Contributors
Law firm Womble Bond Dickinson (WBD) has advised private equity client Perwyn on its lead investment into high growth company HungryPanda.
Perwyn led the $130 million Series D investment round, joining investors Kinnevik, Felix Capital, 83North, Piton Capital, Vintage, Burda Principal Investments and debt provider Kreos Capital.
HungryPanda was established in 2017 by Founder and CEO Eric Liu, a computer science graduate at the University of Nottingham who wanted to fix a problem he experienced first-hand, getting hold of authentic Chinese food on-demand away from home. Starting as a student project with a clear focus, the business has quickly grown into a global leader.
In 2021 HungryPanda continued its rapid expansion launching in multiple new countries across Asia. The company is now operating in more than 60 cities across the UK (including Newcastle), the US, Australia, Canada, France, Italy, Japan, New Zealand, Singapore and South Korea. It has also expanded its product offering to include Asian groceries, to further expand its market opportunity under the Panda Fresh brand.
The legal team advising Perwyn was led by WBD UK partner Ben Butler and associate David Ridley who provided key corporate advice. The transaction involved multiple jurisdictions outside the UK with Ben and David leading a significant team of specialist lawyers from across the globe including colleagues at WBD US, Maddocks in Australia, Simpson Grierson in New Zealand and Thompson Dorfman Sweatman in Canada.
Ben Butler of WBD commented:
"It has been a pleasure working with the team at Perwyn on this exciting venture with HungryPanda. WBD has a very large corporate team in the UK with a strong track record of advising on multi-million pound private equity deals across many sectors. This, coupled with our transatlantic footprint and our association with Lex Mundi, the world’s largest association of independent law firms, meant we were able to offer our clients access to high quality local counsel in multiple jurisdictions and secure a smooth completion for all parties."
Mark Deed, Investment Manager at Perwyn added:
"We are extremely pleased to have been able to lead the investment of HungryPanda, as we see the huge potential in this category. HungryPanda has a deep understanding and extensive experience in targeting audiences with a more tailored experience than others can offer. We have been watching Eric and his team’s development in this space with great interest and are impressed by the outstanding speed and scale and of their success and growth in this area. We are looking forward to working with the HungryPanda team to expand across services, regions and audiences.
"We extend our thanks to Ben, David and the whole WBD team who have been instrumental in getting the deal over the line and who offered excellent legal and commercially-focused advice throughout the process."
Ranking in the UK's top 20 law firms, WBD provides legal expertise in its key sectors, from across seven offices in the UK and 19 offices in the US. The firm's reach also extends to Europe where it has strategic partnerships with other law firms in Germany and France. Through the firm’s association with Lex Mundi, the world’s largest association of independent law firms, WBD also offers clients access to quality-tested local counsel in more than 120 countries.
The firm has a large corporate practice in the UK advising national and international clients on a broad range of corporate transactions, particularly M&A and private equity investments, including growth and development capital fundraisings.
