Going global with a local touchx
Our relationship with global investment organization EQT continues to flourish. The Reporter spoke to Stockholm Partner Jan Jensen to find out more.
Global investment organization EQT combines a strong Nordic heritage with a truly international outlook.
Since it was established 25 years ago, this Key Client has built a reputation for helping companies go from good to great, with a high level of focus in its investments.
The company has around €40 billion in assets under management across 19 funds and is active in three main classes – private capital (including mid-market investments, private equity and venture capital), real assets (infrastructure and real estate) and credit (senior debt, direct lending and special situations).
It is headquartered in Stockholm and has assets in 16 countries across Europe, Asia Pacific and North America.
The Firm’s relationship with EQT spans many years, but it was taken to the next level in 2017 when Partner Jan Jensen and his team, including partners Shoan Panahi and Patrik Erblad, joined the Firm.
“EQT has retained a very Nordic culture while transforming into an international business.”
Jan explains: “I have worked with EQT for more than 20 years, but it was at our previous firm that we built strong relationships with both senior figures and deal teams over a period of five years.
“We continued those relationships when we joined the Firm and, since then, our work with EQT has gone from strength to strength.
“We’ve progressed from working mainly on mid-market investments in the Nordics and Sweden to getting mandates for both large buyouts and infrastructure investments, and also added direct lending and public investments, both in the Nordics and in other regions of the world – effectively doubling the work we do for them in less than two years.”
According to Jan, our relationship with EQT is built on the platform of a local presence, but it is being taken to the next level by the strength of our global network.
He says: “EQT have retained a very Nordic culture while transforming into an international business.
“Our offices in Stockholm and Helsinki benefit from being close by, so we have regular face-to-face contact (outside of the current pandemic) but, as EQT have grown, the Firm’s network has come into its own.
“When EQT invest worldwide, they do so with a close focus on the region they are investing in, which means they appreciate the local knowledge that White & Case offers in so many countries around the world.”
We’ve also built our relationship through secondments, providing training and seminars for EQT people, and regular social events.
“We speak to them every day,” says Jan, “and the great thing is that we have close relationships not only with the senior team and segment leaders, but also with their more junior team members and investment professionals; the decision makers of tomorrow.
“In many cases, we are effectively helping people further their careers at EQT, which in turn forms a close personal bond and trust that will likely continue, whether they stay at EQT or move on in the future.
“We’re continuing to speak to them regularly during the pandemic, both on the phone and on video conferences.”
“We’re continuing to speak to them regularly during the pandemic, both on the phone and on video conferences.”
EQT is an entrepreneurial company, with a close focus on adding value to its portfolio companies – something it also expects from its legal partners.
Jan says: “They value high performance, a rapid and pragmatic response, and a legal team that knows their priorities and understands how they want to run their deals and build their businesses.
“As innovators themselves, they expect us to be innovative, agile and action orientated.
“They also value integrity – knowing that they’ll get good advice and an honest answer.”
Recent mandates the Firm has worked on with EQT include an exit mandate for fibre network operator, IP Only, an EQT portfolio company valued at around €1.7 billion.
Jan explains: “There was a lot of interest in IP Only from international infrastructure funds and corporate telecoms operators, but it was eventually bought by another EQT fund, so there were complex legal issues to solve to make sure the deal was carried out correctly under intense scrutiny from rival bidders and internal compliance, including from a fund investor’s perspective.
“Another recent highlight saw us advise them on the acquisition of publicly listed healthcare firm Karo Pharma through a public takeover offer. Both were very high-profile deals showing the breadth of the work we do for them.”
In terms of opportunities for the future, the goal is to work with EQT in an even wider range of practice areas and regions.
Jan says: “We’re currently on the legal panel for EQT in the Nordics, but we want to get on more panels in future and build out our relationship across our global footprint, in particular within some of the key focus sectors for EQT: Healthcare, TMT, Industrial Technology and Services.
“As innovators themselves, they expect us to be innovative, agile and action orientated.”
“Our relationship is certainly expanding across the network, for example within infrastructure investments in the UK and Ireland, led by Caroline Sherrell in London, and we are building out our dedicated EQT team across Europe, from Brussels and Luxembourg to Paris, Madrid and Milan.
“We’re also gaining traction in Asia through our team in Hong Kong, led by William Fong and Daniel Yeh, with support from our offices in the region.
“Asia Pacific is a key expansion target for EQT where they are looking to open new offices following their most recent opening in Sydney in February.
“We are well placed to assist across the region and are building relationships and discussing opportunities with their teams in Australia and Singapore.”
Recent matters we’ve worked on with EQT in Asia Pacific include representation of its portfolio company, GPA Global, on the acquisition of Hub Folding Box, a printing and packaging company.
In addition, we recently represented another EQT portfolio company, IFS, in the sale of a subsidiary in China.
Jan says: “We have also strengthened our relationship with EQT into other areas of their business, including through the recruitment of Partner Fergus Wheeler in London, who is handling some of EQT Credit’s private credit transactions.”
But a recent change in strategy for EQT illustrates the importance of building personal relationships with clients, as Jan points out.
“Unfortunately, EQT has agreed to sell its Credit business segment, so it means we will lose that business as part of the EQT relationship.
“But the good news is that the Credit business is to be acquired by Bridgepoint, which is another Key Client of the Firm and our EMEA Private Equity practice. So Fergus and his team will continue the relationship with the Credit team, which will help us grow an even stronger bond with Bridgepoint – something that will be significant in implementing our global Private Equity strategy.”
All these developments mean Jan is optimistic for the future of our partnership with EQT.
He says: “Obviously the current pandemic has left some uncertainty as it has in many areas of the global economy, but our relationship continues to grow, with one example being the legal input we’re providing on EQT’s coronavirus war room for their Swedish portfolio clients.
“We also expect future opportunities to work with EQT, in particular, on plain vanilla buyouts in Europe and Asia, venture capital and fast growth work in EMEA and Asia, and infrastructure projects across EMEA, Asia Pacific and the United States.
“The Firm has some seriously skilled people across the network and our international reach is a perfect match for EQT as they continue to be active across the globe.”
