Travers Smith

We are delighted to welcome Ryan Ayrton as an infrastructure debt partner in the Finance team, further strengthening our cross-practice Infrastructure Sector group, and we very much look forward to working with him. Read our press release: https://lnkd.in/g7UCBJGd

We have advised The Nutriment Company, a leading provider of premium natural pet food, on the acquisition of Natural Instinct. The Travers Smith team was led by Private Equity & Financial Sponsors Partner Tom Hartwright with support from Associate Rebecca Denton and Trainee Daisy R.. Specialist Tax advice was provided by Partner and Head of Tax Russell Warren. Read more here: https://lnkd.in/e-vqe5cq

Competition regulators across the globe have been investing significantly in building their understanding of AI and the potential competition law impacts of its development and use. In this briefing, our competition team looks at the ways in which those regulators are seeking to tackle the key issues arising from AI through a competition law lens. Read the full briefing on our website: https://lnkd.in/eBANp9d2 #Competition #ArtificialIntelligence #AI

We are delighted to share with our network that we are hosting our second Future of Fintech conference on 18 September 2024 in London, following the huge success of our 2023 event.   Starting at 2pm, we will hear from a spectacular line-up of thought leaders, chaired by Natalie Lewis, Partner and Head of Fintech, Market Infrastructure & Payments. Our first set of confirmed presenters includes Lord Holmes of Richmond MBE, Victoria Cleland, Amer Baroudi, Jack Wilson, Claire Conby and Sarah Harvey, with more speakers to be announced over the summer.   Get involved in the debates on payments innovation, fintech investment, emerging technologies including AI and digital assets, and much more.   You can request your place among the people shaping the future of fintech here: https://lnkd.in/ehMYvXrz

At our recent Alternative Insights Summit, Victoria Bramall, part of Travers Smith's secondaries team, led an insightful discussion on GP-led continuation vehicles. She was joined by Johanna Lottmann of PJT Partners and Kate Simpson of CVC Secondary Partners (formerly Glendower Capital) who shared insights from their wealth of experience in secondary private markets.   The panel explored the recent trends in the CV market - they covered the latest on how these transactions are priced, the typical market position in relation to the wider deal economics, the extent of due diligence together with the particular areas of focus and the use of NAV facilities. Other key topics discussed included LP management and asset selection – we have shared the key takeaways in relation to the latter here.   In the context of a CV being considered, the session explored the hallmarks of an asset which is likely to be successful and how you construct a good ''story'' for potential secondary investors concluding that these three elements are crucial:   Asset quality – strongly performing companies – ideally operating in very resilient, non-cyclical markets – with strong management teams, a good relationship between the GP and management together with conservative leverage with no near term refinancing risk and with a clear path to exit.   Rationale – the ideal case being, there is strong demand for the asset but the GP doesn't want to sell – they have a fantastic relationship with the management team and know exactly what they need to do if they just had more time and more money. Alignment – typically created by a healthy GP commitment providing incoming LPs with the best insurance policy – if the CV doesn't perform well, it is going to hurt the GP too.   Thank you again to our fantastic panellists.   #AssetManagement #Secondaries #Markets

We are delighted to have advised vertical farm operator GrowUp Farms on its £38m debt and equity investment from investment firm Generate Capital.   The investment will help GrowUp expand capacity at its vertical farm in Kent, support the Unbeleafable and Fresh Leaf Co brands, and drive R&D at the Leaf Lab site in Cambridge.   Our team on this transaction was led by Corporate Partner William Howard, supported by Senior Counsel Matt Powrie, Senior Associate Michael Daley and Trainee Hetvi Patel. Specialist support was provided by Partner Will Sheridan, Senior Associate Adam Burk, Associate Maeve Healy and Trainee Zaeem Hoque on banking and finance aspects, by Head of Tax Russell Warren on tax aspects, and by Partner Ailie Murray, Associate Holly Robson and Trainee Claudia French on employment aspects. Read our press release: https://lnkd.in/erXTAeNh   #FoodandBeverage #SustainableFarming #Sustainability

As focus by regulators and other stakeholders on workplace culture has continued to increase, the need for organisations to ensure that any potential misconduct they identify is properly addressed has never been greater – often through an investigation. Read the latest edition of our Investigations Round-up, covering all the key trends and developments in this ever-evolving area: https://lnkd.in/eWSWVTFU

Last week the Institutional Limited Partners Association (ILPA) issued its much anticipated Guidance for Limited Partners and General Partners in respect of NAV-based facilities.   The Guidance focuses on LPs' concerns regarding NAV facilities, and makes a number of recommendations. Please read our full briefing for an overview of the key takeaways from the Guidance, and what we are seeing in the market: https://lnkd.in/ePT2Wf9e   Charles Bischoff, Danny Peel, Laura Smith, Jeremy Elmore and Adam Burk   #FundFinance #NAVFacilities

Visit our website for the latest edition of our regular disputes newsletter, which covers key developments in the dispute resolution world over the last few months.   From the impact of this month's change of government, to the use of AI in dispute resolution, to a spread of key recent court judgments, there is something here for everyone.    Whether in house or in private practice, a litigator or a generalist, we hope that you enjoy reading it.   https://lnkd.in/eVFfAn9D

The BVCA has published its consultation in relation to a proposed update to the Walker Guidelines. This will involve a full root and branch review of the Guidelines to ensure that the aims of the Guidelines are being met, these being to ensure a commitment to transparency, and to provide data to allow a full understanding of the private equity industry's contribution to the UK economy.  Travers Smith is pleased to be working with the BVCA to support the consultation. We encourage those involved in the private equity industry to respond to the consultation to ensure that the Guidelines continue to drive meaningful and useful disclosures across the industry.