30 June 2010
Olswang has advised Italian tissue manufacturer, Sofidel S.p.A., in relation to its acquisition of LPC Group Limited from its family shareholders. The combination of Sofidel and LPC Group will create Europe's second largest tissue paper producer with a combined turnover of €1.3 billion per annum. The enlarged group will be able to serve its customers with a broader range of products from its reinforced manufacturing footprint in Northern and Southern Europe.
This was a large multi-jurisdictional transaction and involved a number of complex issues, including environmental challenges related to the nature of the industry. Olswang led a cross-border team of law firms based in London, Belgium, France, Sweden and India.
The deal was subject to regulatory approval in Germany which was received at the end of June.
Speaking about the deal, Fabrizio Carpanini, Head of Corporate said: "We are proud to have been able to support Sofidel on this challenging international transaction. It demonstrates both the strength of Olswang's international practice and our ability to take the lead on large, complex, commercial transactions."
Fabrizio Carpanini led the Olswang team with assistance from Robert Willis and James Tushingham (Corporate), Richard Keczkes (Environmental), Ned Beale (Litigation), Tim Westhead and Tristam FitzHugh (Real Estate), Moni Mannings and Oliver Ellington (Finance), Andrew Campbell (Pensions), Mark Joscelyne and Hugo Webb (Tax), Nazish Bhaiwala and Andrea Motbey (Employment), Howard Cartlidge and April Carr (Competition), Suparna Bhattacharjee and Iain Stansfield (Commercial) and Anoushka Der Kureghian (IP).
Sofidel is headquartered in Italy with 17 manufacturing operations in eight countries across Europe producing in excess of 700, 000 tonnes of tissue products per annum. Sofidel generated sales of more than €1 billion in 2009 and currently employs approximately 3,200 people throughout Europe.
LPC Group is based in Leicester with manufacturing sites in four different countries and has tissue making capacity of nearly 190,000 tonnes. LPC Group turnover was £236 million in the year ending September 2009 and it employs approximately 1,120 people.
