Private Equity

On September 19, 2023, affiliates of private investment firm Lindsay Goldberg, in partnership with the company’s management, announced the completion of an investment in The Kleinfelder Group, a leading engineering, design, construction management, construction materials inspection and testing, and environmental professional services firm. Cravath is representing Lindsay Goldberg in connection with the transaction.

On September 18, 2023, OMERS Private Equity announced the signing of a definitive agreement to acquire a majority stake in Knight Commercial, a leading provider of commercial restoration services. Cravath is representing OMERS Private Equity in connection with the transaction.

On September 12, 2023, J.D. Power, a global leader in data analytics, announced a definitive agreement to acquire Autovista Group, a leading pan‑European and Australian automotive data, analytics and industry insights provider. Cravath is representing European alternative asset management firm Hayfin Capital Management, which currently owns Autovista Group, as U.S. counsel in connection with the transaction.

Cravath represented the lead arrangers in connection with senior facilities to finance the pending acquisition of Palex Medical by funds advised by the private equity firms Apax Partners LLP and Fremman Capital. Palex Medical is a leading provider of high value‑added medical technology equipment and solutions in Southern Europe.

On August 14, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a second royalty interest in the worldwide net sales of ORSERDU®, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy. DRI Healthcare entered into a purchase agreement with Radius Pharmaceuticals, Inc., a wholly owned subsidiary of Radius Health, Inc. for an upfront purchase price of $130 million. In addition to running royalties, DRI Healthcare is also entitled to receive milestone payments of up to $40 million on the achievement of sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.

Between July 28 and August 11, 2023, Cravath advised on nine announced deals, including seven deals in a span of three business days. Cravath is representing:

On August 9, 2023, Cravath partner David J. Perkins was named a 2023 “Dealmaker of the Year” by the New York Law Journal. The award recognizes “talented and hardworking transactional lawyers who can close deals that make headlines.” Winners will be featured online and honored at an event in October.

On June 19, 2023, Cravath partner Arvind Ravichandran was featured as part of Law360’s 2023 “Rising Stars” series as one of the top tax attorneys in the nation under the age of 40. The related profile highlights Arvind’s representation of Occidental Petroleum Corp. in its $57 billion acquisition of Anadarko Petroleum Corp. and Novartis in its $29.8 billion spin‑off of the eye care devices business Alcon.

Cravath partners Alyssa K. Caples and Kelly M. Smercina participated in the International Bar Association’s 38th International Financial Law Conference, which was held from May 10‑12, 2023 in Lisbon, Portugal. Alyssa co‑chaired a panel entitled “Cutting the Apron Strings: the Start‑up’s Journey from VC Financing to IPO,” which reviewed key exit strategy considerations for start‑ups and venture capital funds and the benefits and disadvantages of the IPO route, including enhanced liquidity for investors, access to capital, maintenance of control and employee equity incentives, but also exposure to market volatility and regulatory burdens. Kelly spoke on a panel entitled “Here, There or Everywhere: Taking the Decision on Where to List and Why?,” which examined the current listing landscape and the competitive position of stock exchanges globally, including the current trends and future outlook of the IPO and listing market.

Cravath partner Richard Hall served as contributing editor of The Legal 500’s 2023 “Mergers & Acquisitions Country Comparative Guide,” which was published in May 2023. The guide provides a pragmatic overview of M&A laws and regulations across a variety of jurisdictions. Richard authored the United States chapter of the guide, which reviews M&A trends, the current state of the market and key considerations for companies and shareholders.