Taylor Wessing bags cross-border leveraged buy-out for Rutland Partners LLP
Taylor Wessing LLP has acted for long standing private equity client, Rutland Partners LLP, on its acquisition of household disposables manufacturer CeDo from Delton AG. The transaction is conditional on merger control clearances and is expected to complete within three months.
The cross border Taylor Wessing team was led by private equity partner Nick Hazell, and included fellow private equity partner Russell Van Praagh and finance partner Martin Yells in the UK, Hassan Sohbi and Peter Bert in Frankfurt, Gilles Amsallem and Laurence Lapeyre in Paris and Michael-Florian Ranft and Michael Tan of Taylor Wessing's Shanghai office.
Rutland will invest from its £322m fund, Rutland Fund II, with the balance of funding coming from debt facilities provided by Lloyds TSB Commercial Finance and Indigo Capital LLP.
Commenting on the transaction, Nick Hazell said:
“We are delighted to have acted for Rutland Partners on this deal. This was a complex transaction that required close collaboration between our offices in the UK, Europe and Asia, showing both the breadth and depth of our international capability. Does it support signs of the green shoots of recovery? Probably not, but it demonstrates that despite claims that private equity is dead and related worries over the availability of debt funding, there remains an appetite for the right sort of leveraged deal."
Linklaters LLP acted for Delton AG.
Walker Morris acted for management.
Ends
Notes to editors
For more information or to speak to Nicholas Hazell, please contact Sarah le Cheminant:
Tel: +44 (0)20 7300 4930
Email: s.lecheminant@taylorwessing.com
Taylor Wessing LLP is a leading law firm providing support for commercial organisations doing business in Europe, the Middle East and China.
Rutland Partners is a highly differentiated private equity firm, which invests in companies where it can actively assist with strategic change and performance optimisation.
CeDo is one of Europe’s leading manufacturers of household disposables, such as refuse sacks, bin liners, cling film and aluminium foil.
