£82M management buy out of Discovery Group
10 April 2006
Management re-invest following exit of previous lead investor
LG has advised the share holding management team of Discovery Group Limited ("Discovery") on the recent exit from Discovery by its former lead investor, August Equity, and the simultaneous acquisition of Discovery for £82 million by members of the management team and Exponent Private Equity, acting through a new corporate vehicle.
Discovery is the holding company of Durrants, the UK's market leader in media monitoring and evaluation services, which works for a broad range of leading clients from a wide selection of industries and assists them to gain maximum value from their media coverage.
Corporate partner Lance Feaver led the LG team advising management with corporate partner Paul Lester and assistance from Stephen Richards and Fiona McIlreavy.
Lance said: "This project was particularly interesting as it required close and quick co-operation between the exiting lead investor, the incoming lead investor, the debt providers, the management team and all of their respective professional advisers in order to achieve the goal of a smooth and speedy transition. The experience and professionalism of the management team made working on this transaction a great experience for our team and we are sure that they will continue to grow this exciting business and capitalise upon their success to date."
Durrants' MD Stephen White complimented Lance Feaver and the LG team. "As both sellers and buyers working to a tight timetable, we needed the kind of professional and involved attention they gave us."
Notes to editors
With over 270 lawyers, Lawrence Graham LLP is a leading London-based law firm providing legal and business advice to companies and individuals internationally.
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Lance Feaver
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