A&O, Macfarlanes, CC and Shoosmiths act on private equity sale of care company
Allen & Overy (A&O) and Macfarlanes are among four firms advising on the sale of UK specialist care provider Lifeways Community Care to a Canadian pension fund.
June 21, 2012 at 07:03 PM
2 minute read
Allen & Overy (A&O) and Macfarlanes are among four firms advising on the sale of UK specialist care provider Lifeways Community Care to a Canadian pension fund.
The deal saw OMERS Private Equity buy Lifeways from August Equity for about £207m, backing the company's chief executive Paul Marriner in a management buy-out (MBO). August Equity had held its stake in the business since an initial MBO in 2007.
Omers turned to A&O for advice, with the magic circle law firm's team led by London private equity partner Gordon Milne. The firm also advised on the financing aspects of the deal.
A&O worked opposite Macfarlanes in the lead corporate role for August Equity, with partner Simon Perry leading Macfarlanes' team. Shoosmiths advised Lifeways' management.
Clifford Chance also picked up a role on the transaction, with corporate finance partner Jim MacHale advising the lending banks. Lifeways provides specialist care to disabled people, including those with learning disabilities, autism and Asperger syndrome. Omers Private Equity is the private equity arm of Omers, one of Canada's largest pension funds.
The Lifeways deal is the latest mandate involving private equity ownership in the UK care sector, with a raft of companies last year winning roles on the high-profile restructuring and subsequent wind-down of care homes operator Southern Cross.
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