Linklaters' private equity practice is kicking itself after the firm missed out on one of the lead advisory roles on Bridgepoint Capital's £225m purchase of Tunstall Holdings from HG Capital.
According to well-placed sources, Linklaters' Swedish practice won the instruction to advise Bridgepoint on all aspects of the buyout, but when the deal spread to London it was forced to share the mandate with Bridgepoint's longstanding corporate adviser Travers Smith. Bridgepoint had wanted its Swedish arm Attendo (which has a good relationship with Linklaters Swedish partner Krister Hansen) to purchase Tunstall. However, it later opted to complete the deal as a standard Bridgepoint buyout, based out of its head office in London.
Travers partner David Innes (pictured) went on to complete the buyout last week, while Linklaters was relegated to assisting with the competition and Swedish aspects. Lovells private equity partner Marco Compagnoni advised HG Capital.