Greenberg Traurig and Macfarlanes deliver £1 City Link sale to Better Capital

Greenberg Traurig Maher (GTM), Macfarlanes and Mayer Brown have advised on private equity group Better Capital’s £1 acquisition of courier business City Link from Rentokil Initial.

CityLink

GTM acted for Rentokil, alongside an in-house team including executive director Andy Ransom, responsible for the West region and group legal and M&A functions.

The GTM team was led by chairman and corporate shareholder Paul Maher and corporate shareholder Kate Eades, with support from finance shareholder Emma Menzies and tax shareholder Justin Hamer, as well as corporate associate Sarah Moyles and real estate associate Emma Maher.

Macfarlanes acted for Better Capital, while Mayer Brown acted for City Link’s management, who will continue to run the business with a the help of a £40m investment from the buyer.

The Macfarlanes team for Better Capital was led by corporate and private equity partner Simon Perry and included senior counsel and insolvency head Simon Beale, banking and finance partner Jatinder Bains, real estate partner Tom Pedder, corporate partner Paul Davies, who specialises in environmental aspects of corporate transactions, and corporate senior associate Chris Daniel.

The Mayer Brown team for management was led by corporate partner Andrew Stewart. It also included partner and employment head Nicholas Robertson, senior employment associate Ann Robson, emloyment associate Imogen Finnegan, corporate senior associate Connor Cahalane and tax senior associate Simon Slade.

Background to this deal:

After initial hesitation by City Capital’s chief executive Alan Brown, who reportedly said last month the company was not ready for sale, the deal went through in a matter of days.

None of the advising firms are completely new to the businesses involved in this deal. GTM has advised Rentokil on several deals since at least 2010. Prior to that the pest control company had an established relationship with Mayer Brown, the firm Paul Maher left in 2009.

Macfarlanes has a longstanding relationship with the Better Capital and has advised on a number of its previous deals, including a £19.5m deal to secure a 90 per cent stake in fashion house Jaeger Group a year ago.

Macfarlanes’ Perry also acted for venture capital group 3i in 2000 when it bought Target Express, which was subsequently sold to Rentokil, from Legal & General in 2000.

Mayer Brown won the role for City Link’s management following a pitch process.