Private Equity

Private equity firms rely on Arnold & Porter to structure and form investment funds and vehicles, deploy investment capital, assist with the growth of portfolio companies and harvest mature investments. Our Private Equity Transaction team serves US and international private equity funds and similar investors in control and noncontrol investments and exits, involving public and nonpublic targets, in transactions ranging from lower middle market size to multibillion dollars. We benefit from seamless interaction with both leading regulatory lawyers and deal-focused practitioners within our firm, who regularly work with the most sophisticated private firms in tax, benefits, antitrust, bankruptcy, litigation, and many other complementary areas. By integrating our deep private equity experience with insights from our other renowned practices, we are well positioned to deliver on your transaction objectives.

Transactions for PE Clients: Leveraged buyouts, leveraged recapitalizations, venture capital and other minority investments, going-private transactions, PIPEs, management buyouts, carve-outs, SPACs, recapitalizations, turnaround or distressed investments, and acquisitions (in and out of court).

International Practice: Represent US PE firms in investments and other matters arising outside of the US, as well as PE firms based outside of the US in investments and other matters arising in and outside of the US.

Complementary Practices: Our Investment Management practice structures and forms investment funds and vehicles, and handles compliance, tax and fund management counseling. Our Syndicated & Leveraged Finance practice supports leveraged transactions, and our Capital Markets Transactions practice supports high-yield offerings and sales of restricted securities.

Experience Highlights

  • ACON Investments in its equity recapitalization of Borden Dairy Company, a leading fresh-fluid dairy processor in the United States, in a transaction with multinational conglomerate Laguna Dairy SA de CV.
  • American Capital Ltd. in numerous matters over the years, including most recently the $340 million merger of its portfolio company Service Experts, a leading provider of sales, installation, maintenance, and repair of HVAC systems for the residential and commercial markets, with a subsidiary of Enercare Inc., one of Canada's largest home and commercial services companies, named by Buyouts as "Turnaround Deal of the Year" for 2017.
  • American Securities in numerous matters over the years, including the sale of SeaStar Solutions, a global provider of technology and system integration for the marine industry, to Swedish manufacturer Dometic Group for a cash purchase price of $875 million.
  • Baring Private Equity Asia in its acquisition of consumer finance and leasing company Acuon Capital Corporation and its subsidiary, Acuon Savings Bank.
  • BlueMountain Capital Management, a hedge fund manager, in the sale of a majority stake in Integrity Healthcare to NantWorks, a health-focused umbrella organization. Integrity Healthcare is the manager of Verity Health System, a nonprofit health system in California with four hospitals in Northern California, two in Southern California, more than 6,000 staff, 1,650 inpatient beds, six emergency rooms, and a trauma center.
  • Halifax Capital Partners in numerous transactions, including its acquisition of ChanceLight Behavioral Health, Therapy & Education—a leading provider of behavioral health, therapy and education solutions—and its investment in TriMech, a leading provider of engineering design solutions.
  • DC Capital Partners LLC in numerous acquisitions including of QRC Technologies, a government contractor specializing in hardware and software products, including communications surveillance systems and data analysis tools, and the subsequent sale of QRC to digital solutions provider Parsons Corporation for $215 million.
  • Onex Corporation in numerous transactions, including the sale of USI Insurance Services to an affiliate of KKR & Co. LP and Caisse de dépôt et placement du Québec for an enterprise value of $4.3 billion.
  • Prospect Hill Growth Partners LP (f/k/a J.W. Childs Equity Partners) in numerous matters, including the acquisitions of Cycle Gear Inc. and Revzilla Motorsports LLC, two of the nation's leading retailers of apparel, accessories and parts for motorcycle enthusiasts, and J&P Cycles, the industry's largest omni-channel retailer of aftermarket products for the American V-Twin rider, under the brand umbrella, Comoto.
  • Sabal Capital Partners LLC, a wholesale commercial real estate lending company specializing in FHLMC lending programs, in its sale of a controlling interest to Trident Funds, managed by Stone Point Capital LLC, and concurrent merger of Sabal Investment Advisors LLC, Sabal Investment Holdings LLC and their managed funds into the Sabal platform
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