Linklaters secures lead role for Carlyle on £450m buyout
Linklaters has secured a lead corporate role for The Carlyle Group on the buyout giant's £450m acquisition of Integrated Dental Holdings (IDH). The City law firm was instructed to advise Carlyle on the acquisition of IDH from the buyout division of Bank of America Merrill Lynch. Linklaters fielded a team under private equity head Ian Bagshaw, finance partner Brian Gray and competition specialist Nicole Kar.
January 31, 2011 at 08:53 AM
2 minute read
Linklaters has secured a lead corporate role for The Carlyle Group on the buyout giant's £450m acquisition of Integrated Dental Holdings (IDH).
The City law firm was instructed to advise Carlyle on the acquisition of IDH from the buyout division of Bank of America Merrill Lynch. Linklaters fielded a team under private equity head Ian Bagshaw (pictured), finance partner Brian Gray and competition specialist Nicole Kar.
The lead corporate role from one of the world's most active private equity houses will be seen as strategically significant for Linklaters' buyout team. This is the first transaction Linklaters has handled for Carlyle in the UK, building on the firm's existing relationships in Paris, Madrid and Hong Kong.
Carlyle plans to merge IDH with rival dental business Associated Dental Practices (ADP) to create the UK's largest dental services provider. ADP-owner Palamon Capital has instructed Slaughter and May as lead counsel. Corporate finance partner David Whittman took the lead for Palamon, which will retain a minority interest in the merged company, which is valued around £600m.
Bank of America's private equity division was advised by Clifford Chance (CC) private equity head David Walker. The lenders were also advised by CC, with a team led by global head of finance Mark Campbell.
The management of IDH and ADP instructed CMS Cameron McKenna and Pinsent Masons respectively. Camerons fielded a team led by corporate partner Jason Zemmel, while Pinsents' team comprised corporate partner Andrew Masraf.
The deal has been received as part of a consolidation play for the UK's fragmented dental services market, which is expected to face a substantial shakeup under Government plans to overhaul NHS spending.
Between them, the two businesses currently treat more than 3.5 million patients a year across nearly 450 practices. The combined company is expected to expand its practice network, as well as growing its product range.
The instruction comes amid rising hopes from private equity lawyers that the long-awaited revival in deal activity in 2010 will be sustained into 2011.
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