Private Equity

  • June 20, 2019

    Zimmer Biomet Hit With Chancery Suit Over $2B PE Cashout

    Medical device manufacturer Zimmer Biomet has been hit with a derivative suit in Delaware Chancery Court alleging company officers hid compliance problems at a factory that led to a stock drop when they came to light, while two directors helped private equity funds cash out to the tune of nearly $2 billion before stock prices plummeted.

  • June 20, 2019

    Slack's Debut Bodes Well For Direct Listings

    Shares of workplace messaging company Slack rose following its direct listing on Thursday, marking the second time in more than a year that a large private company went public by skipping a conventional initial public offering and landed smoothly.

  • June 20, 2019

    Bentham Launches $500M Fund To Finance Non-US Disputes

    Global litigation funder IMF Bentham has introduced a $500 million fund it says is designed to meet growing demand for dispute resolution finance on several continents.

  • June 20, 2019

    TDR Capital Lobs $2.4B Takeover Offer For Used Car Seller

    BCA Marketplace's board on Thursday said it received a cash takeover offer from investment funds managed by London-based private equity firm TDR Capital that values the used vehicle auctioneer's shares at roughly £1.9 billion ($2.4 billion).

  • June 20, 2019

    Holland & Knight Lands Private Equity Pro In Miami Office

    A former McDermott Will & Emery attorney with experience guiding transactions in the health care industry has joined Holland & Knight's private equity practice as a partner in the firm's Miami office.

  • June 20, 2019

    4 Biotech Cos. Raise $476M In Cooley, Davis Polk-Led IPOs

    A quartet of biotechnology and biopharmaceutical companies focused on treating cancer, solid tumors and neurodegenerative and metabolic disorders began trading on Thursday after pricing initial public offerings that raised a combined roughly $476.6 million.

  • June 20, 2019

    Simpson Thacher-Led Grocery Outlet Rings Up $378M Debut

    Private equity-backed retailer Grocery Outlet Holding Corp. made its market debut Thursday in a $378 million initial public offering that saw the Simpson Thacher-led company price shares above an already upwardly revised range.

  • June 20, 2019

    GP Bullhound Brings In €113M For Tech-Focused Fund

    Private investment firm GP Bullhound said Thursday that it has closed its latest fund after collecting €113 million ($127 million) from limited partners, with plans to target investments in companies within the realms of software, entertainment and fintech.

  • June 20, 2019

    Malaysia's Paramount Scores $130M In Education Unit Deal

    Malaysian investment holding company Paramount said Thursday it will shed majority stakes in a trio of education businesses in a 540.5 million Malaysian ringgit ($130.3 million) deal, handing control over to an entity financed by a unit of TPG Capital.

  • June 19, 2019

    Deals Rumor Mill: Slack, KKR, GlaxoSmithKline

    The reference price for Slack Technologies’ initial public offering is set at $26 per share, KKR is getting ready to sell part of its stake in Weststar Aviation Services, and GlaxoSmithKline has launched an effort to sell some of its consumer health brands.

  • June 19, 2019

    Vintage Capital Threatens To Oust Most Of Red Robin's Board

    Vintage Capital threatened Wednesday to oust five Red Robin directors, contending the burger chain's "unwillingness" to conduct a strategic review or respond to the private equity firm's $518.6 million purchase offer raises questions about the board's motivations.

  • June 19, 2019

    Real Estate Rumors: Goodman, Starwood, TA Realty

    Developer Goodman Group has reportedly dropped roughly $130 million on a Los Angeles manufacturing facility, Starwood Property Trust is said to be close to listing a portfolio of Ireland office properties for roughly €530 million, and TA Realty is said to have picked up a Florida office property for nearly $60 million.

  • June 19, 2019

    US Trustee Names Investors Suing Elk To Ch. 11 Committee

    The U.S. Trustee appointed three investor entities that are suing Elk Petroleum Inc. in Chancery Court to the Committee of Preferred Equity Security Holders in Elk’s bankruptcy case in Delaware on Wednesday, giving them a voice in the company’s reorganization.

  • June 19, 2019

    Ares Management Backs $165M Texas Oil And Gas Venture

    Global asset management company Ares Management Corporation is backing a $165 million drilling and development project in the shale-rich Permian Basin in Texas, the company said Wednesday.

  • June 19, 2019

    Iconiq Leads $130M Funding For Food Delivery App Wolt

    Finnish food delivery app Wolt said Wednesday that it has raised $130 million from a group of private investors led by Iconiq Capital, with plans to expand into new markets and hire 1,000 more employees by the end of next year.

  • June 19, 2019

    Pulling Up Stakes: Nelson Mullins, MoFo, Akin Gump

    In our latest roundup of deal makers on the move, Nelson Mullins snagged a corporate and securities specialist in Washington, D.C., Morrison & Foerster brought on a Los Angeles funds partner and strengthened its Chinese capital markets and corporate practices, and Akin Gump added a capital markets pro in Dubai.

  • June 19, 2019

    Fenwick-Led Stoke Therapeutics Prices Upsized $142M IPO

    Venture-backed Stoke Therapeutics Inc., a biotechnology firm developing therapies for genetic diseases, went public Wednesday after raising $142 million in an upsized initial public offering, steered by Fenwick & West LLP and underwriters' counsel Davis Polk & Wardwell LLP.

  • June 19, 2019

    Lower-Mid Market Investment Shop Clinches $375M Debt Fund

    Brookside Mezzanine Partners, a private investment firm that provides debt and makes minority equity investments in lower-middle market companies in the U.S., said Wednesday it has closed its fourth fund after securing $375 million from limited partners.

  • June 19, 2019

    Paul Weiss Assists As KPS Sells Brakes Maker In €690M Deal

    Private equity firm KPS Capital Partners, working with legal adviser Paul Weiss, has agreed to sell Netherlands-based Chassis Brakes International Group to a unit of Hitachi Ltd. for €690 million ($773 million), the companies said Wednesday.

  • June 19, 2019

    French Photo Startup Lands $230M Series C Round

    French photography platform Meero announced Wednesday it had landed $230 million in its latest funding round, which it will use to develop its suite of tools and automatic photo-editing features.

  • June 19, 2019

    More Opportunity Zone Rules Unlikely, Treasury Atty Says

    The U.S. Department of the Treasury is not working to release a third set of proposed regulations for the 2017 tax overhaul's opportunity zone program, an attorney with the agency said Wednesday.

  • June 19, 2019

    Ropes & Gray Steers Angelo Gordon On $2.75B Lending Fund

    Investment firm Angelo Gordon & Co. LP on Wednesday said investors have poured $2.75 billion into the firm’s largest ever direct lending fund, giving the Ropes & Gray-led firm a new source of senior secured loans for middle market companies. 

  • June 18, 2019

    How Law Firms Can Prep M&A, PE Teams For A Recession

    The possibility of a recession has clients asking how to prepare for the effects it would have on mergers and acquisitions and private equity fundraising, but it's equally important that law firms ensure their attorneys are equipped to handle the work that would result from such an economic downturn.

  • June 18, 2019

    PE-Backed Grocery Outlet Raises IPO Target To $318M

    Private equity-backed retailer Grocery Outlet Holding Corp. on Tuesday raised funding expectations just ahead of the scheduled pricing of its initial public offering to about $318 million, a potentially bullish sign from the Simpson Thacher-led company.

  • June 18, 2019

    SEC Mulls Opening Private Offerings To A Wider Audience

    The U.S. Securities and Exchange Commission on Tuesday requested input on potential changes surrounding its regulation of private offerings, including whether rules should be eased to allow more individuals to invest in riskier securities that are normally limited to wealthy individuals.

Expert Analysis

  • Qualified Opportunity Fund Structuring For PE Sponsors

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    Private equity sponsors hoping to take advantage of the qualified opportunity zone regime need to consider several structuring points unique to qualified opportunity funds. It will be both easier and harder than structuring typical PE funds, say Robert Holo and Tyler Robbins at Simpson Thacher Bartlett LLP.

  • SEC Should Revisit Its Special Purpose Acquisition Co. Regs

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    Although the U.S. Securities and Exchange Commission has removed some roadblocks to capital formation, it has not taken a fresh look at special purpose acquisition companies in over a decade — leaving operating companies that go public by merging with SPACs saddled with unnecessary restrictions, says Carol Anne Huff of Kirkland & Ellis LLP.

  • Mediation Opening Arguments Should Not Be A Throwdown

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    Presenting a powerful opening statement at mediation plays an important role in achieving success, but you need to reach into your toolbox for more than just a hammer, says Anthony Rospert of Thompson Hine LLP.

  • Fresh Takes On Seeking Costs And Fees Under Rule 45

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    Recent case law reveals that courts vary widely in their approaches to shifting the costs and fees incurred in responding to a Federal Rule of Civil Procedure 45 subpoena. Nonparties responding to such requests should consider certain district court trends, say attorneys at Pepper Hamilton LLP.

  • Series

    Judging A Book: Smith Camp Reviews 'Echo Of Its Time'

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    "Echo of Its Time" is the story of Nebraska’s federal district court from statehood in 1867 to the demise of Prohibition in 1933. Professors John Wunder and Mark Scherer have written an objective, unsentimental and insightful history, layered with context and rich in character study, says U.S. District Judge Laurie Smith Camp of the District of Nebraska.

  • Momentive Disrupts Intercreditor Agreements And Reorgs

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    The Momentive decision in the Southern District of New York, which warned against allowing senior secured creditors to “completely disable debtors from restructuring” and “scavenge on all assets in bird’s-eye view,” may have the unintended consequence of doing just that, say Adam Shiff and Shai Schmidt of Kasowitz Benson Torres LLP.

  • The Role Of Data Analytics In Mass Torts

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    Lawyers involved in a mass tort must make difficult decisions concerning the potential size of the claimant pool, the expected percentage of qualifying cases, the likelihood of a settlement and more. Data analytics can help guide mass tort strategies and yield better outcomes, say Deb Zonies and Mark Zabel of litigation support services provider Verus LLC.

  • Guest Feature

    'The Mooch' Talks Mayhem, Con Law, Lessons From Harvard

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    Anthony Scaramucci is probably best known for the 11 days he spent as White House director of communications in 2017. But when White and Williams LLP attorney Randy Maniloff sat down to chat with "the Mooch," he was interested in hearing a different story.

  • Why Chancery Rejected Corwin Cleansing In Tangoe

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    The Tangoe stockholders litigation is one of the rare — but apparently increasingly frequent — cases in which the Delaware Court of Chancery has ruled that Corwin cleansing of a transaction is not available because stockholder approval of the transaction was not “fully informed and uncoerced,” say attorneys at Fried Frank Harris Shriver & Jacobson LLP.

  • FTC Decision Highlights Growing Divide On Vertical Mergers

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    A recent Federal Trade Commission enforcement action involving a vertical merger between Staples Inc. and Essendant Inc. highlighted the intensifying debate regarding vertical integration's competitive benefits and harms, as well as starkly divergent views between individual commissioners on merger review, say Daniel Hemli and Jacqueline Java at Bracewell LLP.

  • Why NY's Sutton 58 Decision Won't Rattle Real Estate Finance

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    Though some have claimed the New York Appellate Division, First Department's ruling in Sutton 58 v. Pilevsky will have earth-shattering consequences, the deceptively narrow decision does not undermine the contract-based foundation upon which recourse carveout guarantees are built, say attorneys at Fried Frank Harris Shriver & Jacobson LLP.

  • Why Proper Document Redaction May Be An Ethical Duty

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    Paul Manafort's attorneys recently filed a court document containing incompletely redacted information, highlighting the need for attorneys to become competent at redaction — or at least at verifying that redaction has been performed correctly. Failure to do either could be construed as legal malpractice, says Byeongsook Seo of Snell & Wilmer LLP.

  • Oxbow: A Study In The Cost Of Misalignments In Good Deals

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    The recent Oxbow litigation in Delaware provides an example of how things can go wrong on a minority investor's road to liquidity. For example, misalignment between a transaction's economic terms and parties' motivations can skew expectations, say Kyle Gann and Jason Osborn of Winston & Strawn LLP.

  • Series

    Why I Became A Lawyer: A Refugee's Journey Of Firsts

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    Even as a child in war-torn Iran, I began to develop a sense of justice and a desire for equality and the rule of law. These instincts ultimately guided me to become a federal prosecutor, and now a partner in private practice, says Raymond Aghaian of Kilpatrick Townsend & Stockton LLP.

  • 9 Trends Driving The Expansion Of Women In Private Equity

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    The private equity industry has a long way to go to ensure the diverse views and experiences of women are harnessed for the good of the firms and the companies in which they invest, but current trends are favorable, say experts at McGuireWoods LLP.

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