Travers advises Fulcrum on $295m merger
Travers Smith has advised new client Fulcrum Group on its $295m (£158.5m) merger with Bermuda-based financier Butterfield Fund Services, part of Butterfield Bank. The top 40 UK law firm fielded a team led by corporate finance partners Philip Chevely, Neal Watson and Tony Foster on the deal, which was agreed late last month following months of discussions. The agreement will see fund administrator Fulcrum, which is backed by existing Travers client 3i, merge with Butterfield Funds Services' businesses in Bermuda, the Cayman Islands, the Bahamas, Guernsey and Canada.
August 27, 2008 at 10:38 PM
2 minute read
Travers Smith has advised new client Fulcrum Group on its $295m (£158.5m) merger with Bermuda-based financier Butterfield Fund Services, part of Butterfield Bank.
The top 40 UK law firm fielded a team led by corporate finance partners Philip Chevely, Neal Watson and Tony Foster on the deal, which was agreed late last month following months of discussions.
The agreement will see fund administrator Fulcrum, which is backed by existing Travers client 3i, merge with Butterfield Funds Services' businesses in Bermuda, the Cayman Islands, the Bahamas, Guernsey and Canada.
Fulcrum also used firms including Kirkland & Ellis (US), Ogier (Guernsey), and Davies Ward Phillips & Vineberg (Canada) in different jurisdictions. Macfarlanes corporate partner Rachel Bond advised Butterfield Bank.
The bank will take a 40% stake in the merged Butterfield Fulcrum Group in consideration for the sale of the fund services group.
Travers' Chevely said: "The deal is quite significant for the fund and alternative investment industry, with two important players in a marriage of two portfolios. Fulcrum is backed by 3i but this deal came through our senior contacts at Fulcrum. There is a definite possibility of more transaction work with the group going forward."
The merged group will have almost $100bn (£53.75bn) in assets from almost 1,000 hedge funds, private equity and institutional investment management clients.
Travers' instruction is the latest in a series of client wins for the firm in recent months.
The firm's private equity team recently advised Goldman Sachs, US investment bank Silverfleet Capital, Darwin Private Equity and Greenhill & Co for the first time.
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