Travers cleans up on second MBO in two days

Addleshaw Goddard, Travers Smith and DLA Piper have grabbed the lead roles on the £500m management buyout of cleaning and maintenance company Enterprise.

DLA Piper acted for longstanding client Enterprise on the take-private that was backed by private equity company 3i. Manchester-based corporate partner Stephen Devlin led the team for Enterprise.

3i created a newco for the MBO, Kirk Newco, with Addleshaw Goddard advising Kirk Newco and Enterprise’s management turning to Travers. The management team included Enterprise’s chairman and acting CEO Owen McLaughlin, and its financial director Neil Kirkby.

Travers Smith’s team was led by head of private equity Charles Barter. The firm successfully pitched for the instruction following a recommendation from former Close Brothers executive Simon Tomlinson, now the private adviser to McLaughlin.

The deal follows on the heels of the £360m secondary MBO of Fat Face yesterday (Tuesday 27 March), which Barter led for purchasers Bridgepoint. Berwin Leighton Paisner advised the management and Weil Gotshal & Manges led for sellers Advent.

Meanwhile, on the Enterprise deal, corporate partner Yunus Seedat led the team at Addleshaws. Seedat has advised 3i and its newcos on past take privates since that of Allied Textiles in 2000.