Sullivan & Cromwell and Herbert Smith Freehills Kramer have taken the lead roles as global investment bank Lazard agrees to purchase UK-based private capital advisory firm Campbell Lutyens, known for its expertise in secondary and GP-led transactions.
The deal, announced yesterday (30 April), is valued at approximately $575m, and follows EQT’s acquisition of Coller Capital in January, a deal which saw Ropes and Kirkland take the lead roles.
Sullivan & Cromwell advised Lazard, with a team led by London corporate partner Ben Perry and North America M&A co-head Keith Pagnani in New York. Also involved were antitrust group co-head Juan Rodriguez, financial regulation partner Barney Reynolds, and tax partner Ian Ferreira in London, as well as capital markets co-head Cathy Clarkin, tax group co-head Davis Wang, tax partner Tessa Lee, and executive compensation partner Heather Coleman in New York.
Ashurst also advised Lazard, providing specialist employment counsel with a team led by partner Dan Ornstein.
On the sell side, senior corporate partners Greg Mulley and Alex Kay led the team for HSF Kramer, which has had a close relationship with Campbell Lutyens for some time.
Also on the team were incentives partner Mark Ife, employment partner Tim Leaver, US securities group head Tom O’Neill, New York-based US securities partner Daniel Zimmerman, UK competition head Veronica Roberts, financial regulatory partner Marina Reason, tax partner Casey Dalton, and Andrew Cooke. With the exception of Zimmerman, all partners are based in the firm’s London office.
‘This strategic transaction builds upon recent experience advising on financial services advisory transactions and underscores our deep expertise in this sector,’ said HSF Kramer’s Kay.
‘We are privileged to have supported Campbell Lutyens on what is its major milestone transaction in the firm’s 38 years,’ Mulley added.
Campbell-Lutyens was founded in 1988 and provides specialist expertise across GP capital solutions – a sector of increasing importance as secondary transactions, particularly through continuation-vehicles, becoming an ever more viable and favourable option for private equity houses.
Travers Smith senior funds consultant John Daghlian classed Campbell-Lutyens as one the ‘original pioneers’ of the now-booming secondaries market that was still in its infancy at the turn of the century.
Lazard’s existing private capital advisory group will combine with Campbell Lutyens to create Lazard CL, with the combined business set to surpass $100bn in GP and LP secondary transactions over the coming two years, Lazard said in a press release.
An additional $85m in fees can be triggered if certain performance goals are met over the coming years.
The deal is expected to close in 2026, subject to regulatory approvals.
