Trio of UK firms lead on £113m sandwich maker takeover
Eversheds and Stephenson Harwood have won roles alongside Slaughter and May on Greencore Group's £113m takeover of convenience food maker Uniq. Eversheds advised Irish food company Greencore, a longstanding client, on its purchase of Uniq, which is one of the biggest sandwich producers in the UK, supplying retailers including Marks & Spencer.
July 27, 2011 at 07:03 PM
2 minute read
Eversheds and Stephenson Harwood have won roles alongside Slaughter and May on Greencore Group's £113m takeover of convenience food maker Uniq.
Eversheds advised Irish food company Greencore, a longstanding client, on its purchase of Uniq, which is one of the biggest sandwich producers in the UK, supplying retailers including Marks & Spencer.
The firm, which was instructed in June, fielded a team including London takeovers team head Stephen Nash and client partner Amanda Partland (corporate).
Slaughters advised Uniq on the acquisition, which will be funded through a new debt facility and a rights issue, with corporate partner Martin Whelton leading.
Stephenson Harwood, meanwhile, advised Grant Thornton as administrator of Uniq's largest shareholder Angel Street, with corporate partner Ben Mercer leading a team working alongside restructuring partner Stuart Frith, who advised on Angel Street's administration. Angel Street, which was formed earlier this year as part of Uniq's restructuring, holds 90.2% of Uniq's shares.
Clifford Chance secured a mandate advising Barclays Capital as financial adviser to Greencore.
Commenting on the transaction, Nash said: "This is an exciting deal which will strengthen Greencore's foothold in the UK convenience food market. It is unusual to have a 90% shareholder on a public offer and the timescale has been challenging, but we are delighted to have advised Greencore on such a strategic transaction."
Mercer added: "We are extremely pleased to have advised on the next stage of the Uniq deficit-for-equity restructuring, which demonstrates the merits of the innovative solution that was devised to solve Uniq's pension deficit."
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