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Carey Olsen advises on sale of Channel Islands hospitality business to LGV

Channel Island law firm Carey Olsen has acted on the sale of SandpiperCI’s pub estate, drinks and tobacco distribution and microbrewery businesses to private equity firm LGV Capital, part

Channel Island law firm Carey Olsen has acted on the sale of SandpiperCI’s pub estate, drinks and tobacco distribution and microbrewery businesses to private equity firm LGV Capital, part of the Legal & General group. Financial details of the sale have not been disclosed.

As lead legal adviser to the company, Carey Olsen corporate partner Mike Jeffrey led a team of Jersey and Guernsey lawyers who assisted SandpiperCI with the auction process, preparation of the sale documentation and making the Jersey Competition Regulatory Authority application.

SandpiperCI’s hospitality division comprises 65 pubs located in Jersey, Guernsey and Alderney, the Jersey Brewery and two drinks distribution businesses, Victor Hugo (Jersey) and Bucktrout & Co (Guernsey), its drinks and tobacco distribution and microbrewery businesses.

‘This transaction serves as a good example of Carey Olsen’s ability to advise on corporate acquisitions and disposals in the Channel Islands, including for very large businesses such as the Sandpiper group,’ Jeffrey says.

‘Carey Olsen originally advised Sandpiper’s current owners when they acquired the group last year in the landmark public takeover of what was then known as CI Traders. We have forged strong relations with the Sandpiper group and are pleased to assist them on what is their most significant corporate transaction since acquiring the group.’

Since the acquisition of CI Traders in July last year, Sandpiper has invested in new stores and initiatives including four new Marks and Spencer stores in Jersey, the forthcoming introduction of Costa Coffee shops in Guernsey and Jersey and the planned refurbishment of its Safeway supermarkets in both islands.

The latest transaction is also noteworthy, Carey Olsen says, for the involvement of its property group across Jersey and Guernsey. Next to the original Sandpiper takeover, it represents the largest number of properties that the team has advised on in a single deal, and the two transactions are the largest property deals of their kind in both islands.

The 31-member team was led in Jersey by property partner Christopher Philpott, while his counterparts Jason Morgan and Ian Beattie oversaw the Guernsey side.

LGV Capital is a private equity firm operating in the UK mid-market sector, focusing on backing management teams in buyouts and buy-ins of businesses with attractive market positions and strong cash flows and an initial enterprise value typically in excess of GBP50m. The firm specialises in investments in the leisure, health care, services and consumer products sectors.

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