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DLA Piper has advised a syndicate of banks comprising Barclays Bank PLC, GE Corporate Finance Bank SAS and Lloyds TSB Bank plc on their senior funding provided for the acquisition of the Acorn Care & Education Group, the provider of foster care services and schools for children with learning difficulties, by Ontario Teachers’ Pension Plan.
The transaction is Teachers’ first European buy-out since it opened a London office in 2007. Pension funds investing directly in buy-outs is unusual in Europe, although more common in North America.
The DLA Piper team was led by Finance and Projects partners David Miles and Tamsyn Mileham, who were assisted by Michelle Tarpey, Andrew Papworth and Meghna Tiku.
This deal is one of the first buy-outs to be completed in 2010 and this was achieved within a particularly challenging timetable.
David Miles said: “It was particularly pleasing to be involved in one of the first buy-outs to be completed in 2010 with a number of our core institutional clients. This indicates that appetite for acquisition debt funding is returning albeit the market remains challenging in getting deals over the line.”
Teachers’ were advised by Weil Gotshal. Mezzanine financing was provided by Ares Capital, advised by Lovells.
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