BLP advises on secondary buy-out for Intermediate Capital Group plc

BLP has advised new client Intermediate Capital Group plc (ICG) and its affiliated funds on its secondary buy-out of leading convenience foods manufacturer Symington’s Limited, from Bridgepoint Capital and its management team. The transaction completed on Thursday 31 May 2012 and will enable Symington’s to fund further bolt-on acquisitions. The company is currently best-known for manufacturing household names such as Campbells, AinsleyHarriott, Chicken Tonight, Aunt Bessie’s and Ragu. ICG is a London-listed specialist investment firm and asset manager providing mezzanine finance, leveraged credit and minority equity.

This is the latest in a string of deals recently completed by BLP’s private equity practice and is the firm’s first transaction for ICG. Other recent mandates have included: advising Patron Capital on its equity investment into Jupiter Hotels Holdings, advising TPG and Patron Capital on their credit bid for the senior loan collateralising the Opera Finance (Uni-Invest) CMBS and subsequent securitisation of the senior loan, advising management on the £44m MBO of Red Commerce, advising the selling shareholders on the £30m sale of Adapt Group to Lyceum Capital and advising Blackstone on its £120m acquisition of ICS with a subsequent bolt-on acquisition from HGCapital of Pulse Staffing.

The multi disciplinary BLP team advising ICG was led by private equity partner Raymond McKeeve, assisted by associate director Richard Stewart and associates Simon Arlington and Maria Lukianchikova. Debt financing advice was provided by banking partner Paul Simcock, supported by senior associate Toby Hewitt and associate Shameer Shah. Tax advice was provided by senior associate Farzana Ali and commercial support by partner Richard Chapman. Intellectual Property advice was provided by a team led by consultant Tamara Quinn.

Commenting on the ICG acquisition, Raymond said “We are delighted to have advised ICG on this significant transaction. In a difficult market landscape where deals are taking longer to execute, the team at BLP and ICG worked collaboratively and to very tight timescales, in order to complete this deal within five weeks.”

Travers Smith acted for Bridgepoint Capital and Walker & Morris acted for management. Debt finance for the transaction was provided by a consortium of debt providers who were advised by Clifford Chance.

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