Speechly Bircham advised on the acquisition of long term client Countryside Properties, one of the UK's largest privately owned residential developers, by Oaktree, the Cherry family, and the current management team.

The deal will see OCM Luxembourg Coppice Holdco S.á.r.l., a company owned by funds managed by Oaktree Capital Management L.P. ("Oaktree"), the Cherry family and management acquire the entire share capital of Countryside's parent company, Copthorn Holdings Ltd. from Lloyds Bank Commercial Banking, certain Countryside Properties' managers and the Cherry family.  The transaction will result in a significant capital injection.

The investment will be used to reduce debt and strengthen Countryside Properties' balance sheet to provide a solid foundation to support its exciting growth plans. As part of the transaction, Lloyds Bank Commercial Banking is providing new 5 year committed debt facilities for a total of £165m.

The transaction should officially complete once Oaktree's European Merger Regulation clearance has been secured in the next few weeks.

Speechlys advised the Cherry family and the senior management team, as well as advising the Group upon commercial implications of the transaction.  The team was led by corporate partner and long standing adviser to Countryside, Martin Wright and included partners James Carter (tax), Duncan Salmon (construction) & Francoise Pfeiffer (corporate - Luxembourg), Luxembourg Head of Tax, Chokri Bouzidi and associates Sarah Wigington, David Hicks, Holly Sage and Michelle Kpatakpa (corporate), Rohan Campbell (banking), James Worthington and Julia Strettell (real estate) and Cedric Jeancolas (Luxembourg).

Richard Cherry, Group Deputy Chairman, commented "Our relationship with the Speechlys team goes back many years and we have worked with Martin and the team on each of the defining steps in Countryside's corporate history.  Speechlys are able to deploy experts across the full range of disciplines required for the deal, including on this occasion valuable input from their Luxembourg office.  Their sound, pragmatic, commercially based advice and their strong sense of commitment to us and to the achievement of the transaction made them once again much valued members of our team."

Martin Wright said "We have advised Countryside Properties and the Cherry family for many years.  We were delighted to act for them on this deal. It achieves the objectives of both the Cherry family and Lloyds Bank and leaves Countryside well placed to exploit growth opportunities going forward.  We look forward to continuing to work with Countryside for many years to come."

http://www.speechlys.com/news/news/current-news/2013/03/speechly-bircha…