Eversheds has scooped a lead role advising Icelandic food producer Bakkavor on its acquisition of UK foods group Geest. The national giant is acting opposite Freshfields Bruckhaus Deringer.
Expected to complete by May, the deal sees Bakkavor subsidiary Bakkavor Invest acquire Geest in a deal that creates a convenience food group with a combined turnover of more than £1bn.
Bakkavor holds a 20% stake in Geest, which was formed in 1935 and employs over 10,000 UK staff. Geest will de-list from the London Stock Exchange after the takeover.
Eversheds is advising regular client Bakkavor, fielding a team under Birmingham-based corporate partner and regional private equity head Guy Green and corporate partner Keri Rees.
Eversheds sealed its first major deal for the client in 2001, acting on the £100m acquisition of Wembley-based food producer Katsouris Fresh Food. At the time, the deal was hailed as one of Iceland’s biggest-ever corporate acquisitions.
The national firm’s Midlands arm bagged the client after advising UK chilled foods producer Wine & Dine on its acquisition by Bakkavor in 2000.
Green said: “We have acted [for Bakkavor] on a number of deals in the past, but this is the largest.”
Freshfields corporate partner Julian Long advised the target. Additional advice was provided by joint head of employment, pensions and benefits Jocelyn Mitchell, competition partner Nicholas Spearing and tax partner Jonathan Cooklin.
