Private Equity

  • May 3, 2016

    PacSun Gets Del. Judge's OK For Ch. 11 Bid, Auction Plan

    Bid and auction plans for bankrupt retailer Pacific Sunwear of California Inc. won a Delaware judge’s approval Tuesday, although an attorney for the Office of the U.S. Trustee said the company’s fast-paced Chapter 11 schedule could leave insufficient time for needed reviews.

  • May 3, 2016

    Laid-Off TransCare Workers Sue Lynn Tilton's Equity Firm

    A Manhattan federal judge declined Tuesday to send straight to bankruptcy court several class action lawsuits filed by laid-off employees of failed TransCare Corp. that target its solvent owner, Lynn Tilton's private equity firm Patriarch Partners LLC.  

  • May 3, 2016

    Och-Ziff Holding Back $200 Million For FCPA Probe

    Och-Ziff Capital Management Group LLC on Tuesday said that it has reserved $200 million to settle an ongoing federal investigation into possible Foreign Corrupt Practices Act violations stemming from its financial dealings with countries in Africa and the Libyan Investment Authority.

  • May 3, 2016

    WilmerHale Lures 2 Corporate Attys From White & Case

    WilmerHale said Monday it has pulled in two partners from White & Case LLP with experience advising on mergers and acquisitions, initial public offerings and private equity deals, and working with technology and life sciences companies, to boost its corporate practice in California.

  • May 3, 2016

    Deals Rumor Mill: Zodiac Aerospace, Stada, S. Kidman & Co.

    Zodiac Aerospace has not received any takeover offer, despite recent speculation otherwise; German health care products company Stada is not being pushed to sell by activist investor Active Ownership, which recently bought in to the company; and a China-led consortium is still vying for Australia’s largest private landowner, S. Kidman & Co.

  • May 3, 2016

    Davis Polk Nabs Deals Pro From TPG Capital

    Davis Polk & Wardwell LLP has bolstered its Menlo Park, California, ranks with an attorney who comes from TPG Capital and brings a wealth of experience guiding mergers and acquisitions, securities transactions and private equity deals as both outside and in-house counsel.

  • May 3, 2016

    Tech-Focused VC Firm Nets $525M For Pair Of Funds

    Mayfield, a technology-focused private investment and venture capital firm that has backed the likes of ride-hailing service Lyft and California solar power provider SolarCity, has raised a total of $525 million for two funds, the firm said Tuesday.

  • May 3, 2016

    Heritage Group Nets $220M For 2nd Health Care Fund

    Heritage Group, a private investment and venture capital firm that exclusively invests in the health care industry, has closed its latest innovation-focused fund with $220 million in capital commitments, the firm said Tuesday, surpassing its fundraising goal by $20 million.

  • May 3, 2016

    Aegon Adds BlackRock UK's $17B Pension Platform

    Dutch insurer and asset manager Aegon NV will buy BlackRock UK’s £12 billion ($17.46 billion) defined contribution platform and associated administrative business in a deal that will dramatically increase the volume of such investments Aegon manages, the companies said Tuesday.

  • May 3, 2016

    BlackRock Rakes In $630M For Direct Co-Investment PE Fund

    BlackRock Inc. has closed its latest direct co-investment private equity fund with upward of $630 million in tow, the private equity giant said on Tuesday, with plans to seek a variety of investment opportunities, including in Asia and other emerging markets.

  • May 3, 2016

    Real Estate Rumors: Adam America, CIM Group, UC Santa Cruz

    Adam America Real Estate has reportedly received $29 million in construction financing for a New York condo project, while private equity shop CIM Group is said to have purchased part of a Florida residential, retail and restaurant project for $28 million, and UC Santa Cruz has reportedly leased 130,000 square feet in Scotts Valley, California.

  • May 2, 2016

    Del. Judge OKs Molycorp Mine Trustee, Ch. 11 Spinoff

    A Delaware bankruptcy judge sent Molycorp Inc.’s rare earth mine into its own Chapter 11 Monday, severing the idled Mountain Pass, California, site from an already-confirmed plan that restructured the rest of the company and jettisoned most of its $1.7 billion debt.

  • May 2, 2016

    KaloBios Reaches Deal To End Fight Over $8M Investment

    Bankrupt drug developer KaloBios Pharmaceuticals reached a settlement Monday with a group of investors that pumped about $8 million into the company the day before former CEO Martin Shkreli was arrested on charges of securities fraud.

  • May 2, 2016

    Kirkland Reps Bain, Vista In Vertafore Buy From TPG Capital

    Private equity outfits Bain Capital Private Equity and Vista Equity Partners Management LLC on Monday said that they have agreed to buy Vertafore Inc., which makes technology tools for the insurance industry, from fellow private equity firm TPG Capital LG after a six-year-hold, with guidance from Kirkland & Ellis LLP.

  • May 2, 2016

    TruAmerica Reaches Further East With $187M Apt Buy

    TruAmerica Multifamily said Monday it has partnered with investment firm MSD Capital LP on the $187 million purchase of 1,004 apartments across three Baltimore-area complexes, in the California-based multifamily housing investor's first real estate deal east of Colorado.

  • May 2, 2016

    Firms Increase Buyout Offer For Apollo Education To $1.14B

    For-profit education provider Apollo Education Inc. urged its stockholders to take a $1.14 billion take-private offer from a consortium of investment firms, saying Sunday that the increased offer is “an excellent outcome for shareholders.”

  • May 2, 2016

    Atlas Partners To Test Longer Holds With New $1B Fund

    Atlas Partners LP has closed a $1 billion fund that will test a developing trend in which private equity firms are looking into raising funds that have longer-than-customary life cycles and investment holding periods, the Toronto-headquartered private equity firm said Monday.

  • May 2, 2016

    Deals Rumor Mill: Google, Apollo Global, Chicago Tribune

    Fiat Chrysler and Google are nearing a deal that would see the duo work together on developing self-driving cars, Apollo Global has purchased two U.S. lifting equipment companies worth a combined $1.4 billion and Oaktree Capital is pushing the Chicago Tribune's parent company to consider a sale.

  • May 2, 2016

    Kohlberg Nabs Majority Stake In Spinal Medical Device Maker

    Kohlberg & Co. LLC has agreed to take a majority stake in Amendia Inc., a medical device maker focused on products used in spinal surgeries, and the private equity firm will use money from a $1.6 billion fund to support the company’s future growth.

  • May 2, 2016

    Tech, Landscaping Cos. Prime IPOs Totaling $309M

    Venture capital-backed optical communications firm Acacia Communications Inc. and private equity-backed landscaping supplies distributor SiteOne Landscaping Supply detailed plans Monday for a pair of IPOs that could bring in more than $300 million combined, further evidence of a turnaround in the public markets after a slow start to the year.

Expert Analysis

  • 7 Stages Of Grief: Impact Of Oil Downturn On Energy Attys

    Andrew Calder

    As oil prices fell, many companies recognized that their capital structures were unsustainable. The response to the commodity price crisis has affected energy attorneys throughout the U.S., and has continued to evolve as a lower-price environment appears inevitable for the next year and potentially beyond, say attorneys with Kirkland & Ellis LLP.

  • When Pre-IPO Companies Fail To Launch

    Kevin M. LaCroix

    When a company is planning an initial public offering, there is a natural tendency to focus on the public company liability exposures it will face after its offering is completed. While this effort is appropriate, the company may overlook the liability exposures it may face if it fails to complete its offering, says Kevin LaCroix of RT ProExec.

  • The Resurgence Of SPACs In A Quiet IPO Market

    Michael J. Mies

    More than 20 years old, special-purpose acquisition companies — publicly listed companies established with the goal of acquiring unspecified targets — have recently experienced a surge in popularity. The presence of respected private equity sponsors makes SPACs more attractive, and we expect they will continue to be a significant portion of the initial public offerings in 2016, say Michael Mies and Gregg Noel of Skadden Arps Slate ... (continued)

  • OPINION: Engaging The Media May Help Your Client

    Liz Mair

    While I am confident that the decisions in Windsor and Obergefell were made on the basis of the dictates of the Constitution, I am also confident that the communications efforts undertaken gave the justices additional comfort to make the right call, and ensured that these decisions were not treated as a Roe v. Wade redux, says Liz Mair, former online communications director for the Republican National Committee and president of Mair Strategies.

  • Abry Still Relevant For Dodging Post-Closing Claims

    Benjamin M. Grossman

    In the 10 years since the seminal decision in Abry Partners v. F&W Acquisition, Delaware courts have continued to apply its principles while providing guidance on how to effectively bar extracontractual fraud claims in private acquisitions. Unfortunately, the lessons of Abry and subsequent cases have yet to be fully internalized by some practitioners, says Benjamin Grossman of Jones Day.

  • IP In A Financial Center: Ireland Vs. Cayman Islands

    Ramesh Maharaj

    The portable nature of intellectual property allows it to be readily structured in jurisdictions such as the Cayman Islands and Ireland — two important and robust international financial centers — so as to maximize returns. Whether a particular jurisdiction is well suited for the IP requires analysis of not only the protection afforded but also where the IP is to be sold and how any returns generated will be taxed, say Ramesh Mahar... (continued)

  • Brokaw Act Could Broaden Change-Of-Control Triggers

    Laurent Alpert

    The recently introduced “Brokaw Act” proposes changes to the rules governing the reporting of ownership in U.S. public companies and would expand the definition of “beneficial owner.” But as the definition of ownership expands, the definition of change of control in many indentures may expand as well — sometimes in ways the drafters may not have anticipated, say Laurent Alpert and Robert Gruszecki of Cleary Gottlieb Steen & Hamilton LLP.

  • Dentons: A New Kind Of Network?

    MarkACohen.jpg

    Dentons is two different law firm networks in one. So even if the Swiss verein structure should eventually fail and Dentons is forced to operate as a network of independent law firms, it could still be a significant market force, says Mark A. Cohen, a recovering civil trial lawyer and the founder of Legal Mosaic LLC.

  • From The Book Of Jargon: Tree

    In the latest excerpt from the "Book of Jargon," Michèle Penzer, managing partner of Latham & Watkins LLP's New York office, defines the finance term "tree."

  • Why Investors Are Suing Under Antitrust, Futures Laws

    Carol V. Gilden

    Having diversified their portfolios beyond U.S. stocks and bonds, today’s institutional investors are now diversifying their legal tools and increasingly using the antitrust laws and the Commodity Exchange Act to protect their investments. And recent cases highlight an important benefit of suing under these laws, say Carol Gilden and Michael Eisenkraft of Cohen Milstein Sellers & Toll PLLC.