The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Taylor Wessing has fielded a seven-partner deal team on its mandate to advise longstanding client esure on the motor insurance group’s £185m private equity-backed management buyout from Lloyds Banking Group.
Corporate insurance partner Peter Kempe led the transaction, with support provided by a multi-disciplinary team that featured private equity partners Mark Davis and Jayne Schnider, tax partner Peter Jackson, pensions partner Carolyn Saunders and financial services regulatory partner Jonathan Rogers. IT specialist Glyn Morgan also acted on the deal in his capacity as esure relationship partner.
Lloyds inherited a 70 per cent stake in esure, which also owns the Sheila’s Wheels brand, when the part-nationalised bank took over HBOS in November 2008. The insurance group’s founder Peter Wood and his staff retained their existing 30 per cent stake.
Linklaters advised HBOS/Lloyds on the transaction, with corporate partner Duncan Barber taking the lead.
The Lloyds slice was bought by an investment vehicle led by Wood and funded by Penta Capital. The private equity house turned to Dickson Minto partner Andrew Todd for advice on the deal.
The buyout brings to an end a tempestuous 15-month relationship between Wood and Lloyds, which itself operates a competing car insurance business.
Morgan said of the deal: “It’ll enable both companies involved to look to the future to pursue their own goals and best serve the interests of their customers.”