Magic circle firms lead on £1bn deal as private equity pickup continues
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken lead roles on CVC Capital Partners' €1.2bn (£999m) buyout of food and drink vending machine operator Autobar from Charterhouse. Freshfields corporate partners Chris Bown and Piers Prichard Jones led a team advising longstanding private equity client CVC on the acquisition, which is subject to regulatory clearance and is set to close in September.
August 10, 2010 at 05:25 AM
2 minute read
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken lead roles on CVC Capital Partners' €1.2bn (£999m) buyout of food and drink vending machine operator Autobar from Charterhouse.
Freshfields corporate partners Chris Bown (pictured) and Piers Prichard Jones led a team advising longstanding private equity client CVC on the acquisition, which is subject to regulatory clearance and is set to close in September.
Meanwhile, A&O advised longstanding client Charterhouse with a team led by London private equity partner Derek Baird. Baird also advised the private equity house last year on its £553m leveraged buyout (LBO) of Candover-owned energy consultancy Wood Mackenzie – one of the largest European LBOs of 2009.
The purchase of Autobar – which has a presence in 11 countries throughout Europe and had sales of €569m (£360m) in the year to March 2010 – is being funded with €650m (£541m) of senior debt provided by a number of banks including BNP Parabis, HSBC, Nomura and ING, which were advised by Linklaters.
This is the second recent deal Freshfields corporate partner Bown has advised CVC on after last month advising the private equity house on its purchase of a 28% stake in Merlin Entertainments Group, the world's second-largest amusement parks operator.
Prichard Jones commented: 'We are delighted to have helped CVC with its acquisition of this successful international business and we look forward to working to grow the business further".
DLA Piper also took a role on the deal, advising Autobar's management team.
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