Kirkland gets trophy mandate on Somerfield talks
Kirkland & Ellis has secured a trophy mandate after taking the lead role in the ongoing takeover talks between the private equity owners of supermarket group Somerfield and Co-op. A team headed by Kirkland corporate partner Graham White is representing the consortium that owns Somerfield in the sale of the UK's fifth-largest supermarket chain.
April 10, 2008 at 11:31 AM
2 minute read
Kirkland & Ellis has secured a trophy mandate after taking the lead role in the ongoing takeover talks between the private equity owners of supermarket group Somerfield and Co-op.
A team headed by Kirkland corporate partner Graham White is representing the consortium that owns Somerfield in the sale of the UK's fifth-largest supermarket chain.
The consortium, which is made up of Apax Partners, Barclays Capital, Robert Tchenguiz and Kaupthing Bank, initially rebuffed an £1.7bn offer from Co-op but it is thought that a revised offer of around £1.9bn has enabled talks to carry on.
Tchenguiz and Apax are two of the key clients that Kirkland secured in London via the recruitment in 2006 of high-profile Linklaters duo White and Raymond McKeeve.
The mandate will be seen as a welcome boost for US-based firm coming as Kirkland has faced claims that its City private equity push is struggling to build momentum. The firm recently announced that McKeeve was to leave the firm after two years to take a senior investment role with Tchenguiz.
It is thought that Linklaters has not taken a role for the vendors despite previously being established as a regular corporate adviser to Somerfield.
As yet it is not known who is acting for Co-op but Clifford Chance has advised them on corporate matters in the past.
Kirkland declined to comment.
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