Covington’s private equity practice includes representation of LBO sponsors and investors in fund formation and in secondary transactions as well as representing the funds and management teams in buyout and other transactions throughout the US and in Europe. Clients include LBO funds and multi-strategy hedge funds making private equity investments. We regularly represent portfolio companies in bank financings, high-yield bond offerings, recaps and exit transactions. Our distinctive knowledge of key industries (health care, energy, communications and media) provides our clients innovative, focused strategic guidance and value-oriented results.
We represent private equity clients in LBOs, and growth capital and other debt or equity investments. We have M&A, finance, securities, executive compensation and tax teams that are dedicated to private equity transactions, with the ability to be responsive to all aspects of an LBO transaction. Our private equity group has been active in private equity for over twenty years, and advises on all aspects of buyouts, restructuring, refinancing, and IPO and M&A exits.
In the secondary market, we have an active practice representing both buyers and sellers in acquisitions and dispositions of private equity portfolios. In 2005, we represented clients in secondary market acquisitions and dispositions of over 85 funds and direct investments.
We work as a cohesive team to ensure deals happen quickly and create value for our clients, leveraging our relationships both within and outside the firm to handle transactions of every level of complexity. We are best in situations requiring more than typical corporate representation, integrating our industry expertise or other expertise such as bankruptcy, environmental, or antitrust.
Representative Matters
- Charlesbank Capital Partners, LLC in its leveraged buy-out of the Heafner Tire Group, now American Tire Distributors, Inc. as well as in its sale of American Tire Distributors, Inc. to Investcorp; in the purchase of midstream gas assets of El Paso Corporation through Regency Gas Services LLC and the company’s sale to Hicks Muse; in the purchase of Aurora Dairy Corporation, an organic dairy; in the purchase of GSI, Inc. and simultaneous refinancing of its debt, and in the acquisition of Zenith Products from Masco Corporation.
- Perseus LLC, a merchant bank and private equity fund management company, in the acquisition of Dallas-based clothing maker Haggar Corp, when Perseus, along with Infinity Associates LLC and Symphony Holdings Limited, acquired Haggar in a transaction valued at approximately $212 million; in its acquisition of Pinacl Solutions, a UK-based fiber optics system services company, and in connection with its portfolio company Workflow Management Inc.’s acquisition of the Relizon Company; and in its sale of Maritime Telecommunications Network to SeaMobile, Inc.
- Société Générale Merchant Banking Fund in the sale of 11 of its portfolio investments to a newly created fund sponsored by Cowen & Co. and Paul Capital.
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