BLP, Gibson Dunn act on Investcorp acquisition

Berwin Leighton Paisner (BLP) and Gibson Dunn & Crutcher scored lead roles on Bahraini investment bank Investcorp’s £157m acquisition of oil services group Moody International.

BLP advised private equity client Close Brothers on its sale of Moody to Investcorp just two years after it acquired the group in 2004. BLP also advised on the original acquisition.

BLP relationship partner Geraint Lloyd and senior associate Richard Stewart led the firm’s advice. BLP’s relationship with the private equity house dates back three years, when Lloyd moved across from Osborne Clarke. Gibson Dunn advised longstanding client Investcorp, with London-based corporate partner Paul Harter leading a team out of London and Munich.

Harter is one of several Investcorp relationship partners at the firm. Gibson Dunn’s relationship with Investcorp dates back to its founding by Iraqi entrepreneur Nemir Kirdar in 1982.

Moody chief executive officer Brendan Connolly said Investcorp’s backing would support further expansion in the Gulf. Moody, which undertakes testing services for oil and gas companies, has a client roster that includes BP, Exxon Mobil, Royal Dutch Shell and Statoil.

Scottish firm Dundas & Wilson advised Moody’s management team on equity issues, with private equity partner Simon Sale leading.