Camerons, DLA Piper brought in on Lloyds’ £400m bid forCPA
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CMS Cameron McKenna and DLA Piper have scored lead roles advising Lloyds TSB’s private equity arm Lloyds Development Capital (LDC) on its £400m bid for outsourcing company CPA Global.
David Raff
DLA Piper UK head of corporate David Raff is leading a team advising CPA on the deal, while Camerons corporate and LDC relationship partner James Grimwood is understood to be leading a team advising the private equity group.
Camerons UK head of corporate Andrew Sheach, together with partners David Day and Grimwood, are responsible for the firm’s relationship with LDC, which it advised in July this year on its management buyout of model retailer Modelzone Holdings. It is understood that other bidders for CPA include mezzanine investor Intermediate Capital with final bids for the company due this month.
Jersey-based CPA was founded 40 years ago by a number of UK law firms to manage the process of renewing patents. It is understood that some of the company’s initial shareholders are now reaching retirement age and so are looking to offload their positions.
CPA is becoming a recognisable name in the legal world, with more firms and in-house counsel looking to outsource parts of their legal processes. Earlier this year (18 June) The Lawyer reported on mining giant Rio Tinto outsourcing its internal and external legal needs to CPA in India.
A dedicated team of 12 lawyers provided by the outsourcing company carry out contract review, drafting, legal research and document review on Rio Tinto’s behalf. It is estimated that the service will generate savings of around 20 per cent of the company’s legal cost base.
