Bech-Bruun References

Bech-Bruun advises Altor on sale of Euro Cater Group

Mon, 29 Apr 2013 09:06:00 +0200

The PE fund Altor has entered into an agreement on a favourable sale of the Euro Cater Group to English Intermediate Capital Group (ICG) and the management.

During the well-planned sales process, Bech-Bruun has rendered legal assistance within contract drafting, data room, vendor due diligence, finance law issues and negotiations.

Assisted by Bech-Bruun, Euro Cater was established in 2006 as a partnership between Altor and key employees of the company and has since then developed into an extensive food service wholesaler through organic growth and acquisitions. Today, Euro Cater is the leading Danish food service wholesaler with 16 branches in Denmark (including two cash & carry businesses) and the third-largest wholesaler in Sweden, serving customers from 20 local branches. The Euro Cater Group has approx. 1,800 employees, a turnover of DKK 7bn and includes approx. 30 companies in Denmark and Sweden.

The buyer, Intermediate Capital Group PLC, is a leading alternative fund manager managing assets of EUR 13bn based on ICG’s own capital as well as third-party capital. ICG has investment portfolios in Europe, USA, Asia and the Pacific area and has made more than 30 investments in Scandinavia over the past 20 years. ICG is quoted on the London Stock Exchange.

Many players acting for the various parties and banks have been involved in the transaction. The final negotiations and signing took place at the end of April at Bech-Bruun’s and were attended by a total of 30 persons.

The sale is subject to approval by the competition authorities.

Bech-Bruun advised the owners behind Unisense FertiliTech A/S in connection with PKA investment

Tue, 05 Mar 2013 09:03:00 +0100

PKA has just entered into an agreement with the owners behind Unisense FertiliTech A/S, including LD and Unisense Holding A/S, on becoming co-owner of Unisense FertiliTech A/S.

Headed by partners Claus Aagaard Nielsen and Michael Serup, Bech-Bruun has assisted the existing owners throughout the process.

Unisense FertiliTech A/S is a major player within research, development and commercialisation of technological equipment for fertility clinics designed to facilitate higher success rates in fertility treatments.

With this investment, PKA obtains a significant ownership share of Unisense FertiliTech A/S.

Click here to read more about the PKA investment (in Danish).

Bech-Bruun assists the owners of Conscia in connection with the investment made by Via Venture Partners

Tue, 01 Jan 2013 11:48:00 +0100

Shortly before Christmas 2012, the partners and employees of Conscia A/S entered into an agreement with Via Venture Partners, a private equity fund owned by the Danish Labour Market Supplementary Pension Fund, on the fund’s acquisition of a 35% minority shareholding in Conscia A/S.

Niels Kornerup, partner, and Lars Terp, associate of Bech-Bruun assisted the owners of Conscia A/S throughout the entire process.

Conscia A/S mainly develops IT infrastructure services, data centres and network solutions based on Cisco products. The investment will improve Conscia A/S’s possibilities of implementing its plans for growth.

The investment is subject to approval by the competition authorities.

Bech-Bruun advises Unisense FertiliTech A/S and its owners on William Demant investment

Thu, 20 Dec 2012 10:14:00 +0100

William Demant Invest A/S, ultimately owned by the Oticon Foundation, has just concluded an agreement with the owners of Unisense FertiliTech A/S, including LD and Spanish Equipo IVI, on becoming co-owners of the company.

A Bech-Bruun team headed by partners Michael Serup and Claus Aagaard Nielsen has assisted the existing owners and the company throughout the process.

Unisense FertiliTech A/S is a significant player within research, development and commercialisation of technological equipment for fertility clinics designed to ensure higher success rates in fertility treatments.

With this investment, William Demant obtains a substantial ownership share of Unisense FertiliTech A/S via the acquisition of existing shares and subscription for new shares. As part of the process, a large loan is furthermore granted to the company.

Bech-Bruun assists MTG in its acquisition of TV2 Sport

Mon, 08 Oct 2012 14:25:00 +0200

Bech-Bruun has assisted Modern Times Group (MTG) in its acquisition of TV2’s 50% share ownership in TV2 Sport A/S. Following the acquisition, TV2 Sport A/S will be a wholly-owned subsidiary of the MTG Group.

The competition law aspects of the acquisition have played a major role in the transaction, and the acquisition is now subject to the approval of the competition authorities.

Five years ago, Bech-Bruun assisted in the establishment of TV2 Sport, a company jointly owned by TV2 and MTG, which will now become a wholly-owned company under MTG.

Bech-Bruun’s team included Søren Meisling and Simon Evers Kalsmose-Hjelmborg, among others.

Bech-Bruun assists OTPP with ISS Investment

Wed, 29 Aug 2012 12:58:00 +0200

Bech-Bruun’s client, Canadian Ontario Teachers’ Pension Plan (OTPP), has together with the LEGO investment company Kirkbi invested EUR 500m or just under DKK 3.7bn in ISS of which OTPP has contributed EUR 350m.

Bech-Bruun has provided assistance in all legal aspects of the investment.

The partners responsible for the case were Steen Jensen and Jakob Kristensen.

For more information on the ISS investment, please read www.business.dk and the press release.

Bech-Bruun assists Elsevier in its acquisition of Atira A/S

Thu, 16 Aug 2012 14:17:00 +0200

Bech-Bruun has assisted Elsevier in connection with its acquisition of the Danish business Atira A/S based in the city of Aalborg.

Atira A/S carries on business within system and software development and its most important asset is its own research information system, PURE, used by more than 47,000 researchers in Europe.

Bech-Bruun’s client, the Elsevier Group, is a leading player within the development and provision of various information systems and is part of the Reed Elsevier Group quoted on the Stock Exchanges in Amsterdam, London and New York, respectively, and which is a leader within publishing and communication. The acquisition of Atira is of great strategic importance as the Group’s competencies in respect of information handling within research will be expanded and improved.

The acquisition process was commenced in September 2011, but was suspended before Christmas. The negotiations were, however, resumed at the end of May this year and ended successfully in the signing/closing on 2 August 2012. News of the transaction were released yesterday, on 15 August 2012, see the press release.

The Bech-Bruun team was headed by Tina Øster Larsen, Associate, who has special knowledge of and great experience in the planning and completion of business transfers and sales and acquisition processes as well as mergers, and also mainly included Anders Østergaard, Associate, IP & Technology, Thomas Christian Thune, responsible for the labour law aspects of the transaction, as well as Caroline Lyck, Junior Associate, Mergers & Acquisitions, and responsible partner Søren Meisling.

Bech-Bruun advises Nets on purchase of Finland’s Luottokunta

Wed, 15 Aug 2012 10:56:00 +0200

On 10 August 2012, Nets Holding A/S executed an agreement to purchase its Finnish counterpart, Luttokunta. Following the acquisition, Nets will be the predominant actor on the Danish, Norwegian and Finnish card payment service provider market.

The acquisition is in line with Nets’ strategy to become one of the largest actors in the European market.

Bech-Bruun acted as lead counsel on the acquisition, with assistance from Roschier law firm in Helsinki. Our team was manned by M&A Corporate partner Søren Meisling, an expert in M&A, private equity and venture capital, as well as M&A associate, Peter Riis Jensen and junior associate Camilla Fabech Larsen. In addition, financing partner Morten Krogsgaard and senior associate Anne Kaas Hammer assisted with respect to regulatory matters.

The matter, which has been ongoing since October 2011, proved to be a strongly competitive process. It is expected that closing will take place before the end of the year.

Nets Holding A/S is particularly satisfied that the acquisition has fallen into place. Nets’ CEO, Mette Kamsvåg, comments

"The acquisition of Luottokunta brings Nets vital additional competencies that will strengthen our position not only in the Finnish market but also in Europe as a whole. The acquisition will make us an even stronger partner for our Nordic customers in supporting their business both nationally and internationally. We need this strength to be able to accompany our customers on their journey into new markets."

See the press release concerning the acquisition at nets.eu

Bech-Bruun advises Energinet.dk on the acquisition of ten transmission companies

Fri, 13 Jul 2012 12:56:00 +0200

Energinet.dk’s acquisition of ten regional transmission companies in Denmark, which are owned by a total of 41 different sellers, has been made public. Bech-Bruun has advised Energinet.dk during the entire process.

The total value of the transaction amounts to DKK 5.7bn.

For Bech-Bruun, the preparatory work was commenced back in 2011, but the transaction was mainly performed in the first half of 2012. In the period from January to May, a comprehensive due diligence investigation was completed in respect of all ten companies, and, in the period from March to June, intensive negotiations were conducted with Dansk Energi representing the sellers and directly with the individual sellers. Closing is expected to take place on 20 August 2012.

Several of Bech-Bruun’s legal practice groups have been involved in the extensive work, including M&A Corporate, Energy & Climate and Public Law. The partners mainly responsible are Per Hemmer, specialised and highly experienced in rendering advice within the energy business, and Peter M. Andersen who specialises in M&A with special expertise within business transactions.

Danske Commodities A/S acquires CHP plant at DTU, Technical University of Denmark, from DONG

Mon, 18 Jun 2012 08:08:00 +0200

In end-April, closing took place of Danske Commodities A/S's (assisted by Bech-Bruun) acquisition of DTU CHP plant from the seller DONG Energy Power A/S.

Danske Commodities' acquisition of DONG Energy's CHP plant forms part of Danske Commodities' growth strategy "Passion for Energy" centred on the development of new strategic steps, including new business areas. With its new status as electricity producer, Danske Commodities wishes to use the synergistic effect across the value chain and the existing business areas of the company.

Simon Milthers who will become partner of Bech-Bruun as at 1 July 2012 and Per Hemmer, partner, are the two driving forces in several transactions involving CHP plants and transmission lines.

Bech-Bruun has also provided legal advice to the public utility companies of the Municipalities of Ringsted, Elsinore and Hillerød, respectively, on their acquisitions of local plants:

In November 2011, Bech-Bruun assisted the Municipality of Ringsted in its acquisition of Ringsted CHP plant from DONG Energy.

In June 2011, the public utility company Helsingør Forsyning acquired Elsinore CHP plant from Swedish Vattenfall for purposes of expanding the district heating system and becoming less dependent on fossil fuels.

Back in December 2010, Bech-Bruun assisted the Municipality of Hillerød in its acquisition of Hillerød CHP plant. Again, the seller of the CHP plant was Swedish Vattenfall.

If you have any questions to the above, please feel free to contact Per Hemmer or Simon Milthers.

Bech-Bruun assists Chinese Titan Wind Energy in acquisition of tower factory from Vestas

Wed, 13 Jun 2012 10:51:00 +0200

In January 2012, Vestas decided to close its tower factory in Varde, Denmark. Yesterday, an agreement was, however, concluded with Chinese Titan Wind Energy (Suzhou) Co. Ltd. on a takeover of the Varde factory. Listed in China and China's largest global wind turbine tower manufacturer, Titan has since 2006 to an increasing extent provided wind turbine towers to Vestas.

With this acquisition, approx. 120 jobs are kept in Denmark and the transaction has therefore attracted considerable political attention.

"Bech-Bruun represented Titan and we have benefitted immensely from the unique competencies of our Chinese Desk", states Monica Reib, partner.

See the press release for further information on Vestas homepage.

Bech-Bruun advises Odin Equity Partners in connection with the acquisition of SSG A/S

Thu, 31 May 2012 17:26:00 +0200

The private equity fund, Odin Equity Partners, acquires SSG A/S, a leading specialist in the Danish market within damage control, industrial and property services with turnover of just under half a billion Danish kroner in 2011.

In connection with the acquisition, SSG A/S's management team will make a reinvestment to the effect that the management team will end up owning 35% of SSG A/S.

In connection with the transaction, Bech-Bruun has performed due diligence as well as prepared and negotiated several transaction documents.

Niels Kornerup, Partner, and Anders Rubinstein, Associate, both specialising in business transfers, have been the primary advisers on the transaction.

The selling shareholders are Maj Invest Equity and several employees of SSG A/S.

The completion of the transaction is subject to approval by the Danish competition authorities, and closing is expected to take place at the end of June 2012.

The purchase price has not been disclosed.

Bech-Bruun advises Milch-Union Hocheifel on merger with Arla

Wed, 30 May 2012 08:37:00 +0200

The eighth largest dairy company in Germany, Milch-Union Hocheifel, is part of a large merger with the Danish and British dairy companies Arla and Milk Link. The merger fell into place last week. Bech-Bruun advised Milch-Union Hocheifel on the Danish conditions relevant to the merger.

Having great insight into German-Danish legal matters and being a member of the Bech-Bruun German Business Group, Ole Nørgaard, partner, was involved in the advisory process together with Thomas Frøbert, another partner who has many years' experience within the international business tax area.

The merger has attracted attention in Denmark due to its size and it being cross-border, involving cooperatively-owned dairy companies. As a result of the merger, Arla and Milch-Union Hocheifel will be Germany's third largest dairy company.

A formal decision will be made in relation to the merger on 26 June 2012 when the cooperative owners are to vote on the merger.

Closing of Bladt Industries transaction

Wed, 23 May 2012 13:11:00 +0200

Today (on 23 May 2012), closing of the sale of Bladt Industries Holding A/S to Nordic Capital was completed. The sale was the result of a lengthy sales process in which Bech-Bruun represented the sellers, LD Equity 1 K/S (Maj Invest), Industri Udvikling A/S and Bladt Management ApS. In addition, we have assisted the future management in its re-investment in the buyer's set-up.

Bladt Industries is a steel contractor specialising in large-scale and highly complex steel structures, operating in three key areas of business, i.e. wind, renewable energy, oil and gas energy and infrastructure. The company's main focus is on foundations and substations for the rapidly growing offshore wind energy market. Bladt Industries generates revenues in the order of DKK 1.7bn and has prospects of significant growth.

Arranged as a structured auction, the process began in December 2009 and offered many challenges along the way. Signing took place in December 2011, and closing was subject to the approval of the competition authorities.

Bech-Bruun German Business Group assists EPURON in the acquisition of German wind farm

Fri, 27 Apr 2012 08:54:00 +0200

Bech-Bruun's German Business Group, which is the name of Bech-Bruun's interdisciplinary, international team focusing on German/Danish legal issues, has assisted EPURON in the acquisition of the Cottbuser Halde wind farm in Brandenburg, Germany. M&A Corporate specialists, Ole Nørgaard (partner) and Sarah Weber (associate) led the transaction, with assistance from Carsten Ceutz, corporate recovery partner, and Arne Riis, tax partner.

The seller, Green Wind Renewables A/S, a Danish company which is part of the Danish wind energy group, Green Wind Energy, is the subject of reconstruction proceedings.

Impax New Energy Investors II L.P. (INEF II), the owner of the Hamburg and Paris-based EPURON has provided the necessary funding for EPURON to acquire Cottbuser Halde wind farm. INEF II is an investment fund administered by Impax Asset Management Limited, one of the leading administrators of listed and private equity funds for environmental investments on the market.

The total installed capacity of the Cottbuser Halde wind farm is 28MW, comprising 14 Vestas V90 wind turbines and has been in operation since the beginning of 2009. Long-term project financing is in place with Deutsche Kreditbank.

EPURON develops, finances, builds and operates wind farms in Germany and France. The acquisition of Cottbuser Halde wind farm is an important investment for EPURON, as it more than doubles EPURON's existing German operating wind portfolio from 23MW to 51MW.

If you wish to know more about the Bech-Bruun German Business Group, read our electronic folder here

Die German Business Group von Bech-Bruun berät EPURON beim Ankauf von Windpark

Die German Business Group von Bech-Bruun, das fachübergreifende, internationale und auf deutsch/dänische Verhältnisse spezialisierte Team von Bech-Bruun hat EPURON beim Ankauf des Windparks "Cottbuser Halde" in Brandenburg beraten. Zwei Mitglieder des Teams, RA und Partner Ole Nørgaard und RA'in Sarah Weber, die beide über sowohl Kenntnisse als auch praxisgeprüfte Erfahrung im Bereich M&A Corporate verfügen, waren für die Transaktion verantwortlich mit sachkundigem Beistand von RA Carsten Ceutz bzw. RA Arne Riis, die auf jeweils Unternehmensrestrukturierung und Steuern spezialisiert sind.

Verkäuferin ist die dänische Fa. Green Wind Renewables A/S, die eine Gesellschaft des dänischen Windenergiekonzerns Green Wind Energy ist, der z.Z. das Rekonstruierungsverfahren durchläuft.

EPURON, ein in Hamburg bzw. Paris basierter Entwickler und Betreiber von Windparks, hat den Windpark Cottbuser Halde mit Mitteln von dessen Eigentümer, dem Fond Impax New Energy Investors II L.P. erworben.
NEF II ist ein Investmentfond, der von Impax Asset Management Limited verwaltet wird, die zu den führenden Verwaltern von börsennotierten und privaten Equity-Fonds des Markts für Umweltinvestitionen gehört.

Windpark Cottbuser Halde, der über eine Gesamtkapazität von 28MW verfügt, besteht aus 14 Vestas V90-Windanlagen, und ist seit Anfang 2009 im Betrieb. Die Kreditanstalt für Wiederaufbau ist für die langfristige Finanzierung des Projekts zuständig.

EPURON entwickelt, finanziert, baut und betreibt Windparks in Deutschland und Frankreich. Der Erwerb des Windparks Cottbuser Halde ist eine wichtige Investition für EPURON, da dadurch das existierende Portfolio der EPURON an Windanlagen mehr als verdoppelt wurde, und zwar von 23MW auf 51MW.

Ein elektronisches Prospekt zu Bech-Bruun German Business Group finden Sie unter diesem Link

Bech-Bruun advises Dansk Generationsskifte A/S on acquisition of A-class ApS

Tue, 10 Apr 2012 08:47:00 +0200

Bech-Bruun has assisted Dansk Generationsskifte A/S on the acquisition of A-class ApS, a company operating the website Afrika-Safari.dk.
Dansk Generationsskifte A/S has acquired the company together with two external investors, and the sellers and the new management board have further co-invested in a combined 40 percent stock.

With signing and closing taking place on Friday, 30 March, the entire procedure has been highly condensed. Closing took place following due diligence reporting of only one week, followed by negotiation of SPA, owner’s agreements, seller financing terms, service agreement and financing agreement.

Bech-Bruun’s team mainly comprised employment law and M&A Corporate specialists.

The deal has been mentioned in several articles, including:

http://www.takeoff.dk/news/22835
http://check-in.dk/newselement.cfm?nNewsArticleID=60648

The deal was also mentioned in the Danish financial daily Børsen on 10 April 2012: "Travel Agency was topic of master project".

Nordic Capital acquires Bladt Industries – Bech-Bruun assists the sellers

Fri, 30 Mar 2012 10:25:00 +0200

On the night of 29 March 2012, an agreement on the sale of Bladt Industries Holding A/S to Nordic Capital was concluded. Bech-Bruun has assisted the sellers LD Equity 1 K/S (Maj Invest), Industri Udvikling A/S and Bladt Management ApS in the sales process, which has lasted for more than two years due to a high number of complex challenges.

Bladt Industries is a construction business specialising in large and complex steel constructions and it operates within three core business areas, i.e. wind and sustainable energy, oil and gas energy as well as infrastructure. The primary focus is on foundations and transformer stations for the fast growing offshore wind energy market. Bladt Industries has substantial revenues and prospects of considerable growth.

The transaction is subject to approval from the Danish competition authorities.

Bech-Bruun assists in the sale of NKT Flexibles

Mon, 06 Feb 2012 14:45:00 +0100

Bech-Bruun has acted as advisor in the sale of NKT Flexibles to National Oilwell Varco at a value of DKK 3.8bn.

NKT Flexibles manufactures flexible pipelines and other products for the offshore oil and gas industry and its revenues exceed DKK 1.5bn. The buyer is a multinational group headquartered in Houston, Texas, with revenues exceeding DKK 75bn. The sale has taken place via a structured auction process, which started in the fall of 2011. The transaction is subject to the approval of the competition authorities in Norway and Brazil.

Bech-Bruun has represented the sellers, NKT Holding A/S as well as Subsea7 Contracting (Norway) AS.

Bech-Bruun Law Firm successful in a case before the Danish Supreme Court

Tue, 24 Jan 2012 13:54:00 +0100

Bech-Bruun has assisted the insurance company If Skadeforsikring and succeeded in its claim before the Supreme Court in a case of general public importance against DHL Global Forwarding (Denmark) A/S.

The case pertained to the construction of the so-called network clause of s. 23 of the General Conditions of the Nordic Association of Freight Forwarders NSAB 2000 in connection with a combined transport of wind turbine elements from Denmark to Canada in which case the loss of a container could be located to the road transport in Canada.

The Supreme Court held that contracts of carriage entered into with sub-carriers could not be relied upon towards the consignor (Vestas) irrespective of the fact that the sub-contracts of carriage were sent to Vestas and consequently held on the basis of a construction of s. 23 of NSAB 2000 that Canadian law and terms and conditions of carriage commonly existing/recognised in Canada could not lead to DHL succeeding in its claim that liability was limited.

Bech-Bruun assists Swedish Niam with its investment in Danish residential property portfolio

Tue, 10 Jan 2012 12:30:00 +0100

Niam, one of the leading Swedish private equity businesses focusing on real estate, has just made its first investment in Denmark having acquired a residential property portfolio at a price of approx. DKK 1.3bn.

The portfolio comprises commonhold flats attractively located directly at the waterfront of the new residential areas of Copenhagen's South Port as well as in Vallensbæk and Søborg.

The flats were erected in the period 2007-2009 and are of a high quality customised for the owner-occupied housing market. However, today all flats are tenanted.

In relation to this transaction, Bech-Bruun has primarily assisted Niam in setting up the acquisition structure.

Niams's press release in Danish is available here

Bech-Bruun advises the Municipality of Ringsted on the acquisition of CHP plant

Fri, 09 Dec 2011 08:45:00 +0100

Bech-Bruun has advised the Municipality of Ringsted on the acquisition of Ringsted CHP Plant, which supplies electricity to around 14,000 households and district heating to 4,300 households in Ringsted. The plant is fuelled by natural gas and has a capacity of 11 MW of electricity and 13 MJ/s of heat.

The seller is DONG Energy Power A/S. The background of the sale is DONG Energy’s wish to spin off eight of the company’s decentralised CHP plants, including Ringsted CHP Plant, as part of its business strategy.

See press release on the website of the Municipality of Ringsted in Danish.

Bech-Bruun has also provided legal advice in a number of similar transactions
In June 2011, the public utilities company Helsingør Forsyning acquired Elsinore CHP Plant from Swedish Vattenfall for purposes of expanding the district heating system and becoming less dependent on fossil fuels. See press release in Danish here.
Back in December 2010, Bech-Bruun acted as advisor to the municipality of Hillerød, when it aquired Hillerød CHP plant. Again, the seller of the CHP plant was Swedish Vattenfall. See press release in Danish here.

If you have any questions to the above, please feel free to contact Per Hemmer, Partner, or Simon Milthers, Lawyer.

Bech-Bruun advises By & Havn on major turnkey contracts

Tue, 15 Nov 2011 09:54:00 +0100

Bech-Bruun has advised the development company, By & Havn I/S on the procurement and execution of the turnkey contracts concerning the establishment of a new cruise ship terminal and a new container terminal in Nordhavn, Copenhagen and the construction of the second phase of the new UN City in Copenhagen.

The DKK 1 billion turnkey contracts are now signed. Bech-Bruuns team consisted of partners, Jesper Kaltoft and Ole Eske Bruun and senior associate, Anders Birkelund Nielsen.

Bech-Bruun advises on acquisition of transmission assets at the offshore wind farm Walney 1

Fri, 28 Oct 2011 13:26:00 +0200

Bech-Bruun has acted as Danish legal adviser to a consortium of Macquarie Capital Group Limited and Barclays Integrated Infrastructure Fund on their acquisition of the transmission assets at the offshore wind farm Walney 1 for approx. GBP 105 million.

The wind farm is situated in the Irish Sea.

Bech-Bruun wins substantial case for the estate of Synerco ApS

Tue, 20 Sep 2011 08:53:00 +0200

Bech-Bruun has won the first of two substantial cases instituted by the estate of Synerco ApS against, among others, Capinordic Bank A/S in bankruptcy under the Danish Financial Stability Company.

The court in Lyngby found in favour of the estate of Synerco A/S concerning its claim against the insolvent estate of Capinordic Bank A/S and a sister company to the bank in the amount of DKK 21 million plus interest from the autumn of 2009, as well as costs in the amount of DKK 850,000. The Danish Financial Stability Company guarantees the payment.

The court held that it was documented that at the end of September 2008, Capinordic Bank A/S improperly exploited its knowledge of the insolvency of Synerco ApS to push the price of an option down from the agreed price of DKK 30 million to DKK 9 million.

The estate of Synerco ApS was also successful in its claim against SBS Estate A/S in the amount of DKK 7.5 million.

Bech-Bruun wins personal injury compensation case before the Danish Supreme Court

Tue, 20 Sep 2011 08:46:00 +0200

Bech-Bruun has represented insurers in a case concerning a financial settlement after a car accident in 2000.

The injured person, at the time of the car accident, worked as a carpenter. During the court case, he claimed that his earnings would have been substantially higher than those estimated by the insurance company when making a payout for loss of earnings and loss of earning capacity.

The Supreme Court held that there was no basis for increasing the claimant’s annual salary or the assessed amount relating to his loss of earning capacity.

The judgment confirms that in order to calculate a loss based on future expectations, quite concrete evidence is required.

Bech-Bruun assists Maj Invest Equity in establishing new private equity fund

Tue, 13 Sep 2011 14:20:00 +0200

Bech-Bruun has assisted Maj Invest Equity (formerly LD Invest Equity) in establishing a new private equity fund, Maj Invest Equity 4 K/S, targeted at investments in Danish SMEs. The private equity fund will focus on enterprises with revenue of DKK 100m - 1,000m.

Maj Invest Equity 4 K/S’s first closing took place on 31 August 2011 with eight professional investors, including Dansk Vækstkapital, Realdania, Nordea Liv & Pension, FEAS and LD, representing a total capital commitment of DKK 800m.

For further information, read the press release on:
http://www.majinvest.com/Forside/Nyheder/2011/110902NyFond.aspx

Bech-Bruun advises the buyers of the Illum building

Tue, 16 Aug 2011 10:51:00 +0200

Bech-Bruun has assisted the capital fund, MGPA Europe Fund III, with the purchase of the building which houses the well-known department store, Illum, one of the best placed retail properties in Copenhagen.

The acquisition is a joint venture with MGPA, investment manager Partners Group and a Canadian institutional investor. The purchase sum, including the development project was set at DKK 1.95 billion, which makes it one of the largest property transactions concerning a single property in Denmark ever.

Bech-Bruun assists The Containership Company A/S with a company restructuring in accordance with the new Danish reconstruction rules

Wed, 03 Aug 2011 21:40:00 +0200

Bech-Bruun has assisted The Containership Company A/S with one of the first larger company restructures in Denmark after the entry into force of the new rules in the Danish Insolvency Act on 1 April 2011.

As TCC has been operating its containership business between China and the USA, a large number of TCC's assets and liabilities are located in the USA and TCC's suspension of its transpacific service at the start of April 2011 has resulted in a large number of disputes with Chinese and American shippers.

The primary reason behind the suspension was failure by the majority of shippers to meet the contractual cargo volumes which they had committed to in their service contracts, resulting in TCC's failure to realise its budgeted revenues.

A decision has been taken to file compensation claims against these shippers. Such action has not previously been taken, so this principled decision can, potentially, alter the world of international shipping in the future.

In order to manage the compensation recovery process, to protect TCC's assets in the USA and to avoid being involved in numerous diverse legal proceedings with American shippers in different American jurisdictions, Bech-Bruun filed a Chapter 15 petition with the Federal Bankruptcy Court (Southern District of New York) for recognition of the Danish reconstruction process as a "foreign main proceeding". The purpose of this was to ensure that TCC could obtain the same protection in the USA as it could in Denmark, during the reconstruction period.

A large number of shippers objected to the petition arguing, among others, that reconstructions (as opposed to bankruptcies) have not previously been recognised as "foreign main proceedings".

On 1 July 2011, the New York Bankruptcy Court passed judgement in TCC's favour by recognising the new Danish reconstruction rules under Chapter 15 in the US. This is the first time ever that such the new Danish rules have been recognised in this manner.

Bech-Bruun assists ING Life Luxembourg S.A. with establishment in Denmark

Wed, 01 Jun 2011 21:14:00 +0200

Bech-Bruun has advised ING Life Luxembourg S.A. on its establishment in the Danish market. ING is the first provider of foreign pension schemes in the Danish market. Bech-Bruun's advice encompassed, among others, a number of complex tax and regulatory issues.

Bech-Bruun advises Industri Udvikling A/S on A'Gramkow sale

Fri, 27 May 2011 15:43:00 +0200

Bech-Bruun has advised Industri Udvikling A/S on its sale of the majority stake in the A'Gramkow Group based in the city of Sønderborg.

The A'Gramkow Group develops, manufactures and markets high-tech process systems for the white goods and car industries, "fluid maintenance" equipment for car repair shops as well as solutions for environmental projects under the Montreal and Kyoto Protocols. The buyer is the German Schenck Group.

The sales process has been ongoing for just under a year and has been challenging as many complicated issues were to be considered in the final sale, including the prior disposal of a business segment.

Bech-Bruun's legal team has included Jacob Hjortshøj, Partner, Thomas Gjøl-Trønning, Partner, and Thomas Bøgedal Kristiansen, Associate.

Bech-Bruun assists in merger between PwC and Grant Thornton

Wed, 25 May 2011 21:10:00 +0200

Bech-Bruun has rendered legal advice to PwC in connection with its merger with Grant Thornton.

The advice rendered included tax law advice in relation to the integration of the partner structure.

Bech-Bruun advises University of Southern Denmark (SDU)

Mon, 14 Feb 2011 21:54:00 +0100

Bech-Bruun has advised the University of Southern Denmark (SDU) in a case against the Danish Ministry of Education and the Danish Ministry of Science Technology and Innovation concerning an extensive relocation of premises, which should result in the construction of a brand new faculty at SDU.

In the summer of 2008, SDU entered into an agreement with the Danish government, in accordance with which the Danish state should construct a campus for SDU's technical faculty in Odense. The building costs of the new building were to be partially financed by the sale of the buildings in which SDU's engineer courses are currently housed. The purchase sum was fixed at DKK 337.1 million. The agreement was conditional upon the approval by the Danish Parliament's Financial Committee of the relevant documentation. In April 2010, the Danish government advised that the documentation would not be drafted and presented to the Financial Committee, as the value of the buildings had, in the meantime, fallen substantially and that, accordingly, there was a shortfall of DKK 100 million in the financing of the building project.

After the case was taken up in the Danish Parliament, the Danish government has advised that the Danish Ministry of Science Technology and Innovation will finance the DKK 100 million shortfall and the relocation of premises will take place. SDU will, hereafter, be placed in the same position as envisaged in the agreement.

The outcome was very positive and is, moreover, of substantial significance to SDU's development.

Bech-Bruun assists in the sale of Superfos Industries A/S

Thu, 16 Dec 2010 21:15:00 +0100

Bech-Bruun has rendered legal advice to the private equity fund IK Investment Partners and Ratos in respect of the sale of Superfos Industries A/S to British RPC Group Plc. Bech-Bruun assisted in the cancellation of several incentive schemes and the clarification of related issues.

Bech-Bruun wins important case for Metroselskabet I/S

Wed, 01 Dec 2010 21:58:00 +0100

The Municipality of Copenhagen had filed a compensation claim in the amount of DKK 7.7 million against Metroselskabet I/S in connection with the expropriation of the bus terminal building at Rådhuspladsen. Metroselskabet denied liability.

The Danish Expropriation Committee initially found in favour of Metroselskabet on the ground that the building was of no value to the Municipality of Copenhagen. The Danish Valuation Commission upheld that decision, based on another ground.

The Valuation Commission's decision relies primarily on the finding that the Municipality of Copenhagen is not entitled to compensation for the building, as the Danish state, the Municipality of Copenhagen and the Municipality of Frederiksberg entered into an agreement concerning the establishment of the city circle metro line, Cityringen.

The decision is of significant importance to Metroselskabet.

Bech-Bruun advises the SEB group on its pan-Nordic reorganisation

Mon, 01 Nov 2010 20:38:00 +0100

Bech-Bruun has advised the SEB group in connection with its pan-Nordic reorganisation and restructuring of SEB Card. The restructuring involved a cross-border merger between Diners Club Denmark A/S and Diners Club Sweden AB.

Bech-Bruun assists on the merger of Copenhagen Consulting Company A/S and Quartz

Tue, 01 Jun 2010 20:43:00 +0200

Bech-Bruun has advised Copenhagen Consulting Company A/S on its merger with the consultancy company Quartz. The merged company operates business under the name Quartz + Co., and is now one of Denmark's largest consultancy companies.

Our advice encompassed, among others, the integration of the partnership structure, mergers and demergers and advice on the future remuneration structure for employees and management.

Bech-Bruun advises on the initial public offering of Chr. Hansen Holding A/S

Wed, 19 May 2010 20:31:00 +0200

Bech-Bruun has advised the owner of Chr. Hansen Holding A/S – PAI – in connection with the company's initial public offering on NASDAQ OMX.

Our advice encompassed the preparatory work to the public offering and a complex unravelling of the ownership structure of Chr. Hansen Holding. The initial public offering involved, in addition, diverse taxation considerations, among others, as regards the prospectus, the unwinding of the management's compensation and benefits schemes and the implementation of new schemes.