Park Motor Finance

Simmons & Simmons, the international law firm, has advised Park Acquisitions Limited (PAL) and its backers on the acquisition of Park Finance Holdings Limited, the parent company of motor finance provider Park Motor Finance, Gateway Credit and Park Personal Loans.

The acquisition, from Hermes Private Equity, was for cash and also involved the refinancing of the group’s loan assets. Financing was provided by means of share capital and debt finance.

Park Acquisitions Limited was formed by Dr Roger Gewolb and Credit Suisse. Dr Gewolb has been appointed chief executive of the Park Group. The new management team which has considerable experience of the motor finance industry in the UK, includes Joe Stapleton and Jez Weaving.

The Simmons & Simmons team was led by corporate partners Alan Karter and Gavin Weir, assisted by Isabella Roberts and Stuart Hatcher, associates – corporate, Liz Farrington, associate – employment and Martin Shah, associate - tax. Stephen Moller, partner – banking, led the team advising Credit Suisse as the provider of debt finance. The transaction involved specialists from the corporate, tax, employment and financial markets groups at Simmons & Simmons.

Alan Karter, commenting upon the transaction, says:

"This was a complicated transaction with many of the features of a management buy in. We are delighted to have assisted Park Acquisitions Limited and its backers to achieve a successful completion. I wish the new management team all the best in the development and expansion of the business."

Dr Roger Gewolb says:

"The team at Simmons & Simmons has been exemplary in pulling together a complex transaction involving acquisition, investment and funding. I compliment them on their professionalism, hard work and dedication to bring this project to a successful conclusion. I look forward to working with them again in the future."

The other advisers to the transaction were Mishcon de Reya and DLA Piper and Nyman Libson Paul (buy-in management team); SJ Berwin and KPMG (Hermes); and Deloitte (accountants to lead investor and the newco).

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Notes for editors:

1. Simmons & Simmons is a leading law firm with offices in Abu Dhabi, Brussels, Dubai, Düsseldorf, Frankfurt, Hong Kong, Lisbon, London, Madeira, Madrid, Milan, New York, Oporto, Padua, Paris, Qatar, Rome, Rotterdam, Shanghai and Tokyo with over 2,000 staff worldwide. For further information on Simmons & Simmons please visit our website at www.simmons-simmons.com
2. The international corporate and commercial practice at Simmons & Simmons comprises over 260 legal staff of which over 75 are partners. It advises on the whole range of corporate finance activity, mergers and acquisitions as well as other corporate and commercial law matters for listed and unlisted companies on an international basis. In addition, it advises governments, financiers and contractors on PFI/PPP and other private financings, partnering, procurement, outsourcing, and joint ventures.
3. Visit www.elexica.com, Simmons & Simmons’ award-winning online legal service.
4. For further information, please telephone Ian Kitts in London on 020 7628 2020 or Alan Karter on 020 7628 2020. Simmons & Simmons, CityPoint, One Ropemaker Street, London EC2Y 9SS. Tel: 020 7628 2020 Fax: 00 44 (0)20 7628 2070 DX Box No 12.