Ashurst, Sullivan and Ropes & Gray take lead roles on €1.2bn Ontex sale
Ashurst has secured a lead role on the €1.2bn (£1.07bn) sale of manufacturing company Ontex to Goldman Sachs and TPG Capital. Ashurst advised longstanding client Candover on its sale of Ontex, a European manufacturer of hygienic disposables. The City law firm advised Candover on its original acquisition of the business in 2003.
July 16, 2010 at 07:48 AM
2 minute read
Ashurst has secured a lead role on the €1.2bn (£1.07bn) sale of manufacturing company Ontex to Goldman Sachs and TPG Capital.
Ashurst advised longstanding client Candover on its sale of Ontex, a European manufacturer of hygienic disposables. The City law firm advised Candover on its original acquisition of the business in 2003.
The Ashurst team comprised lawyers from its London, Paris, Brussels and Frankfurt offices, and was led by private equity partners Simon Beddow and David Carter.
Other advisers on the deal included Goldman regular Sullivan & Cromwell, with the US firm's London-based team led by corporate partners Tim Emmerson and Nikolaos Andronikos, alongside partners Craig Jones (financing), Michael McGowan (UK tax), Eric Wang (US tax), and Juan Rodriguez (EU competition). European counsel Rajan Subberwal advised on UK corporate law.
Emmerson commented: "This was a fascinating challenge because it forced the buyers to reconcile the requirements of a large number unconnected shareholders with different perspectives on what they wanted out of the deal , making it a hybrid transaction – somewhere between a take-private and a negotiated private M&A deal."
Meanwhile, Ropes & Gray advised TPG Capital, with a team led by Maurice Allen – who joined the US law firm last year to launch its UK office – and Boston-based corporate partner Newcomb Stillwell.
Allen & Overy represented the sponsor's debt providers, with Stephen Kensell the lead partner.
Carter (pictured) commented: "This was an interesting and exciting deal, but it took a lot of effort to get it over the line. A solid effort by our London and Brussels-based teams allowed us to complete the deal and this really was a triumph of teamwork."
The secondary buyout comes amid a modest recovery in the private equity market this year after deal activity slumped in 2008 and 2009.
Secondary buyouts have been a particular feature of the market with Kohlberg Kravis Roberts & Co in January acquiring Pets at Home from Bridgepoint Capital for £955m in one of the largest private equity deals seen in Europe over the last two years.
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