Simpson Thacher wins lead role on KKR's £955m Pets at Home purchase
Simpson Thacher & Bartlett, Travers Smith and DLA Piper have lined up on the sale of Pets at Home for almost £1bn, in the latest deal signalling a resurgence in the private equity sector. Simpson Thacher took the lead role for Kohlberg Kravis Roberts & Co (KKR), which won the high-profile auction to purchase the pet supplies chain from Bridgepoint Capital with a bid of £955m.
January 27, 2010 at 07:25 AM
2 minute read
Simpson Thacher & Bartlett, Travers Smith and DLA Piper have lined up on the sale of Pets at Home for almost £1bn, in the latest deal signalling a resurgence in the private equity sector.
Simpson Thacher took the lead role for Kohlberg Kravis Roberts & Co (KKR), which won the high-profile auction to purchase the pet supplies chain from Bridgepoint Capital with a bid of £955m.
Corporate partner Adam Signy provided M&A advice, while partner Ian Barratt led on the finance side.
Simpson Thacher recruited Signy from Clifford Chance (CC) in May last year in one of the most high-profile partner hires by a US firm in recent times. The hire gave the firm its first UK-qualified corporate partner in London.
Pets at Home will boost KKR's retail investments, adding to its stakes in Alliance Boots and Toys R Us.
Travers Smith is advising regular client Bridgepoint on the sale. The UK firm was originally instructed on the buyout house's £230m acquisition of the chain in 2004, with corporate partner David Innes and former private equity partner Charles Barter – now general counsel at Bridgepoint – taking lead roles.
DLA Piper advised Pets at Home management, after the firm also took a role on the original 2004 acquisition. Manchester-based corporate consultant Andrew Holt led the firm's team.
Linklaters advised the banks with a team led by finance partner Nick Syson.
Simpson Thacher's role is an indication that KKR will now turn to the US firm's London arm for major transactions rather than one-time go-to adviser CC.
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