Baker & McKenzie has secured a major European private equity instruction after acting for the primary investor in the £1bn leveraged buy-out of two German cosmetics companies, Haarman & Reimer and Dragoco.

The US-based firm acted for Swedish investor EQT Northern Europe Private Equity Funds, which is backed by the Investor AB Group, completing the first major transaction Bakers has led for its London arm’s long-time client.