International law firm Freshfields Bruckhaus Deringer has advised European private equity firm, Cinven, on the agreement by which Green Day Acquisitions Limited (a company indirectly held by funds managed and/or advised by Cinven) will acquire Guardian Financial Services, the UK provider of life and pension products, from AEGON for an enterprise value of £275 million. The transaction is expected to close in the fourth quarter of 2011 and is subject to regulatory approval.

Guardian, established in 1821, is the collective trading name for Guardian Assurance plc, Guardian Linked Life Assurance Ltd and Guardian Pensions Management Ltd. Based in Lytham St Annes, Lancashire, Guardian has over 300,000 policies, approximately 170 employees and has been closed to new business for ten years. The Company is a wholly-owned subsidiary of AEGON, the international life insurance, pension and asset management company based in The Hague, Netherlands. 

The Freshfields team advising on the deal was led by corporate partners Adrian Maguire and Farah Ispahani, supported by corporate associates Kim Christiansen and Victoria Bryden and with James Scott advising on the management aspects of the deal; finance partners Sean Pierce and Chris Davis, with senior associate, Verity Stevens and associate Marta Szablewska advised on financing; corporate partners James Smethurst and Ian Poynton, with counsel Mac Mackenzie and associates Romin Dabir, Jonathan Garforth and Sundip Kalley advised on the regulatory aspects of the transaction and partner Richard Lister together with associate Adam Ryan advised on business separation matters. Senior associate Susan Doris advised on the employment aspects. 

Commenting on today’s announcement, Adrian Maguire, a corporate partner at Freshfields, said: 

‘We are delighted to have helped Cinven, a longstanding client of the firm, with this financial services transaction. This deal follows Freshfields having previously assisted Cinven in other financial services investments and acquisitions including those of Avolon and Partnership Assurance.’