Eversheds and SJ Berwin lead on private equity stake in Whitworths
Eversheds has advised private equity firm Equistone Partners Europe on its investment in Whitworths, the UK's largest supplier of dried fruit snacks. Equistone has taken a majority stake from European Capital, advised by SJ Berwin, in a transaction that values Whitworths at £90m.
September 19, 2013 at 07:03 PM
2 minute read
Eversheds has advised private equity firm Equistone Partners Europe on its investment in Whitworths, the UK's largest supplier of dried fruit snacks.
Equistone has taken a majority stake from European Capital, advised by SJ Berwin, in a transaction that values Whitworths at £90m.
Eversheds private equity and consumer sector partner James Trevis led the team advising long-standing client Equistone, alongside partners Catherine Eley and Antony Walsh.
SJ Berwin partner Tim Wright and associate James Darbyshire advised European Capital, which has been a client of the firm for the past seven years.
DLA Piper advised the banks providing debt finance for the transaction: HSBC, Barclays and Royal Bank of Scotland.
EMC Law principal Ian Morris advised the Whitworths' management team, assisted by associate Gupreet Sanghera and consultant Becky Rees.
Morris said that was one of the first transactions where management have been allowed to subscribe for shares that will be exempt from capital gains tax under the Employee Shareholder Scheme, which came into effect on 1 September.
European Capital bought the business in an £86m deal in October 2006 from Gresham Private Equity, which backed a £15m management buyout in April 2001.
- Related: Deals: Finance 22/02/2007
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