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Paul W. Dunbar

Paul W. Dunbar Partner, Private Equity and Special Situations

Paul Dunbar advises private equity and special situations clients on M&A transactions, joint ventures and co-investments, management incentive plans, asset portfolio acquisitions and restructurings. 

Across Europe, Paul works with clients investing in a range of industries, including manufacturing and construction, real estate, financial services and assets, transportation, traditional and renewable energy, technology and healthcare.

Paul spent six months seconded to TPG Capital and TPG Sixth Street Partners as European Counsel in 2012, giving him key insights into his clients' needs.

Paul’s M&A experience was recognized by the Legal 500 UK, with reviewers praising him as a "very commercial" attorney who negotiates effectively and is also skilled at coordinating legal teams (2018).

Experience Highlights

Manufacturing and Construction

  • A US private equity fund on its €3.17 billion carve-out acquisition of a global construction chemicals business from a public company
  • A US private equity sponsor and its portfolio company on the bolt-on acquisition of a leading clay roof tile business in Portugal
  • A US private equity sponsor on the proposed acquisition of a pan-European clay roof tile business from a public company 
  • A US private equity sponsor on its bid to acquire M Group Services from First Reserve
  • Lafarge in respect of its joint venture with Anglo-American to form the Tarmac business
  • Alchemy Partners on the acquisition of Endeka Ceramics in Spain

    • A US private equity sponsor on the auction sale of one of its Italian portfolio companies in the manufacturing sector to a strategic buyer 
    • A US private equity sponsor and its Italian portfolio company on several bolt-on acquisitions, including of one of the largest manufacturers of professional manual espresso machines in Spain, a distribution business in the USA, and a leading manufacturer of coffee machines in North America
    • A US private equity sponsor and its German portfolio company on the acquisition of the Macon Group, Romania’s largest AAC producer and one of the largest manufacturers of building materials in the Romanian market, from private equity funds managed by Enterprise Investors
    • Lafarge in respect of the sale of its European Gypsum business to Etex 
    • Centerbridge Partners on the loan-to-own acquisition of the leading German auto-repair distributor ATU
    • TPG Capital in respect of its investment in the Vita Group, a leading manufacturer of flexible polyurethane, latex and flooring products
    • Luxfer Holdings on its restructuring through a UK scheme of arrangement and subsequent IPO
    • Huntsman Corporation on its $522 million initial public offering of Venator Materials plc, a global chemical company incorporated in the UK 

    Real Estate

    • A US private equity sponsor on the acquisition and financing of a real estate business from a Spanish bank, consisting of a real estate servicing business and a portfolio of real estate assets located primarily in Spain, with a net book value of approximately €7 billion, and related joint venture arrangements
    • A US private equity sponsor on the sale of a leading golf and country club operator in the UK to the UK private equity fund Epiris LLP
    • TPG Capital in respect of the acquisition of the Woolgate Exchange and related co-invest and asset management arrangements with Ivanhoe Cambridge
    • TPG Capital on the acquisition of Uni-Invest BV through the first European commercial mortgage backed securities restructuring post final maturity

    Financial Services and Assets

    • A US private equity sponsor in connection with the acquisition and financing of a portfolio of nonperforming commercial real estate debts located in Spain and Portugal with a face value of €4.4 billion 
    • A US private equity sponsor on its bid to invest, through a securitization structure, in the Project Pillar and Project Cairo residential mortgage portfolios with the Greek bank Eurobank, and in respect of its bid to acquire the Greek servicer FPS  
    • A US private equity sponsor on the acquisition of a European bad bank from The Netherlands
    • A US private equity sponsor on its bid to acquire KBL, the Luxembourg headquartered private bank
    • TPG Capital on its bid to acquire GlobeOp Financial Services, the London-listed hedge fund administrator 
    • A private equity sponsor on its bid to acquire from Banco Sabadell three portfolios of real estate assets and non-performing loans secured on real estate, each located in Spain and with an aggregate face value of €3.9 billion
    • A US private equity sponsor on its bid to acquire, using vendor stapled debt, the Project Helix portfolio of Cypriot real estate backed corporate loans and other non-performing exposures from Bank of Cyprus, with an aggregate face value of €2.8 billion and a contractual balance of €5.7 billion
    • A US private equity sponsor on its bid to acquire a 51% stake in Banco Popular from Banco Santander
    • Deutsche Bank and CarVal on the acquisition of the Project Forge loan portfolio and related financing 
    • Deutsche Bank and EoS on the financing of the Project Pathfinder loan portfolio secured on real estate in CEE
    • Two special situations funds on their combined bid to acquire JPMorgan's Global Special Situations business
    • TPG Special Situations and Goldman Sachs Special Situations on the acquisition of the Project Lundy portfolio of distressed equity and debt assets from Lloyds Banking Group plc, and the related establishment of an asset management platform

    Transportation

    • Njord Partners in respect of several growth debt and equity investments in technology focused companies in the transportation sector
    • Davidson Kempner on the acquisition of the Project White II portfolio of loans secured on shipping vessels
    • Davidson Kempner on the acquisition of the Project Aqua portfolio of loans secured on aviation assets
    • Goldman Sachs on the acquisition of various shipping loans
    • Warwick Capital on the establishment of a shipping joint venture platform with the Tsakos family
    • A US private equity sponsor on a proposed shipping joint venture with Trafigura

    Traditional and Renewable Energy

    • TPG and Oaktree Capital on the acquisition of Iona Energy company and the related financing, co-investment and management incentive arrangements
    • CIC in respect of the management incentive arrangements for the Project Neptune transaction with Carlyle and CVC
    • A private equity sponsor in respect of a proposed investment in a European solar power project
    • A multinational energy company in respect of a proposed merger with a UK headquartered energy major
    • Essar Energy - advising the ad hoc committee of Convertible Noteholders in connection with the take private offer by the company's controlling shareholder

    Technology

    • A US growth equity fund on a proposed preferred equity and convertible debt investment in a UK online retail business 
    • Obi Worldphone on several rounds of equity capital raising
    • P2P Global Investments on equity and debt investments in several peer-to-peer lending platforms
    • Lending Works Limited on several rounds of equity capital raising, general corporate matters and regulatory issues
    • TPG Capital on various capital injections into the online and high street fashion chain Republic, and its subsequent administration

    Healthcare

    • Goldman Sachs on the establishment of a platform to invest in high-end assisted living in London 
    • A US private equity sponsor on its bid to acquire the Medical Park group of hospitals from Carlyle
    • Salix Pharmaceuticals in its terminated combination with Cosmo Technologies, a subsidiary of Cosmo Pharmaceuticals, to form Salix Pharmaceuticals, plc
    • Goldman Sachs and TPG in respect of their investment in GHG 
    • Monarch Alternative Capital on the acquisition of Executive Care Group and the proposed establishment of an additional care home platform


    Contact Details

    London

    T +44.20.7065.6020
    pdunbar@velaw.com
    20 Fenchurch Street
    24th Floor
    London EC3M 3BY
    United Kingdom
    Local time: 2:59 PM
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    Paul's Practices

    • University of Oxford, Oriel College
    • Admitted to practice: England and Wales
    • Legal 500 UK, Mergers & Acquisitions: Upper Mid-market and Premium Deal £250 million+, 2016 and 2018

    Solicitors and Registered Foreign Lawyers. A list of partner names is available for inspection at 20 Fenchurch Street, 24th Floor, London, EC3M 3BY. Vinson & Elkins RLLP is a limited liability partnership formed under the laws of New York authorised and regulated by the Solicitors Regulation Authority (No. 0079019).