Lovells closes first Terra Firma deal

Lovells private equity team is celebrating after closing its first ever deal for Guy Hands’ investment vehicle Terra Firma.

The firm’s German office, led by private equity rainmaker Oliver Felsenstein, advised Terra Firma on its successful buyout of leading German private housing company Viterra from E.ON for approximately 7bn euros.

The deal is a coup for Lovells because this is the first time the firm has acted for Terra Firma on a successful bid.

The acquisition is understood to be Germany’s biggest private equity deal and exceeds the value of Hands’ previous investments including the £1.9bn he spent buying Le Meridien hotel group from Compass in 2000.