Brake Bros

27 Jun 2002

Simmons & Simmons advises on £ 433.7m acquisition of Brake Bros

The board of Brake Bros plc, a leading food supplier to caterers in the UK and France, has agreed a £433.7m recommended cash offer from CDRP Acquisition, an investment vehicle established by the private equity group Clayton Dubilier & Rice, for the shares of the Company. Simmons & Simmons advised Brake Bros on this deal which was announced on 25 June 2002.

With a group turnover of over £1 billion, Brake Bros supplies frozen, chilled and fresh food to the catering industry across the UK and France. As part of the deal, CDRP Acquisition will pay 825p a share for Brake Bros, which represents a 39 per cent increase on the Company's share price at the time of the announcement in March that it would be conducting a strategic review. The deal is expected to complete in August.

The Simmons & Simmons team was led by partner Richard Slater (Financial Markets) who was assisted by partners Steven Bryan and Mark Curtis (Corporate), and assistant Paul Sim (Corporate). Partner Paul Hale and Lisa Cristie (Tax), partner Charles Bankes and Natalie Dreyfuss (EU/Competition) partner Mark Norris and Scott MacKay (Banking) and partner Monica Ma (Employee Benefits) were also involved in the transaction.

Richard Slater said:

"We have a long-standing relationship with Brake Bros and advised on the Company's flotation on the London Stock Exchange in 1986. We are delighted to have been able to assist Brake Bros during its strategic review and this critical transaction for the Company."

Mr Frank Brake, Chairman, Brake Bros plc, said:

"I am delighted that we have been able to secure this offer, which represents a successful conclusion to our strategic review announced in March."

Credit Suisse First Boston and Deloitte and Touche Corporate Finance acted as financial advisers to Brake Bros. Merrill Lynch acted as financial adviser to Clayton Dubilier & Rice.

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1. Simmons & Simmons is a worldclass law firm with offices in London, Rotterdam, Düsseldorf, Paris, Brussels, Milan, Rome, Padua, Madrid, Abu Dhabi, Hong Kong, Shanghai, Tokyo and New York with over 1,750 staff worldwide. For further information on Simmons & Simmons please visit our website at www.simmons-simmons.com.

2. The Global Corporate Department at Simmons & Simmons comprises over 220 legal staff of which over 50 are partners. It advises on the whole range of corporate finance activity, and mergers and acquisitions as well as other corporate law matters for listed and unlisted companies, in the United Kingdom and overseas.

3. For further information, please telephone Richard Slater, Steven Bryan or Martin Richards on 020 7628 2020. Simmons & Simmons, CityPoint, One Ropemaker Street, London EC2Y 9SS. Tel: 020 7628 2020 Fax: 020 7628 2070 DX Box No 12.

4. For further information on Brake Bros visit www.brake.co.uk.