23 Nov 1999
MERGER OF LAMBERT FENCHURCH GROUP PLC
MERGER OF LAMBERT FENCHURCH GROUP PLC WITH HEATH GROUP PLC
Simons & Simmons advises Hawkpoint Partners on Deal to create World's Sixth Largest Insurance Broker
Leading international law firm Simmons & Simmons was appointed for the first time by Hawkpoint Partners Limited, the financial adviser to HLF Insurance Holdings Ltd ("HLF"), in connection with HLF's recommended cash offer for Lambert Fenchurch Group plc ("Lambert Fenchurch") and the merger of Lambert Fenchurch and Heath Group plc. The merged business will have combined revenues of £250 million, making it the world's sixth largest insurance broker. The offer values Lambert Fenchurch at around £135 million and is one of the largest UK public to private transactions so far in 1999.
The complex merger is funded by senior credit facilities with two arranging banks plus mezzanine financing, with additional equity provided by an investor group led by DLJ Phoenix Private Equity Limited and including a new investor, Advent International Corporation.
The Simmons & Simmons team comprised partner Martin Saywell, Julian Gamble, Alex Iapichino and Andrew Maronge (Corporate Finance), and partner Nick Fisher (Banking).
Notes for editors:
1. Simmons & Simmons is worldclass law firm with offices in London, Paris, Brussels, Düsseldorf, Lisbon, Milan, Rome, Madrid, Abu Dhabi, Hong Kong, Shanghai and New York with over 1,400 staff worldwide. For further information on Simmons & Simmons please visit our website at www.simmons-simmons.com.
2. The Corporate Department at Simmons & Simmons comprises over 220 legal staff (115 in London), including 47 partners (27 in London). It advises on the whole range of corporate finance activity, and mergers and acquisitions as well as other corporate law matters for listed and unlisted companies, in the United Kingdom and overseas.