Travers ;Smith ;has bolstered its private equity roster after helping new private equity client Langholm Capital offload portfolio company Dorset Cereals to Wellness Foods.
Travers saw off a number of rivals to win the instruction – its first from the fast-growing Langholm fund. Macfarlanes is a longstanding adviser of the house and Simmons & Simmons acted on the initial investment in muesli company Dorset Cereals in 2005. Travers fielded a three-strong team on the deal, led by head of corporate Chris Hale, along with senior corporate assistant Helen Croke and senior tax associate Russell Warren.
Travers won a place on the deal through the firm’s close links with Langholm co-founder Bert Wiegman.
Hale said: “We didn’t work for them initially, but because of a long history of working with Bert it wasn’t a complete surprise that they asked us to help.”
Langholm manages funds of around £250m and is planning to raise a new fund later this year. Travers also advised Dorset Cereals on the new equity arrangements with the buyer.
Wellness Foods turned to Howard Kennedy partner Michael Harris, while Denton Wilde Sapte acted for the banks: Bank of Ireland, Bank of Scotland and AIB.