Food for thought in Wragges deal
Who?
Birmingham law firm Wragge & Co's banking and finance team.
Did what?
Has advised new client Argent Group Europe (AGEL) on its £36m management buyout (MBO) by Fletcher Bay Investment Company.
What does this mean?
The MBO involved FBIC acquiring the whole of the issued share capital of AGEL, a £450m turnover investment company which owns a number of businesses in the food sector. Funded by Lloyds TSB Bank and Lloyds TSB Commercial Finance, the deal has enabled private equity partner Cinven to exit the business. Both Argent and Fletcher Bay are based in London.
Who advised.
Banking and finance partner Paula Laird and director Edward Sunderland of Wragge & Co, with finance from Lloyds TSB Bank and Lloyds TSB Commercial Finance.
Insider comment:
It's a sign of the Midlands law firm's stature that it's handling deals between London-based companies. Laird said: "This complex deal comprised a number of financial structures, including acquisition finance and working capital facilities to fund the management buyout. Taking a commercial approach, we put in place the right structure which not only met our client's objectives, but also delivered a favourable outcome for the other parties involved."
