Travers Smith has gained a clutch of new clients, including investment banking giant Goldman Sachs, as the City firm continues to make inroads into the private equity arena.
The top 40 UK law firm (pictured) has recently landed its first instruction for Goldman and has also won key first-time roles for UK buyout houses Darwin Private Equity and Silverfleet Capital as well as US investment bank Greenhill & Co.
The Goldman deal, which saw the firm acting for the bank alongside Sirius Equity on the E140m (£111m) acquisition of Jeckerson by Stirling Square Capital Partners, will be seen as a particular coup for Travers. The firm won the role through its links with Italian independent Gianni Origoni Grippo & Partners.
Phil Sanderson, who heads Travers’ private equity practice and led on the Jeckerson deal, told Legal Week: “We would like to be seen as the king of mid-market private equity activity, but we are also extending beyond that and reaching up to a number of the larger clients.”
Darwin and Silverfleet are both mid-market houses. Darwin, which was founded in 2007 by a group from Permira and CVC Capital, targets UK businesses that are worth up to £100m. Silverfleet, which was previously linked to Prudential under the PPM Capital banner, invests in businesses valued at between E75m (£59m) and E500m (£395m).
Travers’ financial results for 2007-08 showed the downside of the firm’s heavy exposure to the private equity market, which has been hit by the credit crunch. Travers reported an increase in revenues of just over 3% while profits per equity partner fell by 7.6% to £755,000.
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