Clifford Chance, Simpson Thacher & Bartlett and Travers Smith have all scooped roles on the £1.2bn IPO of Pets at Home.
The company’s private equity owners KKR turned to long-time adviser, Simpson Thacher corporate partner Adam Signy, for the listing.
Simpson Thacher and Clifford Chance have been jostling for position on the private equity house’s deals since Signy moved from the magic circle firm in 2009, giving the US firm English law capabilities for the first time (5 May 2009).
In 2010 Clifford Chance lost out to Simpson Thacher on KKR’s £955m buyout of Pets at Home with Signy giving M&A advice to the US private equity house (27 January 2010). The deal was the first time Simpson Thacher’s London office advised KKR on both the financing and M&A sides of a transaction.
However the magic circle firm did manage to get a role on the IPO, advising the underwriters. The banks included Goldman Sachs and Bank of America Merrill Lynch.
Travers represented the company’s management. The firm’s team was led by tax partner Russell Warren and corporate partner Adrian West.
The IPO is the latest in a longstanding connection between Travers Smith and Pets at Home. Back in 2005 the company was sold by Bridgepoint Capital, which had bought the retailer for £230m. Bridgepoint was advised by Travers Smith partner David Innes while the management at Pets at Home was advised by DLA Piper.