UK law firm, Pinsents, has completed a wizard of a deal advising the management of Merlin Entertainments Group Limited, which operates the popular London Dungeon and Seal Life centre chain of attractions, on the £72.5 million secondary buyout of the business.
Hermes Private Equity has bought out the interests of Apax Partners and JP Morgan Partners, who originally invested in the successful leisure venture five years ago.
The sale, together with a new banking package agreed with the company’s existing bankers, Hypo Vereinsbank and RBS, reflects renewed interest in the leisure and attraction sector.
The Pinsents team advising management was led by corporate partners, Alan Greenough and Duncan McDonald, assisted by Natalie Hummel-Newell, Sarkis Zeronian, Tina Crudgington and Keith Woodhouse. Specialist advice was provided by John Christian and Suzannah Crookes (tax) and Helen Farr (employment). Tenon Corporate Finance were the financial advisers.
Apax Partners and JP Morgan were advised by SJ Berwin, led by Richard Lever and Nick Smetana; Hermes Private Equity was advised by Linklaters, led by Graham White and Richard Youle. Ashursts advised the banks.