Dechert Advises Phenna Group Bidco Ltd on Management Buyout from Academy Association Inc.
April 23, 2019
Dechert LLP in London and New York has advised Phenna Group Bidco Limited and the management team, led by Paul Barry and David Harrison, on their MBO of the Phenna Group from Academy Association Inc. The MBO is supported by a debt placement by CVC Credit Partners (“CVC”).
The Phenna Group is an international testing, inspection, certification and compliance (TICC) company, headquartered in Nottingham, England, and was established in summer 2018 to deliver a buy and build strategy within the highly fragmented TICC sector. They aim to invest in and partner with selected niche, independent TICC companies that serve a variety of sectors, ensuring their customers’ peace of mind by delivering first class assurance services. The CVC funding will provide the management team with a committed facility to complete the purchase of Hansen Aerospace LLC and First Scottish Group Ltd, alongside all rights associated with the Phenna Group brand, as well as a number of other near term acquisition opportunities (with three further deals expected to close before the end of May).
Dechert assisted Phenna with financing and tax matters in relation to the MBO. The Dechert London and New York teams were comprised of Corporate & Securities partner Philip Butler and senior associate Smridhi Gulati as lead attorneys, Tax partners Mark Stapleton and Joshua Milgrim, Corporate & Securities senior associate Ed Newlands, associates Ed Bartlett and Zachary Goldberg, and Tax associates Nicolas Kokkinos and Andy Lau.
Philip Butler commented, “We are delighted to support Paul Barry, David Harrison and the rest of the Phenna team in executing this exciting opportunity to take the Phenna business to the next level.”
About Dechert
Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
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