Clifford Chance (CC) has acted for Carlyle Group on its first foray into Greece — advising the US private equity house on its acquisition of chemicals distributor Neochimiki for e749m (£600m).
The CC team was headed by London private equity partner, David Walker, who acted alongside finance partner James Butters. Greek law firm Karatzas & Partners advised on local matters.
The deal marks CC’s latest instruction from Carlyle since it was first instructed in 2002 to advise on Carlyle’s investment in defence and security technology company Qinetiq. In October last year it advised Carlyle on its acquisition of a German real estate portfolio.
Neochimiki, which is listed on the Athens stock exchange, turned to Skadden Arps Slate Meagher & Flom, where London corporate partner Shaun Lascelles led proceedings. The US law firm acted with Greek practice M&P Bernitsas.
Walker told Legal Week: “It is the first deal that Carlyle has done in Greece and is a complex public-to-private in a market that has seen few leveraged buy-outs. This is an interesting example of private equity houses looking at innovative transactions
in new jurisdictions in what continues to be a very competitive market.”
Traditionally US giant Latham & Watkins has had a close relationship with Carlyle in the US and Europe but, in recent years, other firms have started working with the private equity house.
Earlier this year Carlyle Capital, a subsidiary of the group that was set up in 2006, turned to Skadden London restructuring partner Chris Mallon for advice when it went into liquidation. The high-profile collapse saw the company defaulting on debts worth $16bn (£7.8bn), with Link-laters winning a role advising Carlyle in the Netherlands.
