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Dealwatch: Linklaters and Clifford Chance drive owner’s IPO

As the rush by British companies to float on the London Stock Exchange (LSE) continues apace, Magic circle pair Linklaters and Clifford Chance (CC) have secured leading advisory roles on the high profile initial public offering of BCA Marketplace, Europe’s second largest second-hand vehicle auctioneer and the owner of

Plans were unveiled Monday (6 October) by the company, formerly called British Car Auction, of its intention to float with the expectation of raising £200m in proceeds, a move which could value the business at up to £1.2bn.

Linklaters senior corporate partner trio John Lane, Charlie Jacobs, and Jason Manketo took leading roles advising BCA Marketplace, while CC finance partners Simon Thomas and Chris Walton advised the bookrunners which included JP Morgan and UBS.

Linklaters has been gifted with major listings of late, including advising on Just Eat’s corporate mandate valued at between £700m to £900m alongside Herbert Smith Freehills; Lloyds Bank on its £1.5bn floatation of a 25% share of its TSB business alongside Freshfields; and only last month taking a role alongside Allen & Overy on Emaar Malls Group’s near $1.58bn initial public offering.

Heavyweight IPO work secured by CC includes advising alongside Freshfields Bruckhaus Deringer on the debut of bargain store chain B&M on the LSE, which in June was valued at £2.7bn.

US private equity group Clayton, Dubillier & Rice acquired BCA in 2009 for £400m including debt and own 70% of the company, with management holding the remainder. Travers Smith secured the role advising BCA’s management team, with corporate partner Adrian West leading a team and assisted by senior partner Chris Hale, founder of the firm’s private equity group and who is currently the relationship partner for the longstanding client, while tax partner Russell Warren also advised.

BCA acquired in August 2013 and since then the latter business has continued to expand rapidly in the UK, and recently started expanding into the European market with a Netherlands branch this year.

Non-executive chairman of BCA Fred Kindle said: ‘I have been impressed by the significant growth that BCA has delivered as a private company, but there is much more to come. The business will build on its strong market positions, its digital presence and its trusted relationships with professional buyers and vendors. BCA has a bright future and its listing on the London Stock Exchange is the ideal foundation for the group to move to the next stage of its development’.