Hogan Lovells Advises Yew Holdings on £58m Sale
25 January 2013
LONDON, 25 January 2013 - Hogan Lovells advised Yew Holdings Limited on its £58 million sale to Dignity plc, announced on Tuesday 22 January 2013, and closed today, Friday 25 January. Yew Holdings, the third largest funerals group in the UK, has been acquired by Dignity, the second largest, for £58.3 million.
Hogan Lovells advised the selling shareholders of Yew Holdings on the sale of its 40 funeral locations and two crematoria, and advised the company and reinvesting shareholders in a pre-sale spin-off of a part of the Group to a new company – Beverley Funerals Limited – for £21 million, resulting in a total enterprise value of £79.3 million.
The Hogan Lovells team advising Yew Holdings was led by London private equity partner Amit Nayyar and included partner Alan Greenough, associates Emma Bosworth and Victoria Rodley, and trainee Alex Browning; banking senior associate Caroline Mortimer, associate Julie Ngov and trainee Ian Whitehead; real estate senior associate Jamie Hyams; tax senior associate Fiona Bantock; employment partner Ed Bowyer and associate Oliver Spratt; and dispute resolution partner Luci-Marie Angus and associate Katie Skeels.
Commenting on the transaction, Amit said:
"We are pleased to have advised on this major acquisition in the funerals sector which will allow for the expansion of the current Yew business in the UK and increased returns to shareholders".
Dignity plc were advised by DLA Piper (Birmingham) led by Noel Haywood assisted by (among others) John Campion, Nigel Cooke, Simon Wright and Simon Hambly.