The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
Clifford Chance and Weil Gotshal & Manges have taken prime roles on the all-equity sale of Poundland to US-based private equity house Warburg Pincus.
Clifford Chance corporate finance partner Spencer Baylin and private equity chief David Walker are leading on the relationship side of the deal for long-term client Warburg Pincus. Fellow private equity partner Amy Mahon is heading the transactional side, while competition partner Jenine Hulsmann is leading on antitrust matters, with regulatory approval still pending.
A Weil team led by private equity partner Marco Compagnoni advised previous owner Advent International on the sale. Compagnoni had also acted for Advent when it originally bought the budget retailer in 2002.
Poundland’s management turned to West Midlands firm George Green, with corporate partner Guy Green advising.
The all-equity purchase, which values the company at around £200m, reached close in a matter of weeks in advance of a proposed auction by Advent.
Commenting on getting the deal away without requiring any bank debt, Baylin said: “It’s still pretty rare, so it’s a good sign. It requires a combination of factors for it to work.”
The transaction is the third domestic acquisition by Warburg Pincus in recent months. Baylin led a Clifford Chance team that also featured private equity partner Kem Ihenacho and finance partner Taner Hassan on the £280m buyout of defence equipment manufacturer Survitec in February (The Lawyer, 8 February).
Freshfields Bruckhaus Deringer, meanwhile, acted for the US house on last year’s acquisition of a minority stake in Hovis and Bisto maker Premier Foods.