Ashurst advised Proventus Capital Partners ("Proventus") and two new UK-registered companies owned by Proventus, Polestar Print Holdings Limited and Polestar UK Print Limited, on the recent pre-packaged acquisition of the business and assets of the Polestar Group, the UK's largest independent printing company and leading content delivery specialist.  Proventus is the Polestar Group's former major shareholder and lender.

The acquisition successfully completed on 24 March 2016. The directors of a number of the Polestar Group entities appointed Toby Underwood, David Baxendale and Matthew Callaghan of PricewaterhouseCoopers LLP as administrators earlier that same day and the Group's business and assets were sold by the administrators on behalf of the Group.

The acquisition will ensure the continuity of service for customers and preserves around 2,000 jobs. Prior to its implementation, the transaction was assessed and positively approved by the Pre-Pack Pool, a newly established independent body of experienced business people who offer an opinion on the purchase of a business and/or its assets by connected parties where a pre-packaged sale is proposed.

The Ashurst team was led by restructuring partners Dan Hamilton and Giles Boothman, assisted by senior associates Drew Sainsbury, Amrit Khosa and associate Sarah Kimpton. Partner Eric Halvarsson and senior associate Camilla Holmkvist from Ashurst's Stockholm office led the finance side of the transaction, and partner Alexander Cox advised on the tax aspects.

DLA Piper UK LLP, led by partner Richard Obank, acted for the administrators. The team included partners Huw Dolphin and Barney Smedley, senior associate Sally Williamson and associate Thomas Swain.