SJB takes £450m buyout fund role as PE market shows signs of recovery
SJ Berwin has advised on a £450m private equity deal that has seen Phoenix Equity Partners defy market conditions to close an oversubscribed buyout fund. Phoenix is a longstanding client of SJ Berwin and the firm also advised on its last buyout fund formation in 2006. Phoenix targets the UK mid-market with a varied portfolio of investment in brands including Britain's largest branded handbag supplier Radley + Co, Thai restaurant chain Busaba Eathai and automotive supplier Andrew Page.
June 04, 2010 at 08:07 AM
2 minute read
SJ Berwin has advised on a £450m private equity deal that has seen Phoenix Equity Partners defy market conditions to close an oversubscribed buyout fund.
Phoenix is a longstanding client of SJ Berwin and the firm also advised on its last buyout fund formation in 2006.
Phoenix targets the UK mid-market with a varied portfolio of investment in brands including Britain's largest branded handbag supplier Radley + Co, Thai restaurant chain Busaba Eathai and automotive supplier Andrew Page.
The investor had initially set a target of £375m for the new fund, but capped it at the final value of £450m after strong investor demand.
The SJ Berwin team advising on the deal was led by City partner Josyane Gold (pictured), one of the founding partners of the City firm's highly-rated funds formation practice, alongside private equity associate Ed Hall. The team also included tax partner Dominic Adams and regulatory associate Gregg Beechey.
Gold said: "We are very pleased to continue advising Phoenix. They are a very high-quality team with a good track record. We have closed a number of funds recently and, in the current financial climate and regulatory environment, we, as lawyers, have to be more innovative."
Private equity is a key practice for SJ Berwin, and while the sector has been hard hit during the financial crisis the firm has recently seen a recovery in market activity.
In February the firm won a role for Pantheon as US money-holding company Affiliated Managers Group bought the UK private equity group from Russell Investments for $755m (£517m), while March saw the UK top 20 firm take a role for UK Government delivery agency Capital For Enterprise on the formation of a £200m fund aimed at boosting technology in the UK.
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