Kirkland lines up alongside Dewey and CC for top roles on €550m LBO
Kirkland & Ellis has joined a raft of firms advising on the leveraged buyout (LBO) of Italian business information company Cerved by Bain Capital and Clessidra Capital worth around €550m (£509m). The deal, thought to be one of the largest LBOs agreed since Lehman Brothers' collapse, saw US outfit Kirkland taking the lead financing role for the acquirers, with London finance partner Neel Sachdev heading the team for Bain Capital and Clessidra. London corporate partners Jim Learner and Matthew Hurlock also advised.
January 21, 2009 at 09:34 PM
2 minute read
Elite trio land leading roles on multimillion Italian buyout
Kirkland & Ellis has joined a raft of firms advising on the leveraged buyout (LBO) of Italian business information company Cerved by Bain Capital and Clessidra Capital worth around €550m (£509m).
The deal, thought to be one of the largest LBOs agreed since Lehman Brothers' collapse, saw US outfit Kirkland taking the lead financing role for the acquirers, with London finance partner Neel Sachdev (pictured) heading the team for Bain Capital and Clessidra. London corporate partners Jim Learner and Matthew Hurlock also advised.
The buyout houses turned to Dewey & LeBoeuf for local advice with Milan finance partner Gaetano Carrello leading, assisted by associate Aldo Piccarreta. Italy's Grimaldi advised the vendor's banks.
Dewey corporate partner Bruno Gattai was sole M&A legal adviser to the consortium on the transaction.
The deal, which signed in December, was partly funded through €275m (£255m) of syndicated loans from a consortium of banks including UniCredit, Bayerische Hypo-und Vereinsbank, BNP Paribas, Calyon, HSBC and Intesa Sao Paolo.
Clifford Chance (CC) was drafted in to advise the bank consortium, with Italian managing partner Charles Adams taking the lead, assisted by London associate Lorraine Vaz.
Sachdev said: "This deal shows that leveraged financing for European buyouts is not dead. We agreed with the financing banks on a debt package with terms that provide the banks with attractive terms to ensure successful syndication as well as ensuring flexibility for the borrower given current and potential future market volatility."
The deal will see Bain Capital owning 80% of the company, while Clessidra Capital will take the remaining 20%. The combined company is expected to take in more than €240m (£222m) in revenues.
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