22 Mar 2011
LG advises Longbow Real Estate Capital LLP on sale of a 51% interest to ICG plc
Lawrence Graham LLP ("LG") has advised the management of Longbow Real Estate Capital LLP ("Longbow") on its sale of a 51 per cent interest to FTSE 250 company Intermediate Capital Group Plc ("ICG"). The transaction closed on 16 March 2011.
ICG specialises in structuring and providing mezzanine finance, leveraged credit and minority equity, with approximately £12 billion under management in proprietary capital and third party funds. Longbow is a commercial property debt specialist, managing over £150 million of third party institutional equity for real estate mezzanine and senior debt investments in the UK. The transaction also involved the exit by angel investors who had provided finance to Longbow since 2007.
Corporate associates Richard Evans and Sam Gray advised the management of Longbow. Slaughter and May acted for ICG and Clarke Willmott acted for the exiting angel investors.
Evans commented: "Having acted for Longbow since its incorporation in 2006 it is highly satisfying to see them through to this partial exit which provides exciting opportunities for the ongoing development of the platform."