This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.
Nabarro has advised long-standing client, Phoenix IT Group, on a recommended offer by Daisy Intermediate Holdings and funds managed by Toscafund. The offer values Phoenix's share capital at approximately £135 million.
Phoenix is an IT software and solutions company providing business continuity and other services to a broad range of customers. Daisy is a competitor to Phoenix which was taken private in 2014 by a consortium comprising Toscafund, Penta Capital and Matthew Riley.
The Nabarro team was led by head of corporate, Iain Newman, with assistance from Ben Price, Sam Whiteman, Sylvia Elder, Dan Prevezer and Tax partner, Graham Muir. Dickson Minto W.S. advised Daisy.
Steve Vaughan, Chief Executive of Phoenix, commented:
"The Nabarro team has looked after Phoenix well for more than a decade and has provided a calm and reassuring service supporting our strategy to bring financial stability and strategic clarity to our group. Today's offer serves as clear recognition of the success of this strategy."
Peter Bertram, Chairman of Phoenix, added:
"Iain and his team have provided a great service to Phoenix. They have always delivered clear, and most importantly, commercial legal advice to help us meet our business objectives."
Iain Newman, partner and head of Corporate at Nabarro commented:
"It was good to help Steve, Peter and their team bring this transaction to fruition in such a positive fashion and in a way that delivers value for shareholders."