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White & Case advises as Canadian firm buys UK’s five pound note maker

White & Case and Addleshaw Goddard have picked up lead roles as Canadian firm CCL Industries said it would buy Innovia Group for $842m from The Smithfield Group.

Innovia, which supplies the new UK plastic five pound note, makes most of the polymer banknotes around the world. The transaction is expected to close by the first quarter of 2017.

White & Case, which advised The Smithfield Group when it purchased Innovia in 2014, acted for the group of UK investors again with a team led by private equity co-head Ian Bagshaw.

Bagshaw said: ‘Our strong relationship with both organisations ensured we were ideally placed to support this strategically important transaction.’

White & Case’s team on the deal also included London-based Nicholas Greenacre and Lindsey Canning as well as local partner Katarzyna Czapracka in Warsaw.

Addleshaw Goddard acted for CCL Industries, with a team led by Manchester-based partners Richard Lee and Shelley McGivern. Toronto headquartered CCL Industries, which is the largest label maker in the world, has been a client of the firm for more than 15 years.

Lee said: ‘We are delighted to have been able to extend our long-standing relationship with CCL through working with them on this transformative acquisition of such a significant North West based business.’

CCL Industries’ deal follows the £1.35bn purchase by fellow Canadian firm Onex of Parkdean resorts from Electra Partners. Clifford Chance, Latham & Watkins, Travers Smith, Macfarlanes and King & Spalding are among firms to pick up roles on that deal.