DLA Piper and Baker McKenzie brush up for £300m dental practice sale
Duo advise on sale of jockey Sam Waley-Cohen's chain of dental practices to private equity firm
July 06, 2018 at 04:28 AM
2 minute read
DLA Piper and Baker McKenzie have taken lead roles on the sale of jockey Sam Waley-Cohen's chain of dental practices to a private equity firm, in a deal expected to value the company at £300m.
Private equity firm Core Equity will acquire the stake in Portman Dental from another investment firm, Livingbridge, as well as taking a large stake from Waley-Cohen, a Cheltenham Gold Cup-winning jockey who set up the company in 2009.
DLA Piper private equity head Tim Wright led the team advising Portman Dental, while Bakers advised Core Equity with a team headed up by global private equity chair David Allen, together with fellow London private equity partner Alex Lewis.
Allen said: "We're delighted to advise our client Core Equity on its very first UK deal. They had an incredibly successful year last following their maiden fundraising round, and this acquisition marks the next phase of their strategy as they look to deploy that capital."
Bakers also recently advised longstanding private equity client Platinum Equity on its €1.2bn (£1.05bn) sale of Worldwide Flight Services to Cerberus Capital Management, while Lewis has also been working on Bryan Cave Leighton Paisner's sale of its stake in flexible lawyering service LOD to private equity firm Bowmark Capital, acting for management shareholders within LOD.
DLA's Wright joined the firm from King & Wood Mallesons in 2014, and has since advised on deals including the £1.8bn sale of Holland & Barrett in 2017 and Duke Street's €140m acquisition of German medical manufacturer Medi-Globe in 2016.
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