Private Equity

  • May 21, 2015

    3rd Circ. OKs Cutting Fired Workers Out Of Ch. 11 Settlement

    Twelve hundred truckers fired abruptly by Jevic Transportation Inc. were unable to bend the Bankruptcy Code to their aid Thursday, when a U.S. appeals court approved a priority-toppling settlement that favored banks and private equity firms while leaving the truckers, and their $12.4 million wage claim, in the cold.

  • May 21, 2015

    Arena Vendor Aramark Backers Eye $910M Secondary Offering

    Aramark, which provides concessions services at sports arenas and other entertainment venues, said Thursday that a group of private equity backers that took the company private in 2007 are selling up to $909.65 million in shares in a secondary offering following its 2013 return to the public markets.

  • May 21, 2015

    Bain Capital, Japan Industrial To Sell 46M Skylark Shares

    Private equity firms Bain Capital and Japan Industrial Partners Inc. will sell 45.8 million shares in Japanese restaurant chain Skylark Co Ltd. in a secondary offering, Skylark said Thursday.

  • May 21, 2015

    Real Estate Rumor Mill: Blackstone, Goldman, Raymour

    Blackstone is said to be seeking roughly $525 million for the top 12 floors of a Manhattan tower, while Goldman has reportedly sold 149 hotels to Moody National REIT for $1.73 billion and Raymour & Flanigan is said to have inked a deal for 40,000 square feet of space in Harlem.

  • May 21, 2015

    Venture Capitalist Charged In NJ With $2M CrossFit Fraud

    A professed entrepreneur and venture capitalist was charged Thursday in New Jersey with cheating investors in CrossFit exercise businesses out of more than $2 million, as part of an alleged fraud that began after his legal woes over an unrealized film about the New York Yankees and other projects.

  • May 21, 2015

    2 E-Commerce Cos. Together Draw $241M In US Debuts

    Two e-commerce companies — venture capital-backed Shopify Inc. and Alibaba Group Holding Ltd.-backed Baozun Inc. — priced their initial public offerings and listed in the U.S. on Thursday, together raising $241 million as the market warms up for technology debuts.

  • May 21, 2015

    SEC Sues Firm, Execs That Sued To Block In-House Case

    The U.S. Securities and Exchange Commission on Thursday accused an Atlanta-based investment adviser and two top executives of breaching their fiduciary duty to pension fund clients, suing the very firm that sued it in an attempt to block the agency from bringing its in-house court claim.

  • May 21, 2015

    Car Rental Co. Europcar Eyes $528M French IPO

    French rental car company Europcar, backed by private equity investor Eurazeo, said Thursday it is seeking approval from French regulators for a €475 million ($527.8 million) initial public offering on the Euronext Paris.

  • May 21, 2015

    Burr & Forman Nabs Ex-Roetzel & Andress Banking Partner

    Burr & Forman LLP has recruited a former Roetzel & Andress partner experienced in advising banks and private equity clients on commercial real estate and asset-based lending matters to bolster its banking and real estate group in Fort Lauderdale, Florida, the firm announced Thursday.

  • May 21, 2015

    Latham-Led Press Ganey Nabs $223M In Target-Beating IPO

    Massachusetts-based Press Ganey, a private equity-backed health care analytics company guided by Latham & Watkins LLP, rumbled onto the New York Stock Exchange on Thursday after raking in $223 million in an initial public offering that beat out expectations.

  • May 21, 2015

    Del. High Court Reinforces Director Liability Shield

    In a recent ruling on challenges to interested-party buyouts, the Delaware Supreme Court clarified and strengthened a liability shield for independent directors, holding that shareholders can't sue the directors over business decisions without pleading non-exculpated claims against them.

  • May 21, 2015

    Pacific Rubiales OKs Alfa, Harbour $1.4B Takeover Bid

    Pacific Rubiales Energy Corp. said Wednesday that it will accept a takeover bid from Mexico's Alfa SAB de CV and private-equity backed Harbour Energy Ltd. in which the companies will pay approximately CA$1.7 billion ($1.4 billion) to gobble up the shares in the oil producer they don't already own.

  • May 20, 2015

    Deals Rumor Mill: United Technologies, Genesys, GE

    United Technologies Corp. is exploring a potential sale of Sikorsky Aircraft, which could be worth $10 billion, while call-center software provider Genesys Telecommunications Laboratories Inc. is seeking buyers and hoping to find one to agree to a deal valuing it at more than $3.5 billion including debt.

  • May 20, 2015

    Chassix Creditors Say Debtor Was Undervalued By $150M

    Chassix Inc. creditors on Wednesday urged a New York federal bankruptcy judge to delay the confirmation schedule in its Chapter 11 case, arguing the auto supplier’s financial advisers may have underestimated its worth by $150 million.

  • May 20, 2015

    Real Estate Rumor Mill: Cornerstone, WeWork, MB Real Estate

    Cornerstone, a Massachusetts Mutual Life Insurance subsidiary, is reportedly buying a New York Park Avenue tower for $275 million from private equity firm Savanna, while WeWork is said to have leased 105,000 square feet in Chicago and MB Real Estate has reportedly bought 10 Chicago-area medical office buildings for $160 million.

  • May 20, 2015

    After Snub, Z Capital Pushes For Affinity Gaming Sale

    Affinity Gaming LLC said Tuesday it has rejected a takeover offer from its largest shareholder, private equity firm Z Capital Partners LLC, which is now pushing for a sale of the casino owner.

  • May 20, 2015

    VC Firm Raises $215M For University-Research Startup Fund

    Philadelphia-area venture capital firm Osage University Partners said Wednesday it has exceeded its $200 million target and raised $215 million for its second fund, which will invest in startups that commercialize university research, mainly in the life sciences and technology sectors.

  • May 20, 2015

    LightSquared Seeks Permisssion To Enter $1.75B Facility

    LightSquared Inc. on Tuesday asked a New York bankruptcy judge to approve its entering into a $1.75 billion working capital facility with three lenders that is intended to get the wireless communications startup back on its feet after its reorganization plan was approved earlier this year.

  • May 20, 2015

    GP Investments’ Blank Check Co. Draws $150M In IPO

    New York-based GP Investments Acquisition Corp., formed by Latin American buyout specialist GP Investments Ltd., grabbed $150 million in a Wednesday initial public offering led by Skadden Arps Meagher & Flom LLP, marking the latest blank check company to go public as more asset managers turn to permanent capital vehicles.

  • May 20, 2015

    Weil Guides Black Knight Financial To $441 Public Debut

    Private equity-backed Black Knight Financial Services Inc. raked in $441 million in its initial public offering and kicked off trading Wednesday with the help of a Weil Gotshal & Manges LLP team, as the Fidelity National Financial mortgage automation and data analysis services unit looks to trim debt.

Expert Analysis

  • A Route To Directors' Early Exit From Merger Litigation

    Kevin C. Logue

    It has become all too common in transaction-related stockholder litigation for the pleading net to be cast widely, embroiling disinterested and independent directors into long and costly litigation. The Delaware Supreme Court's decision in the case of Cornerstone Therapeutics Inc. should lead to closer scrutiny of allegations against individual directors, say attorneys with Paul Hastings LLP.

  • What’s Missing From The SEC’s Forum Selection Guidance

    Thomas A. Hanusik

    In its recent guidance on forum selection, the U.S. Securities and Exchange Commission missed a golden opportunity — instead of addressing the legitimate and widespread criticism of its increasing use of the administrative forum, the SEC dodged the key issues and failed to make the forum selection process fairer to defendants, say attorneys with Crowell & Moring LLP.

  • DOL Fiduciary Rules Will Negatively Affect Private Funds

    Robert J. Raymond

    The U.S. Department of Labor’s proposed rules expanding the circumstances under which a person is considered a fiduciary under the Employee Retirement Income Security Act would effectively deny sophisticated but smaller ERISA plans and individual retirement account investors the opportunity to access private investment funds as part of their portfolios, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Lobbying The EU: New Requirements For A 'Voluntary' Regime

    Charles Borden

    While parties that lobby in the United States are generally subject to mandatory lobbyist registration and reporting obligations at every level of government, parties that lobby European Union institutions traditionally have only been subject to a “voluntary” registration and disclosure regime. That gap now appears to be closing, say attorneys with Allen & Overy LLP.

  • Consider 5 Things Before Choosing An E-Discovery Provider

    Barry O’Melia

    There has been a rapid and robust growth in the number of companies offering electronically stored information collection, management and processing services. But a recent survey indicated that not all service providers offer the level of expertise needed in today’s world of big data, the cloud and mobile devices, says Barry O’Melia, chief operations officer at Digital WarRoom.

  • Important Lessons From Delaware For Structuring Earnouts

    David W. Healy

    The Delaware Supreme Court’s recent decision in Lazard Technology Partners LLC v. Qinetiq North America Operations LLC upholds the literal meaning of an earnout provision, and suggests that a target’s reliance on the implied covenant of good faith and fair dealing to save it from “losses at the negotiating table” is a tenuous strategy, say David Healy and Douglas Cogen of Fenwick & West LLP.

  • Momentive Shifts Balance Of Power In Complex Chapter 11

    Ron E. Meisler

    Coupled with other recent developments, the Southern District of New York decision in the Chapter 11 case of MPM Silicones LLC, or Momentive, may suggest a turn toward harsher treatment of secured lenders in bankruptcy, say Ron Meisler and Christopher Dressel of Skadden Arps Slate Meagher & Flom LLP.

  • Lessons On Dueling 'Exclusive Remedy' Clauses In M&A

    Lisa R. Stark

    The Delaware Chancery Court's decision in Alliant Techsystems Inc. v. MidOcean Bushnell Holdings LP reinforces the need for practitioners to pay careful attention to the relationship between multiple “exclusive remedy” provisions in acquisition agreements, say Lisa Stark and Andrew Lloyd of K&L Gates LLP.

  • Court-Appointed Experts — A Powerful But Rarely Used Tool

    Philip Woo

    The Tessera Inc. patent case highlights a useful procedure seldom used in the federal court system — Federal Rule of Evidence 706, which allows for a court-appointed expert. But Rule 706 provides little guidance on when to use such an expert, how to select one or how to work with one. Here are some tips, say Philip Woo and Nathan Greenblatt of Sidley Austin LLP.

  • When Hindsight Is Not 20/20 In Purchase Price Disputes

    Frank Lazzara

    Mergers and acquisitions parties are limited in the extent of hindsight data they can apply in a purchase price dispute, but our analysis indicates that there are alternative interpretations that may suggest some very useful planning insight for party advisers, say forensic and litigation consultants at FTI Consulting.