business‘, probably more so than in most other industries. Therefore, it is crucial to pick up and accommodate everyone’s aspirations, not only those of the main shareholders. This requires careful attention and a good understanding of the management who will continue the company’s journey. The sellers must agree with that. That was the case at Castor & Pollux. How did you work with the other firms and legal counsel involved to ensure the operation’s success? The transaction was structured as a management buyout, which all parties ultimately chose over a sale to an external trade buyer – which would have been a larger corporation in the communication business. Such a transaction includes many legal issues in connection with the financing, shareholders’ agreement, governance, exit horizon etc. Such a process requires a number of legal advisors in consideration of the number of parties involved who need representation: Can you tell us more about the role that you played in this operation? DDA & Company was engaged as financial advisors to the Castor & Pollux founders, representing around 80% of the company’s equity. Together, the two founders wanted to exit the business and move on to new entrepreneurial projects. Luckily, they had anticipated this move a few of years ahead and had set up a solid management team. DDA’s role was then to embrace everyone’s objectives, including the founders, the managers and the rest of the team (65 professionals) within Castor & Pollux and to organise the smoothest possible transaction, keeping C&P’s DNA and development dynamics intact. What is most important to keep in mind when working on a restructuring of this scale? People, people and people! Communication agencies are a ’people Lawyer Monthly had the pleasure to speak with Alain Sitbon at DDA & Co to give us some further insight into this transaction: We are very proud that we made this MBO possible.
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