Wragge & Co advises Lyceum Captial on multi-million pound acquisition

Wragge & Co has advised new client Lyceum Capital on the £50 million acquisition of Access UK.

The transaction sees private equity firm Lyceum Capital invest alongside the existing management at Access UK, led by chief executive officer Chris Bayne. Corporate partner David Marshall and banking and finance partner Kirsty Barnes led the deal, supported by a cross-firm team. The Wragge & Co team worked closely with Lyceum managing partner Jeremy Hand, partner Andrew Aylwin and investment executive Martin Wygas.

David Marshall said: "This is a significant investment for Lyceum into the IT sector and the beginning of a new relationship with Wragge & Co. Our wide-ranging corporate and banking experience, IT sector expertise and commercial approach ensured we delivered the right result."

Jeremy Hand added: "This deal extends the breadth of Lyceum's investment portfolio and gives Access UK the additional funding and expertise to support its ambitious growth plans. Wragge & Co understood the commercial issues and had the sector insight and technical expertise to guide us through the transaction."

The cross-firm team also included corporate associate Emmanuelle Strauven and solicitor Fayaz Patel. Solicitor Edward Hall worked alongside partner Kirsty Barnes on the banking and finance aspects of the deal. Corporate director Graham Spalding and associate Nigel Collins provided transaction services expertise, assisted by associate Kirsten Whitfield and solicitor Jocelyn Paulley on intellectual property and IT issues. Corporate tax advice was provided by partner Kevin Lowe. Associate Sarah Gill and solicitor Fiona Naughton led on employment advice, and associate Joanne Bryan advised on real estate matters.

Lyceum Capital is a London-based independent investment firm that invests in innovative and growing mid-sized UK-headquartered business. In the last ten years the firm has acquired more than 60 businesses in the UK and internationally. It plans to invest a further £300 million in the UK over the next two to three years.

Access UK provides business management and accounting software and services. Employing more than 300 people in its nine offices across the UK and Ireland, it has a 5,000-strong mid-market client base and an annual turnover of £28 million.

In this latest deal the sellers and the management team were advised by Maxwell Winward. SNR Denton and Travers Smith advised Lloyds TSB and HSBC respectively on debt finance.

Wragge & Co's Corporate and Banking and Finance teams advise on a wide variety of corporate matters, working with clients across all industry sectors. They combine specialist expertise in M&A, private equity, IPOs, joint ventures, public takeovers, share schemes, complex corporate structuring, funds, asset based lending and tax.

Earlier this month the Corporate group advised the management team on the sale of Phones 4u to private equity house BC Partners for an undisclosed sum. Other highlights include advising KBC group on the sale of its asset-based lending division, KBC Business Capital, to NYSE-listed PNC Financial Services Group for an undisclosed sum.