Olswang confirms LongAcre sale after MBO
Olswang has sold its stake in its corporate finance advisory arm, LongAcre Partners, for an undisclosed sum. LongAcre chief executive officer and media financier Jonnie Goodwin has led a management buy-out that could see Olswang pocket a seven-figure sum.
March 28, 2007 at 08:04 AM
3 minute read
The original version of this story was published on Law.com
Olswang has sold its stake in its corporate finance advisory arm, LongAcre Partners, for an undisclosed sum.
LongAcre chief executive officer and media financier Jonnie Goodwin has led a management buy-out that could see Olswang pocket a seven-figure sum.
Goodwin, who previously worked at buy-out house Apax Partners, co-founded LongAcre in 2000 with backing from Olswang and a fund run by JP Morgan. At the time, Olswang took a 60% stake in LongAcre in what represented a ground-breaking move in the UK legal profession.
Olswang's stake in LongAcre has since fallen, with the top 30 UK firm now understood to own less than half of the company.
LongAcre, which specialises in the media sector, advised on over €4bn (£2.7bn) worth of deals in 2006, including advising Trader Classified Media on the €540m (£368m) sale of its North American Operations to Yellow Pages Group. Its fee revenues almost doubled last year to £15.8m.
Goodwin reportedly plans to expand the company, including offering services on initial public offerings (IPOs) to its clients by partnering with an IPO specialist.
LongAcre chief executive officer and media financier Jonnie Goodwin has led a management buy-out that could see
Goodwin, who previously worked at buy-out house Apax Partners, co-founded LongAcre in 2000 with backing from
LongAcre, which specialises in the media sector, advised on over €4bn (£2.7bn) worth of deals in 2006, including advising Trader Classified Media on the €540m (£368m) sale of its North American Operations to Yellow Pages Group. Its fee revenues almost doubled last year to £15.8m.
Goodwin reportedly plans to expand the company, including offering services on initial public offerings (IPOs) to its clients by partnering with an IPO specialist.
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