Press Release
Duane Morris Represents UK-based Cannon Avent in Restructuring
LONDON, June 16 - Duane Morris LLP, the international law firm, is pleased to announce that partner Ray Smyth led the firm in its representation of the U.K.-based Cannon Avent Group of Companies, a provider of baby care products, in a restructuring of the Group's businesses and operations.
Cannon Avent announced its sale to Charterhouse Development Capital in an agreement valued at about £300 million ($546.1 million). The restructuring involved a spin-off of the Group's Cannon branded rubber car floor mats manufacturing business from its international Avent branded baby feeding and mother and baby care products manufacturing and distribution business. This maneuver enables the Group to concentrate on its core baby-product line.
Cannon Avent supplies products to customers in more than 60 countries on all continents. The company had total revenues in excess of £111million ($202 million) in 2004.
Ray practices in the areas of mergers, acquisitions and disposals; flotations; fund raisings; corporate restructuring; EU and U.K. competition law; distribution, agency, licensing, franchising and joint-ventures; executive/employee incentive schemes; and general business, commercial and contract law.
Other Duane Morris attorneys involved included partners Mark Hartley and Susan Laws, both of the London office. Nabarro Nathanson acted for the main vendor shareholders; Lovells for Charterhouse; Addleshaw Goddard for 3i Group plc, and Jones Day for the management.
The Duane Morris London office represents all types of businesses, from start-ups to multinationals. The London-based partners, all of whom are admitted as solicitors in England and Wales, leverage the resources of a major U.S. law firm to provide a full range of legal services to clients in the U.K. and throughout the world, particularly coordinating pan-European litigation, transactional and regulatory matters for clients.
About Duane Morris
Duane Morris LLP, one of the 100 largest law firms in the United States, is a full-service firm of over 550 lawyers. In addition, Duane Morris affiliates have over 50 professionals engaged in ancillary service businesses. The firm represents clients across the nation and around the world through a combination of 18 offices and a relationship with an international network of independent law firms.
