Lucy Bullock
Lucy Bullock
Lucy Bullock
Lucy Bullock

Lucy Bullock [is] highly commercial and great to work with.

Legal 500 UK 2025 Private equity: transactions – high-value deals (£500m+)

Biography

Lucy Bullock is the Regional Section Head, EMEA M&A/Private Equity at White & Case based in London, specialising in advising sponsor-held portfolio companies from buy-out to exit.

Lucy advises portfolio companies in connection with their capital structures, consortia co-investment terms, equity recapitalisations, management equity incentive schemes, international reorganisations, post-completion matters following a sponsor buyout, exit preparations and exits.

Lucy also regularly advises companies on their day-to-day general matters including governance and compliance matters and is often the "outsourced" general counsel for a number of companies.

Experience

Recent experience includes:

Representation of Triton Partners:

  • and its portfolio company, Ramudden Global on:
    • its acquisition of Curtin Co., LLC and Carolina Traffic Devices, LLC, a leading North American provider of traffic management; and
    • its acquisition of RSG International, a North American provider of infrastructure safety services
  • its acquisition of WaveLynx Technologies Corporation, a leader in the secure and open mobile-first identity and access control solutions industry
  • its acquisition of O'Connor Trading Holdings Limited, the holding company of a leading UK multi-utility services specialist business operating within regulated infrastructure, from its founders Tim and Tom O'Connor
  • its €943 million sale of DSI Underground, a globally leading system supplier of innovative technologies for Underground Mining and Tunnelling
  • its £1.3 billion recommended takeover offer for Clinigen Group plc, through funds managed by leading private equity firm Triton
  • and its portfolio company, Clinigen on:
    • divestiture of its established brands portfolio to CNX Therapeutics
    • the sale of Proleukin to Iovance Biotherapeutics; and
    • the sale of Lamda Laboratories to Adragos Pharma
    • and its portfolio company, Chevron Traffic Management on its acquisition of Class One Traffic Management (Scotland's leading traffic management company) from its founders Michael Healey and Catherine Tulloch

Representation of Blue Water Energy on:

  • its capacity as 50% shareholder of Apex International Energy L.P. (the seller), in the sale of 100% of the entire issued share capital of Apex International Energy Holdings I to United Energy (MENA) Limited, a wholly-owned subsidiary of United Energy Group Ltd, a Hong Kong listed company
  • the sale of Kent, an engineering international integrated energy services, to Nesma & Partners
  • its launch of Fox Innovation & Technologies (FIT), a platform to service the energy and industrial compressor and rotating equipment market. FIT's first major act is the acquisition of Texas-based Revak Keene Turbomachinery
  • its portfolio company, Pipeline Technique, in relation to its acquisition of the Stanley Oil and Gas business from Stanley Black & Decker, a Fortune 500, NYSE listed international pipeline services and equipment company
  • its acquisition of Sledgehammer Oil Tools, an Indian based supplier of oilfield casing, cementing and completion products
  • its portfolio company, Authentix on:
    • the acquisition of Strategic IP Information Pte. Ltd, a Singapore-based on-line brand and rights protection service
    • its bolt-on acquisition of Dutch company, Koninklijke Joh. Enschedé B.V.
  • the sale of its majority interest in the px Group, a UK based asset manager for the energy and high hazard industrial sectors, to Axiom Group, Ara Partners and px Group management
  • its portfolio company, SG Finco Limited, on its investment in the Severn Glocon Group, one of the biggest manufacturers of control valves for the oil and gas industry
  • its portfolio company, Severn Glocon Global Limited, on its acquisition of ValvTechnologies Inc., a manufacturer of flow control devices
  • its portfolio company, Kentech Corporate Holdings Limited, on its agreement to acquire the oil & gas business of SNC-Lavalin Group Inc.'s Resources Division
  • a 60% stake and Jim Nixon of a 10% stake in Varel International Energy Solutions (Varel) from Sandvik, the Swedish conglomerate, for an enterprise value of US$130 million with the seller, Sandvik, retaining a 30% stake. Varel manufactures and services application specific roller cone and fixed cutter drill bits for the oil & gas industry

Representation of CVC Capital Partners on:

  • and its portfolio company, Alvogen, a global generic pharmaceuticals company on:
    • its sale of its majority stake in Taiwan-listed Lotus Pharmaceuticals and 100% of Adalvo
    • its acquisition of County Line Pharmaceuticals, LLC, a specialty generic pharmaceutical company based in Wisconsin
    • a wide range of advisory matters, including its capital structure, debt related matters and acquisitions, following an investment by CVC and Temasek, including advising Alvogen on the sale of its CEE business to Zentiva
    • on its participation in a US$100 million fundraising by Alvotech Holdings SA, global biosimilars business
    • its participation in the US$ 100 million equity raise of its partly owned subsidiary, Alvotech Holdings Sarl
  • its acquisition of Brightstarr Group (Unily), a market leading Ex SaaS platform enhancing employee engagement for global enterprises with subsidiaries in the US and Australia; and
  • its €3 bilion acquisition of Fimei S.p.A., an Italian holding company controlling approximately 51.8% of Recordati S.p.A.

Representation of Avast on:

  • (prior to its IPO) a wide range of advisory matters following an investment by CVC and Summit, including assisting with exit preparation. Lucy was seconded to Avast during this process;
  • its merger with NortonLifeLock
  • its acquisition of SecureKey Technologies Inc., a Canadian digital identity and authentication solutions provider
  • its sale of a 35% interest in Jumpshot, the US-based digital intelligence company to Ascential, a UK-based media group
  • the carve out disposal of its Family Safety Mobile Business to Smith Micro Software, Inc. for US$66 million
  • the restructuring under a Dutch B.V. holding company and the subsequent sale of a minority stake to a private equity investor Summit Partners LLP
  • the acquisition of certain IP assets from Steel Mountain Systems Corp
  • the acquisition of Piriform, a provider of PC and mobile optimization software including the Cleaner product

Representation of Innovia during its buyout and subsequent high yield bond and subsequently on ongoing advisory and governance matters

Representation of an affiliate of Nordic Capital Evo Epsilon SCA SICAV RAIF (Nordic Capital) on its acquisition of the CARE Fertility group, one of the UK's leading providers of fertility and IVF services

Representation of John Arney and Matthew Harrison in the sale of Arle Capital Partners Limited, a regulated private equity investment manager, to Newgate Capital

Representation of ATP Media Holdings Limited on:

  • the reorganisation of its shareholding structure, which involved the buyout by one shareholder of another
  • the establishment of a new joint venture structure with the ATP Tennis Tour (Tennis Data Innovations) for the exploitation and monetisation of certain data licensing arrangements relating to tennis

Representation of Metric Capital Partners on:

  • its acquisition of a minority interest in JAQ Holdings Ltd, the holding company of Au Vodka Limited, a premium British vodka brand
  • their minority investment in Maileg ApS by establishing a joint venture with Scope Capital
  • its acquisition of a 22.5% stake in Elk Fertighaus GmbH
  • its majority co-investment in two portfolios of non-preforming secured and unsecured loans, intra-group loans and the shares of two Spanish ReoCos
  • its acquisition of Less Mess SA, a European self-storage business, into MCP Fund III from MCP Fund II

Representation of SoftBank on:

  • as lead investor into Tractable's US$65 million Series E investment round at a pre-money valuation of US$370 million
  • as lead investor in a €300 million series D investment into the Rimac Group, a Croatian hyper car company
  • its approximately US$25 million series B round investment as lead investor in Apollo Agriculture, Inc., a Kenya-based agricultural-technology company
  • its investment as lead investor into Information Grid Ltd by way of a convertible loan note instrument
  • as the lead investor in the Series E financing round of Claroty Ltd., an industrial cybersecurity company
  • its investment in SWILE, the new French unicorn specializing in dematerialized meal vouchers and other corporate financial benefits
  • its investment of US$100 million into ContractPod Technologies Ltd, an England headquartered lawtech startup
  • its investment into Zopa Group Limited, an online lending platform based in London
  • its US$130 million investment in the Series B round of Envelop Risk Analytics Limited, a data driven cyber insurance business
  • its Series C investment into Peak AI, a UK based developer of AI software which helps companies in the retail, consumer and manufacturing spaces with their decision making processes
  • its acquisition of a minority stake in Trendyol, the leading Turkish e-commerce platform
  • its investment into Sorare SAS, a French headquartered sports collectibles startup
  • its US$500 million Series E round investment in ContentSquare, the global leader in digital experience analytics
  • as one of the lead investors in a PIPE financing of eToro, an Israeli social trading and multi-asset brokerage company
  • its subscription and acquisition of shares in Sinch AB, a cloud communications services and solutions provider

Representation of Eurazeo SA on its acquisition of up to 34% of BMS Group Ltd, a UK based provider of products and solutions to the insurance and reinsurance industry and large commercial clients, valuing BMS at £1.75 billion

Representation of Novator on:

  • its minority investment into Steel City Interactive Limited, an eSports video game developer based in the UK
  • as lead investor in Cyberspace B.V., the holding company for the Nord Security/Surfshark group, a global leader in internet privacy and security solutions, on its first P1 preferred share financing round, with participation from Burda Principal Investments
  • as lead investor in a Series A round in Vela Games, the Dublin-based game studio
  • its €15 million investment in Klang Games GbmH, an entertainment and game development compay based in Berlin
  • their sale of Mode, a digital financial lender business, to TransferTo, a Singapore-headquartered provider of international airtime transfers, in exchange for a 28% stake in the holding entity of TransferTo

Representation of N + P Beheer B.V., an energy from waste start-up company which has invented a waste pellet, on the buy-out of an existing passive minority investor, taking a 25% investment from Mercuria Energy Trading (an energy and commodity trading group), and the entry into a convertible loan with Mercuria for a further c10% and a call option for a further c.5%

Representation of Hey Habito Ltd, the UK based digital mortgage brokerage service startup, in a venture debt financing transaction with Bootstrap Europe, a specialist provider of debt financing to startups

Representation of ADVANZ PHARMA on its sale to Nordic Capital for an equity value of US$846 million

Representation of Bud Financial Limited, a fast growing fintech company that helps banks connect their apps and data to other fintech companies and financial service providers, on its series B fundraising, primarily funded by PE Investor, TDR Capital LLP

Representation of Bridgepoint Advisers Limited, a leading pan-European private equity firm:

  • and its portfolio company, European Entertainment Intressenter BidCo AB, on the US$966 million cash public takeover offer of Cherry AB, a leading Scandinavian iGaming company
  • and its portfolio company, Diaverum group of the 50% stake in the Diaverum Arabia Company Limited from the Nazer group
England and Wales, Solicitor
Natural Sciences
Cambridge University
English

Named in MergerLinks' 2023 Rising Stars: Top UK PE Lawyers

Named in UK The Lawyer's

Hot 100 list 2022

Named in Law.com's Rising Stars: Europe's Best Up-and-Coming Private Equity Lawyers

Named as a 2021 finalist at the Women in Business Law awards; "Private Equity lawyer of the year" category

Service areas