Fladgate LLP has advised the equity investors on the conditional acquisition of Dobbies garden centres from Tesco’s for £217m as the retailer continues with its divestment strategy in order to focus on its supermarket business. The group of equity investors is led by private equity houses Midlothian Capital Partners and Hattington Capital.
Dobbies is the UK’s second largest gardening retailer, operating 35 garden centres in Scotland, England and Northern Ireland. The group now plans to expand throughout the UK, with a long-term goal to make it the UK’s biggest garden centre chain.
The Fladgate team comprised head of corporate Grant Gordon, corporate M&A partner Amy Collins and associate Zehra Kofturcu.
Commenting on the deal Grant stated: “We are delighted to have been involved in this high profile private equity acquisition which presented particular challenges due to the investment arrangements that had to be put in place within a tight timeframe. Our role was to ensure that the deal was implemented as efficiently and quickly as possible to secure the future of this well-known chain of garden centres and demonstrates Fladgate’s growing reputation in acting on private equity backed transactions”.
Freshfields acted for Tesco, Slaughter and May for the purchasing bid vehicle and DLA for the debt providers.