Private Equity

  • November 21, 2014

    UniTek Investors Win Access To Emails In Ch. 11 Fight

    Red Oak Partners LLC, a shareholder aiming to challenge UniTek Global Services Inc.'s prepackaged Chapter 11 plan, won access Friday to emails related to the bankrupt company's prepetition marketing but lost a bid to get additional documents from the telecommunications services contractor.

  • November 21, 2014

    RE Rumor Mill: BofA, TIAA-CREF, Carlyle

    Bank of America Corp. is said to have reached a deal in a mortgage bond case with regulators to complete a stalled $16.7 billion settlement, while TIAA-CREF has reportedly made a $295 million apartment buy in Washington, D.C., and a Carlyle Group joint venture is said to be planning a condominium in Queens, New York.

  • November 21, 2014

    Deals Rumor Mill: Telecom, Sysco Corp., UniCredit

    Telecom Italia SpA may have found a buyer for mobile phone towers operated by its Brazilian unit, while Texas-based Sysco Corp. is on the verge of divesting some assets to a Blackstone Group LP-backed food company to clear way for its $3.5 billion purchase of rival US Foods Inc.

  • November 21, 2014

    $590M LBO Settlement Filed In Error, Judge Says

    A Massachusetts federal judge on Friday vacated a set of electronic orders granting final approval to $590 million in settlements in a class action claiming Goldman Sachs Group Inc., Carlyle Group LP and several other private equity firms teamed up to keep leveraged buyout prices low, just hours after issuing a set of orders approving the settlement and a request for attorneys’ fees.

  • November 21, 2014

    Brazil's JBS Inks 2 More Deals In Quest To Beef Up Business

    Beef export giant JBS SA will pay $165 million for fellow Brazilian food company Grupo Big Frango, it said Friday, a day after it dropped $1.25 billion on a private equity-backed Australian packaged food company as part of its run at international growth.

  • November 21, 2014

    Kelso, Estancia Pick Up American Beacon From TPG, Pharos

    New York-based Kelso & Co. and Estancia Capital Management LLC agreed Thursday to buy Lighthouse Holdings, the parent company of investment advisory services group American Beacon in a deal reportedly worth upward of $600 million including debt.

  • November 21, 2014

    Epic LBO Collusion Case Settles For $590M

    A Massachusetts federal judge on Friday granted final approval to $590 million in settlements and a $200 million attorneys' fee in a class action claiming Goldman Sachs Group Inc., Carlyle Group LP and other private equity firms teamed up to keep leveraged buyout prices low, moving the long-running suit toward completion.

  • November 21, 2014

    Blackstone Drops $1.6B To Buy GE's Japan RE Business

    Blackstone Group LP’s Asia real estate unit is purchasing General Electric Japan Corp.'s residential real estate division for more than 190 billion Japanese yen ($1.61 billion), the companies said Thursday.

  • November 21, 2014

    PE-Backed Neff Falls Short Of Target With $157M IPO

    Private equity-backed Neff Corp. raised just over $157 million in an initial public offering Friday, selling nearly 10.5 million shares at $15 apiece and falling short of the $220 million goal laid out by the Florida-based construction equipment rental company in September.

  • November 20, 2014

    Don't Miss It: Hot Deals & Firms We're Following This Week

    With so much M&A news this week, you may not have seen some announced deals involving several law firms like Dechert, Latham & Watkins, Covington & Burling and others. Here, Law360 takes a look at the ones you might have missed.

  • November 20, 2014

    US Leveraged Buyouts Are On The Decline

    Even as U.S. merger and acquisition activity stands at a record, the number of leveraged buyouts is hovering at multiyear lows, according to a report from S&P Capital IQ, as corporate buyers return to the fore, putting up more cash and stock to get deals done.

  • November 20, 2014

    Deals Rumor Mill: Fresenius, Springleaf, Bain Capital

    Fresenius Medical Care Holdings Inc. and Permira have teamed up to bid for The Groupe Danone's $6 billion medical nutrition business, while Springleaf Holdings Inc. and Centerbridge Partners LP are among a host of players interested in buying a Citigroup Inc. lending unit that could be worth more than $4 billion.

  • November 20, 2014

    Kellogg Lobs $127M Takeover Bid For Egyptian Biscuit Maker

    U.S. breakfast cereal giant Kellogg Co. has launched a $127 million offer to buy Egyptian biscuit maker BiscoMisr, topping a $118.8 million rival offer from private equity firm The Abraaj Group that heats up the bidding war for BiscoMisr, according to filings with Egyptian regulators on Thursday.

  • November 20, 2014

    PE Managing Director Accused Of Rape In New York Court

    A managing director of a Greenwich, Connecticut-based private equity firm was sued in New York state court this week on charges of rape of an “intimate” relation, according to court documents.

  • November 20, 2014

    Solera Pays $452M For Montagu's UK Car Valuation Co.

    British buyout shop Montagu Private Equity LLP said Thursday it's selling automotive information and business solutions company CAP Automotive Ltd. to auto insurance software and service provider Solera Holdings Inc. for £288 million ($452.1 million).

  • November 20, 2014

    Market Rumors: Alibaba, CGN Power, Medibank

    Alibaba launched a debut $8 billion bond offering amid strong demand, while CGN Power, China's largest nuclear plant operator, has sold a significant chunk of its upcoming $3 billion IPO in Hong Kong to cornerstone investors.

  • November 20, 2014

    ISIS Private Equity Ditches Terrorist-Linked Name

    British private equity shop ISIS Private Equity said Thursday it will now be known as Living Bridge, as the firm looks to distance itself from the now-infamous terrorist organization Islamic State in Iraq and Syria.

  • November 20, 2014

    Habit Restaurants Share Prices Soar After $90M IPO

    Private-equity backed burger chain The Habit Restaurants Inc. raised $90 million in a sizzling initial public offering that priced shares above range at $18 — and more than doubled Thursday — fueling growth plans for the expansion-minded California eatery amid a busy year for restaurant IPOs.

  • November 19, 2014

    Deals Rumor Mill: PetSmart, E.On, Blackstone Group

    KKR & Co. LP and Clayton Dubilier & Rice LLC have partnered to place a more than $7.5 billion bid for PetSmart Inc., while German utility E.On and Australian bank Macquarie Group Ltd. have entered "exclusive talks" to buy E.On's Spanish unit, which could be worth up to $2.8 billion.

  • November 19, 2014

    Regulator Urges Attys To Broaden Focus Ahead Of PE Exams

    The U.S. Securities & Exchange Commission’s top dog for private equity and hedge fund oversight on Tuesday warned attorneys not to get too caught up on the major points of concern highlighted in agency speeches regarding initial inspections following the registration of new funds under Dodd-Frank.

Expert Analysis

  • New ESG Considerations For Private Funds

    Scott W. Naidech

    Evidence demonstrates that there is an increasing focus on environmental, social and governance issues in the private equity industry based in part on investor demands and general public pressure for increased accountability and transparency. In response, frameworks and industry standards for ESG investing are emerging, says Scott Naidech of Chadbourne & Parke LLP.

  • Differentiate Your Litigation Practice With Data Security

    Jennifer Topper

    Despite the significant tilt toward technology in how litigation is now conducted, many senior lawyers still delegate tech-related issues to e-discovery specialists or associates at their firms. This is a missed opportunity not just for client development, but also for shaping the way the firm and lawyer are seen in the eyes of corporate counsel, says legal industry business development specialist Jenn Topper.

  • Factors PE Firms Must Consider To Avoid WARN Act Liability

    Brad Eric Scheler

    The District of Delaware’s recent decision in a case involving Sun Capital Partners Inc. is an important reminder to private equity firms that in order to minimize the risk of single-employer liability under the Worker Adjustment and Retraining Notification Act, it is crucial to keep in mind the five factors set out by the U.S. Department of Labor, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • The Print Room: How To Spend Less And Get More

    Senthil Rajakrishnan

    Our estimates indicate that some law firms spend up to $8,000 per attorney each year on print-related costs. Although we live in a digital world, hard copy printing will remain an important part of business for years to come. Changing technology, however, offers opportunities to improve efficiencies and save money, say Senthil Rajakrishnan and Ryan Mittman of HBR Consulting LLC.

  • Dewey Partner Clawback Ruling May Hurt New York Law Firms

    Evan C. Hollander

    Unless the recent ruling in the Dewey & LeBoeuf LLP bankruptcy case is overturned on appeal or the New York Legislature amends the state’s fraudulent transfer and partnership laws, partners of New York firms will bear greater risk if their firms fail than will members of many non-New York partnerships. This risk factor might even affect decisions by prospective lateral partners about which firms to join, say attorneys with Arnold & Porter LLP.

  • The Emergence Of 3rd-Party Accredited-Investor Verifiers

    Charles Alovisetti

    As crowdfunding changes the financial landscape, third-party accredited-investor verifiers will continue to provide an important service. However, such verification is not without its risks, with two key areas of concern being privacy and the method used for verification, says Charles Alovisetti of Goodwin Procter LLP.

  • DOJ Suggests FCPA Successor Liability For Stock Purchases

    Taylor J. Phillips

    The U.S. Department of Justice’s second Foreign Corrupt Practices Act opinion procedure release of the year reemphasizes the department’s position on successor liability, but in doing so, appears to assert that there can be FCPA successor liability even in stock purchases — a position that may surprise some transactional attorneys, say attorneys with Bass Berry & Sims PLC.

  • When Do Tribal Leaders Create FCPA Liability?

    T. Markus Funk

    One of the many definitional challenges facing Foreign Corrupt Practices Act practitioners worldwide is under what circumstances traditional authorities, who routinely exercise considerable influence over business matters, qualify as “foreign officials.” This is a particularly apt question for companies seeking to pursue mining interests in Canada, say T. Markus Funk and Barak Cohen of Perkins Coie LLP.

  • Nearing 30, Is Revlon Showing Its Age?

    Mohsen Manesh

    Two recent Delaware Chancery Court decisions — Chen v. Howard-Anderson and Rural Metro Corp. — underscore the expansive reach of Revlon in “sale or change in control” transactions. If Revlon is indeed dwindling, it is happening from outside the pressed edges of corporate law, where competing bodies of business law have emerged, rejecting or dispensing of Revlon as a fiduciary mandate, says Mohsen Manesh of the University of Oregon School of Law.

  • CLOs: Fight Fraud With Better Analytics

    An emerging use of data analytics still atypical of corporate legal departments is "enterprise fraud and misuse management." From unearthing fraud and waste among employees to gauging Foreign Corrupt Practices Act compliance, a strong EFM program can absolutely affect a company’s bottom line. Gregory Swinehart of Deloitte Financial Advisory Services LLP explains how chief legal officers can adapt.