H&F, BlackRock, GIC’s Investment in Belron

Kirkland & Ellis advised GIC, while Latham & Watkins advised Hellman & Friedman on the deal.

Belron signed an agreement with Hellman & Friedman, funds and accounts managed by BlackRock Private Equity Partners (‘BlackRock’) and GIC by which these three investors will acquire a shareholding of up to 13% in aggregate in Belron.

The transaction values Belron at an enterprise value of EUR 21 billion.

Operating in 40 countries across 6 continents through wholly owned and franchise operations, Belron is home to around 27,000 employees who served 14.9 million customers in 2020. Belron is the world’s leading vehicle glass repair and replacement group. 

BlackRock Private Equity Partners is a venture capital firm specializing in direct and fund investments. Hellman & Friedman is a leading private equity firm focused on market-leading firms with growth potential. GIC is a global long-term investor established in 1981 to manage Singapore’s foreign reserves. 

The Kirkland team was led by corporate partner David Higgins and associate Henry Birch, with competition partners Annie Herdman in London and Carla Hine in Washington, D.C.

The Latham team was led by London corporate partners David Walker and Huw Thomas, with Boston corporate partner Neal Reenan, and associates Alex McCarney and Antonina Semyachkova. Advice on financial regulatory matters was provided by London partner Stuart Davis and associate Anne Mainwaring; on antitrust matters by Brussels partner Sven Völcker, Hamburg counsel Jana Damman, Washington, D.C. partner Alan Devlin, and associate Doug Tifft; on data and technology matters by London partners Gail Crawford and Deborah Kirk, with associates Jagveen Tyndall and Claudia Sousa; on benefits matters by London partner Catherine Drinnan and associate Shaun Thompson; on disputes matters by London partner Charles Claypoole and counsel Daniel Smith; and on ESG matters by London partner Paul Davies and counsel Michael Green.

Involved fees earner: Henry Birch – Kirkland & Ellis; Annie Herdman – Kirkland & Ellis; David Higgins – Kirkland & Ellis; Carla Hine – Kirkland & Ellis; Charles Claypoole – Latham & Watkins; Gail Crawford – Latham & Watkins; Jana Dammann de Chapto – Latham & Watkins; Paul Davies – Latham & Watkins; Stuart Davis – Latham & Watkins; Alan Devlin – Latham & Watkins; Catherine Drinnan – Latham & Watkins; Michael Green – Latham & Watkins; Deborah Kirk – Latham & Watkins; Anne Mainwaring – Latham & Watkins; Alex McCarney – Latham & Watkins; Neal Reenan – Latham & Watkins; Antonina Semyachkova – Latham & Watkins; Daniel Smith – Latham & Watkins; Claudia Sousa – Latham & Watkins; Huw Thomas – Latham & Watkins; Shaun Thompson – Latham & Watkins; Doug Tifft – Latham & Watkins; Jagveen Tyndall – Latham & Watkins; Sven Völcker – Latham & Watkins; David Walker – Latham & Watkins;

Law Firms: Kirkland & Ellis; Latham & Watkins;

Clients: GIC Private Limited; Hellman & Friedman;

Author: Federica Tiefenthaler