Law Firm Kirkland Fields Hires Two Teams For €3 Billion Private Equity Deal

Kirkland & Ellis sent two separate teams to advise both Bain Capital and BC Partners on a €3 billion private equity deal.

The firm advised the two private equity operations, which entered into a partnership to each acquire 50% of the Italian labels and packaging products company Fedrigoni. This was done through a combination of reinvestment by Bain through a new fund and a new investment from BC Partners.

A different Bain fund was the seller of the deal and received separate legal advice from Latham & Watkins.

Kirkland announced his role as adviser to Bain on the buyer side of the transaction. That team was led by London-based business partners Jacob Traff and Adrian Maguire, and financial partners Matt Merkle and Neel Sachdev, according to the company’s statement.

However, Kirkland also provided advice to BC Partners, in a supporting role alongside White & Case, according to people familiar with the matter. That advice was handled by a separate team led by partner David Higgins, one person said. Kirkland declined to comment on this role.

Although it is relatively rare to set up two teams on M&A transactions, it has become an acceptable practice for law firms to advise separate bidders in private equity transactions. The deal is unusual given that Bain effectively transfers some ownership of the holding company between its funds, requiring it to have buy-side and sell-side advisers.

The White & Case team advising BC Partners was led by Milan-based partner Leonardo Graffi and London and Milan-based partner Michael Immordino, according to a spokesman for the firm.

Latham & Watkins offered a Milan-based corporate team led by Cataldo Giuseppe Piccarreta, alongside business partners Giorgia Lugli and Giovanni Sandicchi, who advised Bain as “selling” advisers for the deal, according to a carrier. company word.

The transaction is expected to close by the end of 2022, according to the press release.

Fedrigoni, which has 4,500 employees, was first acquired by Bain in 2017. Commenting on the new partnership, Fedrigoni Managing Director, Marco Nespolo said: “The last 4 years have seen Fedrigoni undertake a very comprehensive and success, on product portfolio, geographic footprint, go-to-market, operating model, culture and governance.

We look forward to sharing the next leg of the journey with a highly relevant additional investor and partner, whose trust honors us.”

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