THE private equity team at solicitors Wragge & Co has advised Lloyds TSB Development Capital (LDC) on the acquisition of UK outdoor clothing retailer Mountain Warehouse.
LDC acquired a significant minority holding in the group in a transaction valuing the business at more than £50m.
Corporate partners Maurice Dwyer, Ian Piggin, Kirsty Jefferies and David Marshall advised LDC on the transaction, which also involved advising on the senior debt facilities provided by the Royal Bank of Scotland.
With RBS and LDC’s backing, Mountain Warehouse aimed to have more than 200 stores and an annual turnover of £100m by 2014, Wragge & Co said.
Mr Piggin said: “As a long-standing and valued adviser to LDC, our clear understanding of its objectives enabled us to reach a successful outcome.
“Retail is a key area for LDC, and this strategic investment is an exciting move for Mountain Warehouse, which will help set the stage for its growth plans.”
Carl Wormald, who led the investment for LDC, added: “LDC is an active investor in the retail sector and this latest deal provides an exciting opportunity to realise the potential of the Mountain Warehouse business.”
The team worked with LDC’s Carl Wormald, John-Paul Preston and Bertie Aykroyd.
Logos advised the seller KCAJ, Freshfields Bruckhaus Deringer advised lender KSF bank on its refinancing, Macfarlanes acted for RBS and Geldards advised the management team.
LDC supports management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions.
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