Skadden, Kirkland and Simmons lead as first Candover sale

A trio of firms have taken key roles on the first sale in the Candover wind down as Doughty Hanson completes the purchase of Equity Trust for €350m (£291m).

The deal, announced last week (10 September), saw the London offices of two US firms take the lead corporate roles, with Skadden Arps Slate Meagher & Flom acting for the buyer while Kirkland & Ellis advised Candover.

The sale also handed a role to Simmons & Simmons, which advised the management of Equity Trust with a team led by London corporate partners Richard May and Alan Karter.

City M&A and private equity specialist partner Allan Murray-Jones led the team from Skadden, which also included of counsel Julie Bradshaw on the corporate side.

The team was supported by Skadden's global co-head of banking Mark Darley and City banking partner Pete Coulton. City corporate partner Graham White led the Kirkland team.

All three firms advised existing clients on the deal, with Kirkland also having advised Candover on its original acquisition of Equity Trust, which provides office support functions from offshore locations.

Commenting on the deal, Simmons' May said: "The deal was interesting because of the offshore element but also because it set up a structure for further asset sales to come."

The deal is expected to close before the end of the calendar year subject to conditions, with Doughty Hanson's acquisition coming on the back of synergies with other assets. The private equity investor already owns administration specialist TMF Group, and Equity Trust and TMF will have a combined integrated global network across 70 countries, including more than 4,500 staff.