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: 
 
  • American Energy Partners, counsel to affiliate, American Energy – Permian Basin in its $2.5 billion agreement to acquire 63,000 net acres of leasehold in the southern Permian Basin, primarily in Reagan and Irion Counties, Texas from affiliates of Denver-based Enduring Resources and counsel to affiliate American Energy – Utica and American Energy – Marcellus in their $1.75 billion agreement to acquire 75,000 net acres and 175 mmcfe per day of net production in the southern Utica and southern Marcellus Shale plays from East Resources and an unnamed private company
     
  • Apollo Global Management and CVC Capital Partners, in their $1.3 billion acquisition of Brit Insurance Holdings
     
  • Ares Management and Ontario Teachers’ Pension Plan, in the formation AOT Bedding Super Holdings, and in AOT’s acquisitions of Serta and Simmons Bedding Company and its subsequent acquisition by Advent International 
     
  • A fund managed by the Private Equity Group of Ares Management, in its acquisition of a significant stake in American Tire Distributors
     
  • Ares Management and Ontario Teachers’ Pension Plan Board, in the acquisition by their affiliated funds of CPG International
     
  • Barclays, in its $15.2 billion sale of Barclays Global Investors, which included the iShares business, to BlackRock
     
  • Canada Pension Plan Investment Board, in numerous transactions including:
    • $2.3 billion investment agreement with Hermes Infrastructure to acquire at least a 30% stake in Associated British Ports with the possibility to acquire an additional 3.33%
    • $607 million acquisitions of an additional 23.6% stake in Transportadora de Gas del Perú S.A. and 100% of Compañía Operadora de Gas del Perú S.A.C., the operator of TgP’s pipeline, from Tecpetrol International S.A.
    • $1.15 billion acquisition of significant minority stakes in five major Chilean toll roads from Atlantia SpA 
       
  • China Investment Corporation, as part of a consortium of equity investors, in the $1 billion investment in Diamond S Shipping
     
  • China Investment Corporation, CITIC Capital and Boyu Capital, in connection with their $1.4 billion sale of secondary shares in Alibaba Group Holding and as lead investors in connection with the $7.6 billion equity financing of Alibaba Group Holding’s repurchase of one half of Yahoo!’s stake in Alibaba
     
  • 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 $1.3 billion purchase of Ontex by Goldman and TPG Capital from Candover Investments
     
  • 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
     
  • Justice Holdings and Pershing Square, in the $1.4 billion business combination with Burger King Worldwide
     
  • Lion Capital and Bumble Bee Foods, in connection with Bumble Bee’s $1.51 acquisition by Thai Union Frozen Products Public Company from Lion Capital
     
  • Merchant Banking Division of Goldman Sachs, in its $1.5 billion investment in DONG Energy along with Danish pension funds ATP and PFA and other investors, as part of a total capital raise of $ 2.4 billion
     
  • Ontario Teachers’ Pension Plan Board, in numerous transactions including:
    • acquisition of PODS
    • sale of its 50% ownership interest in Northern Star Generation to GulfSun Power Holdings
    • $470 million acquisition of SeaCube Container Leasing
       
  • Pershing Square Capital Management, in numerous mattes including its investment in Zoetis and in connection with its investment in, and agreement to vote its shares in favor of, the $1.4 billion going private acquisition of Landry's Restaurants by its Chairman, CEO and majority stockholder, Tilman Fertitta
     
  • Pershing Square and Fairholme Capital Management, in the $3.9 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 numerous transactions including:                         
    • affiliated investment funds acquisition of GK Holdings from MidOcean Partners
    • $1.35 billion acquisition of CSM NV’s bakery supplies business
    • $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 in the $8.5 billion acquisition of Skype by Microsoft from a Silver Lake-led investor consortium
                                          
  •  Tinicum Capital Partners, in numerous transactions including:
    • acquisition of Bristol Industries through Tinicum’s portfolio company, Consolidated Aerospace Manufacturing 
    • acquisition of its portfolio company, Skyway Towers, by American Towers 
    • $625 million acquisition of X-Rite by Danaher
  • Veritas Capital, in its $1.25 billion acquisition of the healthcare business of Thomson Reuters
     
  • Versa Capital Management, in numerous transactions including:
    • acquisition of Sport Chalet by Vestis Retail Group which is owned by funds advised by Versa
    • $348 million sale of Central Parking to Standard Parking
In addition to the transactions listed above, the roster of clients for which S&C provides private equity advice includes:
 
  • Aetos Capital
  • Altor Equity Partners
  • American Energy Partners
  • Apollo Global Management
  • Aquiline Capital Partners
  • Ares Management
  • Broadreach Capital Partners
  • Canada Pension Plan Investment Board
  • CapGen Financial Group
  • Carlyle
  • China Investment Corporation
  • Colony Capital
  • Crescent Capital Group (formerly TCW/Crescent Mezzanine)
  • CVC Capital Partners
  • GS Infrastructure Partners
  • J.C. Flowers & Co.
  • Lightyear Capital
  • MBK Partners
  • Ontario Teachers’ Pension Plan Board
  • Pershing Square Capital Management
  • Platinum Equity
  • Public Sector Pension Investment Board
  • Rhône Capital
  • Ripplewood
  • Silver Lake Partners
  • SPO Partners
  • Tinicum Capital Partners
  • TPG Global
  • Veritas Capital
  • Versa Capital
  • Vista Equity Partners
  • Warburg Pincus
  • York Capital Management