Morrison & Foerster has advised Newgate Private Equity LLP (“Newgate”), the UK-based specialist private equity (PE) investment business, on the acquisition of London-based PE firm Arle Capital Partners Limited (“ACPL”).
ACPL manages the Candover 2005 and Candover 2008 Funds, as well as various co-investment vehicles (the “Funds”). Following completion ACPL, under Newgate’s ownership, will continue to manage the remaining investments and oversee the orderly wind-down of the Funds. The remaining investment in the Funds is in Expro International Group Holdings Limited (“Expro”), which is to be managed within a newly-established special purpose entity on a basis that provides a materially reduced cost base and greater alignment with investors.
Newgate has been advising the advisory boards of the Funds since October 2016, when ACPL proposed a solvent liquidation of the manager in order that the Funds be wound up.
The MoFo team advising Newgate on the transaction was led by London Corporate head and global co-chair of M&A Graeme Sloan. London Funds partners Oliver Rochman and Rob Mailer were also part of the deal team.
The transaction is subject to regulatory approval and is expected to complete later in 2017. The terms of the transaction were not disclosed.
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