Weil, Gotshal & Manges is advising Ares Management Limited as lender in respect of a £135 million PIK loan to support a management buyout by a consortium led by chief executive Matthew Riley. HSBC Bank plc, ING Bank N.V. and Lloyds Bank plc provided £265 million of senior term and revolving facilities.

Daisy Group is an AIM-listed UK supplier of internet and telecommunications services including hosting, broadband internet connections and VOIP.

The consortium includes investment firms Toscafund and Penta Capital.

Weil’s team is being led by head of European banking Mark Donald, with assistance from banking associates Tom Richards and Alastair Cole and also involved head of European high yield Patrick Bright and high yield associate Meghan Stanton. Associate Lewis Blakey is advising on corporate aspects and Frixos Hatjantonas is advising on tax aspects.

The deal announced on October 20, 2014 and completion is subject to obtaining the necessary acceptances and customary approvals.