04 August 2020

Carey Olsen advises bd-capital on Symprove investment

Lawyers from Carey Olsen's corporate team in Guernsey have advised private equity firm bd-capital on its investment into UK probiotics manufacturer and brand Symprove.

Established in 2019 by Richard Baker, former FTSE chief executive and chairman, and Andy Dawson, former Advent International investment partner, bd-capital is an operationally-led private equity firm that specialises in investing in pan-European mid-market businesses. The firm's approach is to partner with companies where changing patterns of consumer behaviour and technology disruption can create growth opportunities.

Symprove, which has developed a water-based formulation that contains four unique strains of live activated bacteria to help improve gut health, represents the first investment made by bd-capital.

The Carey Olsen team, led by partner David Crosland with support from senior associate Gemma Campbell and associate Kristina Mikhaylova, provided Guernsey legal and regulatory advice in relation to the Symprove investment. Weil, Gotshal & Manges acted as lead counsel.

David said: "Carey Olsen was delighted to advise bd-capital on its debut investment and in what is such an exciting and innovative company. The firm is the latest in a series of first time managers looking to use Guernsey as the domicile for its investment vehicles which, once again, demonstrates the jurisdiction's continued appeal to young and innovative private equity firms."