Magic circle firms steer through RAC private equity deal
Clifford Chance, Linklaters and Freshfields joined by Travers Smith on the sale of a stake in RAC
December 02, 2015 at 08:28 AM
2 minute read
Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer and Travers Smith have all been signed up to help drive through a deal between private equity houses for a stake in roadside recovery company RAC.
CVC Capital Partners and Singapore's sovereign wealth fund GIC have partnered up to purchase private equity group Carlyle Group's stake in the UK's second-largest roadside assistance provider.
Clifford Chance is advising CVC with a team that is being led by corporate partner David Pearson.
Linklaters' team advising Carlyle is being led by private equity partner Alex Woodward.
GIC has enlisted Freshfields for advice and the firm is fielding a team led by corporate partner David Higgins.
Travers Smith senior partner Chris Hale and corporate partner Adam Orr are acting for RAC's management on the deal.
Freshfields and Linklaters acted onGIC's investment in RAC in 2014. That deal, which was run as a dual-track offering, saw Freshfields advise GIC, while Linklaters acted for Carlyle.
The result of the deal was that GIC and Carlyle were joint owners of a majority stake in RAC, while RAC's management owned the remaining shares.
Woodward led Linklaters' team on the deal while Freshfields fielded a team led by Higgins and fellow corporate partner Richard Thexton.
Travers' Hale has a long relationship with RAC and advised the company's management on Carlyle's initial purchase of RAC for £1bn in 2011. On that deal Slaughter and May acted for seller Aviva, while Clifford Chance and Linklaters acted for Carlyle.
Clifford Chance's Pearson acted for AA parent company Acromas, a partnership between private equity groups CVC, Permira and Charterhouse, on the flotation of the roadside recovery company on the London stock exchange in June 2014.
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