IFLR 1000
The Guide to the World's Leading Financial Law Firms

Törngren Magnell is newly listed in the rankings this year. In the words of one competitor: "I see them in banking and finance; if I have a conflict of interest I would send work to them - they are doing tier two transactions with tier one quality".

Speaking of the rankings, another peer says the firm is "chasing Setterwalls, Baker & McKenzie and Wistrand". The core of the firm is a former part of the Vinge finance department and the firm is recognised for its work on behalf of banks and borrowers. Indeed, the firm has been winning mandates in acquisition and project finance and has won over considerable clients including Kommuninvest, Standard Chartered and Nordea Bank.

The firm scored a top class deal in January 2011, with Cecilia Rudels advising Vattenfall on a new syndicated multi-currency revolving credit facility for €2.55 billion from a group of 20 international banks including Société Générale. The deal was the largest revolving credit facility arranged in Sweden at the time.

In September 2010 Tobhias Brandell advised Litorina Kapital on a complex acquisition financing, given the number of shareholders on the sell side, for its acquisition of ECO-Boråstapeter.

The firm won a share of the property financing and refinancing market, advising Myrtleville on the refinancing of a property purchased in 2007 and Jernhusen, a state owned real estate player, to refinance a €710 million revolving facility from Nordea Bank.

A final interesting deal saw Brandell act for Beechbrook Capital and Pohjola Private Equity on mezzanine financing of Intera Equity Partner's acquisition of a majority interest in Polarica. The deal completed in November 2010 and was Beechbrook's first Nordic deal.

Törngren Magnell enters the rankings for the first time this year. The firm is in the process of developing a strong brand name; privately it has earned a good reputation from market players while outwardly the firm has shown signs of growth and of regular instructions.

Indeed, in 2010/2011 the firm hired partner Martin Rosell from Cederquist and a group of five associates. The firm also attained a thirteenth rank in Mergermarket tables in terms of Swedish M&A deal volume in 2010 and bettered that in the first quarter of 2011 with a seventh position.

"They are one of our two firms for M&A," says a client who also instructs Gernandt & Danielsson. The client recommends Niclas Högström and Sten Hedbäck for being "professional and responsive [and] constructive in helping you find ways to get the deal done, rather than just theoretically competent".

According client loved the service: "It is quite a small firm and we get better attention than if you go to the bigger firms [and] and there is no difference in practice to the big firms".

Looking at its most notable recent deals, the firm neatly closed a series of mid-sized deals from different sectors involving varied parties. Högström led a team to advise LRF Media AB, a subsidiary of the Federation of Swedish Farmers, on its acquisition of Svenska Historiska Media Tidskrifter; a relatively straight forward deal which closed in November 2010 for an undisclosed amount.

Another deal saw Högström lead a team working for Innova Capital alongside global counsel Allen & Overy. The firm worked on Innova's acquisition of Marmite International for a confidential sum and helped bring its first acquisition in Sweden to a successful close in November 2010.

A third example of work saw Hedbäck act for Norlandia Care on the sale of its Personlig Assistans business to Frösunda, which was represented by Cederquist. The deal successfully closed in October 2010.

Lastly, Hedbäck led a team to represent Ekström Management & Investment on an €11 million sale of Konftel to Avaya Inc, closed in January 2011. The firm faced counsel Mannheimer Swartling during the sale process.