Private Equity

  • July 6, 2015

    CCMP-Backed Ollie's Bargain Outlet Readies $134M IPO

    Another portfolio company of middle-market buyout specialist CCMP Capital Advisors LLC is looking to cash in on the public markets this year as discount retailer Ollie’s Bargain Outlet Holdings Inc. set terms Monday for a $134 million initial public offering.

  • July 6, 2015

    Drivers Ask 3rd Circ. To Rethink Ch. 11 Priority Snub

    Drivers that Jevic Transportation Inc. fired just before filing for Chapter 11 contended in court papers Monday that a Third Circuit decision allowing a settlement that favored banks and private equity firms over their $12.4 million wage claim violates basic standards for prioritizing creditors.

  • July 6, 2015

    Sheppard Mullin Adds Ex-Loeb & Loeb Corporate Atty

    Sheppard Mullin Richter & Hampton LLP has added a former Loeb & Loeb LLP attorney — experienced in mergers and acquisitions, IPOs and other transactions in industries including life sciences, banking, telecommunications, e-commerce and private equity — as a partner in its New York-based corporate practice group, the firm said Monday.

  • July 6, 2015

    Deals Rumor Mill: Teva, Mylan, Philip Morris, China Network

    Teva Pharmaceutical Industries Ltd. might raise its bid to acquire rival drugmaker Mylan NV, while U.S. tobacco giant Philip Morris International Inc. plans to unload an approximately $1 billion stake in its Indonesian operations, as an investor consortium led by Morgan Stanley's private equity arm and Taiwanese phone company Far EasTone Telecommunications Co. nears a potential $2.3 billion deal to buy Taiwan's largest cable-television operator.

  • July 6, 2015

    Vinson & Elkins Guides PE Firm's $1B Linn Energy Investment

    Vinson & Elkins LLP advised Texas-based private equity firm Quantum Energy Partners in its initial agreement to plug up to $1 billion into Linn Energy LLC to help fund future oil and natural gas acquisitions and subsequent development on those assets, the firm said Monday.

  • July 6, 2015

    Steel Trader Stemcor To Cut Debt In Deal With Apollo, Others

    U.K.-based Stemcor Holdings Ltd. has struck a deal with creditors including private equity firm Apollo Global Management LLC that will reduce the steel trader’s heavy debt and position the company to continue its main business, Stemcor said Monday.

  • July 6, 2015

    SEC Said To Investigate Market For Pre-IPO Tech Shares

    The U.S. Securities and Exchange Commission is investigating claims that stakeholders and asset managers might be illegally selling shares and derivatives in growing technology companies that haven’t yet hit the public markets, according to a Sunday news report.

  • July 6, 2015

    MoFo Nabs M&A Pro As European Deals Market Grows

    Morrison & Foerster has a new partner in the firm’s London-based mergers and acquisition practice, hailing from Latham & Watkins, the firm said on Monday.

  • July 6, 2015

    Real Estate Rumor Mill: Bankia, Kuafu, Fitbit

    Spain's Bankia SA is reportedly close to selling off a $1.4 billion portfolio of bad loans to Oaktree Capital Management LP and Chenavari, while Kuafu Properties is said to be paying $260 million for 13 floors of apartments in Manhattan and Fitbit Inc. has reportedly inked a major lease to expand its San Francisco headquarters.

  • July 2, 2015

    Och-Ziff Seeks Toss Of Securities Suit Over FCPA Inquiries

    Och-Ziff Capital Management Group LLC urged a New York federal judge on Thursday to dismiss class action allegations it artificially inflated stock prices by hiding Foreign Corrupt Practices Act investigations into multimillion-dollar payments it made in Africa, saying plaintiffs' complaint doesn't lay out enough specific facts pointing to bribery.

  • July 2, 2015

    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 including Skadden, Wachtell Lipton and Weil Gotshal. Here, Law360 takes a look at the ones you might have missed.

  • July 2, 2015

    Auto Supplier Chassix's Ch. 11 Plan Gets Green Light

    A New York bankruptcy judge said Thursday he will approve Chassix Inc.'s strategy for slashing $463 million in debt as it looks to emerge from Chapter 11, rejecting two creditors' last-minute objection that the deal gave owner Platinum Equity LLC a sweetheart release.

  • July 2, 2015

    VC-Backed Natera Beats Expectations With $180M IPO

    Venture capital-backed Natera Inc. outshot expectations to raise $180 million in its initial public offering, pricing its shares at $18 apiece, the genetic diagnostics company said late Wednesday.

  • July 2, 2015

    Real Estate Rumor Mill: Rockpoint, Texas Pacific, Crayton

    Rockpoint Group and Maximus Real Estate are said to be close to paying $400 million for a 298-unit San Francisco residential property, while private equity firm Texas Pacific has reportedly signed an upsized 100,000-square-foot lease renewal in New York and Crayton Advisors is said to have bought two Chicago office properties for nearly $30 million.

  • July 2, 2015

    Platinum Power Inks Deal For $845M Hydro Plant In Cameroon

    Private equity-backed Platinum Power SA, a Moroccan renewable energy company, said Wednesday it has reached a deal with the Cameroonian government to build a 500 billion CFA franc ($844.9 million) hydroelectric power plant in the country’s Centre Region.

  • July 2, 2015

    Deals Rumor Mill: Anthem, Cigna, Yelp, Tesco

    Health insurers Anthem Inc. and Cigna Corp. are taking another swing at merger talks, while consumer review website Yelp Inc. puts off plans for a potential sale for now, as four private equity firms land on the shortlist of potential buyers for U.K. supermarket chain Tesco PLC's South Korean unit.

  • July 2, 2015

    Latham Helps Food-Focused PE Firm Close $260M Fund

    Encore Consumer Capital, a San Francisco-based private equity firm that invests in consumer product companies with an emphasis on food and beverages, has closed an oversubscribed $260 million fund with guidance from Latham & Watkins LLP, the private equity firm said recently.

  • July 1, 2015

    Tilton Taking Claim Over SEC In-House Court To 2nd Circ.

    Distressed-debt investor Lynn Tilton and her firm Patriarch Partners LLC said Wednesday they are taking their court battle against the U.S. Securities and Exchange Commission to the Second Circuit after a judge ruled this week that Patriarch can't challenge the SEC's in-house proceedings in federal court.

  • July 1, 2015

    1 Firm Tops June IPO Activity As Volume Hits New Heights

    One law firm cashed in on initial public offering activity in June, leading the underwriters on 11 of the month’s 35 floats and championing four new issuers’ debuts — including one that had the largest first-day pop in roughly 18 months — as the month marked the busiest for IPOs since 2000.

  • July 1, 2015

    Kirkland Guides Madison Dearborn On $715M Rehab Biz Buy

    Private equity firm Madison Dearborn Partners LLC will buy Patterson Cos. Inc.’s rehabilitation equipment business for about $715 million with guidance from Kirkland & Ellis LLP, helping Patterson deleverage its $1.1 billion splurge on animal medicine distributor Animal Health International Inc, the companies said Wednesday.

Expert Analysis

  • Resurgence Of Covenant Lite In EU — And What It Means

    David Billington

    The recent uptick in covenant lite financings in the European leveraged loan markets has caused some in the investor community to express concern about what impact it will have when the debtor becomes distressed. Attorneys with Cleary Gottlieb Steen & Hamilton LLP examine the causes of the recent trend and dispel some of the myths about covenant lite in the context of a restructuring.

  • The SEC Gets Aggressive With Unregistered Brokers

    David C. Jenson

    Section 15(a)(1) enforcement actions by the U.S. Securities and Exchange Commission are nothing new, but the frequency of the enforcement actions, the severity of the penalties, and the lack of investor harm or allegations of fraud signal a new approach to enforcement in this area, says David Jenson of Stinson Leonard Street LLP.

  • SEC's Warning — Fund Trustees Are Fair Game

    Jay G. Baris

    A recent U.S. Securities and Exchange Commission proceeding against a fund adviser, two independent trustees and an inside trustee reveals the SEC’s focus on the advisory contract renewal process. It is entering the boardroom and scrutinizing in great detail not only the information provided to fund trustees, but also how the trustees evaluate that information, says Jay Baris, chairman of Morrison & Foerster LLP's investment management practice.

  • The Top 3 New Do’s And Don’ts For Law Firm Websites

    Stephan Roussan

    In legal marketing circles, there are few topics peddled about more than “hot tips” for improving your law firm’s website. Google it. You’ll find more advice than you could ever digest. However, there are larger trends in technology, culture and user behavior that are impacting firms in very significant ways and are not being talked about nearly as much as they should be, says Stephan Roussan, founder of consulting and web developm... (continued)

  • 10.5 Things To Know About UK's New Disguised Fee Taxes

    Ceinwen Rees

    New rules in the U.K. that seek to tax “disguised investment management fees” may affect not only funds managed or operating in the U.K. but potentially any fund that undertakes activities there. The trick is to know a disguised management fee when you see one, say Richard Ward and Ceinwen Rees of Debevoise & Plimpton LLP.

  • A Look At Who's Investing In Latin America

    Latin America is open for business and the world is taking notice. Foley & Lardner LLP partner Jeffery Atkin discusses which countries are actively taking on development projects in Latin America and how the culture is affecting their work there.

  • High Hurdles Remain For Texas Derivative Plaintiffs

    Jeffrey R. Elkin

    The Supreme Court of Texas plainly seems to believe that its decision in Sneed v. Webre endorses an “easier” path for a shareholder in a closely held corporation to enforce its rights and protect the value of its ownership interests. However, while the business judgment rule will not be a bar to standing, it remains a high hurdle to any ultimate recovery for derivative plaintiffs, says Jeffrey Elkin of Porter Hedges LLP.

  • Chancery's Approach To Board Seat Agreement Disputes

    Robert C. Schwenkel

    The Delaware Chancery Court’s decision last week in Partners Healthcare Solutions Holdings LP v. Universal American Corp. does not alter the basic rights of private equity firms or other stockholders under board seat agreements, but it does confirm that a company will not be in breach of such an agreement when it imposes unspecified conflict-of-interest and confidentiality conditions, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Quadrant Sheds Light On Director Duties In PE Deals

    Nate Neuberger

    The Delaware Chancery Court's holding in Quadrant Structured Products v. Vertin is neither extraordinary nor groundbreaking, but the court's discussion in the opinion provides a wealth of guidance to directors of insolvent corporations, particularly private equity-backed companies that often are characterized by significant leverage and complicated capital structures, says Nate Neuberger of Reinhart Boerner Van Deuren SC.

  • AIFMD — From Reluctance To Action

    John D'Agostino

    As any hope for reprieve from the Alternative Investment Fund Managers Directive fades, attention and dialogue have turned from whether the rules will be watered down or repealed to how managers will respond to or perhaps even seek an advantage from the directive, says John D'Agostino of DMS Offshore Investment Services Ltd.