Hogan Lovells Acts on First Ever Law Firm LBO

LONDON, 6 February 2012 - Hogan Lovells has advised Ares Capital, Lloyds TSB, RBS and Santander on the acquisition by Duke Street Capital of a majority stake in Parabis, thought to be the first ever leveraged buy-out of a law firm in the UK. The deal was announced today, Monday 6 February.

Parabis is a leader in claims handling which specialises in managing long term outsourced and co-sourced contracts on behalf of major organisations. Parabis also owns Plexus law, a specialist insurance defendant entity.

The Hogan Lovells team advising the banks was led by London banking partner Stuart Brinkworth, assisted by Of Counsel Jo Robinson, and included corporate partner Philip Watkins, assisted by senior associate Amanda Onions.

Commenting on the transaction, Stuart said:

"We are very pleased to have been asked to represent the banks on what is undoubtedly a ground-breaking transaction for the legal sector. I have been working with Duke Street for a number of years and it was a pleasure to be able to advise their lenders on this pivotal deal."

Duke Street were advised by SJ Berwin, with partners Tim Wright and Ian Borman leading.

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