Private Equity

  • November 15, 2017

    Deals Rumor Mill: AT&T, Mattel, Varo Energy

    The U.S. Department of Justice has attempted to get state attorneys general to support a rejection of AT&T's blockbuster Time Warner acquisition, Mattel has rejected the recent takeover offer made by rival Hasbro, and Varo Energy could be valued at about $2 billion in an initial public offering planned for next year.

  • November 15, 2017

    Arrowroot Capital Closes 3rd Fund At $177M

    California-based, software-focused growth equity firm Arrowroot Capital Management LLC on Wednesday said it closed an oversubscribed third fund at its hard cap after more than $177 million in commitments.

  • November 15, 2017

    Sodexo Buys Centerplate From Olympus In $675M Deal

    Food services and facilities management company Sodexo Inc. said Wednesday it will take a major leap forward in the stadium and entertainment venue concessions business with the acquisition of Centerplate Inc. from private equity firm Olympus Partners in a deal worth $675 million.

  • November 14, 2017

    Glenhill Capital Analyst Concedes Misstep In Del. Trial

    A senior analyst for hedge fund Glenhill Capital Management LP acknowledged concern Tuesday over a company error that now figures in a Delaware Chancery Court investor suit alleging fraud and breaches of duty by the fund and insiders of a controlled company.

  • November 14, 2017

    Fidelity Whistleblower Loses Suit Years After High Court Win

    A former finance director at Fidelity Investments failed to prove in Massachusetts federal court that her concerns of possible accounting fraud at the mutual funds business were credible, a jury decided Tuesday.

  • November 14, 2017

    Aerospace Execs' Side Deals Harmed Sale, Del. Justices Told

    An investor in a New Jersey aerospace parts maker on Monday urged the Delaware Supreme Court to revive his case claiming shareholders were shortchanged in the company’s $34 million sale to an Arlington Capital Partners affiliate, arguing he has shown the two companies struck up insider side deals.

  • November 14, 2017

    VC Group Pushes For Win In Foreign Entrepreneur Rule Row

    A venture capital group and others asked a D.C. federal court Monday to vacate a Trump administration rule that delayed an Obama-era regulation for international entrepreneurs, arguing it’s not lawful because the government did not give time for public notice or comment.

  • November 14, 2017

    Deals Rumor Mill: Glencore, KKR, Lufthansa

    Glencore and the Ontario Teachers’ Pension Plan are planning to launch a new base-metals royalty company, KKR nabbed roughly $299 million from the sale of part of its stake in a Chinese appliance manufacturer, and Lufthansa has offered to pay €250 million for assets and employees of bankrupt Alitalia.

  • November 14, 2017

    Ruby Tuesday Shareholders Sue Over $335M PE Firm Buy

    A proposed class of Ruby Tuesday Inc. shareholders filed suit against the restaurant company in Tennessee federal court on Tuesday, seeking to halt private equity firm NRD Capital Management LLC's planned $335 million purchase of the casual dining chain following what the investors characterized as an inadequate sales process.

  • November 14, 2017

    OMERS Snaps Up French Testing Co. Trescal In €670M Deal

    OMERS Private Equity said Tuesday that it will buy Paris-headquartered calibration services provider Trescal SA from private equity parent Ardian in a deal that values the company at €670 million ($788.6 million). 

  • November 14, 2017

    Endowments Stick With PE In Difficult Market, Survey Shows

    In a turbulent marketplace plagued by ongoing geopolitical uncertainty and soaring asset valuations, endowments and foundations have displayed confidence investing their money with private equity fund managers because of their ability to produce high returns relative to other asset classes, according to a newly released survey.

  • November 14, 2017

    Kirkland Guides GI Partners In Closing $2.7B PE Fund

    GI Partners said Tuesday that it has closed its latest private equity fund with the help of Kirkland & Ellis LLP after receiving $2.7 billion in commitments from investors around the globe, exceeding its initial fundraising target by approximately $400 million.

  • November 13, 2017

    3 Cos. Price IPOs Raising $410M Led By Chinese Lender

    Three companies, led by a Chinese peer-to-peer lender, a French biotechnology firm and a U.S. telephone-over-internet provider, debuted in public markets Friday after pricing initial public offerings that raised a combined $410 million, adding to the flurry of recent listings.

  • November 13, 2017

    Fidelity Whistleblower Asks Jury For $4.9M For Retaliation

    A federal jury in Boston on Monday began deliberating a whistleblower’s claim that her colleagues at Fidelity Investments methodically bullied and pushed her toward the door after she voiced concerns that expense miscalculations appeared to bilk shareholders.

  • November 13, 2017

    'Idol’ Lenders Take Asset-Stripping Suit From LA To NY

    Lenders to the failed production company behind “American Idol” who accuse 21st Century Fox and Apollo Global Management of siphoning off its assets and leaving creditors with scraps as part of a complex merger of production companies they controlled have filed a new suit in New York state court after similar litigation in Los Angeles was put on hold.

  • November 13, 2017

    PE-Backed Danish Furniture Co. TCM Seeks Up To $115M IPO

    Private equity-backed Danish furniture maker TCM Group on Monday launched an initial public offering that could raise 735 million Danish krone ($115 million) for selling shareholders affiliated with IK Investment Partners Ltd., which acquired the company two years ago.

  • November 13, 2017

    Deals Rumor Mill: Buffalo Wild Wings, Saudi Aramco, AT&T

    Roark Capital has offered to buy Buffalo Wild Wings for more than $2.3 billion, Saudi Aramco is still determining how many shares it will sell in its planned $100 billion initial public offering, and AT&T has been told to deal with concerns related to its Time Warner acquisition before Thanksgiving.

  • November 13, 2017

    Post Oak Energy Capital Pulls In $600M For Latest Fund

    Post Oak Energy Capital LP has closed its fourth fund after bringing in $600 million from investors, with plans to invest in North American oil and gas companies, oilfield services and related infrastructure, the Houston-based private equity outfit said Monday.

  • November 13, 2017

    China Aluminum Co. Kills $2.3B Aleris Deal Amid CFIUS Woes

    A U.S. unit of China’s Zhongwang International Group said Monday it has scrapped its planned $2.3 billion takeover, including debt, of private equity-backed aluminum manufacturer Aleris Corp., amid uncertainty about the deal’s ability to secure approval from the Committee on Foreign Investment in the United States.

  • November 13, 2017

    Ecological Service Partners Snags $250M Equity Capital

    Ecological Service Partners LLC, a private investment firm that is focused on environmental services and water-related projects in the United States, has received a $250 million capital injection from undisclosed “financial partners,” according to a statement Monday.

Expert Analysis

  • Courts Scrutinizing Warrants For Electronic Data

    Henry Hockheimer

    Recent rulings from a New York federal court in Wey and the D.C. Circuit in Griffith represent a serious pushback to government efforts to write boundless warrants and to seize phones and computers without a sufficiently particularized showing of probable cause, say Henry Hockeimer and Thomas Burke of Ballard Spahr LLP.

  • Series

    Judging A Book: Tunheim Reviews 'Miles Lord'

    Chief Judge John Tunheim

    Litigator Roberta Walburn’s rollicking new book, "Miles Lord: The Maverick Judge Who Brought Corporate America to Justice," is a really good read — a fascinating story about a life lived in the heat of battle and usually at the edge of what might have been considered appropriate for a federal judge, says Chief U.S. District Judge John Tunheim of the District of Minnesota.

  • Practical Considerations For Litigating Against SPVs

    Matthew Ingber

    In the wake of the financial crisis, many lawsuits seeking to recover damages for alleged investment losses have been filed by special-purpose vehicles. Litigation practitioners will benefit from a practical consideration of the strengths and weaknesses of these entities in formulating an overall litigation strategy, say attorneys with Mayer Brown LLP.

  • Technology Assisted Review Can Work For Small Cases

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    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • Plenty Of PE Dry Powder, But Few Targets Of Opportunity

    Jonathan Temps

    So-called “dry powder” for private equity transactions is sitting in the trillions of dollars, but competition for deals, both from other sponsors and from strategic investors, is resulting in exceptionally high multiples on closed transactions and creates risks of lower returns from these investments, says Jonathan Temps of Thompson Coburn LLP.

  • New Sedona Principles Stress Information Governance

    Saffa Sleet

    The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.

  • IRS Rejection Of Renewable Energy Tax Credits Is Puzzling

    Abraham Shashy

    The U.S. Internal Revenue Service recently denied claims by tax equity investors for renewable energy tax credits, claiming the investors had effectively attempted to purchase the credits. Curiously, the IRS did so without deciding whether, for U.S. federal tax purposes, the investors were partners, the venture was a partnership or the transaction had economic substance, say attorneys with King & Spalding LLP.

  • Why Hybrid Credit Facilities Are Trending

    Todd Bundrant

    While both subscription credit facilities and net asset value facilities continue to grow in number and use, it is clear that the future is trending in the direction of hybrid facilities, which combine the positive attributes of both products and can be tailored to service a particular fund’s needs while maximizing the efficiency of lender and fund resources, say attorneys with Mayer Brown LLP.

  • Opinion

    For More Value And Diversity In Outside Counsel, Go Small

    Sara Kropf

    Albert Einstein famously said, “The definition of insanity is doing the same thing over and over again, but expecting different results.” That maxim applies to large companies that seek more value and diversity from their outside counsel by expecting big firms to change. There’s a simple solution to this problem, according to attorneys Margaret Cassidy, Sara Kropf and Ellen D. Marcus.

  • Top 3 Political Law Risks For Investment Firms

    Robert Kelner

    Rules governing political activities are often not intuitive, and failure to comply can result in big penalties, loss of business, and debilitating reputational consequences. Here, attorneys with Covington & Burling LLP describe three sometimes-overlooked risk areas for investment firms and steps firms can adopt to avoid these common compliance traps.