Newgate buys UK PE firm ACPL

Newgate Private Equity LLP has acquired London-based private equity firm Arle Capital Partners Limited. No financial terms were disclosed. ACPL manages the Candover 2005 and Candover 2008 Funds as well as various co-investment funds. Morrison & Foerster advised Newgate on the deal.

PRESS RELEASE

Morrison & Foerster has advised Newgate Private Equity LLP (“Newgate‎”), the UK-based specialist private equity (PE) investment business, on the acquisition of London-based PE firm Arle Capital Partners Limited (“ACPL”).

ACPL manages the Candover 2005 and Candover 2008 Funds, as well as various co-investment vehicles (the “Funds”). Following completion ACPL, under Newgate’s ownership, will continue to manage the remaining investments and oversee the orderly wind-down of the Funds. The remaining investment in the Funds is in Expro International Group Holdings Limited (“Expro”), which is to be managed within a newly-established special purpose entity on a basis that provides a materially reduced cost base and greater alignment with investors.

Newgate has been advising the advisory boards of the Funds since October 2016, when ACPL proposed a solvent liquidation of the manager in order that the Funds be wound up.

The MoFo team advising ‎Newgate on the transaction was led by London Corporate head and global co-chair of M&A Graeme Sloan. London Funds partners Oliver Rochman and Rob Mailer were also part of the deal team‎.

The transaction is subject to regulatory approval and is expected to complete later in 2017. The terms of the transaction were not disclosed.