International law firm Simmons & Simmons has advised the Fletcher foundation and its holders of depositary receipts, including founder Chris Luken, on the sale of the Fletcher hotel chain in a management buy-out.

The buy-out was led by CEO Rob Hermans and CFO Edwin van Heteren, together with their equity partners NIBC Mezzanine & Equity Partners and the Luxembourg-based Xead Group. The transaction comprises the portfolio of hotels and accompanying real estate.

Having gained a reputation for his entrepreneurship and renowned for coming up with the innovative "Hotelbon" couponing device before founding the Fletcher hotel chain, Chris Luken commented: "I cannot but express my great pleasure about the course of the process. I am more than happy with my choice of Simmons & Simmons. Rob Hendriks and his team were on top of things from the very start. They showed great resolve, with a result to match."

Rob Hendriks, partner at Simmons & Simmons continued: "This matter was particularly significant because of the auction process with a number of bidders joining in, and because of the result: a management buy-out with NIBC and Xead as equity partners. There were so many interests and positions at stake throughout the process that maintaining unity proved a complex but ultimately rewarding task."

The Simmons & Simmons team was led by partner Rob Hendriks and further comprised Martijn Stuart (associate), Michiel Wurfbain (counsel), Pieter de Visser (associate) and Maureen Hovens (associate).

Vendor Due Diligence advice was provided by Luc Cohen (partner), Sandra Voet-van de Wijdeven (counsel), Cathelijne Otte (supervising associate), Martijn Stuart (associate), Anne-Fleur van ’t Hooft (associate), Lisa Durian (associate), and Birte Kersten (associate).

The firm's competition team in Brussels also supported the transaction, consisting of Koen Platteau (partner) and Geneviève Borremans (supervising associate).

Financial aspects were supported by Marieke Driessen (partner), Marcus Prozesky (associate) and Niek Groenendijk (associate) took care of the financial aspects. Peter Flipsen (partner) and Pim Duteweert (lawyer) handled the tax aspects.

The notarial side of the deal was handled by Oscar Hoefnagels (partner) and Siemkje Batenburg (supervising associate).

The transaction was executed on 19 May 2016.