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 REPRESENTATIONSSullivan & 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 Corporation, 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,
- Tinicum Capital Partners,
- Vista Equity Partners, and
- Warburg Pincus.