Private Equity in Europe

Experience

  • Mergers & Acquisitions

    • LeapFrog Investments in its investment in MedGenome, a leading genetic diagnostics, research and data company focused on expanding access for populations in South Asia and other emerging markets, with operations in the U.S., India, Canada and Singapore.
    • Clayton, Dubilier & Rice in its investment in SOCOTEC Group, a leading global provider of testing, inspection and certification services focused on asset integrity.
    • Providence Equity Partners in its majority investment of €200 million in Smartly.io.
    • HarbourVest Partners as lead investor in the GP-led restructuring of Bridgepoint Capital’s €4.8 billion crisis-era fund, Bridgepoint Europe IV.
    • Lovell Minnick in its take-private deal for Charles Taylor, a leading provider of professional services to the global insurance market.
    • HarbourVest Partners in its secondary acquisition of a majority interest in Digital Prosperity Fund I and an associated co-investment vehicle, both managed by Amadeus Capital Partners, from MTN Group.
    • TPG Growth in its takeover of the existing assets of the Abraaj Group’s $1 billion Global Healthcare Fund.
    • Capital Group Private Markets and other selling shareholders in the $1.85 billion sale of Eaton Towers to American Tower.
    • DBAY Advisors in the structuring and funding elements of its acquisition of Harvey Nash Group.
    • Schneider Electric in its joint venture with The Carlyle Group to develop energy management and automation solutions for critical infrastructure projects.
    • Clayton, Dubilier & Rice in its acquisition of a controlling interest in Westbury Street, a leading independent contract caterer and hospitality services provider in the UK.
    • Helios Investment Partners in its investment in KMR Holding Pédagogique, a Morocco-based leading private higher education group.
    • LeapFrog Investments in its investment in Pyramid Group, the largest distributor of cardiac and orthopaedic equipment in East Africa.
    • HarbourVest Partners in its role in the £1.2 billion take-private acquisition of UK insurer esure.
    • A U.S. private equity fund in co-investments in various jurisdictions, including France, Sweden, Denmark, Spain and Poland.
    • A U.S. private equity fund in a complex GP fund restructuring involving the establishment of a new fund to acquire assets.
    • Clayton, Dubilier & Rice in its acquisition of a 40% ownership interest in Belron, which valued the company at €3 billion.
    • Prudential Financial, as the primary investor in LeapFrog Strategic African Investments (LSAI), in LSAI’s $180 million investment in Ghanaian financial services market leader Enterprise Group.
    • Polyus Gold International in its sale of up to a $1.4 billion stake in PJSC Polyus to Fosun International.
    • Bregal Freshstream in its investment in TrueNoord, an independent aircraft leasing business that specialises in the regional aircraft market.
    • Clayton, Dubilier & Rice as majority shareholder in Exova in the £620.3 million recommended cash acquisition of Exova by Element Materials Technology.
    • Caisse de dépôt et placement du Québec in its investment in Datamars.
    • Helios Investment Partners in its sale of a minority stake in Interswitch to TA Associates. Helios Investment Partners remains the majority shareholder following the transaction.
    • Clayton, Dubilier & Rice in its $2.3 billion sale of Mauser Group, a leading global supplier of industrial rigid packaging products and reconditioning services, to Stone Canyon Industries.
    • Capital Group Private Markets, part of Capital Group, in its acquisition of a 35% interest in Tsebo, the leading Pan-African facilities services company.
    • Helios Investment Partners in a subsequent investment in MallforAfrica, a Nigerian e-commerce company.
    • HarbourVest Partners in its £806.6 million acquisition of the investment portfolio of SVG Capital, a publicly-listed investment fund. The acquisition followed an initial £1,015 million takeover offer by HarbourVest Partners for SVG Capital. The deal has been recognized by various industry award schemes, including the PEI Awards and being named Private Equity Deal Of The Year at the IFLR European Awards.
    • HarbourVest Partners in its secondary acquisition of limited partnership interests from multiple sellers in funds managed by Indigo Capital Partners.
    • A mid-market equity fund managed by EQT in €400 million of subscription facilities.
    • AltaOne Capital in its acquisition, with Silver Lake, of a 37.6% interest in Cegid Group, valuing the company at ‎€580 million.
    • HarbourVest Partners in its co-investment with IK Investment Partners in the Salad Signature group, a Dutch and Belgian food business.
    • Beacon Capital Partners in its sale to AXA Investment Managers - Real Assets of the Tour First office tower, the tallest building in France.
    • HarbourVest Partners in its €360 million acquisition, through a fund managed by Compass Partners International, of five portfolio companies from Bridgepoint Capital.
    • HarbourVest Partners, Neuberger Berman, HQ Capital and Idinvest Partners in the acquisition of limited partnership interests and a related stapled investment in funds managed by Mandarin Capital Partners.
    • Precision For Medicine in the $75 million investment in the company by TPG Growth.
    • HarbourVest Partners in the €400 million secondary acquisition, through a newly-formed fund managed by Portobello Capital, of the private equity portfolio of Portobello Capital II LP, as part of a fund restructuring.
    • Management of Balta in the sale of a controlling stake in the company by Doughty Hanson to Lone Star.
    • Deutsche Bank in its $137 million secondary purchase of interest in Navis Asia Fund V from PSERS.
    • HarbourVest Partners as co-investor in the 2012 take-private of Omega Pharma, and its subsequent sale in 2014 to Perrigo Company for €3.6 billion.
    • AIF Capital as a selling shareholder in the sale of certain female healthcare businesses of Famy Care, the world’s largest producer of oral contraceptive pills, to Mylan.
    • HarbourVest Partners as a selling shareholder, together with Exponent, in the purchase of Trainline by KKR.
    • TA Associates in its acquisition of Access Technology Group.
    • HarbourVest Partners in the secondary acquisition of limited partnership interests in Doughty Hanson & Co Limited Partnerships IV and V, and proposed commitment to Doughty Hanson & Co Limited Partnerships VI, in a stapled transaction.
    • HarbourVest Partners in its €190 million secondary acquisition of interests in Magnum Capital from existing investors in a structured tender, together with a stapled primary investment.
    • Helios Investment Partners in its minority investment in Wananchi Group as part of a $130 million investment from Helios and existing shareholders.
    • Clayton, Dubilier & Rice in its acquisition of up to a 49% stake in NYSE-listed CHC Group, the world's largest commercial helicopter operator with an enterprise value of $1.9 billion.
    • Clayton, Dubilier & Rice in the financing aspects of its €1.2 billion acquisition of Mauser Group, one of the world’s leading industrial packaging companies.
    • HarbourVest Partners in its €333 million secondary purchase of the majority of interests in Motion Equity Partners II, as part of a tail-end solution for that fund.
    • Management of Sky Bet in the sale of a controlling stake in the company by Sky to funds advised by CVC, in a transaction valuing Sky Bet at £800 million.
    • Ontario Teachers’ Pension Plan in the formation of a joint venture with Aircastle to invest in leased aircraft.
    • Helios Investment Partners in its investment in MallforAfrica, a Nigerian e-commerce company.
    • Clayton, Dubilier & Rice in its acquisitions of Brand Energy and Harsco Infrastructure in a combined transaction valued at $2.5 billion.
    • Cinram, a portfolio company of Najafi Companies, in its acquisition of Saffron Digital Media from HTC.
    • Ray Investment S.a.r.l., whose shareholders are funds controlled by Clayton, Dubilier & Rice, Eurazeo, BAML Capital Partners and Caisse de Dépôt et Placement du Québec, in accelerated book-building offerings of Rexel shares for €470 million in 2012 and €640 million, €500 million and €520 million in 2013.
    • One of Deutsche Bank's private equity platforms in its acquisition of interests in Calastone, Graze, Secret Escapes and Zoopla Property Group from Octopus, a leading specialist fund management company.
    • Management of Vue Cinemas in the £935 million sale of the company by Doughty Hanson to OMERS Private Equity and Alberta Investment Management Corporation.
    • Warner Music Group in its $765 million acquisition of the Parlophone Label Group from Universal Music Group.
    • Tristan Capital in its sale of a 40% interest in Tristan to Candriam, a New York Life affiliate.
    • American International Group in the proposed sale, later terminated, of up to 90% interest in International Lease Finance Corporation to a consortium of Chinese investors in a transaction with an implied enterprise value of $27 billion.
    • Clayton, Dubilier & Rice in its acquisition of a significant stake in B&M Retail.
    • Management of Group NBT, a portfolio company of Hg Capital, in its management subscription and equity plan.
    • Cunningham Lindsey in its recapitalization by CVC Capital Partners.
    • Management of Novus Leisure in the company's £100 million acquisition by LGV Capital and Hutton Collins.
    • HarbourVest Partners in its $1.4 billion acquisition of the private equity fund interests and direct co-investments of Conversus Capital.
    • Najafi Companies in its acquisition of the European assets and business of Cinram International Income Fund, one of the world's largest providers of pre-recorded multimedia products and related distribution and logistics services.
    • Inter RAO in the sale of its 26.43% share in Enel OGK-5 to a consortium of investors consisting of Xenon Capital Partners’ Rusenergo Fund, the Russian Direct Investment Fund, AGC Equity Partners and the Macquarie Renaissance Infrastructure Fund.
    • Stone Point Capital in the sale, to Lockton, of a minority stake in Lockton's international operations.
    • Stone Point Capital in its sale of an interest in Securis Investment Partners, an insurance-linked securities manager.
    • Management of Eurofiber in the company's acquisition by Doughty Hanson.
    • TA Associates in its management buyout of Quotient BioScience Group.
    • Najafi Companies in its acquisition of DirectGroup France, Belgium, Switzerland and Quebec from Bertelsmann AG.
    • HarbourVest Partners in its investment in BenefitMall and CompuPay.
    • Exal Corporation, an Ontario Teachers portfolio company, in the sale of its European division to Ardagh Group.
    • HarbourVest Partners in its $806 million acquisition of Absolute Private Equity, a Swiss publicly-listed investment fund.
    • Clayton, Dubilier & Rice, AXA Private Equity and Caisse de dépôt et placement du Québec in the financing aspects of their €2.1 billion acquisition of SPIE from PAI Partners, which included a €1.335 billion senior term and revolving credit facility and a €375 million bridge loan.
    • Helios Investment Partners in the acquisition of a controlling stake in Interswitch, Nigeria’s largest electronic transaction switching and payment processing service provider, from several Nigerian banks.
    • Rockefeller Group International in its acquisition of a majority interest in the European real estate fund management group Europa Capital.
    • Apax in its acquisition with Bridgepoint Capital of Histoire d'Or from Silverfleet Capital and Marc Orian from Qualium Investissement.
    • HarbourVest Partners in its acquisition of a significant stake in Holtzbrinck Ventures’ media-related venture capital portfolio and HarbourVest’s support of the spin-out of the current management team to form a new German venture capital firm.
    • Clayton, Dubilier & Rice in its acquisition of British Car Auctions.
    • Ripplewood in its €532 million sale of AEG Power Solutions to Germany1 Acquisition.
    • Stone Point Capital and Lockton in their $170 million acquisition of the international insurance broking operations of Alexander Forbes Limited.
    • Argan Capital and BAML in their sale of N&W Global Vending to Barclays Private Equity and Investcorp.
    • AAC Capital Partners in its sale of a $1.5 billion investment portfolio to a group of investors led by Goldman Sachs Asset Management.
    • Clayton, Dubilier & Rice in its £417 million acquisition of Bodycote Testing Group (now Exova) from Bodycote.
    • Providence Equity Partners in its $430 million investment in Aditya Birla Telecom, a subsidiary of Idea Cellular.
    • The management team of ABN AMRO Capital, a private equity buyout firm with €3.1 billion of funds under management, in the sale of ABN AMRO Capital to the management.
    • The D. E. Shaw Group in its acquisition, with Quatrro BPO Solutions Private Limited, of Babel Media Limited.
    • First Reserve Corporation, a private equity firm specializing in the energy sector, in its investment in Lloyd's through the creation of Syndicate 2243, and its arrangements with C.V. Starr.
    • Pardus Capital in its purchase of a 20% interest in Valeo and subsequent proxy contest.
    • Wendel in its €968.8 million acquisition of an additional interest in Compagnie de Saint-Gobain.
    • Stone Point Capital in its acquisition of a controlling interest in Cunningham Lindsey.
    • HarbourVest Partners in its coinvestment in the buyout led by Investindustrial and Gala Capital of Panda Software, a Spain-based leading creator and developer of IT virus protection technologies, products and services.
    • A consortium led by Salford Capital Partners in the acquisition of Metromedia International Group.
    • Clayton, Dubilier & Rice in its £1.3 billion sale of Brakes, a leading foodservice distributor in the UK and France, to Bain Capital.
    • Stone Point Capital in its acquisition of a 49% interest in the international insurance broking business of Alexander Forbes (now known as Lockton International, as the other 51% is owned by Lockton Inc.).
    • Providence Equity Partners in its acquisition of Canal Digitaal, the Dutch satellite TV provider. Debevoise acted as U.S. tax counsel.
    • Brake Bros in its £275 million PIK financing and associated return of capital to shareholders.
    • Providence Equity Partners in its £1.5 billion acquisition of Phones4U.
    • Rexel in its $725 million acquisition of GE Supply from General Electric.
    • Great Circle Fund in its minority investment in Overseas Logistic Service Corporation, which controls Russian Logistic Service Group, one of Russia's leading trucking and warehouse logistic companies.
    • Providence Equity Partners and The Carlyle Group in their €349 million purchase of UPC Sverige AB, the Swedish cable business of Liberty Global.
    • Providence Equity Partners in the buyout of its partners’ interest in Kabel Deutschland, Europe’s largest cable company, a transaction valuing Kabel Deutschland at €3.2 billion.
    • Providence Equity Partners in its acquisition, as part of a consortium with Apax Partners, Permira advisors, Kohlberg Kravis Roberts and The Blackstone Group, of TDC, a publicly traded Danish telecommunications carrier, at the time Europe's largest buyout.
    • Providence Equity Partners in its €1 billion acquisition of Com Hem Communications AB, the Swedish telecom operator, from EQT Group. Debevoise acted as tax counsel and advised on the shareholder arrangements.
    • Clayton, Dubilier & Rice, Eurazeo and BAML Private Equity in their €3.7 billion leveraged buyout of Rexel.
    • Polyus Gold in the $635.5 million sale of its shares to Chengdong Investment Corporation and VTB Bank.
    • Dozens of direct co-investments throughout Europe for co-investors such as HarbourVest Partners and for various sponsors.
  • Acquisition Finance

    • Clayton, Dubilier & Rice in the financing and tax aspects of its £400 million acquisition of Huntsworth.
    • Clayton, Dubilier & Rice and BrandSafway in the over $6 billion sale of BrandSafway to Brookfield Business Partners L.P. and CD&R Fund X.
    • Motor Fuel Group in the financing and tax structuring of its £1.2 billion acquisition of MRH, the UK's largest petrol station and convenience retail operator.
    • Clayton, Dubilier & Rice in the financing and certain other aspects of its acquisition of BUT, the largest furniture retailer network in France, in a 50:50 partnership with WM Holding, a company related to the XXXLutz Group.
    • Clayton, Dubilier & Rice in the financing aspects of its acquisition of Kalle.
    • Clayton, Dubilier & Rice in the financing aspects of its approximately £500 million acquisition, alongside management, of Motor Fuel Group.
    • Syniverse Holdings, a portfolio company of The Carlyle Group, in the financing aspects of its €550 million acquisition of MACH.
    • Clayton, Dubilier & Rice, AXA Private Equity and Caisse de dépôt et placement du Québec in the senior and bridge financings of their acquisition of SPIE, and the issuance of $375 million of high yield rates for the refinancing of the bridge debt.
    • Clayton, Dubilier & Rice in the senior and mezzanine financing of its acquisition of British Car Auctions.
    • Reynolds Group in its acquisition of Reynolds Consumer Products and Closure Systems International and the associated financings and refinancings, a group of transactions valued at $3.2 billion.
    • Clayton, Dubilier & Rice in the senior and mezzanine financing for the £417 million acquisition of Bodycote Testing Group.
    • AAC Capital Partners in the financing aspects of its sale of a $1.5 billion investment portfolio to a group of investors led by Goldman Sachs Asset Management.
    • Merrill Lynch Global Private Equity and Argan Capital in the senior and mezzanine financings for the acquisition of N&W Global Vending.
    • Rank Group in a €900 million high-yield bond facility in its bid for SIG Holding.
    • Rank Group in the $1.6 billion credit facility for its acquisition of the packaging assets of Alcoa.
    • Clayton, Dubilier & Rice, BAML Private Equity and The Carlyle Group in the European $2.9 billion asset-based financing of the $15 billion acquisition of The Hertz Corporation.
    • Clayton, Dubilier & Rice, Eurazeo and BAML Private Equity in the €2.4 billion revolving and term loan credit facilities for and €600 million high yield offering by Ray Acquisition SCA (the consortium's acquisition vehicle for Rexel).
    • Numerous financing packages for unsuccessful bidders in auction sales.
  • Capital Markets

    • Clayton, Dubilier & Rice and Ardian in the €177 million sale of shares in SPIE, representing their last remaining investment in the company.
    • Clayton, Dubilier & Rice and SSA Investments in the £454.3 million sale of shares in B&M.
    • Clayton, Dubilier & Rice and its co-investors in the €380 million sale of shares in SPIE.
    • HarbourVest Partners in the admission of HarbourVest Global Private Equity to the main market of the London Stock Exchange.
    • Clayton, Dubilier & Rice in the sale of an approximately 12% stake in B&M for £384 million.
    • Clayton, Dubilier & Rice as the majority shareholder of B&M Retail in the company’s £1 billion initial public offering.
    • Clayton, Dubilier & Rice as the majority shareholder of Exova in the company’s £220 million initial public offering.
    • Ray Investment, whose shareholders were funds controlled by Clayton, Dubilier & Rice, Eurazeo, BAML Capital Partners and Caisse de Dépôt et Placement du Québec, in a series of accelerated book-building offerings of Rexel shares valued in excess of €3.3 billion.
    • The executive management and certain other shareholders of Arrow Global Group in the company's £357 million initial public offering.
    • The executive directors of HellermannTyton in the company's £182 million initial public offering.
    • Rexel in its concurrent €650 million offering of 5.125% senior notes and $500 million offering of 5.250% senior notes, both due 2020.
    • SPIE in the issuance of €375 million 11% high yield bonds due 2019.
    • Rexel in its $500 million offering of 6.125% senior notes due 2019.
    • Reynolds Group in its $3.25 billion offering of 5.75% senior secured notes due 2020, at the time the third-largest single-tranche issue on record in the high-yield market and the largest issue since 2008.
    • Rexel in its €500 million offering of 7% senior notes due 2018.
    • Baring Vostok Capital Partners, as selling shareholder in the $1.4 billion Nasdaq initial public offering by Yandex, the leading internet company and most popular search engine in Russia.
    • A fund managed by HarbourVest Partners, as selling shareholder, in the $228 million initial public offering and Nasdaq OMX Stockholm listing of Transmode Holding.
    • Exova in its £155 million high-yield offering of 10.5% senior notes.
    • Reynolds Group in the $3 billion senior secured and unsecured notes issuance and $2.02 billion term loan senior secured financing to finance its $6 billion acquisition of Pactiv.
    • Rexel in its €650 million offering of 8.25% notes due 2016.
    • Reynolds Group in its $1 billion senior notes issuance and a $800 million term loan senior secured financing for the acquisition of the Evergreen businesses and the Whakatane Mill.
    • HarbourVest Global Private Equity in the $830 million global initial public offering and listing on Euronext Amsterdam of its managed fund-of-funds vehicle, including the acquisition of $679 million of existing limited partnership interests.
    • Bureau Veritas in its €7 billion initial public offering and listing on Euronext Paris.
    • Rexel and its shareholders, Clayton, Dubilier & Rice, Eurazeo and BAML Private Equity, in the €6.5 billion initial public offering of Rexel shares and its listing on Euronext Paris.
    • Legrand and its shareholders, KKR and Wendel, in the €7 billion initial public offering of Legrand and subsequent sell-downs by KKR and Wendel.
    • Citigroup and Crédit Suisse in the €1.7 billion initial public offering and listing on Euronext Paris of shares by Paris Re Holdings Limited, a Stone Point Capital portfolio company.
    • Wendel in its €313 million sale of shares of Legrand.
    • Wendel Investissement in the block trading, together with KKR, of 40 million of Legrand’s shares for €1.15 billion.
    • Wendel in the €567 million sale by Wendel and KKR of 23.7 million shares of Legrand.
    • Wendel, as shareholder of Legrand, in the €280 million sale by KKR of 11.5 million shares of Legrand.
    • Wendel and KKR in the €555 million sale of 30 million shares of Legrand.
    • Rexel in its €575 million Eurobond offering.
    • Rexel in its €600 million high yield bond issuance.
  • Fund Formation

    • GHO Capital Fund II, a €975 million fund which was Europe’s largest ever healthcare fund at the time of closing.
    • Glendower Capital Secondary Opportunities Fund IV, a $2.7 billion global secondary private equity fund.
    • Glendower Capital in the formation of Glendower Capital Secondary Opportunities Fund IV, a $2.7 billion global secondary private equity fund.
    • LeapFrog Financial Inclusion Fund III, a $700 million emerging markets-focused impact fund.
    • DouglasBay Capital III Fund, a European fund making investments in small and micro-cap listed companies.
    • Apera Asset Management’s private debt platform, a €750 million platform focussing on senior secured loans to lower mid-market businesses in German-speaking Europe, France, Benelux, the UK and Northern Europe.
    • A European private equity firm in a fund recapitalisation.
    • Tishman Speyer European Real Estate Venture Fund VIII, a €750 million Europe real estate fund.
    • The sponsor of a leading European mid-market buyout fund in a contemplated tender offer process for one of its funds.
    • DH Private Equity in its sale of the two remaining assets in fund DH IV to fund DH IV.1, a new fund also managed by DH Private Equity.
    • A leading secondaries fund sponsor in its acquisition of a portfolio of venture capital and private equity interests from a major European private equity manager.
    • A leading secondaries fund sponsor in its acquisition of a portfolio of private equity fund interests held by a European fund of funds sponsor.
    • Glendower Capital in its role as part of a consortium of blue-chip institutional investors to invest approximately $530 million in six companies controlled by Argonne Capital Group.
    • MCP Private Capital Fund III, an €850 million European special opportunities fund.
    • Alfa Private Equity Partners, a $200 million private equity fund investing in Russia and former CIS countries.
    • Alfa Capital Partners as co-sponsor of a $320 million Russian real estate fund.
    • Alfa Capital Partners as manager of a maritime infrastructure fund.
    • Apollo European Real Estate Fund III, a $1.4 billion Europe real estate fund.
    • Ares European Real Estate Fund IV, a $1.3 billion Europe real estate fund.
    • Baring Vostok Private Equity Fund II, a $200 million private equity fund investing in Russia and former CIS countries.
    • Baring Vostok Private Equity Fund III, a $400 million private equity fund investing in Russia and former CIS countries.
    • Baring Vostok Private Equity Fund IV, a $1.5 billion private equity fund investing in Russia and former CIS countries.
    • Baring Vostok Private Equity Fund V, a $1.5 billion Russia CIS buyout fund.
    • Carlyle Europe Partners IV, a €3.75 billion Europe buyout fund.
    • Carlyle Europe Technology Partners II, a €530 million Europe growth capital/technology fund.
    • Carlyle MENA Partners, a $500 million Middle East and North Africa buyout fund.
    • DB Secondary Opportunities Fund II, a $614 million U.S. and Europe secondaries fund.
    • Deutsche Bank Secondary Opportunities Fund III, a $1.65 billion U.S. and Europe secondaries fund.
    • Doughty Hanson & Co. Fund V, a €3 billion Europe buyout fund.
    • Euro Choice III, a €418 million Western Europe fund of funds.
    • Exponent Private Equity Partners II, a £805 million UK buyout fund.
    • Exponent Private Equity Partners III, a £1 billion UK buyout fund.
    • New Russia Generation Limited, a $200 million fund managed by Prosperity Capital Management and investing in the Russian power sector.
    • Oaktree European Principal Opportunities II, a €1.6 billion European midmarket buyout fund.
    • Oaktree Principal Fund V, a $2.8 billion global distressed fund.
    • Park Square Capital Partners III, a €1.2 billion subordinated debt fund.
    • Park Square Capital Partners II, an €850 million mezzanine debt fund.
    • Prosperity Quest II Fund, a $150 million buyout fund investing in Russia/CIS.
    • Prosperity Voskhod Limited, a fund investing in Russian power assets.
    • Park Square Capital Credit Opportunities II, a $2.4 billion senior debt programme.