Brodies advised the shareholders of Flag Communication Limited (Flag) on the sale of the entire issued share capital of Flag to a buyout vehicle backed by Vespa Capital. Flag is a best-practice sustainability and ESG strategy, reporting and communications agency with operations in the US and the UK, headquartered in London. Flag is a leader in providing best-practice sustainability communications solutions for many prominent corporates, supporting clients with the evolution of their ESG and sustainability strategies, and has built an enviable international reputation with more than 20 years of sustainability reporting experience and expertise.

Vespa Capital is an established private equity investor in the UK lower mid-market, with a focus on management buy outs and recapitalisations of privately owned businesses, supporting ambitious management teams looking to unlock the full potential of their businesses.

Our role was the typical, full role for vendors and management on a buyout, both disposal and equity investment, and involved the usual myriad of M&A and private equity issues. However, the management team had an existing relationship with Vespa through other investments and it was therefore critical that we approached the negotiation in a constructive way and didn’t seek to deviate from previously agreed positions on many issues, to facilitate a smooth transaction process while still protecting our clients' position.


The transaction was run to a very tight timescale and the team worked to critical deadlines, ensuring that completion was achieved in a timely manner for the client.


Neil Burgess

Head of Corporate and Commercial & Partner

Paul Breen

Senior Associate

Isla Fern