Charterhouse picks Lovells for Barracuda buyout

Lovells has strengthened its relationship with Charterhouse Capital Partners by advising the private equity group on its successful £262m acquisition of pub operator Barracuda Group from PPM Capital.


Lovells has strengthened its relationship with Charterhouse Capital Partners by advising the private equity group on its successful £262m acquisition of pub operator Barracuda Group from PPM Capital.

Corporate partner Derek Baird advised the specialist private equity group on the buyout last week.

Lovells has been targeting Charterhouse as a client since Baird joined the firm from the group’s longstanding adviser Dickson Minto in 2001. He closed his first deal for Charterhouse while at Lovells last year, assisting with the group’s acquisition of Dutch packaging and vending machine group Autobar.

Barracuda owns more than 160 managed pubs and bars in the UK. Its incumbent management team, led by chief executive Mark McQuater, is expected to continue to oversee the group after reaching agreement with Charterhouse.

Travers Smith head of corporate and private equity Chris Hale acted for the incumbent management team at Barracuda, while Macfarlanes head of corporate Simon Martin led the firm’s team advising PPM Capital and the other shareholders of Barracuda.

DLA Piper Rudnick Gray Cary banking and finance partner David Miles advised the Royal Bank of Scotland on financing for the deal.

Osborne Clarke head of retail Dolf Darnton and Bond Pearce commercial property partner Ian Dunn also assisted on the acquisition by dealing with all certificates of title for Barracuda’s estate.