Firms reported 21 big deals to Law Week in our Q4 2023 survey, almost matching the number of deals reported last quarter but below the number of deals reported in the first quarter of 2023.
Firms reported 25 deals to Law Week in the fourth quarter of 2022. After initial projections for 2023 showed a pessimistic outlook, economic forecasts were updated in December 2023 to show 2.6% growth. The Congressional Budget Office, which provides nonpartisan analysis for the U.S. Congress, predicted an initial slowdown in 2023 with a 0.9% increase in real gross domestic product. CBO also predicted accelerated growth after 2023 as “monetary policy eases.”
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
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: Confidential
Notes: Moye White represented the buyer who acquired almost 12 acres of property in Greeley, Colorado.
CONFIDENTIAL
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: Confidential
Notes: Moye White represented the buyer who acquired office building in Raleigh, North Carolina.
CONFIDENTIAL
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: Confidential
Notes: Moye White represented the buyer who acquired an office building in Denver, Colorado.
CONFIDENTIAL
Holland & Hart
Client: Truckee Gaming LLC
Team: Todd Criger, partner; Nabil Rodriguez, associate; Lindsay Silber, partner; Ashley Kennedy, associate; Dora Lane, partner; John Ludlum, partner; Megan Fogarty, of counsel; Rich Spilde, partner; Sloane Dreyer, associate; Jennifer Huntsman, partner; Adam Cohen, partner; Rachel Supiro, associate; Catherine Crane, of counsel; Doug Flowers, partner; Andrew Leddy, associate; Lori Argall, paralegal
Other parties: Affinity Interactive
Notes: Holland & Hart represented Truckee Gaming, LLC, an owner and operator of locals-oriented casinos in Nevada, in its acquisition of Rail City Casino in Sparks, Nevada, from Affinity Interactive and its affiliates. Terms of the transaction weren’t disclosed. The transaction expands Truckee Gaming’s ownership and operations to 10 casinos in Northern and Southern Nevada. These casinos include associated gas stations, restaurants, an RV park, a California Lottery store and other amenities.
CONFIDENTIAL
Holland & Hart
Client: Green Grass Foods, Inc. dba nutpods
Team: Paige Coriden, of counsel; Chris Wittels, associate; John Ludlum, partner; Benjamin Gibbons, of counsel; Peter Perla, partner; Trent Timmons, associate; Conrad Kranz, associate; Lindsay Silber, partner; Rich Spilde, partner; Cory Talbot, partner
Other parties: MPearlRock LP
Notes: Holland & Hart advised Green Grass Foods, Inc. doing business as nutpods, a non-dairy coffee creamer brand, in its sale to MPearlRock. MPearlRock is a strategic partnership between MidOcean Partners and PearlRock Partners, an alternative asset manager specializing in middle-market private equity and alternative credit investments in high-growth, emerging consumer packaged goods brands. Terms of the transaction weren’t disclosed. The acquisition will support nutpods into the next stage of its brand’s evolution by accelerating its growth and providing resources to best position the nutpods brand to deliver its products to existing and new consumers in new channels and new product verticals.
CONFIDENTIAL
Holland & Hart
Client: Bow River Capital
Team: Chris Balch, partner and firm chair; James Crowe, partner; Paige Coriden, of counsel; Andrew Leddy, associate; Lindsay Silber, partner; Peter Perla, partner; Trent Timmons, associate; Conrad Kranz, associate; John Ludlum, partner; Benjamin Gibbons, of counsel; Rich Spilde, partner; Nate Davis, partner; Megan Decker, associate; Linda Concannon, paralegal
Other parties: Xyleme Holdings, Inc. and MadCap Software, Inc.
Notes: Holland & Hart represented Bow River Capital’s Software Growth Equity Fund and its portfolio company Xyleme Holdings, Inc., a CCMS and LCMS SaaS platform for content development, authoring, management and syndication at scale, in its full-sale transaction of Xyleme to MadCap Software, Inc., a portfolio company of Battery Ventures. Over the past 30 months, Bow River Capital’s Software Growth Equity team helped Xyleme transform its business to scale, accelerate its global market growth and deliver new AI-enabled product innovations. This transaction brings the two products together under MadCap Software.
CONFIDENTIAL
Sherman & Howard L.L.C.
Client: BluSky Restoration Contractors LLC
Team: William Peffer, member; Vincent Luparell, associate; Taylor John, associate
Other parties: First Response Disaster Restoration Specialists represented by SouthBank Legal
Notes: Sherman & Howard represented a private equity-backed portfolio company in connection with its acquisition of 100% of the equity of Indiana restoration company First Response. The transaction involved the issuance of rollover equity, a pre-transaction F-Reorganization and negotiating the termination of certain seller franchise agreements.
CONFIDENTIAL
Sherman & Howard L.L.C.
Client: BluSky Restoration Contractors LLC
Team: William Peffer, member; Jackie Benson, member; Alex Thomas, associate; Taylor John, associate
Other parties: Liberty Restoration, LLC represented by Parr Brown Gee & Loveless
Notes: Sherman & Howard represented a private equity-backed portfolio company in connection with its acquisition of 100% of the equity of Utah restoration company Liberty Restoration. The transaction involved the issuance of rollover equity and obtaining representations and warranties insurance.
CONFIDENTIAL
Fortis Law Partners
Client: Aspen Seating, LLC dba Ride Designs
Team: Julie Herzog, partner and lead attorney; Connor Slivocka, associate; Dustin Rickett, Senior associate; Kaitlyn Dehmer, associate; Paige Mackin, legal assistant
Other parties: Sunrise Medical represented by Brownstein Hyatt Farber Schreck
Notes: Advanced assistive mobility solutions company Sunrise Medical acquired Ride Designs, a maker of premium custom seating systems for wheelchair riders. This acquisition expands Sunrise Medical’s custom seating offerings, clinical expertise and service capabilities, complementing the extensive range of manual and powered mobility products Sunrise Medical already offers. The acquisition addresses and expands the broadest spectrum of seating and positioning requirements for wheelchair riders worldwide, and brings valuable clinical expertise and advanced 3D printing technologies and competences into the Sunrise Medical group.
CONFIDENTIAL
KO Law Firm
Client: Polargy, Inc.
Team: Jon Taylor, partner; Samantha Pjesky, attorney; Elizabeth Ho, attorney; John Kyed, attorney
Other parties: GEF Capital Partners
Notes: KO client Polargy, Inc., a solutions provider for the data center market, recently announced it completed a strategic partnership with GEF Capital Partners, a global, sustainability-focused private equity firm. The partnership will enable Polargy to scale and evolve in the data center market which is expected to grow at a 22% compound annual growth rate through 2026.
Disposition
$1.2 billion
Holland & Knight
Client: Jim Koons Automotive Companies
Team: Stephen Dietrich, partner; Brooke Sizer, partner; Kyla Baker, partner
Other parties: Asbury Automotive Group represented by Jones Day and Hill Ward Henderson
Notes: Holland & Knight advised Jim Koons Automotive Companies, a privately-owned dealership group, in its $1.2 billion sale to Asbury Automotive Group, one of the largest automotive retail and service companies in the U.S. The sale includes 20 dealerships, 29 franchises, six collision centers and one of the highest-volume Toyota dealerships in the U.S. The purchase price includes $740 million of goodwill, $420 million of real estate and leasehold improvements as well as vehicle inventory (net of floorplan), parts inventory and fixed assets of the dealerships. This was the third largest transaction in retail automotive industry history, according to the deal submission.
Equity finance
$60 million
Sherman & Howard L.L.C.
Client: Sand Dunes Cellular, Inc. and San Isabel Cellular, Inc.
Team: William Peffer, member; Alexander Thomas, associate
Other parties: Verizon Wireless and CommNet Cellular were represented by in-house counsel
Notes: Sherman & Howard represented the owners of minority interests in Sand Dunes and San Isabel Cellular to local wireless carriers in the sale of their minority interests to a subsidiary of Verizon Wireless. The sale closed after obtaining regulatory approvals from the Federal Trade Commission and the Federal Communications Commission.
CONFIDENTIAL
KO Law Firm
Client: MetOx
Team: Jennifer Rosenthal, partner; Dan Fredrickson, partner; Ryan Sykora, attorney; Michael Wysolmerski, attorney; Caitlyn Knudson, paralegal
Other parties: The investment was led by Koch Disruptive Technologies with participation from Safar Partners, Piedmont Capital Investments, DNS Capital and other investors.
Notes: KO client MetOx, a manufacturer of advanced power delivery technology, recently announced a strategic capital infusion to significantly expand its domestic production capacity of Xeus™ wire, its high temperature superconducting wire production. The increased production capacity will unlock additive energy generation, advantaged forms of transmitting and distributing energy and development of advanced medical devices.
$12 million
KO Law Firm
Client: RADICL
Team: Jennifer Rosenthal, partner; Samantha Pjesky, attorney; Caitlyn Knudson, paralegal
Other parties: The latest round was led by Paladin Capital Group and included participation from Access Venture Partners, the DA Ventures Seed Fund (a Denver Angels affiliate) and other strategic angel investors.
Notes: KO client RADICL, a cybersecurity company delivering enterprise-grade extended threat protection to small-to-medium-sized businesses, recently announced it raised $12 million in funding.
$12 million
KO Law Firm
Client: iink Payments
Team: Kevin Gibson, partner; Ryan Sykora, attorney; John Kyed, attorney; Sara Shelly, paralegal
Other parties: The round was led by global venture capital firm Headline with participation from Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures and several of the company’s existing investors.
Notes: KO client iink Payments, a digital payments network that expedites funds disbursement for multi-party property insurance claims, recently closed a $12 million Series A financing round. The funding will be used by iink to integrate with mortgage servicing banks and insurance carriers to create an entirely digital and automated workflow to expedite the restoration process.
Debt finance
$900 million
Gibson, Dunn & Crutcher LLP
Client: Atmos Energy Corporation
Team: Robyn Zolman, partner; Sarah Ediger, associate; Jordan Holsinger, associate
Other parties: BofA Securities, Credit Agricole, Mizuho and TD Securities served as representatives of the underwriters for the transaction. Shearman and Sterling LLP represented the underwriters.
Notes: Gibson Dunn represented Atmos Energy in connection with its SEC-registered offering of $400 million of its 5.900% Senior Notes due 2033 and $500 million of its 6.200% Senior Notes due 2053.
Other
$26 million approximately
Holland & Hart
Client: Comrit Investments 1, LP
Team: Amos Barclay, partner; Andrew Leddy, associate; Denise Rahme, associate
Notes: Holland & Hart represented Comrit Investments 1, LP in nine tender offers for shares of non-traded REITs. These offers resulted in the aggregate purchase by Comrit of approximately $26 million in common equity of various non-traded REITs.
CONFIDENTIAL
Holland & Hart
Client: Recurring Capital Management Company, LLC
Team: Ryan Nichols, partner; Adam Cohen, partner; Zachary Metzger, associate; Rachel Supiro, associate; Linda Concannon, paralegal; Benjamin Gibbons, of counsel; Denise Rahme, associate
Notes: Holland & Hart served as lead counsel for Recurring Capital Fund IV GP, LLC, in connection with the formation of Recurring Capital Fund IV, L.P., a new private equity fund. The fund will be focused on making strategic investments in business-to-business SaaS companies in the U.S., the United Kingdom and Canada. In addition to the formation of Recurring Capital Fund IV, L.P., Holland & Hart was responsible for the formation of the general partner and investment advisor to the fund, and for advising them on the Investment Company Act and the Investment Advisers Act regulatory compliance matters regarding that fund. This deal closed Sept. 9, 2023.
CONFIDENTIAL
Sherman & Howard L.L.C.
Client: Playtime Pet Resorts LLC
Team: William Peffer, member; Vincent Luparell, associate
Other parties: Pet Resort Hospitality Group and Trivest Partners were represented by McGuireWoods
Notes: Sherman & Howard represented the owners of two pet care and training facilities in Pennsylvania in connection with the sale of their assets to a private equity aggregator. The deal involved rollover equity and representation and warranties insurance.
CONFIDENTIAL
Sherman & Howard L.L.C.
Client: Williamsburg Pet Hotel
Team: William Peffer, member; Ryan Christ, member; Vincent Luparell, associate
Other parties: Pet Resort Hospitality Group and Trivest Partners were represented by McGuireWoods
Notes: Sherman & Howard represented the owners of a pet care and training facility in Missouri and related real property, in connection with the sale of their assets and real property to a private equity aggregator. The deal involved rollover equity and representation and warranties insurance.
CONFIDENTIAL
Sherman & Howard L.L.C.
Client: Meadowlake Pet Resort
Team: William Peffer, member; Ryan Christ, member; Vincent Luparell, associate
Other parties: Pet Resort Hospitality Group and Trivest Partners were represented by McGuireWoods
Notes: Sherman & Howard represented the owners of a pet care and training facility in Texas and related real property, in connection with the sale of their assets and real property to a private equity aggregator. The deal involved rollover equity and representation and warranties insurance.
CONFIDENTIAL
Sherman & Howard L.L.C.
Client: Rosehill Pet Resort LLP
Team: William Peffer, member; Ryan Christ, member; Alexander Thomas, associate
Other parties: Best Friends Pet Care, Inc. and Mosaic Capital Partners, LLC were represented by McGuireWoods
Notes: Sherman & Howard represented the owners of a pet care and training facility in Texas and related real property, in connection with the sale of their assets and real property to a private equity aggregator.