A restraint of trade clause in a management equity participation deed, entered into in connection with a private equity investment, is capable of being supported by a legitimate interest — namely the protection of the investors' substantial financial investment — even though the restraint does not arise in an employment contract or sale of business. The categories of enforceable restraint are not rigid or exclusive. However, the court retains discretion to limit injunctive relief by reference to the circumstances at the date of hearing, including the business cycle of the relevant industry and the progressive staleness of confidential information during gardening leave.
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