Ashurst, Latham and Travers act on £450m sale of Britax to Nordic Capital
Ashurst, Latham & Watkins and Travers Smith have taken lead roles on the £450m sale of Britax Childcare to Nordic Capital. Ashurst fielded a team led by corporate head Stephen Lloyd advising Nordic on the deal, which represents the first buyout of a UK company for the Scandinavian-based private equity group. The City firm has advised Nordic in the past on deals in the Scandinavia region.
December 01, 2010 at 05:00 AM
2 minute read
Ashurst, Latham & Watkins and Travers Smith have taken lead roles on the £450m sale of Britax Childcare to Nordic Capital.
Ashurst fielded a team led by corporate head Stephen Lloyd (pictured) advising Nordic on the deal, which represents the first buyout of a UK company for the Scandinavian-based private equity group. The City firm has advised Nordic in the past on deals in the Scandinavia region.
The deal signed last month (21 November), less than 24 hours after Nordic was chosen as preferred bidder following an auction process that also included Lion Capital, Clayton Dubilier & Rice and PAI Partners.
Travers took a spot advising the management of longstanding client Britax on the sale, led by corporate partner Andrew Roberts.
Meanwhile, Latham reprised its role advising regular client and selling party The Carlyle Group under a team led by corporate partners Mike Bond and Rory Negus. Bond and Negus previously advised Carlyle on its £230m purchase of Britax in 2005. Travers also advised Britax management on that occasion.
Clifford Chance took a role advising the syndicate of banks, which are currently unnamed, with London banking and finance partner Karen Hodson leading the team. The magic circle firm also advised failed bidder Clayton, while SJ Berwin and Linklaters advised Lion Capital and PAI respectively.
Roberts commented: "The proposed debt package was the highest multiple of earnings before interest, taxes, depreciation and amortisation I have seen in the market recently. Hopefully this signals a return to more normal debt levels for good assets."
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