This overview of a complex and often misunderstood subject takes the reader through the issues that are faced throughout the life cycle of a private equity investment, from the identification of an opportunity, through the various stages of the transaction and the lifetime of the investment, to the eventual exit by the investor. The analysis of key documentation and legal issues covers company law, employment law, pensions, taxation, debt funding and competition law, taking into account recent legal developments such as the Companies Act 2006, the recent emergence of private equity in the UK and the challenges faced by the industry as a result of the financial crisis.
Geoff Yates is a corporate partner with Addleshaw Goddard LLP, where he specialises in private equity. He has acted for many years for both private equity houses and management teams on a range of transactions including MBOs, MBIs and take private transactions. A member of the CBI Companies Committee, he is a regular public speaker on private equity and company law matters. Mike Hinchliffe is a partner at Addleshaw Goddard LLP, with over 10 years' experience advising private equity firms, banks and investee companies in the UK on MBOs, MBIs, development capital and venture capital transactions. He also advises a number of private equity investors in relation to the ongoing management of their portfolio companies and exit transactions.
1. An introduction to private equity; 2. The deal process and preliminary matters; 3. Transaction structures and deal documents; 4. Acquisition issues; 5. Equity documentation; 6. Debt funding; 7. Employment issues; 8. Pensions; 9. Taxation on private equity transactions; 10. Public to private transactions; 11. Living with the investment; 12. Secondary buyouts; 13. Exits.