Herbert Smith has scooped the mandate to advise Barclays Capital and ING Bank as financial sponsors of Providence Equity Partners’ £1.46bn bid for the Caudwell Group with new lateral hire Ian Yeo leading the team.
On Friday (4 July) private equity firm Providence agreed to acquire the Caudwell Group which includes the Phones4U retail chain for £1.46bn. Providence then sold the distribution arm to Doughty Hanson for £347m.
The deal is a coup for Herbert Smith’s acquisition finance team which was boosted by Yeo’s arrvival from Denton Wilde Sapte earlier this year.
The firm was appointed to act for BarCap and ING by Providence. Yeo worked on the deal with leveraged finance partner Malcolm Hitching. The £617m finance package included a term loan facility, a revolving credit facility and an acquisition facility.
Allen & Overy and Kirland & Ellis represented Providence. Partner Matthew Hurlock led the Kirkland team in the first deal the firm has advised Providence on from London. Allen & Overy leveraged finance partner Ian Borman also acted for the private equity house.
Skadden Arps Slate Meagher & Flom acted for Doughty Hanson, led by private equity partner Allen Murray-Jones along with finance partners Mark Darley and Clive Wells plus tax partner Tim Sanders. Shoosmiths provided employment, IT and property expertise.
Mizuho provided the financing for Doughty Hanson, which features senior, mezzanine and revolving debt facilities. The bank was advised by Lovells leveraged finance partner Penny Angell.
Eversheds represented longstanding client the Caudwell Group, led by Manchester corporate partner Daniel Hall.