Bakers and Olswang mark up roles on $31m Paperchase MBO
Baker & McKenzie and Olswang have advised on the $31m (£20.5m) private equity-backed management buyout of Borders' Paperchase business. Olswang advised Primary Capital on the deal, which saw the private equity group take a 70% stake in stationery business Paperchase, with the existing management team taking the remainder of the shares. The Olswang team was led by private equity partner Stephen Rosen, with support from associates Carsten Greve, Victoria Chandler and Gordon Geiser.
July 22, 2010 at 10:58 AM
2 minute read
Baker & McKenzie and Olswang have advised on the $31m (£20.5m) private equity-backed management buyout of Borders' Paperchase business.
Olswang advised Primary Capital on the deal, which saw the private equity group take a 70% stake in stationery business Paperchase, with the existing management team taking the remainder of the shares.
The Olswang team was led by private equity partner Stephen Rosen, with support from associates Carsten Greve, Victoria Chandler and Gordon Geiser.
Bakers advised bookshop chain Borders, with a team led by London corporate partner Helen Bradley alongside associates Simon Cleobury and Philip Monahan.
Meanwhile, Browne Jacobson advised Paperchase's management team, with corporate finance partner Roger Birchall taking the key role
Birchall, a longstanding adviser to Paperchase's company and management, said: "Paperchase has a high calibre, committed management team and now has experience of supportive investors in Primary. I am confident that together they will continue to enhance and develop what is already an exciting design-led brand."
As part of the deal, Borders will continue to stock products designed and sourced by Paperchase in its US stores. Borders president Mike Edwards said that selling Paperchase would strengthen the company's balance sheet and allow it to focus on "revitalising the brand".
The book retailer has suffered financial difficulties during the recession and was forced to close its UK operation late last year. All 45 UK Borders bookshops and Books etc stores have now closed in the UK.
The company's administration handed roles to Speechly Bircham and Denton Wilde Sapte, which advised administrators MCR and supplier Random House respectively.
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