Leading Australasian law firm Phillips Fox has advised on the $A100 million demerger and refinancing of the UK-based Sanderson Group. The Sanderson Group is a global IT services and systems provider. It acts as an adviser and strategic IT partner for clients in the public, finance and utilities sectors.
Under the demerger, the Sanderson Group was divided into three distinct divisions with common markets, strategies and management teams. Each division was separately refinanced with facilities arranged by Barclays Bank plc.
Corporate Partner, Charles Mendel led and coordinated the various Phillips Fox teams working on the transaction. He was assisted by Corporate Senior Associate, Tina Gavel. Barclays Bank plc also instructed Philips Fox to act on the financing aspects of the demerger. Finance Senior Associate, Ben Burney, assisted by Finance Solicitor, Adam Fuller, acted for Barclays. To complete the picture, Phillips Fox was also instructed by the outgoing financier, Dresdner Bank AG. Finance Partner, Bill Chapman, assisted by Finance Solicitor, Vanessa Small, acted for Dresdner.
Mendel said “The transaction involved a number of novel and complex issues across a range of jurisdictions, principally the UK, Australia and the US. Phillips Fox was able to bring a small and very focused team to the deal, which ensured speed of communication, direct and high level client contact and accountability, as well as superior responsiveness.
“The demerger solution represented the latest step in unlocking substantial value from the group and it leads into the current AIM listing in London of one of the demerged divisions. Our work on the demerger earned the instructions of the client to act on the Australian aspects of that listing as well.”
In the UK, DLA advised the Sanderson Group, Ashurst advised Barclays and Lovells advised Dresdner.