Wragges names four firms as competition in London

PRIVATE EQUITY: Regional practice has City rivals in its sights

Wragge & Co has named the four firms it intends to target as rivals when it moves a private equity team down to London from its Birmingham home next year.

The City-based private equity teams at Macfarlanes, DLA, Travers Smith Braithwaite and Scottish firm Dickson Minto have been identified by Wragge & Co as those in the 'middle market arena' they would be 'in direct competition with'.

Maurice Dwyer, Wragge's head of private equity, who is moving to London with partner Andy Stylianou and associate Ian Piggin in January, said: 'I wouldn't describe it as an aggressive push, but we will be going head to head with these four firms as well as a few others.

We are moving to London because to maintain our growth culture we must look outside the regional marketplace.'

Chris Hale, head of private equity at Travers Smith Braithwaite, said: 'It is unusual to name other firms and to pick out four specifically, but I suppose one should take it as a compliment.

I'm surprised they have taken so long to come down to London, as their regional brethren, like Pinsent Curtis Biddle, did quite a while ago.'

Charles Meek, private equity partner at Macfarlanes, agreed.

'If they are aiming for the middle market then they are right, we are their competition,' he said.

'It is recognition that we have a strong presence in the market, but we are not worried by it.'

DLA corporate partner David Raff said he accepted and welcomed competition in the market and that he was 'sure there is space for all of us to have a piece'.

Alistair Dickson, senior partner at Dickson Minto, said: 'It is a bizarre step to pick out particular firms, and I'm not sure why they've selected us and not others, as we operate primarily at the upper end of the market.

Saying that, the middle market is a lucrative place to be working and it is a sensible step to take.'

Andrew Towler