Clifford Chance’s Equity Capital Markets practice continues to break new ground having advised on the first IPO carried out by The Blackstone Group in Europe – the IPO of Southern Cross Healthcare.
Shares in Southern Cross, an independent provider of residential and nursing care services, began trading on the London Stock Exchange on 12 July 2006 with a market capitalisation of £423 million based on the offer price. On Admission, Southern Cross had an enterprise value of £563 million.
The IPO has strengthened Clifford Chance’s relationship with The Blackstone Group and demonstrates the firm’s ability to guide private equity clients from initial acquisitions to exits. A private equity team, led by Ian Bagshaw, advised The Blackstone Group on the acquisition of Southern Cross (September 2004), the public to private of NHP plc (February 2005) and the subsequent re-organisation of Southern Cross and NHP into an operating business (April 2005). Furthermore the firm advised Southern Cross on the acquisition of the Ashbourne Group (November 2005) and the sale of the NHP property portfolio to RBS (March 2006).
The IPO team was led by UK and US Capital Markets partners Adrian Cartwright and John Connolly and Private Equity partner Ian Bagshaw with the support of partners Roderick McGillivray (Banking), Kevin Thompson (Pensions) and Bruce Hedley (Employment).
Linklaters represented Morgan Stanley and UBS as Joint Global Co-ordinators.