London, United Kingdom – International law firm Addleshaw Goddard advised its client Phoenix Equity Partners (Phoenix) in extending its partnership with two high-performing companies: Nineteen Group (“Nineteen”) and Envisage Dental (“Envisage”) through its new £200 million continuation fund. The continuation fund was led by Kline Hill Partners and co-led by Ares Management.

Phoenix’s previous flagship fund supported the growth of both businesses for over five years and achieved a gross aggregate return on the exits exceeding 4.5x cost giving them a combined enterprise value of close to £450m. Both businesses have significantly outperformed their original plans, and the transaction will enable them to continue their rapid growth.

Gemma Phillips, Partner at Addleshaw Goddard leading the transaction commented:

“This was a complex transaction that consisted of the acquisition of two separate businesses but also required the alignment of both transactions with the establishment of the continuation fund requiring the Addleshaw Goddard team to work with Phoenix and their other advisors to ensure that worked seamlessly. We have supported both businesses during the previous flagship fund's investment and we look forward to continuing to work with them on the next stage of their journey.”

Louise Corner, Partner and COO at Phoenix, commented:

“The Addleshaw Goddard team did a brilliant job of helping us to navigate a complex transaction. We’re really pleased to be extending our partnership with the Nineteen and Envisage teams and grateful to the Addleshaw Goddard team for helping to make it happen.”

The AG deal team was led by Private Equity Partners Gemma Phillips, Yunus Seedat, Katie Parker and George Danczak supported by a multi-disciplinary team across numerous practice areas including Liam Gasior, Karolina Staniulyte, David Auty, Tom Wookey (Corporate), Zoe Fatchen and Catherine Concannon (Tax).

Addleshaw Goddard's Private Equity team is made up of over 45 partners across our 18 global offices, was ranked no.1 for private equity deals by volume in the UK and Ireland based on latest mergermarket data, and was recently shortlisted for Law Firm of the Year at the Mergermarket British Private Equity Awards 2024.