Eversheds and Olswang sniff out tissue tie-up

Eversheds and Olswang have acted for the two sides in a tie-up that will see the creation of Europe’s second-largest tissue producer.

Olswang advised new client Sofidel on its acquisition of the family-owned LPC Group in a deal that will establish a combined entity with an annual turnover of e1.3bn (£1.1bn).

Corporate chief Fabrizio Carpanini and corporate associate Rob Willis led the Olswang team acting for the Italian manufacturer, while Eversheds corporate ­partner Keri Rees acted for LPC’s Leicester-based owners the Tejani Family.

Olswang fielded a team of lawyers working in London, Sweden, Belgium, France and India for the deal.

Carpanini said: “This is a very good example of the types of transactions that the corporate group is quickly becoming known for and which demonstrates that our group is not only about facing the firm’s sector strengths but also demonstrates our ability to be at the heart of large, often cross-border, complex ­commercial transactions.”

The deal, which will strengthen Sofidel’s Northern European footprint, is still subject to regulatory approval in Germany.

The transaction is the ­latest in a string of acquisitions by Sofidel. In 2008, the manufacturer bought the Sofitis brand from Swedish paper giant SCA.