Sullivan & Cromwell’s Private Equity Group advises on private equity investments, strategic investments and exits from those investments through mergers and acquisitions and capital markets transactions.
 
The Firm’s experience is the key to its success. Financing is often critical to the success of private equity transactions; S&C’s private equity practice includes expertise in high-yield debt offerings, bank lending and structured financings. Clients demand transactions that address the unique concerns of investors and principals, and S&C has extensive experience structuring and organizing private equity funds and representing investors in those funds.
 
Private equity clients benefit from the Firm’s expertise in a wide range of other areas, including the Firm’s M&A, employee benefits, environmental law, insurance, intellectual property, litigation, capital markets, bank lending, structured finance and tax practices. Sullivan & Cromwell is also one of the world leaders in real estate private equity transactions.
 
S&C has local law capabilities in France, Germany, Japan, China and the United Kingdom. This international presence allows the Firm to provide highly integrated advice on cross-border deals. In Asia, S&C’s private equity practice works out of Beijing, Hong Kong and Tokyo—a presence that few other firms can match.
 

SELECTED REPRESENTATIONS

Sullivan & Cromwell’s recent private equity experience includes representations of:
 
  • Anheuser-Busch InBev, in its $5.8 billion re-acquisition of Oriental Brewery from Kohlberg Kravis Roberts and Affinity Equity Partners.
     
  • Anheuser-Busch InBev, in its $2.3 billion sale of Busch Entertainment to an entity established by Blackstone Capital Partners and in the $1.8 billion sale of Oriental Brewery to Kohlberg Kravis Roberts.
     
  • AOT Bedding Super Holdings, a newly formed company sponsored by certain affiliates of Ares Management and Teachers’ Private Capital, in its $760 million acquisition of Simmons Bedding.
     
  • Apollo Global Management and CVC Capital Partners, in their $1.3 billion acquisition of Brit Insurance Holdings.
     
  • Barclays, in its $15.2 billion sale of Barclays Global Investors, which included the iShares business, to BlackRock.

    For her role in the transaction, partner Alison Ressler, head of the Firm’s California practice and co-head of the Firm’s Private Equity Group, was recognized as “Dealmaker of the Week” by The Am Law Daily.
     
  • China Investment, as part of a consortium of equity investors, in the $1 billion investment in Diamond S Shipping.
     
  • Colony Capital, in its $1 billion acquisition, along with General Atlantic, of First Republic Bank from Bank of America.
     
  • CVC Capital Partners, in the $4.2 billion sale of a 42.5 percent ownership interest in Univar to Clayton, Dubilier & Rice. CVC pursued a dual-track process, also considering an IPO, which S&C also led.
     
  • Frank McCourt and his entities, in the $2.15 billion sale of the Los Angeles Dodgers professional baseball team to Guggenheim Baseball Management.
     
  • Goldman Sachs Group, through its principal investment area, GSPIA, in the €1.2 billion purchase of Ontex by Goldman and TPG Capital from Candover Investments.
     
  • Healthscope, on its approximately A$ 2.7 billion (about $2.3 billion) acquisition by The Carlyle Group and TPG Capital.
     
  • IMS Health, in its $5.2 billion acquisition by TPG Capital and Canada Pension Plan Investment Board.

    This acquisition was the largest leveraged buyout announced in 2009.
     
  • J.C. Flowers, as part of an investor group, in the $13.9 billion acquisition of IndyMac Federal Bank from the Federal Deposit Insurance Corporation.
     
  • Pershing Square and Fairholme Capital Management, in their $3.925 billion capital commitment for the stand-alone plan of General Growth Properties and Fairholme’s subsequent sale of its $1.7 billion position in General Growth Properties.
     
  • Rhône Capital, in its €900 million ($1.3 billion) acquisition of Evonik Carbon Black GmbH and other subsidiaries of Degussa GmbH, a wholly owned subsidiary of Evonik Industries.
     
  • Silver Lake Partners and Skype Global, on the $8.5 billion acquisition of Skype by Microsoft from a Silver Lake-led investor consortium.

    For their role in the transaction, partners Alison Ressler and Sarah Payne were recognized as “Dealmakers of the Week” by The Am Law Daily.
     
  • Veritas Capital, in its $1.25 billion acquisition of the healthcare business of Thomson Reuters.

In addition to the transactions listed above, the roster of clients for which S&C provides private equity advice includes:
 
  • Aquiline Capital Partners,
  • Canada Pension Plan Investment Board,
  • The Carlyle Group,
  • CIM Group,
  • Ontario Teachers’ Pension Plan Board,
  • Softbank,
  • Tinicum Capital Partners,
  • Vista Equity Partners, and
  • Warburg Pincus.