Linklaters looks set to win a new client out of its first ever deal for private equity giant Candover.
The magic circle firm advised Candover on the acquisition of its majority stake in part of the Anglo-Dutch private bank Insinger de Beaufort. It is expected that the bank will also retain its current principal adviser Addleshaw Goddard in a secondary role.
Last week, Candover announced that it had bought most of Insinger’s trust and fiduciary services business for around E197.5m (£141.5m); but the bank rolled over part of its investment, giving it a minority stake in the new company – it will therefore retain some influence over legal advisers.
Addleshaw Goddard partner Keir Barrie, who worked on the buyout, said his firm has been retained as the new company’s advisers, but conceded that Linklaters would have the main role. It is expected that the new Insinger company will generate M&A work because Candover is prepared to fund further acquisitions as the industry consolidates.
Insinger is a long-established client of Theodore Goddard, the legacy London firm of Addleshaw Goddard. The private bank has interests in the UK, Amster- dam, Hong Kong and major offshore jurisdictions, including the British Virgin Islands and the Channel islands.
The firm’s relationship partner Leslie Jackson acted for Insinger on the disposal and rolled over interest in the new company. Meanwhile, Barrie, with a Chinese wall in place, acted for Insinger’s management on its interests in the newco.
Divergent interests within the management team brought a cast of thousands to the negotiating table. West End firm Sasto & Klinger and Hong Kong firm SY Wong also advised the management on the initial disposal.
Ashurst Morris Crisp, one of Candover’s two traditional advisers, acted for the Royal Bank of Scotland, which provided the finance on the deal. Earlier this month, Ashursts completed a deal for a Candover-Cinven consortium that bought out scientific publisher BertelsmannSpringer. The publisher will now be merged with Dutch rival Kluwer Academic Publishing, a previous Candover-Cinven investment.