Private Equity: France

THE FIRM This well-respected firm handles a large volume of high-end private equity transactions and LBO debt restructuring work. The team is especially well known for its expertise in LBO financing, and includes a highly regarded fund formation practice. Recent highlights include advising Charterhouse on its acquisition of Bureau van Dijk from BC Partners.  

Sources say: “Good at building solid client relationships.” “A bespoke service.”

KEY INDIVIDUALS Mezzanine financing expert Guy Benda has recently taken a lead role on a number of complex large-cap deals. He recently advised both the sellers of CEP.

LBO specialist Nicolas Barberis maintains his activity in high-end transactions and was also involved in the sale of CEP.

Managing partner Bertrand Delaunay is highlighted as being “client-focused and commercially aware.” 

Xavier Comaills heads the firm's fund formation practice and is best known for handling secondary portfolio transactions and complex fund structuring.

Clients praise Yann Gozal's "proactive approach." He has particular expertise in tender offers and public-to-private transactions.

THE FIRM This independent domestic firm is active on both the buyer and seller sides of mid-market transactions, and continues to be busy despite challenging market conditions. The team acts for a range of domestic and foreign funds, and its relationships with other independent private equity firms across Europe give it a distinct advantage on cross-border matters. Recent highlights include advising Astorg Partners on its sale of Trescal to 3i and TCR.

Sources say: “Whatever the situation, they can handle it.”

KEY INDIVIDUALS The “versatile” Olivier Tordjman has extensive corporate expertise and well-honed knowledge of all aspects of LBOs.

Bernard Ayache has been involved in a series of growth capital deals of late, as well as buyouts and exits, and is “a negotiator you are always glad is on your side,” say clients. 

David Ayache enters the rankings following excellent client feedback. As one source enthuses, “he offers more than just legal advice.”

THE FIRM This well-regarded firm was involved in a series of headline large-cap transactions in the first half of 2011, and has built its presence in the mid-market since the second crisis and the disappearance of high-end leverage. The team brings market-leading corporate expertise to private equity matters, and clients benefit from its strong relationships with firms in other jurisdictions. Recent highlights include advising BPCE on the sale of Foncia, in a transaction with a total value of more than EUR1 billion.

Sources say: “Excellent over the table, with very deep technical knowledge. The lawyers are able to help us with structuring as well as with negotiations, and they have great commercial awareness.”

KEY INDIVIDUALS Olivier Assant specialises in cross-border deals and transactions combining public and private elements.

Benjamin Kanovitch is praised as “a commercially minded lawyer who can be relied on for all issues.” He recently advised Eurazeo on its EUR418 million acquisition of a 45% stake in Moncler.

Sources consider name partner Sébastien Prat to be an excellent negotiator and “solution finder.”

THE FIRM This boutique firm enters the rankings on the back of enthusiastic praise for its venture capital practice. The team has deep knowledge of the private equity field, and recently advised Crédit Agricole Private Equity on a EUR4 million round of financing for Ergoland.

KEY INDIVIDUALS Venture capital specialist Denis Marcheteau is the main contact for the team.

THE FIRM Cleary Gottlieb maintains a strong market presence and has worked on headline transactions for prestigious clients of late, including Qualium Investissement and TPG. Sources are quick to comment favourably on the team's capabilities in complex international deals.

KEY INDIVIDUALS Highly respected practitioner Jean-Marie Ambrosi recently represented First Reserve in its EUR670 million acquisition of the Metallum Group.

THE FIRM This firm has been particularly active in the mid-market of late, advising on primary and secondary LBOs despite the difficult financial conditions. The solid private equity team works with investment funds and family shareholder groups, and is supported by the firm's respected tax and employment practices. Recent highlights include advising the family shareholders involved in the sale of Saverglass.

KEY INDIVIDUALS Philippe Rosenpick leads the firm's private equity practice and has substantial experience of capital markets and public M&A, as well as private transactions.

Sources praise Jean-Robert Bousquet's “dynamic and professional” approach.

THE FIRM This seven-lawyer practice has significant experience in counselling management, and is regularly involved on the management side of headline LBO transactions, often structuring and negotiating complex packages for executive teams. Recent examples include advising management during the sales of Conforama and Groupe B&B. The team also advises sponsors, buyers and sellers on transactions in the small and mid-cap markets 

Sources say: “The lawyers are available throughout the process and deal well with a high workload. An excellent choice for management packages.”

KEY INDIVIDUALS Henri Pieyre de Mandiargues has more than a decade's experience in advising high-level executives during MBOs. He also handles public and private M&A transactions and deal financing.

THE FIRM This well-respected corporate firm has an unrivalled reputation for public M&A work and is active in the private equity market. The team advises prestigious investors, sponsors and sellers, predominantly on large-cap matters. Recent highlights include advising SODIAAL on PAI partners' sale of its stake in the Yoplait joint venture with SODIAAL.

Sources say: “Technically exceptional.” “Pragmatic and commercially minded.”

KEY INDIVIDUALS Olivier Diaz heads the firm's private equity activities and is a key point of contact.

THE FIRM Focusing particularly on mid-cap LBOs, this firm maintains a presence in the private equity market. The team advises both investment funds and senior lenders, and recently acted for 21 Centrale Partners on its sale of Vulcanic.  

KEY INDIVIDUALS Jean-François Pourdieu heads the firm's private equity work and specialises in mid-market LBO transactions. Sources highlight him as being "intelligent and deal-focused."

THE FIRM This renowned French firm continues to develop its activity in the private equity market, and has been strengthened by a number of recent recruits. The versatile team can advise on all private equity matters, but focuses particularly on LBOs, fund formation, management packages and venture capital. The team further benefits from the corporate expertise available throughout the firm as a whole.

KEY INDIVIDUALS Jean-Luc Bédos co-heads the firm's global private equity activities. He has vast experience in leveraged deals and management packages, and unique expertise in acquisitions and fund structuring in North and Sub-Saharan Africa. 

Pierre Jouglard recently joined Salans from SNR Denton and advises on all elements of transactions. Sources highlight his particularly strong knowledge of mezzanine financing.

THE FIRM This firm recently absorbed enterprising boutique, Frieh Bouhenic. The team handles a high volume of small and mid-cap LBOs, as well as some occasional high-end work. 

KEY INDIVIDUALS Michel Frieh is considered a "legend" by sources, and maintains an exceptional presence in the private equity marketplace. 

THE FIRM This sizeable team at this international firm often handles particularly complex matters and stands out for its expertise in public-to-private transactions. Recent highlights for the team include advising Cinven on its acquisition of strategic minority shareholders in Camaïeu, and on the clothing company's subsequent delisting.

Sources say: “Strong technical capabilities and excellent commercial understanding.”

KEY INDIVIDUALS Corporate expert Jean-Claude Cotoni took a lead role on the Cinven transaction.

THE FIRM This well-regarded French firm has a respected venture capital practice and remains active in the buyouts market. The private equity team is noted for its strength in the complexities of acquisition financing, particularly alternative financing methods.  

KEY INDIVIDUALS Serge Tatar regularly advises on matters pertaining to listed and non-listed companies, and is highlighted for his well-honed knowledge of mezzanine financing.

Pierre Karpik is an established figure in the venture capital sphere and has had a successful twelve months.

Since publication, Serge Tatar has joined Lacourte Balas Raquin

THE FIRM Jones Day is at the forefront of the French venture capital market and remains exceptionally active, especially in the pharmaceutical and hi-tech sectors. Although it specialises in venture capital, the firm also offers a full range of private equity services and has recently dealt with a series of LBO transactions. It has also handled venture capital financings and venture capital exits through both trade sales and IPOs. Notable highlights include advising Cellectis on a EUR50 million private placement to the FSI and Pierre Bastid to finance the acquisition of publicly listed company Cellartis.

KEY INDIVIDUALS The "outstanding" Charles Gavoty recently advised DFJ Esprit and Elven on a EUR19.8 million investment in Qosmos.

Daniel Schmidt recently joined the firm. He focuses on fund formation and peers say "he is known countrywide as a real specialist."

Sources are unanimous in their praise of Renaud Bonnet, who recently acted for Talend on a USD34 million Series F round of financing. 

THE FIRM This compact firm is highly active in the small-cap market. The team frequently advises on LBOs and venture capital transactions, and benefits from the broad corporate expertise of the firm as a whole.

KEY INDIVIDUALS Peers consider Olivier Renault to be a leader on small-cap LBOs.

THE FIRM Latham & Watkins has one of the largest private equity practices in France, and is widely recognised as a market leader in the field. It stands out for its depth of experience, regularly advising investors, sellers, managers and lenders. The firm's specialised private equity practice adds to its credentials and strengthens its ability to advise on any aspect of a private transaction. Active clients include AXA Private Equity, Sagard Private Equity and Advent International.

KEY INDIVIDUALS Thomas Forschbach chairs the Paris office's corporate department and leads the private equity practice. He earns respect from clients and peers alike, and has long been considered an outstanding lawyer in the field. 

Corporate expert Olivier du Mottay recently advised Weinberg Capital on its acquisition of Group Climater.

Sources note Nathalie Alibert's ability to inspire confidence on a deal. 

Gaëtan Gianasso was a key lawyer on AXA Private Equity's EUR500 million acquisition of Photonis.

THE FIRM This well-established international firm has an excellent reputation in private equity and offers the full range of corporate legal services required to facilitate complex transactions. The sizeable team has been active of late on a variety of large and upper mid-cap deals, and is highlighted for its ability to manage and co-ordinate intricate proceedings. Interviewees consistently highlight the team's high standards and technical prowess.

Sources say: “Comprehensive knowledge of a range of fields.” “The firm's internal organisation saves me time and adds value.”

KEY INDIVIDUALS Fabrice de La Morandière heads the firm's corporate department and recently advised CVC Partners on its investment in Delachaux.

Vincent Ponsonnaille took a lead role in AXA Private Equity's acquisition of a 52% stake in publicly listed company Outremer Telecom. 

Clients consider David Swinburne as “culturally bilingual” and an invaluable asset on Anglo-French transactions.

THE FIRM Mayer Brown is undoubtedly a leader in mid-market private equity transactions, and has been equally visible at the higher end of the market of late. Recent highlights include advising LBO France on its EUR2.5 billion sale of Converteam to GE, and acting for Bridgepoint/Eurazeo on the structuring, financing, tax and management package elements of the EUR1.017 billion acquisition of Foncia. The team is strengthened by the firm's broad corporate capabilities, including its recently expanded capital markets practice.

Sources say: “A complete team for private equity, financing and M&A matters.”

KEY INDIVIDUALS Xavier Jaspar is experienced in handling transactions involving both private and public companies, and took a lead role on the sale of Converteam.

Guillaume Kuperfils led the firm's involvement in the Foncia acquisition and focuses on representing major funds and investors.

THE FIRM The team at this international firm focuses on venture capital matters and handles a substantial volume of investments. It has been notably active in the e-commerce and life science sectors of late. As well as venture capital, the team regularly advises on growth capital and exits, and has a respected fund formation practice. The Paris office is able to call on the firm's emerging business and technology expertise, giving it a particular advantage on cross-border matters.  

Sources say: “The lawyers have know-how and experience in the area, as well as the human skills that are essential during negotiations.”

KEY INDIVIDUALS Universally regarded as a leader in venture capital, Olivier Edwards has deep experience in the hi-tech and biotech markets, and recently advised on the EUR11.7 million Series C investment in robotics company Aldebaran. He was also recently involved in a USD15 million Series A investment in online gaming/commerce platform IFeelGoods. 

Karen Noël has been remarkably active of late, advising on a number of e-commerce and software investments. 

Ann Baker heads the firm's fund formation practice and is held in high regard by interviewees.

THE FIRM This firm maintains its prolific activity in small to mid-cap buyouts, representing institutional investors as well as investee companies and management teams. It handles a broad range of matters, and includes a respected venture capital practice and significant expertise in leveraged finance.

KEY INDIVIDUALS “Standout individual” Samira Friggeri regularly advises on LBOs, particularly small-cap deals, and brings her extensive business litigation experience to negotiations. 

Frédéric Lerner is the firm's venture capital specialist and handles both French and international investments.

THE FIRM The private equity practice here was significantly bolstered by a series of new arrivals in early 2011. The team is very active on mid-market LBOs and has added a selection of well-known funds to its already impressive list of clients, notably advising Astorg Partners on its secondary LBO of Saverglass. The firm also regularly assists clients with growth capital investments.

Sources say: “We always feel completely comfortable with this team; it offers the full spectrum of services we need for a deal and keeps control of all aspects of the situation.”

KEY INDIVIDUALS Olivier Deren leads the private equity practice and regularly advises both funds and management teams on LBOs.

Alexis Terray is exceptionally active in the mid-market and took a lead role on the Saverglass transaction alongside Deren. 

Pascal de Moidrey has broad corporate experience and counts such heavyweights as AXA Private Equity and Edmond de Rothschild Capital Partners amongst his clients.

THE FIRM This established boutique firm has an excellent reputation in venture capital. Its recent highlights include advising on the EUR8 million third-round investment in BonitaSoft, a leader in open source business management software.

KEY INDIVIDUALS Founding partner Francis Pinot de Villechenon heads the practice.

THE FIRM Proskauer Rose has been exceptionally active on fund formation work of late, with notable involvement in the creation of various new entrepreneurial funds. The knowledgeable team also regularly advises on investment capital and transactions. Fund formation clients include CDC Enterprises, Citizen Capital and AXA Private Equity. Close relationships between the firm's offices around the world give the team an advantage on global matters.

Sources say: “Efficient and reactive lawyers with precise market understanding.”

KEY INDIVIDUALS Sources regard practice head Caroline Chabrerie as “a genuine fund formation specialist.” She also has a great deal of experience in capital development, and a strong understanding of stock exchange law.  

THE FIRM Scotto & Associés specialises in advising management on LBO transactions and is widely considered to be a leader in France within this niche area of the private equity market. The team is able to draw on the firm's substantial support in tax, employment and corporate law, and can handle large and complex management packages. Recent highlights include advising SPIE's international management team, and assisting with the creation of an employee share ownership scheme.

Sources say: “Impressive technicians and negotiators – we are extremely happy with the quality of the whole team.” “The clear market leader for management advice on large-cap LBOs.”

KEY INDIVIDUALS Team head Lionel Scotto Le Massese is renowned for representing management teams involved in major LBOs.

Sources highlight the “pragmatic and attentive” Nicolas Menard-Durand's cool-headed and commercial approach to negotiations.

THE FIRM This international firm is active in almost all areas of private equity, and includes recognised specialists in LBOs, fund formation and venture capital. The team is an established leader in the mid-cap market, and is also regularly involved in large-cap transactions. It benefits from the firm's offices across Europe, Asia and the Middle East, and from its strong relationships with two leading US law firms, giving it an advantage in cross-border matters. Recent highlights include advising Barclays Private Equity France on its USD3.2 billion headline sale of Converteam.

Sources say: “Excellent lawyers who negotiate as if they were businessmen.”

KEY INDIVIDUALS Transactional co-head Maxence Bloch is praised for his high level of market awareness. He notably took the lead on Barclays Private Equity France's sale of Converteam.

Christophe Digoy co-heads the firm's transactional activities alongside Maxence Bloch and recently advised on the sale of Webhelp, a deal worth EUR300 million.

The highly esteemed George Pinkham leads the firm's fund formation practice and is noted for his exceptional knowledge of tax issues. He recently moved to Hong Kong from Paris.

Arnaud David is “strong, articulate and accommodating,” say sources. He has been highly active on fund formation of late, particularly the creation of infrastructure funds.

Nathalie Duguay recently acted for Astorg on the creation of Astorg V FCPR.

Pierre-Louis Périn heads the firm's venture and growth capital activities, and recently advised Climate Change Capital on its EUR8 million investment in water treatment company Orège.

THE FIRM Weil Gotshal enjoys an excellent worldwide reputation for private equity work, and the team in Paris has been busy on a variety of large-cap and upper mid-cap transactions. The partners are considered experts in the private equity field, but also regularly advise large industrial groups and family-owned businesses on general corporate matters. Recent highlights for the team include advising Advent International on its EUR1.15 billion LBO of Oberthur Technologies, a leading smart card and identity security firm.

Sources say: “Unrivalled expertise in LBOs.”

KEY INDIVIDUALS David Aknin heads the department and is universally admired as a private equity "superstar." 

Emmanuelle Henry recently advised 3i on its acquisition of Etanco from IK Investment Partners. Sources note that “she always has a complete view of whatever she is working on.” 

Jean Beauchataud “is efficient and responsive, and always provides valuable advice,” enthuse sources. 

LBO specialist Frédéric Cazals focuses predominantly on domestic French transactions.

THE FIRM This international firm has a strong private equity practice in France, particularly on mid-market transactions. The team is also adept in high-end work, and recently advised François Charles Oberthur Fiduciaire on the EUR1.15 billion sale of Oberthur to Advent International. The firm has excellent technical expertise and was heavily involved in the development of the 'double luxco', a pioneering LBO structure created to protect lenders against hostile safeguard proceedings.

KEY INDIVIDUALS Sources describe practice head Vincent Morin as “a deal-focused seeker of pragmatic solutions.” 

François Leloup recently advised The Carlyle Group on its acquisition of a 70% stake in technology firm Sagemcom.

THE FIRM This leading private equity practice was involved in a number of high-profile large-cap deals prior to the mid-2011 decline in senior lending, notably advising PAI partners on the sale of its EUR2.1 billion interests in SPIE. It has also increased its presence in the upper mid-market, and advised Bain Capital on its EUR240 million sale of Novacap. The firm has broad corporate expertise and recently strengthened its deal financing capabilities with the appointment of a mezzanine specialist. The team's cross-border capabilities benefit from the firm's international nature.

Sources say: “Outstanding lawyers, able to provide an excellent service on a global scale.”

KEY INDIVIDUALS Daniel Payan is described by peers as a market “luminary,” and has been active on some of the largest private equity transactions of recent times. He advised PAI partners on the sale of its EUR1.6 billion stake in Yoplait.

Transaction specialist Cédric Hajage was also advised on PAI partners' sale of its stake in Yoplait.

Interviewees hail Christophe Garaud's commercial awareness, saying “he combines strong business sense with indisputable legal expertise.” 

Fabrice Cohen recently joined from Freshfields. He previously advised Permira on the sale of its EUR1.5 billion shareholding in Provimi.

Eduardo Fernández has been particularly active on mid-market transactions of late.

LBO and corporate financing expert Annette Péron is an established name in this field.