Senior Carey Olsen lawyers across the Channel Islands worked through the night to complete one of the biggest retail acquisition deals in recent years.
The Carey Olsen pan-island team, headed by Jersey partner Mike Jeffrey, acted for Sandpiper in the sale of the five supermarkets to Waitrose– three in Jersey and two in Guernsey – and contracts were signed at 8am this morning.
The shops will be operated by Sandpiper CI under licence following completion of the deal, expected in October and subject to regulatory authority approval, until the stores are handed over to Waitrose in early 2011.
Carey Olsen’s Mike Jeffrey said: "Advising on the deal for Sandpiper CI has been an excellent demonstration of the firm’s ability to employ its experts across all practice areas in both islands in the biggest deal for retail in the islands this year and to the satisfaction of all parties involved.
“McQueen coordinated the legal involvement with Carey Olsen and Clifford Chance in London. There was significant involvement for us across the corporate and property teams in both Jersey and Guernsey with myself, Rosie Stott, James Willmott and Colin Dow from corporate in Jersey and Jason Morgan in Guernsey, Chris Philpott and Will Whitehead in Jersey for property."
Carey Olsen have advised the Sandpiper CI Group since its inception in the Channel Islands when it acquired businesses from C.I. Traders. The Sandpiper CI Group is backed by private equity houses Europa and Duke Street. Carey Olsen was also involved in Sandpiper CI’s sale of the pub businesses to the Liberation Group.