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Osborne Clarke has finalised two major deals after being instructed by Milestone Capital Partners to act on the takeover of Coffee Nation and by media agency Cake on its sale to Havas Media.
Osborne Clarke a tasty bit of business" /> Osborne Clarke has finalised two major deals after being instructed by Milestone Capital Partners to act on the takeover of Coffee Nation and by media agency Cake on its sale to Havas Media.
Corporate partner Paul Cooper led the team acting for Milestone on its multimillion-pound acquisition of Coffee Nation from Primary Capital. Cooper said the secondary buyout was completed within weeks.
Primary Capital was advised by Ashurst. The team was led by corporate partner Bruce Hanton with assistance from senior associate Mae Chong. Senior associate Simon Swann provided advice on the tax aspects of the transaction.
Milestone provided the equity funding for the deal, while Royal Bank of Scotland (RBS) provided the senior debt and future capital expenditure capabilities. RBS was advised by DLA Piper finance and projects partner Adrian Low.
Investec, advised by Simmons & Simmons London banking partners Alyson Lockett and Simon Middleton, provided the mezzanine finance in the deal.
Cooper said Osborne Clarke anticipated that there would be a shortage of sellers in the private equity market following changes to the corporate gains tax law."2008 will be hardest hit, but we don't foresee a market collapse," he said. "We have four deals on the table and private equity houses have money to spend."
The Bristol-based firm has also advised marketing agency Cake on its sale to international media agency Havas Media. The London media agency has created some high-profile media campaigns, including the European?launch?of Nintendo DS and Wii.
Corporate partner Tim Birt led the Osborne Clarke team. Lewis Silkin corporate partner Nigel Edwards advised Havas Media.
Birt said consolidation continues unabated in the media sector as international media outlets look to diversify their portfolios. The firm completed 16 media deals in 2007 and has completed eight so far this year.