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News Oct 18, 2014

Shearman & Sterling Advises Management on the £585 Million Sale of Quilter Cheviot by Bridgepoint to Old Mutual

Shearman & Sterling advised the management of Quilter Cheviot on the sale of the business to Old Mutual plc for £585 million ($943 million). 

Quilter Cheviot is a UK private wealth manager which can trace its roots back to the 18th century. It was originally acquired by Bridgepoint at the end of 2011 in a primary buyout from Morgan Stanley Smith Barney. Since then, the company has undergone a number of changes, including the completion of the off-market £95 million acquisition of Cheviot, and has more than doubled assets under management to £16 billion. 

Bridgepoint is a major international private equity group focused on investing in market-leading businesses. Established over 25 years ago, it has over €20 billion of committed capital from a global investor base. 

The Shearman & Sterling team working on the transaction was associates Paul Pasalic (London-M&A), Melanie Kirkpatrick (London-Tax) and trainee Charlotte Rice (London-M&A). 

Recently, Shearman & Sterling advised senior management teams on the sale of All3Media (May 2014), the sale of 50 per cent of Hastings Insurance (October 2013) and the sale of Mergermarket (November 2013).