Travers Smith LLP has advised its long-standing client Ancala Partners LLP (Ancala), the critical mid-market infrastructure investor, on the proposed €136.2 million acquisition of aerial emergency services businesses from Babcock International Group plc (Babcock) in Italy, Spain, Portugal, Norway, Sweden, Finland and Mozambique.
The target businesses provide aerial emergency medical services, firefighting and search & rescue to customers and communities in Italy, Spain, Portugal, Norway, Sweden and Finland. They employ over 2,400 highly trained employees and operate a fleet of 232 aircraft across 164 operational locations in the six countries.
Ancala is an experienced and entrepreneurial investor in critical mid-market infrastructure. Founded in 2010 as an independent investment manager, Ancala adopts a unique approach combining differentiated investment sourcing with active asset management.
The acquisition is conditional upon certain regulatory and other conditions. Completion is expected by the end of the calendar year, subject to satisfaction of the relevant conditions.
Travers Smith Head of Corporate, Spencer Summerfield, commented: "We are delighted to have assisted Ancala with yet another acquisition, strengthening its position in the European infrastructure market and further demonstrating our strong sectoral expertise in infrastructure investments. Carve-out transactions are particularly complex for a number of reasons, and this transaction again highlights our expertise in this area."
The Travers Smith team was led by Partner and Head of Corporate Spencer Summerfield, who was supported by Corporate Partner Hugh Hutchison, and Associates Fabian McNeilly, Gavin White and Holly McKinley. Additional specialist advice was provided by Partner Richard Brown ,Senior Associate Richard Offord and Associate Emma Riggs in Commercial, IP & Technology, Partner Nigel Seay and Associates Thomas Davies and Chloe Budd in Competition, Partner Simon Skinner, Senior Associate Silvana Van der Velde and Associate Callum Burgess in Tax, Partner Ben Thompson in Finance, and Partner Adam Orr, Senior Associate Rachel MacArthur and Associate Heidi Jempeji in Private Equity and Financial Sponsors.
Overseas advice was provided by Cuatrecasas (Spain, Portugal and Mozambique), Chiomenti (Italy), Krogerus (Finland), Thommessen (Norway) and Delphi (Sweden).