International law firm Stephenson Harwood LLP has advised Cofely, a wholly owned subsidiary of GDF SUEZ, on its purchase of Lend Lease’s UK facilities management business (LLFM). The acquisition was completed on 6 July 2014.
LLFM currently provides a range of facilities management services across the UK and Ireland, with particular focus on healthcare, education, government and retail. The business has a number of large long-term contracts with clients comprising a number of major National Health Service (NHS) Trust hospitals at locations including Manchester and Leeds, Local Education Authorities in Birmingham and Lincolnshire, HM Treasury and Bluewater Shopping Centre.
The move follows last year's acquisition of Balfour Beatty's UK facilities management division, and, combined with the existing business, will make Cofely one of the UK’s leading facilities management providers. Over the next 25 years the acquisition of LLFM will provide Cofely with a guaranteed revenue stream of £2.5 billion and will add significant new capabilities to the business. The new combined entity will operate under the Cofely brand.
Stephenson Harwood advised Cofely on all legal aspects of the acquisition, including tax, pensions and projects.
Andrew Edge, head of corporate at Stephenson Harwood commented "We're delighted to have once again advised GDF SUEZ on another significant transaction, as it continues to strengthen its UK business. This follows on from our work for GDF SUEZ last year, when we advised on its £190 million acquisition of Balfour Beatty's UK facilities management division."
The team at Stephenson Harwood was led by corporate partner Andrew Edge, who was supported by corporate senior associates Rob Gray and Graeme Barton. They were assisted by a number of other teams within the firm including: projects; pensions; commercial; tax; employment and employee incentives. Ashurst advised Lend Lease.