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DEALS
The London office of international law firm Shearman & Sterling LLP advised Investcorp and Barclays Private Equity on their successful acquisition of Milan-based N&W Global Vending from Merrill Lynch Private Equity and Argan Capital. The deal, which closed successfully this month, involved the acquirers raising EURO;600 million in leveraged loans in probably the most challenging market conditions for decades. The acquisition involved raising senior debt from a syndicate of eight banks – Bank of Ireland, Barclays, BNP Paribas, Calyon, ING, Intesa SanPaolo, Natixis and Société Générale – and mezzanine debt from Intermediate Capital Group. Club deals are a feature of the post-credit crunch environment but the size of the bank group was indicative of difficult market conditions and presented an additional challenge to successfully negotiating and closing the deal on a tight time frame. The fact that the target – N&W Global Vending, Europe’s largest vending and coffee machine manufacturer – was Italian, also meant that the deal involved a complex financing structure. The acquisition is believed to be the biggest leveraged buyout in Italy so far for 2008. Anthony Ward, the London-based Shearman & Sterling bank finance partner who led the team advising the acquirers, said: ‘In order to put a deal like this together in the current market environment you need to have a keen appreciation of what both the banks and the sponsors care about so that you can provide pragmatic, commercially focused advice to your clients and get the deal done.’ The team at Shearman & Sterling representing Investcorp and Barclays Private Equity was led by London finance partner Anthony Ward and involved finance and tax lawyers from the firm’s London, Paris, Munich and Frankfurt offices. These included London finance counsel Peter Hayes and associates Jackson Lam, Christine Tadros and Jeremy Philpott, London tax partner Iain Scoon and associate Will Smith, Paris finance partner Martin Lebeuf and associates Emmanuelle Dehaye-Vicidomini and Marlene Amiel and tax counsel Christophe Delrieu, Munich finance counsel Winfried Carli and associate Lars Neumann, and Frankfurt tax partner Johannes Frey and associate Annette Keller. The Milan office of Linklaters advised the banks, with Andrea Arosio leading advice to the senior lenders and Davide Mencacci advising the mezzanine lender. Merrill Lynch Private Equity and Argan Capital were advised by Italian firm Gianni, Origoni, Grippo & Partners and the London office of Debevoise & Plimpton LLP.
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