Ashurst takes lead role as Candover gets set for shake-up
Ashurst has landed a key mandate advising on a potential sale or delisting of embattled buyout house Candover. The firm has been drafted in to advise Candover Investments - the UK-listed parent company of private equity company Candover Partners - in relation to the proposed restructuring. It is understood that private equity partner Bruce Hanton is leading Ashurst's team for Candover Investments. The top 10 City firm counts Candover as a longstanding client, with Hanton previously acting on transactions for the investment trust.
March 26, 2009 at 01:45 AM
2 minute read
Ashurst has landed a key mandate advising on a potential sale or delisting of embattled buyout house Candover.
The firm has been drafted in to advise Candover Investments – the UK-listed parent company of private equity company Candover Partners – in relation to the proposed restructuring.
It is understood that private equity partner Bruce Hanton is leading Ashurst's team for Candover Investments. The top 10 City firm counts Candover as a longstanding client, with Hanton previously acting on transactions for the investment trust.
Candover Partners has previously used a range of City firms on its buyout transactions, including Linklaters and Clifford Chance (CC). Last year CC corporate partner Adam Signy – who has advised Candover for more than 20 years – acted on its £1.6bn consortium acquisition of Expro International.
Candover has confirmed that it has received a number of potential offers for the business following speculation in the press about the declining value of its portfolio.
It said in a statement: "The company expects to enter into preliminary discussions with selected parties but emphasises that there can be no certainty as to the outcome of such discussions."
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