Lovells ties up £808m role on Advent chemical buy-out
Top London firm's Frankfurt office to undertake work on major private equity buy-out
December 06, 2006 at 07:03 PM
2 minute read
Lovells has cemented its relation-ship with private equity house Advent International – advising the client on its €1.2bn (£808m) acquisition of chemical company HC Starck from the Bayer Group.
Advent, which teamed up with buy-out house The Carlyle Group on the acquisition, instructed Lovells Frankfurt private equity partner Joachim Habetha to lead a 25-lawyer team on the deal.
Habetha was assisted by London capital markets partner Katherine Mulhern, Tokyo managing partner Tim Lester and London competition partner Nick Bromfield.
The firm has a longstanding relationship with Advent but has lost some of its UK work since the departures of London private equity partners Marco Compagnoni to Weil Gotshal & Manges and Derek Baird to Allen & Overy.
Lovells' German operation has also advised Carlyle on past transactions.
Milbank Tweed Hadley & McCloy also advised Advent and Carlyle on the acquisition – working on the tax structuring of the deal and related financing aspects. The Milbank team included Munich tax partner Rolf Fueger and Frankfurt finance partner Rainer Magold.
Elite German independent Hengeler Mueller advised Bayer on the sale, fielding a team under Freshfields Bruckhaus Deringer corporate partner Hans-Joerg Ziegenhain. HC Starck makes speciality chemicals, ceramics and metal powders. Ziegenhain, who joined at the beginning of 2006, was Hengeler's first lateral hire in Munich and also worked with Bayer while he was at Freshfields.
Habetha told Legal Week: "We have acted for Advent more or less continually and we also know Carlyle well. Latham & Watkins is their primary adviser in the US and Milbank in Germany but they are also happy to work with Lovells in Germany."
The deal is Lovells' latest private equity success since the London partner departures. The firm is currently acting for the management team of Phadia on its €1.3bn (£876m) sale to Cinven and over the summer advised Warburg Pincus and Cinven on the financing of their €2.6bn (£1.75m) acquisition of Essent Kabelcom.
The deal, which was conducted through an auction process, is expected to close in the new year.
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