Legal Business

Dealwatch: Freshfields, Taylor Wessing and Linklaters advise on Jaffa Cake manufacturer United Biscuits sale

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Freshfields Bruckhaus Deringer, Taylor Wessing and Linklaters have won the lead roles advising on the sale of UK-based United Biscuits to Turkey’s largest food and beverage company Yildiz Holding (Yildiz).

The British food manufacturer – which makes McVitie’s biscuits including Jaffa Cakes and Hob Nobs, Penguins, Jacob’s Cream Crackers, and Twiglets – will be acquired from private equity owners Blackstone and PAI Partners by Yildiz.

Yildiz, which is headquartered in Istanbul and owns 65 companies, including Godiva Chocolatier and DeMet’s Candy Company, says the acquisition comes as its pushes to further diversify its business internationally.

Freshfields advised United Biscuits and its principal shareholders Blackstone and PAI Partners, led by corporate partner Sundeep Kapila, while Linklaters corporate partner Nick Garland and his team acted for Yildiz on the deal which is reportedly worth £2bn.

Taylor Wessing private equity specialists Emma Danks and Martin Winter represented United Biscuits management board with support from tax partner Ann Casey. Winter said: ‘It’s a great example of the global market place flourishing in the UK and it has been a real privilege to have been involved.’

With United Biscuits primarily covering Europe and UK, and Yildiz presence predominantly covering North America, the Middle East, North Africa, and China and Japan, together, the two businesses will form the world’s third largest biscuit maker.

Freshfields’ Kapila told Legal Business: ‘It was a great result for all parties concerned. The purchaser is active in emerging markets, mainly in Middle East and Easter European, and United Biscuits is a strong brand in the UK and various Continental markets, together, it is a very strong global brand.’  

Yildiz will work closely with United Biscuits’ management team to drive further growth for the combined business.

Freshfields previously advised the biscuit maker on the £500m sale of its KP Snacks to European snacks manufacturer Intersnack in 2012, which Kapila also led.

jaishree.kalia@legalease.co.uk

Legal Business

Elections: Taylor Wessing re-appoints senior partner

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Taylor Wessing has re-appointed its senior partner Adam Marks for a second term following an uncontested election.

Marks was first appointed to the role in 2011 and succeeded private equity partner Martin Winter. Prior to his senior partner role, Marks headed the real estate department at the firm from 2003 to 2007.

Now set to serve another three-year term, Marks primary role is to look after the firm’s partners, though he also heads up its supervisory council, which signs off on the firm’s budget.

Marks said in a statement: “It has been deeply satisfying to play a part in supporting Tim and the Board in Taylor Wessing’s growth, which has been considerable since my first election in 2011, and I am delighted to be able to continue to do so in what is an exciting period for the firm.”

Current UK managing partner Tim Eyles is set to come to the end of his second term in autumn 2015, however, it is understood the firm has not yet started planning on the appointment. Eyles was voted in uncontested also, six months ahead of the end of his first term in 2012.

sarah.downey@legalease.co.uk

Legal Business

Squire Patton Boggs takes Sidley Austin’s last German partner as Taylor Wessing builds private client practice

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Eight years after founding Sidley Austin’s office in Frankfurt, Jens Rinze, the firm’s last remaining partner in the country after a spate of exits, has departed for Squire Patton Boggs.

The exits brings an end to Sidley Austin’s German adventure, which began with the arrival of Rinze and Oliver Kessler as partners from Hogan Lovells in the country’s financial hub. The firm had long sought a German presence, having acted for a number of European financial institutions in the US including Deutsche Bank, but the wheels began to come off in 2012 when Kessler, who was the regional managing partner of the law firm, left to join local firm Oppenhoff & Partner. He was later joined by Sidley Austin’s corporate partner Jerome Friedrich. A review of the Frankfurt office was started after tax partner Werner Geisselmeier left for Pinsent Masons’ Munich office in December 2013.

For Squire Patton Boggs, Rinze becomes the firm’s twentieth lawyer in Frankfurt, some of whom also operate in Berlin. His practice has developed to focus on property and property development finance, securitizations, restructuring, loan origination and commercial mortgage-backed securities.

With the firm looking to increase its share of the legal work emanating from a financial services sector caught by a wave of new regulation, Kai Mertens, managing partner of Squire Patton Boggs in Germany, said Rinze will ‘develop our presence in the German real estate institutional investment market and our work with state banks and financial institutions active in Germany and Eastern Europe’.

The firm hired Addleshaw Goddard’s head of structured finance, Mark Thomas, in London last year and is looking to expand in continental Europe now it has strengthened its US base with bank regulatory lawyers Bob Barnett, Jim Sivon and Ray Natter in Washington, DC.

Rinze added: ‘I’m pleased to be joining such a dynamic global financial services practice. I’ve also been impressed by Squire Patton Boggs’ strong and diverse real estate practice in Germany, which is of great benefit to the work I do for a number of clients, and the extensive offices the firm has, especially in Eastern Europe, where there is enormous potential to add yet more value to client service.’

Meanwhile, in the UK, Taylor Wessing has become the latest firm to bolster its capabilities with the addition of two partners to its private client practice as the firm focuses on expanding the group as part of its core strategy. Elaine Dobson joins as head of residential property from Bircham Dyson Bell, while tax partner Antoaneta Proctor joins from Wragge Lawrence Graham & Co.

Dobson replaces Taylor Wessing’s former residential property head Joanna Ward who is retiring after 12 years at the firm. Previously, Dobson led the residential real estate group Bircham, after joining the firm in 2007 as a partner. Dobson specialises in transactional, landlord and tenant issues, and more complex enfranchisement work.

Proctor specialises in international tax and trusts, multi-jurisdictional wealth planning, family governance and business succession, with a particular interest in creating tax-efficient structures. She also has expertise in providing advice in Russia, the Commonwealth of Independent States and Eastern Europe.

Taylor Wessing head of private client Andrew Hine said: ‘The addition of Elaine and Antoaneta to the team reflects the firm’s commitment to expanding our leading private client practice, which is an integral and central part of the firm’s overall strategy. With both Elaine and Antoaneta having practices with a significant international dimension, these appointments also reflect the increasingly global nature of our client base. With 26 offices across the globe, we are well placed to service our high net worth clients across Europe, the Middle East and Asia.’

Tom.moore@legalease.co.uk

Legal Business

Taylor Wessing and BLP advise on £97m Heron Plaza sale as City real estate mandates stack up this summer

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Taylor Wessing and Berwin Leighton Paisner (BLP) have both secured roles on the latest major real estate deal to emerge in the City this summer, advising on property group UOL’s purchase of the Heron Plaza site for £97m.

Sold by property tycoon Gerald Ronson, Heron Plaza will be UOL’s first major development in London and its first foray into Europe. Located off Bishopsgate, the 3,200-square metre site has been prepared for development over a 15-year period with planning consent gained for a 44-storey tower, a 5-star hotel, and residential and retail units.

Taylor Wessing real estate partner Keith Barnett leads a team advising longstanding client Heron International, which includes corporate partner Russell Holden and tax partner Peter Jackson.

BLP chairman Robert MacGregor and real estate partner Deepa Deb are advising UOL, with a team that includes corporate partner Dylan Mackenzie and tax partner Richard Harbot.

On the deal, Deb said: ‘Despite the complexities and tight timeframe, the transaction went incredibly smoothly and we are very much looking forward to continuing to work with UOL on the Heron Plaza project as it is developed.’

UOL general counsel and company secretary Sien Seu Yeong credited BLP for its work on the deal and said the team was ‘highly responsive’ and provided ‘commercially pragmatic legal advice’.

He added: ‘We look forward to continuing to deepen our working relationship with BLP as we make progress on the development of this project’.

Having beaten a number of high-profile bidders for the mandate, Heron Plaza adds to property giant UOL’s already extensive portfolio. With total assets of more than $10bn in Asia and Australia, it currently owns and operates 38 hotels, resorts and serviced units across Asia, Oceania and North America.

In a summer that has seen firms act on a spate of lucrative deals for prime real estate clients in central London, other notable mandates include Baker & McKenzie securing a heavyweight role advising on the receivership of the Gherkin, while Ashurst also advised opposite Reed Smith in July on the £300m purchase of a 50,000 sq ft strip of prime real estate on New Bond Street, the first time in 40 years that the privately-owned properties have been on the market.

Sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing and Macfarlanes advise on £350m RBS credit facility deal

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Anglo-German firm Taylor Wessing and City-firm Macfarlanes have both landed leading roles on a major refinancing deal as the real estate market continues to see an upturn.

Taylor Wessing advised a syndicate of lenders including the Royal Bank of Scotland, Wells Fargo and Legal & General Pensions in their capacity as agent and arranger for the refinancing of a portfolio of over 160 multi-let industrial properties in England, Wales and Scotland, worth a gross value of over £1bn. Macfarlanes advised the owner of the portfolio, the Industrial Property Investment Fund, an investment fund managed by Legal & General.

Leading the deal for Taylor Wessing was finance partner Ross Caldwell with others involved including the firm’s head of finance Rodney Dukes, real estate partner Raman Sharma, and tax partner Richard Carson.

Macfarlanes’ debt finance transactions partner Jat Bains advised the Legal & General-managed Industrial Property Investment Fund.

Commenting on increased activity in real estate, Taylor Wessing’s Caldwell said: ‘This transaction reflects the current state of the real estate finance market in which we are seeing a marked upturn in the number and size of deals, including the industrial property sector. We look forward to continuing to represent our clients in this thriving and dynamic market.’

The new debt facilities refinanced existing £210m facilities that are due to expire in September next year and also comprised an additional term loan of £65m as well as a revolving facility working capital line of £75m.

Arranged over a six-year term, the £350m facilities support the Industrial Property Investment Fund through its recently extended life-span and provide it with ‘significantly increased firepower with which to seek attractive market investment opportunities’.

Sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing launches US rep offices in Palo Alto and New York

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Taylor Wessing on 23 June announced the opening of two representative offices in the US to facilitate access to its European network. Located in tech-focused Palo Alto and New York, both offices are set to open in September this year.

The top 20 firm will not be practising US law, but instead plans to use its new US bases to push out work to its international network across Europe, CEE and Asia.

Legal Business

Taylor Wessing launches US rep offices in Palo Alto and New York

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Taylor Wessing has today (23 June) announced the opening of two representative offices in the US to facilitate access to its European network. Located in tech-focused Palo Alto and New York, both offices are set to open in September this year.

The top 20 firm will not be practising US law but instead plans to use its new US bases to ‘support US clients’ international growth’ from its European, CEE and Asian offices.

Corporate technology partner Mike Turner will head the New York office and divide his time between Manhattan and London, with support from a team of lawyers from Taylor Wessing’s international network. Corporate technology partner Mark Barron, who is currently based in London, will help lead the venture alongside Frankfurt-based technology and data protection partner Kai Westerwelle and corporate technology associate Dennis Tan, who is currently based in Singapore. They will focus on providing ‘on-the-ground access’ to the firm’s lawyers in Europe, the Middle East and Asia.

Barron said: ‘European expansion has long been a part of the growth strategy for successful US businesses, and now we are seeing a growing triangulation between the US, Europe – notably London, Berlin and Paris – and Singapore for tech innovation and investment in particular, with Singapore attracting an increasing level of US investment, especially from businesses on the West Coast. In addition, US businesses have undertaken considerable investment into the CEE region.’

Westerwelle added: ‘With the opening of our new representative offices in Palo Alto and New York we fulfil the increasing need of US companies for competent on-site advice with respect to their target markets in Europe, CEE, and Asia. Furthermore, we support international clients in realising their US strategies. Thus, after the successful expansions in Europe and Asia, this step into the USA is another milestone in the internationalisation of Taylor Wessing.’

The news comes just weeks after the Anglo-German firm announced it was establishing a presence in South Korea via an association with local full service firm DR & AJU International Law Group.

sarah.downey@legalease.co.uk

Legal Business

Taylor Wessing promotes City trio in 12-strong partnership round

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Taylor Wessing has unveiled its 2013/14 partner promotions, with three associates making the cut in London and a further nine across its European offices, marking a 25% drop on its promotion round last year.

The all-male promotion line-up falls across the top 100 firm’s finance, real estate, corporate technology, employment & pensions, corporate and China groups, boosting its partnership ranks outside London in Berlin (2), Munich (2), Dusseldorf (1), Hamburg (2), and Warsaw (2).

It marks a 25% drop from last year when 16 associates made the grade, although it is a significant improvement on 2012 levels, when the firm promoted just six across its UK and German arms. The latest promotions take the number of partners worldwide at the firm to 400.

UK managing partner Tim Eyles (pictured) said: ‘As associates these individuals have proved themselves to be great lawyers with a real instinct for business. I’m sure they will continue to be a real asset to their clients and to Taylor Wessing, as they bring their different qualities to the partnership during an exciting period of international growth.’

Others to announce lower promotion rounds in recent weeks include Travers Smith, which in mid-May revealed it made up two to partner, the lowest number in three years while Trowers & Hamlins, Nabarro and Berwin Leighton Paisner have all promoted fewer senior associates than last year.

sarah.downey@legalease.co.uk

2014 promotions in full:

Amar Ali, finance, London

Johannes Callet, real estate, Berlin

Andrew Davis, corporate technology, London

Mike Goldammer, China group, Munich

Dennis Lüers, employment & pensions, Munich

Guido Norman Motz, employment & pensions, Dusseldorf

Norman Rochert, capital markets, Berlin

Alexander Rodion Roth, M&A, Hamburg

Phil Shepherd, corporate technology, London

Krystian Stanasiuk, employment & pensions, Warsaw

Jens Wiesner, finance, Hamburg

Sylwester Zydowicz, real estate, Warsaw

Legal Business

Asia-Pacific: Taylor Wessing launches in South Korea with local tie-up

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Taylor Wessing last month became the latest international firm to set up in South Korea, establishing an association with local full-service firm DR & AJU International Law Group.

Founded in 1994 and one of the region’s ten largest law firms, DR & AJU will add 120 lawyers, including 18 partners, to Taylor Wessing’s international reach. The Seoul-headquartered firm also provides offices across Russia, Kazakhstan and Singapore, and services in M&A, litigation and various corporate matters.

Legal Business

Financial results 2013/14: Taylor Wessing’s PEP up 21% alongside 7.4% increase in UK revenue

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Taylor Wessing yesterday (2 June) became one of the earlier UK movers in disclosing its financial results for the 2013/14 year, posting a 21% rise in profit per equity partner to £657,000 alongside an increase in UK and global revenues of 7.4% and 6.4% respectively.

With the Anglo-German firm’s UK revenue hitting £112m and its international income now standing at £241.2m, the firm attributed the boost to an uplift in work from clients based in the Middle East, Asia and the US, while in terms of practice area litigation was singled out as a key driver. The top 20 firm also credited an improvement in its broader deal flow for better performances across finance, real estate and corporate.

The results mark an upward trajectory for the firm, building on last year’s revenue increase of 7% to £228m and constituting a 23% increase since 2008. The results also follow a period of international expansion including tie-ups in Indonesia and South Korea, where last month it formed an association with local firm DR & AJU.

On the results, UK managing partner Tim Eyles said: ‘The past 12 months have been an exciting time for Taylor Wessing, as we’ve continued to expand our international platform and strengthen our offering to the high growth industries of TMC, life sciences, energy and private wealth. Over the course of the coming year, we will continue to vigorously pursue our growth strategy.’

Sarah.downey@legalease.co.uk