News | Corporate Finance

Wednesday 23rd May 2001

SJ Berwin advised the troubled US leasing group El Camino Resources on a complex two stage transaction under which it sold for undisclosed amounts its European leasing businesses to CHG-Meridian and its European IBM distribution and services businesses, together with its other non-leasing operations to an investor group.

The El Camino European lease portfolio had a net book value of approximately £200 million and more than 500 customers, based mainly in the UK and Germany. The IBM distribution and other non-leasing operations have a combined turnover of approximately £75 million with 260 employees.

SJ Berwin's London office advised with support from SJ Berwin's offices in Berlin, Paris and Brussels. CHG-Meridian was advised by Dr Alexander Lienau of Lienau, Lotz & Partner of Munich. Peter Bowes and Ruth Evans of the York office of corporate law firm Rollits advised the buyer of the European non-leasing businesses. Tax structuring advice was provided by Andrew Packman of PriceWaterhouseCoopers.

Martin Bowen led the SJ Berwin team, with partners Dominic Adams, Frank Vogel, Stephen Maffey and Raji Bartlett, assisted by Jonathan Betts, Tim Drake, Jan Dirk Heerma, Amanda Soloman and Pat Ryan. Martin Bowen commented, "This highly complex pan-European transaction was completed within a tight timescale despite the significant tax planning and other restructuring steps. I was delighted that we were able successfully to offer a co-ordinated Anglo-German team for the deal".

The transaction completed on 30 April 2001.