Allen & Overy has hired a second partner from Ashurst, Karan Dinamani, to boost its private equity practice, following the recent appointment of Stephen Lloyd as private equity sector group co-head.
It is understood that A&O has announced the partner hire of Karan Dinamani internally. Dinamani joins from Ashurst’s London office, where he was a partner in the corporate department and a member of the private equity team. He joined the partnership in 2013 as part of the firm’s 12-strong global promotion round (23 April 2013).
Most recently, he led Ashurst’s team and advised Odeon Property on the sale of a portfolio of 10 out of town Odeon cinema properties to LondonMetric Property for £80.6m. He was also part of the team advised Bank of Ireland, BNP Paribas, HSBC, ING, Rabobank, Royal Bank of Scotland and Societe Generale as arrangers and underwriters of the £375m refinancing of the Pret A Manger group.
London corporate managing partner Richard Browne said: “This appointment further strengthens our PE offering spanning the corporate and finance practices. It comes at a time of increased levels of activity in the sector. Recently, increasing confidence in the markets has triggered a rise in PE-backed IPOs which we expect to continue.”
Lloyd’s move is set to help cement ties between A&O and private equity firm Apax, one of Lloyd’s major clients. Former A&O global co-head of private equity Derek Baird was one of the firm’s key relationship partners for the firm before leaving for Simpson Thacher in November 2012 (8 November 2012).
A&O is thought to have been in talks with a number of private equity big-hitters over the past year, including Mark Soundy who instead opted to join Shearman & Sterling from Weil Gotshal & Manges in May (15 May 2013).