SGH Martineau’s corporate team has acted as legal adviser to Truestone Asset Management in the sale of its employee benefits business to Helm Godfrey. Truestone has built an enviable reputation in the financial advisory industry over 25 years.
With the impending implementation of the Retail Distribution Review, financial advisory businesses such as Truestone are repositioning their businesses to focus on areas of high value and growth.
The complex structure called for a three-stage simultaneous transaction. This included a share acquisition, share buyback and business disposal. Leading the team was corporate partner Rishi Malliwal, who said “We worked on 43 corporate deals last year worth £196m. This deal was one of many we're seeing in light of the FSA’s impending Retail Distribution Review, which it is anticipated will have a transformational effect on the advisory industry. We were delighted to work with Truestone once again on this transaction. The deal incorporated a novel reverse hive-out structure where the target business was separated out through an inter-group restructure of the client’s financial services business. I am extremely pleased at how our team worked to deliver a successful completion”.
Paul Szkiler, for Truestone, said “Truestone prides itself on providing a thorough and highly personalised financial management service to its clients. We've worked with SGH Martineau over a long period and value their advice and support. This deal had an especially complex structure and so we were grateful to have their strong counsel to guide us through the process.
SGH Martineau LLP is a UK law firm with an international reach. From headquarters in Birmingham and offices in London and Brussels, we offer a full range of legal services to clients in the energy, banking, restructuring, insolvency, investment funds, education, private wealth, industry and manufacturing, construction and leisure sectors.