The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy (A&O) helped Investcorp receive some long-anticipated good news by advising on Welcome Break’s £300m leveraged recapitalisation.
The recap of the UK’s second-biggest service station operator will return a £150m dividend payment to Welcome Break’s owners, Investcorp, as well as a return of capital to the company shareholders. The deal values Welcome Break at £500m.
The private equity house bought Welcome Break in 1997, a transaction on which A&O advised. Since then, A&O has advised on all of Investcorp’s Welcome Break-related deals. It is understood that in its 10 years as owner, Investcorp put more than £400m into Welcome Break.
The magic circle firm also advised on another restructuring of an Investcorp-backed company, Polestar.
Investcorp’s relationship partner, Ian Lopez, led the team at A&O, with banking partner Jacqueline Evans and real estate partner Carole Hopper.
As the deal was categorised as infrastructure, Investcorp was able to borrow significantly more at a lower rate of interest, said Lopez.
“Investcorp is now in a strong position to take the company forward,” Lopez told The Lawyer. A secondary buyout was one possibility among several “strategic options” that Investcorp now had, and on which it would hopefully instruct A&O. “We’ve been familiar with the asset since 1997,” he said.
Investcorp historically also uses Gibson Dunn & Crutcher for its US-based work and some of its European investments, including its €885m (£595m) disposal of parking company APCOA to Bredin Prat client Eurazeo.