Osborne Clarke has sealed its first deal for global venture capitalist Advent International, advising alongside Lovells. The south-west firm’s Danish office was brought in to handle the due diligence in relation to Advent’s buy-in of ILVA, Denmark’s second largest furniture retailer, for an undisclosed sum.

Advent director Fred Wakeman said that Osborne Clarke won the instruction because of its presence in Denmark and because it was cheaper than the firms with which Advent has existing relationships.

Wakeman told The Lawyer that he may consider instructing Osborne Clarke to advise in connection with ILVA’s future expansion in Scandinavia. He said that he will not make a decision on ILVA’s external lawyers until after management changes in conn-ection with the buy-in.

The lion’s share of the work on the ILVA transaction was handled by Lovells’ London-based private equity team, which has a longstanding relationship with Advent.

In addition to Lovells, Advent has historically used Ashurst Morris Crisp, Baker & McKenzie, Macfarlanes and Shearman & Sterling on deals run out of London.

The Lovells team was led by partner Marco Compagnoni, who managed the deal for Advent and was responsible for drafting and negotiating the principal legal documents.

ILVA currently has three out-of-town stores in Denmark, totalling 26,000 square metres of retail space, and it plans to launch in Sweden next year before opening in the UK.

Wakeman said: “ILVA is well positioned to build a major pan-European business. Its broad product range is easily adaptable to preferences in the local markets.”

Advent’s other Scandinavian investments include Cybercity, Denmark’s leading independent broadband service provider.

Lovells banking partner Penny Angell advised Advent in connection with the debt finance provided by Bank of Scotland, which was represented by Addleshaw Booth & Co. Local firm Plesner Svane Gronborg advised on the Danish law aspects of Advent’s investment in ILVA.