Private Equity

  • October 19, 2017

    Bankrupt Footwear Co. Floats $21M DIP Funding Compromise

    Women’s footwear maker and marketer Aerogroup International Inc. and key lenders cobbled together a proposed $21 million interim financing blueprint in the company’s Delaware Chapter 11 late Thursday, heading off an end-of-week cash crunch and debtor-in-possession loan fight.

  • October 19, 2017

    Software 'Unicorn' MongoDB Raises $192M In Upsized IPO

    MongoDB Inc., a software startup that ranks among the so-called "unicorns," has raised $192 million by offering 8 million shares at $24 per share in an initial public offering that priced above its range, the software startup said late Wednesday as IPOs pick up this month.

  • October 19, 2017

    Benihana Asks 2nd Circ. Not To Revive Counterpart's Suit

    The American arm of the Benihana restaurant chain asked the Second Circuit on Wednesday not to revive a suit alleging it tried to force its international counterpart into handing over that counterpart's franchises, arguing that a lower court properly held the America arm was acting in its economic best interest.

  • October 19, 2017

    Lyft Scores $11B Valuation In Funding Round Led By CapitalG

    Ride-hailing service Lyft Inc. scored $1 billion in a financing round led by Google affiliate CapitalG, lifting its valuation to $11 billion with an investment that also added a board member to the California-based company, according to a Thursday statement.

  • October 19, 2017

    Deals Rumor Mill: Unilever, easyJet, Sinochem

    Multiple private equity firms are vying for Unilever's multibillion-dollar margarine and spreads business, U.K.-based easyJet Airline will buy assets from bankrupt Air Berlin, and China's Sinochem is readying a Hong Kong initial public offering of shares in its main oil assets.

  • October 19, 2017

    Ybrant Ch. 11 Law Firm Escapes Gov't Fee Disgorgement Bid

    The law firm that represented Ybrant Media Acquisition Inc. in its now-dismissed Chapter 11 case does not have to return payments from an unauthorized Ybrant subsidiary, a New York bankruptcy judge ruled Thursday, saying a mistake was made but it’s clear the company just wants to pay its legal fees.

  • October 19, 2017

    RLH Equity Partners Closes Latest Fund At $510.6M

    Riordan Lewis & Haden Equity Partners on Thursday said it has closed its new fund at $510.6 million after strong interest from new and existing limited partners prompted the California-based private equity firm to increase the fund's original hard cap.

  • October 18, 2017

    Aerogroup’s $25M DIP Deal A ‘Nonstarter,’ Judge Says

    A Delaware bankruptcy judge on Wednesday shot down a $25 million Chapter 11 debtor-in-possession loan deal sought by bankrupt Aerogroup International Inc., telling an attorney for the shoe producer and retailer that “the terms proposed are a nonstarter for me.”

  • October 18, 2017

    ChinaCast, Creditors Prodded To Settle Insurance Payout Row

    A private equity fund sitting on a $66 million class action judgment against now-bankrupt ChinaCast Education Corp. may be able to sue the debtors’ insurers for payment without stepping on the toes of the company or other creditors, a New York bankruptcy judge observed Wednesday, encouraging the sparring parties to negotiate.

  • October 18, 2017

    Deals Rumor Mill: F2i, Advent International, Roots

    An Italian private equity infrastructure fund manager is seeking to raise at least $3.5 billion, Advent International is selling its stake in a Spanish explosives maker that was founded by the inventor of dynamite, and Canadian retailer Roots raised $160 million in its IPO.

  • October 18, 2017

    PE-Backed Water Treatment Co. Launches $500M IPO

    Private equity-backed water treatment systems and services company Evoqua Water Technologies launched an estimated $500 million initial public offering on Wednesday, advised by Fried Frank Harris Shriver & Jacobson LLP.

  • October 18, 2017

    Duo Security Turns Into 'Unicorn' With $70M Financing Round

    Software-as-a-service company Duo Security Inc. said Wednesday it has raised $70 million in a new round of funding that pushes the venture-backed cybersecurity firm into so-called “unicorn” territory at a valuation of $1.17 billion.

  • October 18, 2017

    Retail Software Co. Closes $166M Series D Funding Round

    Canadian retail software company Lightspeed POS said Wednesday it had closed a $166 million Series D investment, led by Caisse de Dépôt et Placement du Québec, bringing the total amount the company has raised to $292 million.

  • October 18, 2017

    Willkie Farr Guides Assurant In $1.9B Warranty Group Buy

    New York-based Assurant Inc., led by Willkie Farr & Gallagher LLP, said in a Wednesday statement it will snap up private-equity-backed The Warranty Group for $1.9 billion, as the insurance company looks to expand its global reach.

  • October 18, 2017

    Investcorp Adds To Buying Spree With $370M Kee Safety Deal

    Investment manager Investcorp said Wednesday it will acquire Kee Safety Ltd., a U.K.-based supplier of guardrail and other safety products, from private equity firms Dunedin LLP and Lloyds Development Capital Ltd. for $370 million (£280 million) as Investcorp aggressively pursues a new growth strategy.

  • October 18, 2017

    Tech-Focused Growth Equity Shop Clinches $1.25B Fund

    Spectrum Equity, a tech-focused growth equity shop with offices in Boston and San Francisco, has closed its latest fund after raising $1.25 billion from investors, with plans to invest in information services, software and internet companies, the firm said Wednesday.

  • October 17, 2017

    Advisers Rip Wells Fargo's Bid To Turn Tables In MBS Suit

    The investment advisory affiliates of BlackRock and other financial services firms have blasted a push by Wells Fargo to make them help pay any judgments that the bank may be found to owe the firms’ funds in a suit over its handling of 12 residential mortgage-backed securities trusts, saying the bank is bogging down an already-complicated case.

  • October 17, 2017

    Impax, Amneal Ink Deal To Become $1.75B Generics Giant

    Pharmaceutical giant Impax Laboratories Inc. has agreed to combine with privately held Amneal Pharmaceuticals LLC in an all-stock deal that will create in New Jersey the nation’s fifth-largest generics maker, which the duo said will rake in at least $1.75 billion in net revenue this year.

  • October 17, 2017

    ChinaCast Shareholders Defend Bid To Collect From Insurers

    After winning a $66 million judgment against now-bankrupt ChinaCast Education Corp., private equity fund Jayhawk continued fighting Monday for payments from ChinaCast insurers, telling a New York bankruptcy judge its pursuit is not an “asset grab” but the logical outcome of the situation.

  • October 17, 2017

    PE Firm Was Behind 'Blatant' $100M Fraud, Insurer Says

    Insurer Confie Seguros Holding II Co. is urging an Illinois federal court to greenlight its securities fraud suit against the owners of an auto insurance network, brushing aside motions to dismiss and calling the $100 million scheme “so blatant” that Hollywood would reject it as "too outrageous" if it were a movie script. 

Expert Analysis

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • GP-Led Secondary Deals Are A New Way To Achieve Liquidity

    Michael Hong

    Until recently, general partner-led secondary transactions have generally been associated with “zombie funds” with lingering, hard-to-sell assets. But recent headline-grabbing deals signal a sea change of transactions with broader purposes and broader acceptance, says Michael Hong of Paul Weiss Rifkind Wharton & Garrison LLP.

  • Series

    Judging A Book: Kozinski Reviews 'The Judge'

    Judge Alex Kozinski

    In their new book, "The Judge: 26 Machiavellian Lessons," do Ronald Collins and David Skover prove their thesis that hypocrisy is the key to judicial greatness? Some of the examples they present are hard to dispute, says Judge Alex Kozinski of the Ninth Circuit.

  • Financial Crisis Anniversary

    New Post-Recession Metrics For BigLaw Partner Success

    Peter Zeughauser

    After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.

  • Opinion

    Time To Lift Student Loan Counseling Restrictions

    Christopher Chapman

    While it lends more than $100 million each year to our nation’s college students — including law students — the U.S. Department of Education surprisingly limits loan counseling to one-time entrance counseling for first-time student borrowers. Is this rational? asks Christopher Chapman, president of AccessLex Institute, a nonprofit focused on access to legal education.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • Asian-Americans Facing Challenges In The Legal Industry

    Goodwin Liu

    Asian-Americans are the fastest-growing minority in the legal profession, but recent studies confirm their underrepresentation among partners, prosecutors, judges and law school administrators. We must take action, say Goodwin Liu, associate justice of the California Supreme Court, and Ajay Mehrotra of the American Bar Foundation.

  • A BigLaw Ladies’ Guide To Becoming A 1st-Chair Trial Lawyer

    Sarah Rathke

    Judge Shira Scheindlin recently published an op-ed in The New York Times discussing the statistical truth that law firms have poor representation of female attorneys as first-chair trial lawyers. Backed by data collected by the New York State Bar Association, Judge Scheindlin’s observation is not merely anecdotal. But it doesn’t have to be inevitable, says Sarah Rathke, a partner and trial lawyer at Squire Patton Boggs LLP.

  • Using Powers Of Attorney In Fund Financing Transactions

    Zachary Barnett

    Powers of attorney offer lenders rights in connection with a fund’s ability to call capital contributions from investors. Drafted properly, POAs can provide a lender with the ability to take immediate action after a triggering event, such as an event of default, say attorneys with Mayer Brown LLP.