Key Takeaways
- • Private equity firms closed £3 billion in UK take-private deals this week alone, underscoring sustained momentum in the delisting of London-listed companies as PE buyers exploit valuation gaps in the market.
- • Veritas acquired FTSE 250 industrials group Bodycote for £1.8 billion after a competitive process involving rival bidders CVC and Apollo, with Gibson Dunn representing the buyer and HSF Kramer advising the target.
- • London-based Epiris secured Gamma Communications for £1.1 billion in a deal that followed a months-long auction attracting interest from Waterland, Providence Equity Partners, and Oakley Capital; Latham & Watkins advised Epiris while Bird & Bird represented Gamma.
- • The deal flow reflects a structural shift in UK capital markets, with private equity targeting London-listed companies at valuations perceived as attractive relative to publicly traded peers, generating substantial advisory work for City law firms' corporate teams.
- • Year-to-date private equity bids for UK-listed companies have reached £21 billion across 345 transactions, signaling persistent outflows from the London Stock Exchange.
Summary
Private equity firms completed another £3 billion tranche of UK take-private transactions this week, reinforcing an accelerating trend of London-listed company delistings. The deals—Veritas's £1.8 billion acquisition of Bodycote and Epiris's £1.1 billion purchase of Gamma Communications—exemplify the sustained appetite among PE buyers for UK public equities, buoyed by perceived valuation disconnects between public and private market pricing.
Veritas, a US private equity firm, secured Bodycote, an FTSE 250 industrials group, following a contested auction process that included interest from CVC Capital Partners and Apollo Global Management. Gibson Dunn advised Veritas on the transaction, deploying London M&A partner Will McDonald and counsel James Addison, while target-side counsel HSF Kramer fielded a team led by London corporate partners Mark Bardell and Heidi Gallagher, supported by UK competition head Veronica Roberts. The competitive tension around the asset underscores the depth of PE buyer interest in established UK industrial franchises.
Epiris, a London-based buyout firm, closed its £1.1 billion acquisition of Gamma Communications, a cloud communications and cybersecurity services provider serving UK and European clients. Latham & Watkins represented Epiris on corporate matters, with London partners Paul Dolman, Richard Butterwick, and Suneel Basson-Bhatoa leading the engagement, supplemented by financing counsel Hugh O'Sullivan and Tamryn Gallagher. Bird & Bird advised Gamma on a long-standing advisory relationship, with London corporate partners Nick O'Donnell and Simon Allport executing the transaction. The deal followed a protracted takeover battle that drew competing bids from Waterland, Providence Equity Partners, and Oakley Capital, demonstrating competitive tension in mid-market PE acquisition markets.
The activity reflects a broader structural trend. Year-to-date private equity bids for UK-listed companies have aggregated £21 billion across 345 transactions, according to Refinitiv data cited in market reporting. This sustained M&A flow continues to generate significant advisory mandates for elite City law firms as portfolio companies rotate from public to private ownership structures.
Veritas, a US private equity firm, secured Bodycote, an FTSE 250 industrials group, following a contested auction process that included interest from CVC Capital Partners and Apollo Global Management. Gibson Dunn advised Veritas on the transaction, deploying London M&A partner Will McDonald and counsel James Addison, while target-side counsel HSF Kramer fielded a team led by London corporate partners Mark Bardell and Heidi Gallagher, supported by UK competition head Veronica Roberts. The competitive tension around the asset underscores the depth of PE buyer interest in established UK industrial franchises.
Epiris, a London-based buyout firm, closed its £1.1 billion acquisition of Gamma Communications, a cloud communications and cybersecurity services provider serving UK and European clients. Latham & Watkins represented Epiris on corporate matters, with London partners Paul Dolman, Richard Butterwick, and Suneel Basson-Bhatoa leading the engagement, supplemented by financing counsel Hugh O'Sullivan and Tamryn Gallagher. Bird & Bird advised Gamma on a long-standing advisory relationship, with London corporate partners Nick O'Donnell and Simon Allport executing the transaction. The deal followed a protracted takeover battle that drew competing bids from Waterland, Providence Equity Partners, and Oakley Capital, demonstrating competitive tension in mid-market PE acquisition markets.
The activity reflects a broader structural trend. Year-to-date private equity bids for UK-listed companies have aggregated £21 billion across 345 transactions, according to Refinitiv data cited in market reporting. This sustained M&A flow continues to generate significant advisory mandates for elite City law firms as portfolio companies rotate from public to private ownership structures.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.