Global law firm White & Case LLP has advised the first new fund raised by Arle Capital since its spin out from Candover in 2009 on its acquisition of the Innovia Group for an enterprise value of €498 million.
Headquartered in Cumbria, Innovia is an international manufacturer of high quality, speciality film for its key markets of labels, overwrap, packaging and polymer banknote substrate. It employs around 1,600 people worldwide and, earlier this year, won the Bank of England contract to supply substrate for the new polymer £5 and £10 notes.
The White & Case team, led by long-term adviser to Arle, Ian Bagshaw, were appointed to advise Arle Capital, as manager of the newly raised Arle fund vehicle. The transaction involved the acquisition of Innovia from the Candover 2001 Fund who were separately advised. The newly created Arle fund structure enables investors to acquire assets using Arle's platform on a deal by deal funding basis as opposed to putting up funds in a "blind pool" at the outset. Accordingly, the deal involved an acquisition process running alongside a fund-raising and investor diligence process.
London-based White & Case Partner Ian Bagshaw, the Firm's EMEA co-head of private equity, said: "It is exciting to be part of this highly innovative deal which combined fund raising, fund structuring and a leveraged buy-out, and I am delighted we were able to advise long term clients Arle and Innovia on this landmark transaction."
Arle has managed Innovia since 2009 and earlier in 2014 refinanced the business and raised €340 million via a high yield bond issue which White & Case also advised Innovia on.
John Arney, Managing Partner of Arle, said: "The team at White & Case were integral to the delivery of a smooth and efficient process that complemented the team at Arle and allowed us to complete this multi-faceted transaction in relatively short order."
The White & Case team which advised Arle and Innovia was led by partner Ian Bagshaw and included partner Ross Allardice and associates Lucy Bullock, Nicole Vella and Mark Evans. Employment support was provided by partner Stephen Ravenscroft and counsel Euan Fergusson while partner Nicholas Greenacre provided pension support.
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