In February 2010 we (finally) completed the £440m MBO of CPA Global, an international patent renewal and intellectual property services business. Two years later we sold the business to Cinven in a secondary buy-out. Although we did not disclose the sale value, the return we made beat our initial expectations.
Travers Smith provided legal advice on the MBO, and DC Advisory and HSBC the M&A advice. PwC and BCG provided us with due diligence and tax advice. BDO acted for the vendors and management.
There were more than 300 shareholders, split into several nominee voting groups. There were several differing views on what they wanted to achieve, and buying out all the shareholders 100% was not going to be achievable.
Download the complete article One for all (PDF)
To read the full article, join the Corporate Finance Faculty and get access to this article, plus all future publications, events and services.