Freshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising CVC Capital Partners (‘CVC’), one of the world’s leading private equity and investment advisory firms, on the acquisition by CVC Fund VII of TMF Group (‘TMF’) and the sale by CVC Fund VI of the Paroc Group (‘Paroc’).
 
CVC Fund VII has agreed to acquire TMF from DH Private Equity Partners. Headquartered in Amsterdam, TMF provides locally-delivered outsourced business and compliance services (including corporate secretarial, tax & accounting, legal & administration, and HR & payroll) to approximately 15,000 multi-national corporates, investment funds and high-net worth individuals globally. This is the first investment made by CVC Fund VII, which raised over €16 billion earlier this year. The transaction is subject to customary regulatory and antitrust approvals.
 
The Freshfields team acting on the TMF acquisition was led by corporate partners Shawn der Kinderen and Charles Hayes, and on the financing side by co-head of European leveraged finance Alex Mitchell.
 
CVC Fund VI has also agreed to sell Paroc to Owens Corning, a US corporation listed on the New York stock exchange (NYSE:OC). Headquartered in Helsinki, Paroc operates primarily in the Nordic, Baltic and Russian regions, and manufactures building insulation for thermal, fire and acoustic applications in residential and commercial construction, as well as technical insulation for HVAC systems, industrial processes and the marine, offshore and original equipment manufacturer industries. The transaction is subject to customary regulatory approvals.
 
CVC acquired Paroc in 2015, a transaction on which Freshfields also acted for CVC.
 
The Freshfields team acting on the Paroc sale was led by corporate partner Tim Wilmot.