Wragge & Co advises on AMF Bowling Group investment

Wragge & Co has advised two of the investors involved in funding AMF Bowling's acquisition of rival Hollywood Bowl, the tenpin bowling business. The transaction creates the UK's market-leader in tenpin bowling, with annual sales of more than £60 million.

Corporate partner Andy Stylianou and director Gareth Baker led a cross-firm team advising longstanding client CBPE Capital (CBPE) on its £20 million debt and equity investment in the joint venture. The complex deal involved a reorganisation of the AMF group, including its acquisition of Mitchells & Butlers' 24 Hollywood Bowl centres across the UK.

In a separate transaction, commercial development and investment partner Robert Caddick and director Nisha Jassal led a team of property experts advising Columbus UK Real Estate Fund, L.P. In the firm's first real estate instruction from Columbus, the team advised on a £15.2 million sale and leaseback involving nine properties - which also funded AMF's acquisition of Hollywood Bowl.

Andy Stylianou said: "As an established adviser in the private equity mid-market, we have advised CBPE for more than 10 years on a series of exciting and high-profile investments. Our strong working relationship with CBPE, in-depth understanding of its objectives and commercial approach ensured another successful outcome in its latest deal."

Robert Caddick added: "This important transaction shows positive investment activity and the market's ability to respond innovatively to constrained liquidity. Working to a tight timeframe, the deal involved understanding the impact of other transactions being undertaken by AMF in order to enable Columbus to structure its agreement, negotiate the terms and complete its due diligence. Our commercial investment expertise and specialist input from corporate and banking experts ensured the right result for our client."

Slaughter and May and BP Collins advised AMF. Eversheds acted for Mitchells & Butlers.

CBPE is a leading player in mid-market UK private equity, managing funds totalling €1 billion on behalf of institutional investors from the UK, Europe, Middle East and US. Established in 1984, it invests in transactions with a value of between £20 million and £120 million.

Columbus Capital Management LLP (Columbus) is part of Schroders' real estate investment and asset management business. Schroders plc is a global asset management company. As at 30 June 2010, it had £164 billion under management across all major asset classes.

Wragge & Co is a UK-headquartered law firm providing a full service to clients worldwide. Clients include companies listed on the world's leading stock exchanges, financial institutions and government departments in the UK, Middle East and Africa.