Kirkland cleans up with Warburg buy-out
Kirkland & Ellis has clinched a lead role on the £565m buy-out of Safetykleen Europe by US private equity house Warburg Pincus. The deal, completed at the end of last month, sees the private equity house buy industrial cleaning company Safetykleen from funds affiliated with JP Morgan Partners.
May 14, 2008 at 10:34 PM
2 minute read
Kirkland & Ellis has clinched a lead role on the £565m buy-out of Safetykleen Europe by US private equity house Warburg Pincus.
The deal, completed at the end of last month, sees the private equity house buy industrial cleaning company Safetykleen from funds affiliated with JP Morgan Partners.
London corporate partner Graham White advised Safety-kleen throughout the transaction, with assistance from London intellectual property and competition partner Pierre-Andre Dubois.
Buy-out leader Clifford Chance acted for Warburg, with corporate partner Spencer Baylin taking the lead role and private equity partner Simon Tinkler and finance partner Raymond O'Connor assisting.
Kirkland's role on the deal comes just weeks after Legal Week reported that White had secured another trophy mandate, advising on takeover talks between Somerfield and supermarket rival Co-op. The firm acted for Somerfield's consortium of private equity owners including Apax Partners, Barclays Capital, Robert Tchenguiz and Kaupthing Bank.
The mandates will be seen as a welcome boost to the US law firm, which has been facing claims that its City private equity team has failed to build momentum in the wake of the hires of White and Raymond McKeeve from Linklaters in 2006. McKeeve left the firm earlier this year to join Tchenguiz.
CC's Baylin told Legal Week: "To get this deal away in such a challenging market and is a testament to the strength of the relationships."
SJ Berwin acted for the Safetykleen management team – a new client for the firm – and the company's chief executive, Steve Brain. Corporate chief Steven Davis took the lead role.
Davis said: "This is interesting as [it shows] there is still debt available for large, mid-market transactions."
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