Herbert Smith raises buy-out profile with E548m CVC sell-off mandate
Herbert Smith is advising private equity giant CVC Capital Partners on a A548m (£373m) deal, a breakthrough for the firm's private equity practice.
May 02, 2007 at 09:39 PM
2 minute read
Herbert Smith is advising private equity giant CVC Capital Partners on a A548m (£373m) deal, a breakthrough for the firm's private equity practice.
The firm is advising CVC and AlpInvest on the sale of the private equity houses' shareholding in pipeline supplier Wavin.
Herbert Smith corporate partners Adam Wells and Charles Howarth led the team, working alongside Dutch ally Stibbe's Amsterdam head of corporate Heleen Kersten.
The deal marks a repeat instruction as both firms advised CVC, AlpInvest and Wavin last October on Wavin's A370m (£252m) float on Amsterdam's Euronext. The deal was won after a competitive pitch. Stibbe had advised CVC and AlpInvest on previous transactions but this was Herbert Smith's first deal for the groups.
On this deal CVC and AlpInvest sold their combined 45.65% share in Wavin to ABN Amro Rothschild and Fortis Bank. Both banks were represented by their in-house legal advisers.
Wells said: "We are delighted to have worked again with CVC and AlpInvest. We believe this deal illustrates our developing relationship with them and adds to our list of recent transactions for leading private equity houses."
CVC is one of Europe's most active buy-out houses, having raised more than A16.8bn (£11.4bn) of funds in Europe and Asia.
Clifford Chance is known for its close links with CVC, although Freshfields Bruckhaus Deringer has handled several deals for the client in recent years.
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