Corporate advises OPD on sale of stake in UK's largest headhunter
12 January 2010
International law firm Stephenson Harwood has advised listed client OPD Group plc (OPD) on the sale of a majority stake in Odgers Berndtson, the UK's largest headhunter, to its senior management team and certain other investors. The total consideration for the deal was £16 million, consisting of cash, loan notes and a 49.5 per cent. shareholding interest in a new holding company set up for the purposes of the transaction. OPD will continue to hold the remaining interest in the business.
The deal, which constitutes both a class 1 and related party transaction for OPD under the Listing Rules, is conditional upon the approval of OPD's shareholders. OPD also turned to Stephenson Harwood for advice on these aspects.
Sharon White, chief executive and head of corporate at Stephenson Harwood, commented: "OPD is a long standing client and we were delighted to advise it on this important transaction for its business. OPD has concluded that sharing ownership of Odgers with the management team will enhance the business as it looks to attract and retain key people."
The Stephenson Harwood team was led by corporate partners Sharon White and Duncan Stiles, assisted by Stephen Wylie and Charlotte Welsh. Banking partner David Lacey, assisted by Kate Higgins, dealt with the banking arrangements.
Investec Investment Banking, a division of Investec Bank plc, acted as sponsor to OPD. Herax Partners LLP provided independent advice to the OPD board.
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