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Carey Olsen advises on sale of SandpiperCI hospitality

Posted: 16 July 2008

Channel Island law firm Carey Olsen has acted on the sale of SandpiperCI's pub estate, drinks and tobacco distribution and micro brewery businesses to LGV Capital (Legal and General Ventures).

As legal adviser to the company, Carey Olsen corporate partner Mike Jeffrey led a team of Jersey and Guernsey lawyers who assisted SandpiperCI with the auction process, preparation of the sale documentation, making the Jersey Competition Regulatory Authority (JCRA) application and various other matters.

The transaction was approved by the JCRA and completion took place last week.
Financial details of the sale have not been disclosed. SandpiperCI's hospitality division comprises 65 pubs located in Jersey, Guernsey and Alderney, the Jersey Brewery and two drinks distribution businesses, Victor Hugo (Jersey) and Bucktrout & Co (Guernsey), and includes its drinks and tobacco distribution and micro brewery businesses.

Mike Jeffrey said: ‘This transaction was very interesting and serves as a good example of Carey Olsen's ability to advise on corporate acquisitions and disposals in the Channel Islands, including for very large businesses such as the Sandpiper group.

‘Carey Olsen originally advised Sandpiper's current owners when they acquired the group last year in the landmark public takeover of what was then known as CI Traders. Through that transaction, we have forged strong relations with the Sandpiper group and are pleased to have been asked to assist them on what is their most significant corporate transaction since acquiring the group.'

The transaction is also noteworthy for the involvement of the Carey Olsen property group across Jersey and Guernsey. Next to the original Sandpiper takeover, it represents the largest number of properties that the team has advised on in one single deal, and these two transactions are the largest two property deals of their kind in both Jersey and Guernsey. The 31-member team was led in Jersey by property partner Christopher Philpott, while his counterparts Jason Morgan and Ian Beattie oversaw the Guernsey side.

Click here for more information on Guernsey

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