The corporate team at leading law firm Penningtons Manches has advised John Earthey, the majority shareholder of the UK business of the Worldnet group of companies, on the sale of the UK and Paris businesses to the owners of Worldnet in the US.
John Earthey formed the Worldnet group of companies in 1997 to provide logistics services to the music, media and film industries. With a reputation for exceptional customer care, Worldnet quickly expanded to provide services to the world’s leading fashion brands and opened offices in New York, Los Angeles, Paris and Brussels.
Corporate partner David Tighe, based in Oxford, led the firm’s team, supported principally by corporate associate Attilio Leccisotti.
David said: “John was a great client to work with and it was a pleasure to support him throughout the sale process to its successful conclusion. The unique structure of the Worldnet businesses coupled with managing a number of different stakeholders presented a recipe for a very interesting transaction!”
John Earthey commented: “It’s great to see that the Worldnet brand will be retained and I’m confident that the new owners will continue to deliver the same level of quality of service that our customers have come to expect. The Penningtons Manches team, led by David Tighe, did a fantastic job throughout the process and I enjoyed working with them immensely.”
Penningtons Manches and Grant Thornton UK represented John Earthey. The buyer was represented by Withers and SRC Corporate Finance. The buyer was funded by the Royal Bank of Scotland represented by Irwin Mitchell.