Olswang, Latham, Ashurst and Withers take roles on £150m sale

Olswang, Latham & Watkins, Ashurst and Withers have all taken a role on the sale of a majority stake in private members' club chain 
Soho House Group.

Olswang advised Soho House owners Richard Caring and Nick Jones with a team led by City corporate partner Paul Blackmore, alongside corporate partner Andrew Stott, finance head Moni Mannings and tax partner Stephen Hignett. Withers' US arm, Withers Bergman, advised Caring and Jones on US law aspects of the deal, with M&A partner Philip DiGennaro leading.

Meanwhile, Latham acted for the buyer, US billionaire Ron Burkle, who has acquired a 60% stake in the chain through his investment firm Yucaipa American Alliance, led by London M&A partner Rod Brown and Los Angeles corporate partner Thomas Sadler alongside City finance partner Sam Hamilton.

Ashurst acted on the financing of the deal, with finance partner Mark Vickers taking the lead role. The bank involved has not been disclosed.

The deal will see Caring reduce his majority shareholding in the company from 80% to 30% for a reported price of £125m, while Jones is understood to be selling half of his 20% stake for £25m.

Soho House was founded in London in 1995 as a private members' club for those in the film, media and creative industries. The group has gradually expanded to include five clubs in the UK, three in the US and one in Germany. The portfolio also includes 11 restaurants around the world.

Olswang advised Caring on his original acquisition of a stake in Soho House in 2008 for around £105m, at which time Caring set out his plans to expand the group beyond its UK and New York clubs. Jones founded the original club in Soho.