Addleshaws and DLA check in for Yorkshire airport sale
Bridgepoint hands airport role to Addleshaws while Linklaters City HQ takes first mandate
May 16, 2007 at 10:03 PM
2 minute read
Addleshaw Goddard and DLA Piper have scored roles on the £145.5m purchase of Leeds Bradford International Airport from five Yorkshire authorities.
Addleshaws advised private equity house Bridgepoint Capital, which acquired the airport, on its first transaction for the client from its Leeds office. Corporate partner Sean Lippell and corporate finance associate Garry Elliott led the team.
Leeds City Council and Bradford Metropolitan District Council had each owned 40% of the airport, while Calderdale, Kirklees and Wakefield councils held the remaining 20%. DLA Piper London-based project finance partner Nigel Drew advised the councils.
The councils initially put the airport up for sale in November 2006. The sale was conducted through a competitive bid process, with Bridgepoint named as the preferred bidder on 4 April.
Although the councils will have no financial stake in the airport following the sale, they retain a 'special share' to protect the name of the airport and ensure its continued operation.
The airport began as Yeadon Aerodrome in 1931, primarily used for training and charters. By 2005 it was used by 2.5 million passengers annually.
The purchase marks the second foray into the airport arena for Bridgepoint, which previously acquired a stake in Birmingham International Airport in 1997.
In 2002 it sold its 24% stake to Macquarie Airports Group, in a deal that valued the airport at £350m. On that occasion DLA Piper advised Bridgepoint, Eversheds advised the holding company, Birmingham Airport Holdings, and Linklaters advised Macquarie.
Bridgepoint is one of the most active upper mid-market buy-out houses in the UK (see story below). During the last three years it has made 10 exits worth a combined total of £2.1bn, as well as conducting five buy-outs worth a total of £1.2bn, according to figures from Mergermarket.
The buy-out house is known to instruct Travers Smith and Weil Gotshal & Manges in the UK. Last month the client used Kirkland & Ellis for the first time, instructing its German arm on a E500m (£339m) acquisition.
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