house's £297m cash purchase of South African drilling company Boart Longyear last year and on its £225m secondary buy-out of Aviagen Group from BC Partners in 2003.
FleetCor was advised in the US by King & Spalding associate Tyler Dempsey. Allen & Overy Prague managing partner Jane Townsend advised Fleetcor on Czech law.
Compagnoni commented: "This will hopefully be a major relationship for Weil Gotshal going forward. Our relationship is broadening out nicely in the US as well."
The news comes as the firm also looks likely to complete its first deal for buy-out giant Apax, which appointed Weil Gotshal to its panel in January, 2005 and has given the law firm a series of mandates, none of which have closed this year.
Private equity partner Mark Soundy is advising Apax on the deal, understood to be valued at around £130m, which will see the private equity house selling one of its portfolio companies, The Stationary Office, to Williams Lea. Cleary Gottlieb Steen & Hamilton corporate partner Simon Jay is advising Williams Lea.
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