Firms reported 12 big deals to Law Week in our Q1 2025 survey. The number of deals reported dipped slightly lower than reported for the last quarter, but showed a modest if tentative start to the year in comparison to 2024.
J.P. Morgan estimates that U.S. economic growth has slowed in the first quarter with increasing uncertainty in sensitive markets. Morgan Stanley predicts market gains in 2025 but cautions they may be more muted than the past two years. Economists with the University of Michigan predict 2.3% growth, cautioning a possible dip in the second quarter before leveling out ahead of 2026.
The following deals were submitted to Law Week by the firms who worked on them. Deal notes and details were edited for clarity, length and style.
Acquisition
CONFIDENTIAL
Perkins Coie LLP
Client: Upper Crust Holdings, LLC
Team: Jess Batzell, partner; Dan Sito, partner; Peter Kinsella, partner; Adam Weiner, counsel; Christopher Phares, associate; Nic Schmidt, associate; John Schoppert, associate; Ryan Tursi, associate
Other parties: College Fresh, Inc.
Notes: Perkins Coie represented Upper Crust in its acquisition of College Fresh.
CONFIDENTIAL
Perkins Coie LLP
Client: Copley Equity Partners, LLC
Team: Jess Batzell, partner; Dan Sito, partner; Lisa McGimpsey, partner; Peter Kinsella, partner; Christopher Phares, associate; Golnaz Camarda, associate; John Schoppert, associate
Other parties: Herzig Engineering
Notes: Perkins Coie represented Copley Equity Partners in the acquisition of Herzig Engineering.
CONFIDENTIAL
KO Law
Client: Röckenwagner Bakery
Team: Jennifer Rosenthal, managing partner; Samantha Pjesky, attorney; Michael Wysolmerski, attorney; Caitlyn Knudson, corporate paralegal
Other parties: ICV Partners
Notes: KO client Röckenwagner Bakery, a Los Angeles-based artisan chef-driven bakery that produces more than 100,000 pieces per day at an around-the-clock operation, was sold to private equity firm ICV Partners in late 2024. Owners Hans and Patti Röckenwagner, who were the sole owners of Röckenwagner Bakery, now own a minority stake, have joined the board and will help grow the business. ICV aims to double the size of the business in the next three years and turn it into a national brand.
CONFIDENTIAL
Taft
Client: Sky Camp Ventures
Team: Bill Peffer, partner; Isaac Lodico, partner; Joanie Donahue, associate
Other parties: Mobisoft represented by Hienton & Curry PLLC
Notes: Taft represented a newly formed venture fund in the formation of a portfolio company and its acquisition of the assets of Mobisoft, a mobile software solutions business. The transactions involved establishment of portfolio company, rollover equity to sellers, a third-party equity offering and seller-carry financing.
Disposition
CONFIDENTIAL
Holland & Knight LLP
Client: Summit Automotive Partners
Team: Stephen Dietrich, partner and co-lead; Kyle Gaughan, partner and co-lead; Kendall Kadish, partner; Alec Choury, associate
Other parties: AutoNation represented by Eversheds Sutherland
Notes: Holland & Knight, co-led by Stephen Dietrich and Kyle Gaughan, advised Summit Automotive Partners, a full-service automotive dealership group headquartered in Colorado, in the sale of two of its dealerships to AutoNation, one of the largest automotive retailers in the U.S. The Centennial-based company sold Groove Mazda and Groove Honda, which now operate under the names AutoNation Ford Arapahoe and AutoNation Mazda Arapahoe.
Equity finance
$105 million
KO Law
Client: Eudia
Team: Jon Taylor, partner; Logan DeSouza, attorney
Other parties: The round was led by General Catalyst with participation from Floodgate, Sierra Ventures, Hakluyt Capital, Defy, Everywhere Ventures, B3 Capital, Backbone, Firsthand, as well as angel investors Gokul Rajaram, Chris Re, Andrew Sieja, Mike Gamson and Scott Belsky.
Notes: KO client Eudia, an augmented intelligence platform for in-house legal departments, emerged to announce its name, mission, platform and the closing of its Series A funding round for up to $105 million. Eudia combines artificial intelligence with human expertise, and its solutions are already being used by CLOs at Fortune 500 companies, including Cargill, DHL, Duracell and Coherent. The financing will accelerate Eudia’s growth, and the company aims to enhance its product offerings, expand its customer base and access new opportunities in how legal teams operate, according to the announcement.
Debt finance
$1.5 billion
Gibson Dunn
Client: The Williams Companies, Inc.
Team: Robyn Zolman, partner; Nick Linke, associate; Sarah Ediger, associate; Lauren Hernandez, associate
Other parties: Deutsche Bank Securities, J.P. Morgan Securities, Mizuho Securities and Morgan Stanley & Co. served as representatives of the underwriters. Weil Gotschal & Manges LLP represented the underwriters.
Notes: Gibson Dunn represented The Williams Companies in connection with an issuance of $1.5 billion of SEC registered senior notes, consisting of $1.0 billion aggregate principal amount of 5.600% Senior Notes due 2035 and $500 million aggregate principal amount of 6.000% Senior Notes due 2055.
$500 million
Gibson Dunn
Client: Forestar Group Inc.
Team: Robyn Zolman, partner; Sarah Ediger, associate; Lauren Hernandez, associate
Other parties: J.P. Morgan Securities, Mizuho, TD Securities and Wells Fargo Securities served as representatives of the initial purchasers. Cahill Gordon & Reindel LLP represented the underwriters.
Notes: Gibson Dunn represented Forestar in connection with a Rule 144A issuance of $500 million of 6.500% Senior Notes due 2033.
$750 million
Gibson Dunn
Client: D.R. Horton, Inc.
Team: Robyn Zolman, partner; Sarah Ediger, associate; Lauren Hernandez, associate
Other parties: Mizuho Securities, J.P. Morgan Securities and TD Securities served as representatives of the underwriters. Cahill Gordon & Reindel LLP represented the underwriters.
Notes: Gibson Dunn represented D.R. Horton in connection with an issuance of $750 million of SEC registered 5.500% Senior Notes due 2035.
$1.35 billion
Taft
Client: MedImpact Holdings, Inc.
Team: Garth Jensen, partner; Mike Borchlewicz, partner; Kate Mascarenhas, partner; Rashid Ahmed, associate; Alex Thomas, associate; Taylor John, associate
Other parties: Truist Bank, as Administrative Agent, was represented by Moore & VanAllen
Notes: Taft advised MedImpact Holdings as a borrower in the negotiation and closing of 19-lender syndicated secured credit facility totalling $1.35 billion among term and revolving credit portions.
CONFIDENTIAL
Taft
Client: Vectra Bank Colorado
Team: Bill Peffer, partner; Margaret Olek Esler, of counsel
Other parties: Skyport Hospitality was represented in-house
Notes: Taft represented the lead lender and administrative agent in senior syndicated loan refinancing of a Main Street Lending Program loan involving a term loan, a construction loan facility and an acquisition loan facility. The loan documents involved 25 borrower-affiliated signing parties and four lenders.
Other
$329 million
Gibson Dunn
Client: Forestar Group Inc.
Team: Robyn Zolman, partner; Rodrigo Surcan, counsel; Sarah Ediger, associate; Lauren Hernandez, associate
Other parties: J.P. Morgan Securities, Mizuho, TD Securities and Wells Fargo Securities served as dealer managers. Cahill Gordon & Reindel LLP represented the dealer managers.
Notes: Gibson Dunn represented Forestar in connection with its tender offer to purchase any and all of its $400 million outstanding 3.850% Senior Notes due 2026, pursuant to which $329 million of notes were tendered and accepted for payment.