Paul Buchan

Milbank LLP has advised PAI Partners on the sale of M Group Services to CVC. Headquartered in the UK, M Group Services, which supports and partners with major essential infrastructure providers in water, energy, telecom and transport by providing recurring repair and maintenance services, was formed in 2016 from Morrison Utility Services. The business has over 100 years of heritage, employs more than 11,000 people and operates from over 216 locations nationwide. The business has scaled significantly under PAI’s ownership: total revenues have increased from £1 billion in 2018 to over £2 billion today, the order book has doubled in size, and the company has successfully delivered on a strategy to broaden its service offering and move up the value chain. In support of this strategy, the Group has acquired and successfully integrated 14 complementary businesses since 2018. CVC is investing out of Fund IX, its most recent fund that closed at €26 billion in 2023, becoming the largest private equity fund ever raised, and brings substantial experience of investing in and growing UK businesses. The Milbank team was led by partners Jordan Simpson and Lara Watt (both Corporate/M&A) and included associates Adam Chang, Jamie Duncan, Aoibheann Harkin, Catriona Mather and Lisa McKeown (all Corporate/M&A). Specialist input was provided by partners Paul Buchan and James McClymont (both Corporate/M&A), alongside partner Ajal Notowicz and associate Charl Van der Merwe (both Antitrust).

Jun 27

1 min

Milbank LLP has advised PA Consulting on further investment by Jacobs into PA. PA Consulting and Jacobs (NYSE: J) have reached an agreement for Jacobs to acquire the remaining stake in PA Consulting not currently held by it. The total upfront consideration for the remaining stake is approximately £1.216 billion, reflecting a valuation for 100% of the business of approximately £3.05 billion. Jacobs’ further investment in PA creates a global advisory powerhouse – delivering solutions that enhance capital efficiency, accelerate innovation and drive lasting value. The Milbank team provided comprehensive advice across all aspects of the transaction, led by partner Jordan Simpson (Corporate/Private Equity) alongside associates Emily Gidda, Catriona Mather and Mhairi Sinclair, plus trainee Hew Murray (all Corporate/Private Equity). London partner Paul Buchan (Corporate/Private Equity) advised on scheme-related aspects, while New York partners Iliana Ongun (Corporate) and Brett Nadritch (Corporate Finance and Securities) addressed US corporate and securities issues. Specialist advice was provided in London and New York, including by partner Ajal Notowicz and associate Lauren Stoddart (Antitrust and FDI), partner Alan Rafferty and special counsel Shaul Steinberg (Tax), partner Kelly Bartley (Executive Compensation and Employee Benefits), and partner Tom Canning and associate Vasiliki Katsarou (Litigation & Arbitration).

Jan 6

1 min

Milbank LLP has advised Acturis and its shareholders, including co-founders Theo Duchen and David McDonald, on Astorg’s acquisition of an increased stake in the company. Astorg will now own approximately 52% of the capital of Acturis. Alongside Acturis management and colleagues, the co-founders will remain significant shareholders with a sizable minority stake and will continue to partner closely with Astorg to support existing clients and drive the company’s international growth. The Acturis Group was founded in 2000 with the ambition to become the leading SaaS provider for brokers, insurers, and Managing General Agents (MGAs) across the general insurance market. The company employs 1,200 colleagues across seven countries, supporting over 100,000 individual users in more than 40 countries. The company, which has won multiple industry awards for its products, has seen strong organic and inorganic growth in recent years, following expansion into Germany, France, Canada, Ireland, and the United States, in addition to the development of industry leading products and services to meet the growing demand for electronic trading of insurance policies. The Milbank team was led by partners Jordan Simpson, Paul Buchan, and James McClymont (all Corporate/M&A) and included associates Daniel Carolan, Gary Chu, Sophie Hofford, Drew MacDonald, Catriona Mather, and Lucy Reville (all Corporate/M&A) along with trainee George Widdicombe (also Corporate/M&A). Specialist input was provided by partner Ajal Notowicz and special counsel Moritz Lichtenegger (both Antitrust), alongside partner Alan Rafferty (Tax).

Jul 2

1 min

Advent International and the Otto Group agreed to sell Evri to Apollo-managed funds. Milbank LLP advised the Otto Group on the transaction. The transaction is expected to close in the third quarter of 2024. Evri is a leading UK parcel delivery company with a strong national network purpose-built for third-party e-commerce parcels, serving, on average, more than 12 million customers per week. Milbank had previously advised the Otto Group on the sale of a majority interest in Evri (formerly Hermes Parcelnet) to Advent International. The Milbank team included partners Norbert Rieger, Pascal Härdtner (both Corporate/M&A, Munich), Paul Buchan (Corporate/M&A, London), and Rolf Füger (Tax, Munich) as well as associates Catriona Mather (Corporate/M&A, London) and Arne Hammerich (Tax, Munich).

Jul 29

1 min

Milbank LLP has advised Workwell, a leading Employer of Record for UK recruitment, on its transatlantic merger with PGC Group, the market-leading provider of equivalent services in North America. The combined group will have in-country operations across North America, the UK, and the majority of Europe, with further solutions covering the rest of the world. The cross-office deal team was led by London Corporate partner James McClymont and included New York Corporate partner Ross Shepherd, London Corporate partner Paul Buchan and associates Drew MacDonald, Daniel Carolan, Jamie Duncan, Sophie Hofford, Catriona Mather and Ashley Kemper, along with trainee George Widdicombe (all Corporate/M&A). The Milbank team also provided advice on CFIUS, FDI, antitrust and tax led by Washington, DC partner John Beahn, Washington, DC Antitrust special counsel Daniel Rosenthal, London Tax partner Alan Rafferty and New York Tax partner Edward Lemanowicz.

Apr 25

1 min