Wragges advises on 3i’s sale of Eat stake

Birmingham giant Wragge & Co has advised 3i on the sale of its stake in sandwich and coffee company Eat. Penta Capital has acquired the stake in a £39m refinancing, to which Barclays has committed £18m. Private equity head Maurice Dwyer and associate Sarah Massey handled the deal, working closely with 3i portfolio managers Eamon Nolan and James Cox. Wragges has advised 3i on more than 50 deals this year, including the £116m disposal of BetterCare Group.