Mourant advises Triton on €5 billion flagship buyout fund
16 January 2019
Mourant has advised international investment firm and longstanding client, Triton, on its latest flagship buyout fund, Triton Fund V.
The fund surpassed the €4 billion target and successfully closed in December 2018 at its hard cap of €5 billion, making it Triton's largest fund in its 22-year history and one of the largest pan-European buyout funds of 2018.
The fund is established in Jersey as an expert fund and received commitments from a diversified range of institutional blue-chip investors including pension funds, insurance companies and sovereign wealth funds. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe. The 38 companies currently in Triton's portfolio have combined sales of around €13.1 billion and around 85,000 employees.
Triton V will continue the ‘all weather’ mid-market private equity investment strategy and will seek to generate value in the geographies in which Triton has strong local knowledge, such as the Nordics, Germany, Austria, Switzerland, Spain, Italy, France, UK and Benelux. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.
Partner Daniel Birtwistle led the Mourant team, with senior associates Alex Henderson and Gabby Kellogg and associates Roisin Cullinane and Rachel McGuinness. The firm acted as Jersey counsel alongside lead counsel Simpson Thacher & Bartlett.
Matt Crill, Head of Corporate Governance at Triton commented: "We were pleased to partner once again with the Mourant funds team, who were able to field a strong dedicated team to support us in this key fund-raising".
The fund is the latest in a series of significant value fundraises that Mourant has advised on, and demonstrates the firm's continued position as a leading adviser for large and/or complex fundraisings.