Corporate/M&A: Scotland

Dickson Minto WS is widely regarded as a market-leading corporate law firm in Scotland. It boasts a team of experienced, commercially aware lawyers who act on numerous complex deals. The firm's clients include a number of investment funds, including Artemis, Standard Life, Martin Currie and Baillie Gifford. Highlighted transactions include acting for convenience chain Botterills in its sale to Scotmid. The team also acted for insurer Esure and private equity firm 3i.

KEY INDIVIDUALS Bruce Minto is founding partner and, according to feedback, ranks among the leading figures in the market. Partner Ewan Gilchrist holds a specialism in dealing with investment fund transactions, whilst Colin MacNeill is deemed a "good guy to deal with." He acts for Fitness First. The "experienced and widely known" Kevan McDonald acted for Botterills in its sale to Scotmid.

This "first-class" team regularly advises on high-end transactions in the Scottish market. It has been dealing with an increase in advisory and restructuring work, and attracted numerous instructions from clients in the technology, engineering and digital sectors. Practitioners also recently acted for Murray International Holdings Group and advised established client Standard Life on the part-acquisition of a London-based hedge fund. Interviewees affirm that the group generates "realistic expectations and goes out of its way to assist."

KEY INDIVIDUALS Financial services specialist Michael Polson is felt to be a "good operator who knows what the client wants." Douglas Crawford is head of the corporate team and focuses on transactions in the private equity and energy sectors. Sources say he has "a top-class commercial brain." Clients describe David Davidson as a "great operator." He specialises in private equity and assisted Murray International Holdings in a reorganisation of the company. Stuart Maclean was on hand to act for Souter Investments in its acquisition of yacht manufacturer Sunseeker International. Graeme Bruce is singled out for his good manner and understated demeanour. He recently acted on a cross-border European merger for Maag Pump Systems.

This large corporate team has offices in Edinburgh and Glasgow and is recommended by clients as their "first point of call for a cost-effective and responsive" service. It boasts an enviable client base that includes a number of FTSE 100 companies as well as a strong standing in dealing with restructuring-led transactions. Practitioners also have experience of acting for the energy sector, as underlined by the team's work for Cairn Energy in the £5.65 billion sale of a stake in the client's Indian subsidiary. The funds sector has also provided a steady stream of work. Aberdeen Latin American Income Fund instructed the group over a listing on the LSE.

KEY INDIVIDUALS Stephen Trombala advises on equity capital markets, M&A and financial services transactions. Interviewees note that "the quality of his advice is great: he is very well informed and goes the extra mile for us." Stephen Gibb is deputy chair of the firm and focuses on the drinks and renewables sectors. Top clients that he acts for include Heineken. Paul Hally is an oil and gas specialist, counting Cairn Energy, Bowleven and ScottishPower among his clients. Andrew Blain acts for the likes of Scarborough Property Group and Stagecoach Group. James Will is chair of the firm and still very much involved in client relationships. Sources say that he is "a delight to deal with." Daniel Lee advises on M&A and joint ventures and heads the food, drink and leisure group. Sources indicate that he is "bright, personable" and has "a great appetite for deals."

Maclay Murray & Spens advises an impressive list of clients on major restructurings, corporate financings and banking transactions. Peers reveal that the group has "a raft of good people" who are "sensible and a pleasure to deal with" when on the other side of a transaction. The group acted for established client Aberdeen Asset Management on the acquisition of fund management contracts from RBS Asset Management and advised natural gas expert Composite on an investment of USD7 million by Dart Energy.

KEY INDIVIDUALS Michael Livingston is perceived by sources as "exceptional: a good solicitor and a good businessman who captures what you're trying to achieve." Corporate head Kenneth Shand is a "sensible, pleasant chap" who "doesn't get bogged down with legal nuances." Hilary Kane acts on M&A, joint venture and outsourcing transactions. She is head of the firm's public sector group and counts the Scottish Government and Scottish Police Services Authority among her clients.

A merger with McGrigors ups this firm's tally of Scottish offices to five as it continues to house "polished and prepared" team is strongly recognised for handling transactions in the energy sector. Sources indicate that "the team understands our business culture" and highlight members of the group as being "good at communicating and providing regular updates." The team acts on an increasing number of renewables deals, including advising AES on its acquisition of wind power company Your Energy. Its international credentials are also underlined by its work for Canadian and Australian energy companies.

KEY INDIVIDUALS Corporate head Barry McCaig is felt to be a "robust negotiator" and has been greatly active in renewable energy. Kevin Devanny advises venture capitalists and secured lenders on a range of transactions, whilst John Rutherford has more than two decades of experience acting on a range of deals. His practice has an emphasis on oil and gas transactions. Senior associate Jonathan Kirkwood is "proactive, commercially aware and knows what clients want," according to research. He is based in Aberdeen, from where he advises the energy and higher education sectors. Derek Stroud is a "sound, pragmatic chap who gets to the point." Sources add that he is "affable, clever and leaves no stone unturned." He advises Strathclyde Pension Fund on its private equity investment programme.

Burness garners praise from interviewees for its "practical approach and resolution of issues." Indeed, the team possesses a "depth of knowledge and a broad range of skills and expertise." It has recently recruited two new partners and counts blue-chip and private equity customers among its clients. Highlights include acting for BlueGem private equity fund in the £42 million takeover of London's landmark Liberty store and fabric business. Practitioners also advised STV in the disposal of Pearl & Dean to Empire Cinemas.

KEY INDIVIDUALS Corporate head Peter Lawson leads on a number of significant deals and is widely admired by his peers. Mark Ellis specialises in private equity and venture capital. Sources say that he offers "expertise and thorough preparation" and is "smart, knowledgeable and understands what makes things tick in terms of risk management." Associate Sarah Bone is praised for her straightforward style. She is "extremely helpful and offers practical solutions." She acted for Sol Group in the acquisition of Dolby Healthcare. 

This practice continues to act for big-name clients and benefits from the firm's strong UK network and ability to handle multi-jurisdictional deals. Recent highlights include advising Norwegian firm Energy Venture on the NOK170 million purchase of Well Read Services. Practitioners also advised established client Capita Group on the acquisition of NB Real Estate Group. In addition to corporate transactions, the group has also lent its advice to fund-raisings and company reorganisations.

KEY INDIVIDUALS Simon Rae is managing partner of the firm and an experienced corporate practice head. He led a team advising on the sale of dns. Paul Pignatelli stands out for "engaging with clients responsively, knowledgeably and thoughtfully." Another source adds that he responds "quickly and accurately to client requests." Neil Burgess acts on M&A deals and is recognised for his expertise in the healthcare sector.

In a challenging market, the MacRoberts team has been resilient and continues to advise on major deals involving national and international clients. It acts for cash-rich buyers, strategic investors and equity houses seeking to make acquisitions and investments. Clients say the team is "very efficient and turns work round quickly," and "unlike some firms, there is no posturing, just practical law." It acted for Scottish News Consortium in a successful bid for the STV news service. It counts Sinclair Knight Merz Group of Australia and Shanks Waste Management among its international clients. Sources add that "their commitment is outstanding: they are dynamic, proactive and work through the night if necessary."

KEY INDIVIDUALS Robert Burns is a "business-savvy" partner who advises on a welter of corporate finance concerns. He acted for the vendors in the sale of Botterills. Head of team Alan Kelly acted for Johnston Press in the £160 million acquisition of the Scotsman newspaper group. Sources say he is "intelligent, knows his subject matter well and is aware of costs."

Aberdeen-based Paull & Williamsons has benefited from the booming local oil and gas market. Clients also add that "they have got the funding side of the Aberdeen market sewn up." The group advises on IPOs, equity investments and M&A deals, including a number of multi-jurisdictional transactions. Recent highlights include acting for Lime Rock Partners over a NOK50 million investment in Norwegian drilling technology company Reelwell. Sources have only positive comments for a team that is "attentive, accurate and offers good value for money." One adds that "you get a lot of the partners' time."

KEY INDIVIDUALS Jamie Stark has extensive experience in M&A transactions, private equity and bank financing work, primarily for clients in the oil and gas service sector. He has a good grasp of deals involving international financial institutions. Kenneth Gordon is head of the corporate group and is considered "the ultimate professional." He advises national and international private equity investors in the energy sector. Sources say that he "fights a client's corner with integrity."

This growing team at Anderson Strathern advises a range of national and international clients on an array of corporate transactions. It has seen increased activity in financing and refinancing, private equity, commercial contracts and work for the public sector. Highlights include advising The Crown Estate over lease agreements for innovative wave and tidal electricity projects in the Pentland Firth & Orkney Waters. It also acted in a private equity deal for Glasgow City Council on development of the Athletes' Village for the 2014 Commonwealth Games.

KEY INDIVIDUALS Bruce Farquhar is a corporate finance expert and head of renewables at the firm. He "understands a client's business" and is known for his pragmatic mindset.

This team has been bolstered by the addition of three new partners from rival firms and advises on M&A, private equity and venture capital-led transactions. It continues to acquire new clients and diversify into technically complex deals. Practitioners recently acted for aerospace and automotive giant GKN on a pension deficit restructuring strategy worth £331 million. They were also on hand to advise Total Safety in acquiring Scotsafe Testing. Interviewees claim that the practice is "full of energy" and "works hard around the clock." 

KEY INDIVIDUALS David Allan is an experienced figure who acts for a number of expanding technology companies. Sources deem him "a good all-round commercial operator - sensible and pragmatic." Julian Voge heads the corporate team. Sources say he "does not go in for point-scoring, even in acrimonious cases; finding a solution is his priority." William McIntosh joined the firm from Lindsays last year and is renowned for venture capital and cross-border M&A work. He is "really engaging, personable and has lots of energy," according to client feedback. Catherine Feechan has significant experience of M&A and corporate finance deals, including AIM listings.

CMS Cameron McKenna LLP's Scottish headquarters can be found in Aberdeen, although the firm also has an office in Edinburgh. The team focuses on M&A and upstream oil and gas transactions, and is said to enjoy a good profile in the local market. Clients remark on the team's "personalised approach" and an ability to provide "flexibility without losing legal rigour." The team boasts several major oil and gas companies as clients. Highlights include acting for BP in the sale of assets in the USA, Canada and Egypt to Apache Corporation for USD7 billion.

KEY INDIVIDUALS According to interviewees, Frank Fowlie "combines negotiating skill with flexible, commercial flair." He specialises in transactions for the energy sector and led the team acting for Mitsubishi Power Systems Europe in its acquisition of Artemis Intelligent Power.

Sources say the team offers "in-depth expertise" and lawyers who are "knowledgeable, personable, down-to-earth and good listeners." Despite a slow M&A market, the firm is busy advising family-owned and employee-owned businesses and high-growth technology companies, as well as financial clients. Clients include the Scottish Family Business Association, Highlands & Islands Enterprise and institutions such as Clydesdale Bank.

KEY INDIVIDUALS Donald Munro is head of the business advisory team and has made a name in representing family-owned businesses. Clients remark that he is "very much a leader: clear-thinking, with exceptional insight and strength of character."

HBJ Gateley has been handling an upturn in fund work as well as the renegotiation and restructuring of shareholder arrangements. It offers advice to a mix of start-ups and entrepreneurial individuals, as well as established private and publicly quoted companies. It recently acquired Scottish Resources Group as a client, a company that has interests in conventional and renewable energy. It also acts for clients in the finance and food and drink sectors. Sources remark that the team is "sensible and flexible on billing."

KEY INDIVIDUALS Andrew Ley is "technically brilliant," feedback reveals. Sources add that he is a "lateral thinker" and a "capable negotiator who can empathise with the other side on a deal." Graeme Henry is deemed "an entrepreneurial figure" by interviewees.

Morton Fraser is deemed user-friendly and garners praise for its "down-to-earth approach and lack of posturing." The team specialises in advising the owner-managed and SME sectors, where it earns praise for providing "good value for money" and "a partner-led service throughout the transaction." It advised MGB Biopharma in a high-profile fund-raising from private equity backers for the development of an antibacterial drug. Sources claim that "they are quick to respond and have a sound commerciality that is sometimes lacking in other firms."

KEY INDIVIDUALS Department head Adrian Bell provides "no-nonsense, straightforward legal advice" and "doesn’t get caught up in legal point-scoring." Iain Meiklejohn recently joined the firm from Shepherd and Wedderburn as a consultant.

Biggart Baillie LLP's team has recruited new members and it is felt to have regrouped since several staff departures last year. Clients report that the group proceeds by "negotiation rather than confrontation" and add that "fees are reasonable for such an excellent service." It acted for Maven Capital Partners on an equity sale.

KEY INDIVIDUALS Wayne Lawrence heads the work of the team.

This Aberdeen-based team is felt to deliver "great service" and has been dealing with an increase in activity in recent months. Sources commend the team for its "helpful, supportive lawyers" and add that it is "responsive when things need to be turned round quickly." In addition to its penetration of the oil, gas and and public sectors, the team is diversifying into advising on renewable energy projects.

KEY INDIVIDUALS Malcolm Laing is a senior figure in the team and brings his experience to a broad range of corporate transactions.

This Edinburgh team specialises in venture capital and business angel investment in SMEs, the technology sector and start-ups. Clients say: "The team recognises the realities of business needs." Recently the firm has developed its dispute resolution and IP capabilities to support its corporate finance work. It acts for the Enterprise Capital Fund.

KEY INDIVIDUALS Stuart Hendry has earned a solid reputation in acting for business angel investors. Clients say he is "hard-working" and gets the best for them.

This team is felt to be "efficient at using its resources" and "good at avoiding over-manning a transaction." The team has been advising both domestic and international clients on an assortment of corporate transactions. Highlights include acting for Tom Morris on the sale of the company's issued share capital to the St Andrews Links Trust. It also advises liquor group Whyte & Mackay. Clients benefit from the firm having offices in Scotland and London.

KEY INDIVIDUALS Department head George Frier is a "no-nonsense lawyer" who "sees all the issues and does a good job of arguing his clients' cases."

Clients say this Aberdeen-based team has a "can-do attitude" and dispenses "timely responses" to clients. It focuses on clients in the oil and gas sector, which has remained buoyant despite the economic downturn. Services include fund-raising and corporate reorganisations and acquisitions. It acted for Eland Oil & Gas on equity funding for oil and gas exploration in West Africa. It also advises engineering and technology clients.

KEY INDIVIDUALS Ewan Neilson leads the work of the group.

This experienced team advises clients in the oil and gas, renewables and healthcare industries. The firm offers a partner-led service and "prompt, professional standards." Sources also value the team for "listening well." A recent highlight was acting for US-based Probe Holdings in its acquisition of Syntergy.

KEY INDIVIDUALS Granger Brash is a key contact. 

Clients praise this team for being "quick to respond to clients’ requirements" and providing "proactive advice." The firm represents high-growth SMEs and family-run and owner-managed businesses, as well as business angel syndicates. Amidst a challenging economic climate, Wright, Johnston & Mackenzie has diversified into representing the renewable energy sector with some success. Instructions concerning IP, private equity and franchising have also generated work for the practice.

KEY INDIVIDUALS Ken Long specialises in acquisitions, disposals, private equity and Scottish limited partnership vehicles. Sources say he is "diligent and knowledgeable."