Lovells in talks on £1m Apax fees

The firm recently represented Apax on its bid for the Compass Group-owned Travelodge and Little Chef.
However, last week Per-mira, the private equity house formerly known as Schroder Ventures, was granted exclusivity on the deal.
Lovells originally acted for Apax on its offer against rival Cinven, represented by Ashurst Morris Crisp, on the $1.2bn (£764.2m) acquisition of National Car Parks (NCP) from Cendant.
Since the deal was a 'contract race', in which two private equity houses were permitted to keep competing against each other to keep the offer price at an attractive level, Cendant agreed to underwrite the bidders' costs.
It is understood that Lovells was owed around £1m but reached an agreement with Apax for a percentage of the fees in return for being retained on another deal.
Since the recent Compass deal fell through, Lovells is understood to be trying to secure a healthy percentage of the fees from the NCP deal.
Apax and Lovells declined to comment.