Slaughters, Kirkland lead as PE giant buys $4.8bn Cillit Bang business

Slaughter and May and Kirkland are advising on American private equity giant Advent’s latest UK swoop - a $4.8 billion carve-out of Reckitt’s homecare business.

Announced Friday (18 July), the deal will see Advent acquire a 70% stake in the division - which includes household staples like Air Wick and Cillit Bang - with FTSE 100-listed consumer goods specialist Reckitt retaining the remaining 30%.

Completion is expected by the end of the year, subject to regulatory approvals.

Advent has been active in the UK market over recent months. Earlier in the summer, it emerged that Advent was locked in a bidding war with KKR for FTSE 250 precision instruments maker Spectris (also Slaughter and May-advised). Cleary and Weil advised Advent on the bid.

Advising

Kirkland & Ellis is advising Advent, with a team led by London corporate partner Adrian Maguire alongside partners Dan Clarke, Vincent Bergin and Claire Rushton.

Carve-out specialists Andre Duminy and Joanna Thomson are also involved, as well as debt finance partners Christopher Shield, Leon Daoud and Thomas Raftery.

Slaughters is advising long-time client Reckitt.