Private Equity

  • October 31, 2014

    Ares Nabs Energy Infrastructure Manager With $4B In Assets

    Ares Management LP is shifting toward a more energy-heavy strategy with a Friday agreement to acquire asset manager Energy Investors Funds, which has $4 billion in its funds.

  • October 31, 2014

    Danone Spotlights Inbound China M&A With $550M Milk Co. Bet

    French dairy giant Danone SA on Friday outlined plans for a $550 million private placement that will give it a slice of a Chinese milk powder maker, deepening its business ties to the country and reinforcing rising foreign interest in Chinese companies.

  • October 30, 2014

    Harbinger Fails In Attack On $1.7B LightSquared Guaranty

    The New York bankruptcy judge handling LightSquared Inc.’s knotty Chapter 11 case held Thursday that Harbinger Capital Partners LLC, the debtor’s top equity holder, cannot eliminate a guaranty on $1.7 billion in debt owed to a group of secured lenders.

  • October 30, 2014

    Deals Rumor Mill: SoftBank, Arle Capital, Varsity Brands

    Japanese telecom giant SoftBank may offer as much as $10 billion for the wireless assets of Mexico's America Movil, while Arle Capital Partners is thinking about selling Spanish theme park operator Parques Reunidos for upwards of $2.6 billion.

  • October 30, 2014

    Canadian Fracker Hits Target With $724M IPO

    Private equity-backed West Canadian hydraulic fracturer Seven Generations Energy Ltd. raised CA$810 million ($724 million) in its initial public offering Thursday, the company said in a filing, which is about what it had said it expected to raise in an announcement earlier this month.

  • October 30, 2014

    Prezzo Gives PE Firms More Time To Piece Together Bids

    U.K. restaurant operator Prezzo PLC on Thursday extended the deadline for the takeover bids that private equity firms Advent International PLC and TPG Capital LP had preliminarily launched for Prezzo in early October to allow the parties to further prep and talk out the offers.

  • October 30, 2014

    Execs Predict Deep Cash Piles Will Keep M&A Rolling

    Widely available capital and a generally bright U.S. economy have executives excited about deal-making prospects in the coming year, when they predict privately owned companies will dominate the mergers and acquisitions marketplace, according to a Dykema Gossett survey published on Thursday.

  • October 30, 2014

    TerraForm Pays $250M For 39 Capital Dynamics Solar Assets

    In an effort to bolster its solar capabilities, SunEdison Inc. subsidiary TerraForm Power Inc. has agreed to buy a portfolio of solar energy assets from Swiss asset manager Capital Dynamics for about $250 million, the companies said late Wednesday evening.

  • October 30, 2014

    Carlyle-Backed Axalta Trucks Toward $878M IPO

    Axalta Coating Systems Ltd. set terms Thursday for an $877.5 million initial public offering, laying the groundwork for The Carlyle Group to begin its exit about two years after it bought out the automotive and industrial coatings business for nearly $5 billion.

  • October 30, 2014

    Western Apparel Co. Boot Barn Raises $80M In IPO

    California-based apparel and boots retailer Boot Barn Holdings Inc. raised $80 million in its initial public offering Wednesday, hitting the high range of its target as the private equity-backed company pursues a U.S. expansion of its stores.

  • October 29, 2014

    Triaxx Funds Object To JPMorgan's $4.5B RMBS Deal

    A group of funds known as the Triaxx entities will object to JPMorgan Chase & Co.'s proposed $4.5 billion settlement with 21 major institutional investors in residential mortgage-backed securities, Triaxx's lawyer said Wednesday, several weeks after the funds dropped their objections to Bank of America Corp.'s $8.5 billion RMBS deal.

  • October 29, 2014

    Chancery Nixes $3.1M Bid For Fees In TPC Shareholder Suit

    A Delaware Chancery Court judge on Wednesday rejected a $3.1 million fee request from law firms representing TPC Group Inc. investors who challenged an announced buyout of the petrochemical product maker, finding the shareholder class action did not lead to an eventual $79 million price bump.

  • October 29, 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 such as Ropes & Gray, Debevoise, Schulte Roth and others. Here, Law360 takes a look at the ones you might have missed.

  • October 29, 2014

    Real Estate Heavyweights Team Up On $750M Debt Platform

    Mack Real Estate Group and a former Blackstone Group unit executive announced Wednesday that they have teamed up to create a new real estate debt lending platform, which a source familiar with the matter told Law360 will aim for a $750 million fundraising target.

  • October 29, 2014

    Deals Rumor Mill: BG Group, E.On, Berkshire Hathaway

    BG Group PLC is nearing the finalization of a $4 billion deal to sell 335 miles of gas pipelines, while German utility E.On wants suitors to submit binding bids of up to $2.8 billion for its Spanish unit by Nov. 3.

  • October 29, 2014

    Wind Funding Declines While Industry Queues Up Deals

    Large-scale funding and merger activity for wind power projects dropped significantly in the third quarter from the previous one, but the slump may be temporary, as wind investors announced a huge volume of new deals recently, according to a Mercom Capital Group survey of companies and investors.

  • October 29, 2014

    Infracapital's $1.6B For Infrastructure Fund Beats Target

    Infracapital, the infrastructure investment arm of U.K. asset manager M&G Investments and its parent, Prudential PLC, said Tuesday that it has raised more than £1 billion ($1.6 billion) for its latest fund to invest in core infrastructure assets across Europe.

  • October 29, 2014

    Middle Market Deals Dominate PE In 2014

    With a frothy stock market blocking take-private transactions and high valuations making many deals look pricey, private equity investors are flocking to the middle market, according to a new report from PitchBook Wednesday.

  • October 29, 2014

    PE-Backed Steakhouse Operator Ramps Up For $75M IPO

    American cuisine and steakhouse operator J. Alexander’s Holdings Inc. laid out plans late Tuesday to raise $75 million in an initial public offering, setting the stage for the growing restaurant company to part ways with its private equity backers.

  • October 29, 2014

    Market Rumors: Cheil, Floor & Decor, Jasmine Broadband

    Theme park-operator Cheil Industries plans to start testing investor appetite for its potentially $1.5 billion initial public offering in South Korea, while private equity-backed home building material maker Floor and Decor Outlets is expected to file for its U.S. IPO soon.

Expert Analysis

  • Application Of California’s Long-Arm Statute In M&A

    Louis R. Dienes

    Section 2115 of the California Corporations Code can complicate a deal involving a private target that has a significant presence in California but is incorporated in another jurisdiction, such as Delaware. Particularly for private equity and venture capital-backed corporations that are deemed to be quasi-California corporations, Section 2115 has the potential to cause problems, says Louis Dienes of Locke Lord LLP.

  • Stretching Singles Into Doubles: Alternative PE Exits

    Kenneth R. Koch

    Not every private equity investment is a home run. However, there are a variety of methods that can be employed to exit some of these investments gracefully and, in the process, perhaps stretch a single to a double, say Kenneth Koch and Stephen Gulotta Jr. of Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • When Things Do Not Go As Planned In A Bankruptcy Sale

    Jeffrey A. Krieger

    The somewhat problematic issue in a bankruptcy sale is determining what rights or obligations, if any, do the parties have under the agreement between the date of execution and the date the court enters an order approving the sale. This is precisely the issue the parties encountered in the Chapter 11 case of Hot Dog on a Stick, says Jeffrey Krieger of Greenberg Glusker Fields Claman & Machtinger LLP.

  • FCPA Risks Abound For PE Firms And Their Insurers

    Elan Kandel

    The government’s Foreign Corrupt Practices Act claim against Alcoa Inc. should raise red flags for private equity firms since many of the indicia of agency noted are often components of the traditional private equity investment model. Although no firm has been subjected to parent-subsidiary liability for a portfolio company’s conduct, it is likely only a matter of time, says Elan Kandel of Cozen O'Connor.

  • Use Social Media For Legal Service Only As A Last Resort

    Steven Richard

    Courts remain largely skeptical about allowing litigants to serve and notify evasive parties of legal proceedings through their social media accounts. A recent split ruling by the Oklahoma Supreme Court shows the competing considerations, say Steven Richard and Britt Killian of Nixon Peabody LLP.

  • UK Court Sheds Light On De Facto And Shadow Directors

    David Gerber

    The U.K. Court of Appeal's judgment in Smithton Ltd. v. Naggar is instructive of the English courts’ current approach to defining the role of director, as well as addressing a question that often arises in practice — whether a director of a holding company is a de facto or shadow director of its subsidiary, say David Gerber and Sonalini de Zoysa Gunasekera of Kaye Scholer LLP.

  • A Different Kind Of Hospitality Opportunity In China

    Ian K. Lewis

    Entire populations are considering health care and “senior living” options, affecting government policy and opening up new opportunities for industry investors in branded residences of a different kind. Hotel operators that have medical tourism experience may find considerable scope for expansion in China, says Ian Lewis of Mayer Brown LLP.

  • New Lessons From Rural/Metro II For M&A Parties, Advisers

    Peter J. Rooney

    The Delaware Court of Chancery’s decision this month in the case of Rural/Metro Corp. Stockholders Litigation awarding nearly $76 million in damages against a seller’s financial adviser highlights the difficult strategic questions nonsettling defendants face by proceeding alone to trial, including whether to put on trial the conduct of the settling defendants, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • Know The Collateral Consequences Of Financial Reg Action

    Eben P. Colby

    Understanding the collateral consequences of enforcement proceedings at the hands of the U.S. Securities and Exchange Commission or any other financial industry regulator can provide a valuable tool for proactively negotiating with the regulator and avoiding pitfalls arising from a failure to disclose, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • New Jurisdictional Issues When Moving To Quash A Subpoena

    Steven Luxton

    The Nevada federal court's recent ruling in Agincourt Gaming LLC v. Zynga Inc. is an important reminder that a nonparty wanting to challenge a civil subpoena should consider carefully the appropriate jurisdiction in which to file a motion to quash under recently enacted Rule 45, say Steven Luxton and Brad Nes of Morgan Lewis & Bockius LLP.