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, executive compensation, 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:
  • Members of a group of creditors and equity investors in the $3 billion pre-packaged Chapter 11 restructuring of Acosta (2020)
     
  • Advance in its $730 million acquisition of The IRONMAN Group from Wanda Sports Group Company (2020) and, as the largest shareholder in Discovery Communications, in Discovery’s $14.6 billion acquisition of Scripps Interactive (2018)
     
  • Altor Equity Partners in Altor Fund III’s divestment of the majority of its holding in Orchid Orthopedic Solutions to Nordic Capital Fund IX (2019)
     
  • ARAMARK Chairman and CEO Joseph Neubauer in the $8.3 billion leveraged buyout of ARAMARK led by Mr. Neubauer and a group of four private equity sponsors, and in subsequent secondary sales following ARAMARK’s IPO (2007)
     
  • Ares Management and its portfolio companies in multiple transactions including in connection with Macquarie Infrastructure and Real Assets’ agreement to acquire Cincinnati Bell for $2.9 billion (2020); as a member of a consortium co-led by Ares and Leonard Green & Partners, in the acquisition of Press Ganey (2019); $1.45 billion strategic partnership with DuPage Medical Group (2017); acquisition of a significant stake in American Tire Distributors (2015); and in ongoing corporate matters
     
  • Ares Management and Ascribe Capital as unsecured creditors in Boart Longyear Limited’s restructuring (2017)
     
  • Ares Management and Ontario Teachers’ Pension Plan Board in their acquisition of CPG International (d/b/a The AZEK Company) by their affiliated funds (2013), and The AZEK Company in its IPO, $350 million Rule 144A/Reg S offering of senior notes and $956 million secondary offering of common stock (2020); acquisitions of Versatex (2018) and UltraLox (2017); and in ongoing corporate matters
     
  • ATL Investco in its acquisition of the Atlanta Hawks (2015)
     
  • California Resources Corporation in its pending Chapter 11 bankruptcy proceedings (2020) and its previous $825 million infrastructure joint venture and equity investment with Development Capital Resources (2018)
     
  • Canada Pension Plan Investment Board and its portfolio companies in multiple transactions including as a minority investor in a portfolio of properties owned by GLP’s U.S. funds in connection with Blackstone’s $18.7 billion acquisition of assets from three of GLP’s U.S. funds (2019); $750 million investment in Aqua America (2019); $1.2 billion acquisition of Parkway (2017); and in ongoing corporate matters
     
  • Canyon Capital in its $600 million PIPE transaction with New Residential Investment Corp. (2020)
     
  • CIC Capital, as a member of a consortium led by Brookfield Infrastructure and Brookfield Asset Management, in its $5.2 billion acquisition of a 90% ownership interest in Nova Transportadora do Sudeste from Petróleo Brasileiro (2017)
     
  • Colony Capital in its sale of a minority stake in its digital infrastructure business to Wafra (2020)
     
  • Consolidated Aerospace Manufacturing, controlled by Tinicum L.P. and affiliated partnerships managed by Tinicum Incorporated, in its sale to Stanley Black & Decker for up to $1.5 billion (2020)
     
  • CSM Bakery Solutions, a portfolio company of Rhône Capital, in the sale of its BakeMark business to Pamplona Capital Management (2017)
     
  • Deerfield Management as senior secured creditor, DIP lender and plan sponsor in the Chapter 11 cases of Endologix (2020); as the senior secured lender, DIP lender and plan sponsor in the Chapter 11 cases of Melinta Therapeutics (2020); and as the largest second lien holder in the restructuring of Mallinckrodt (2019)
     
  • Eurazeo in the sale of its stake in Moncler by its subsidiary ECIP M in four separate transactions for a combined value of €1.2 billion (2015-2019)
     
  • GGP in its $28 billion acquisition by Brookfield Property Partners (2018)
     
  • Joe Tsai, executive vice chairman and co-founder of Alibaba Group, in his purchase of a 49% interest in the Brooklyn Nets from owner Mikhail Prokhorov (2018) and subsequent purchase of the remaining 51% interest (2019); acquisition of full ownership of Barclays Center (2019); and acquisition of the WNBA team known as the New York Liberty (2019)
     
  • KKR & Co. in its acquisition of two commercial office condominium units comprising the top 10 office floors, approximately 343,000 square feet, at 30 Hudson Yards in New York City and related financing arrangements (2019)
     
  • Lion Capital in its affiliate’s DIP financing for and acquisition of John Varvatos Enterprises in a Section 363 sale process (2020); in its investment in, and the consideration of restructuring alternatives for, Bumble Bee Foods (2017); and its acquisition of a minority interest in Authentic Brands from certain of Authentic Brand’s shareholders (2016)
     
  • Madrone Capital Partners, as an equity investor, in connection with eBay’s $4.05 billion sale of StubHub to viagogo (2020)
     
  • Consortium comprising OMERS Infrastructure Management, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan in its acquisition of Skyway Concession Company (2016)
     
  • Ontario Teachers’ Pension Plan Board and its portfolio companies in multiple transactions including its equity partnership with IFM Investors and British Columbia Investment Management in GCT Global Container Terminals (2018) and its acquisitions of PODS (2015) and SeaCube Container (2013)
     
  • Platinum Equity in its acquisition of a controlling equity stake, along with other noteholders, in the reorganization of Key Energy Services (2016) and Key Energy Services in its out-of-court restructuring through a debt to equity conversion (2020); and in connection with various loan-to-own transactions
     
  • Rhône Capital and its portfolio companies in multiple transactions including its $560 million acquisition of Fogo de Chão (2018); acquisition of Apax Partners’ remaining shares of the parent company of GardaWorld Security (2017) and subsequent $3.96 billion sale of its equity interest in GardaWorld to GardaWorld’s Founder, Chairman & CEO and others (2019); and $1.2 billion acquisition of 100% of the share capital of Zodiac Pool Solutions from a fund affiliated with the Carlyle Group (2016) and the subsequent combination of Zodiac and Fluidra (2018)
     
  • Rhône Capital and Ranpak Corporation in connection with One Madison Corporation’s acquisition of Ranpak from affiliates of Rhône Capital, valuing Ranpak at approximately $1.09 billion (2019)
     
  • Riverstone Holdings and Pattern Energy Group Holdings 2 LP (Pattern Development) in connection with Canada Pension Plan Investment Board (CPPIB) and Riverstone’s combination of Pattern Energy Group Inc. and Pattern Development under common ownership following CPPIB’s acquisition of Pattern Energy Group (2020)
     
  • SoftBank Group in a series of capital raising transactions which involved monetizing a portion of its shares of Alibaba Group Holding for a total transaction size of $10 billion (2016) and a series of capital markets transactions which involved monetizing a portion of its shares of T-Mobile US, Inc. for a total transaction size of approximately $20 billion (2020)
     
  • A sovereign wealth fund in a number of co-investment transactions
     
  • SPO Partners in the $900 million sale of its aggregates business, Aggregates USA, to Vulcan Materials (2017) and in its investment in shares of Series C Liberty Media common stock in connection with Liberty’s acquisition of Formula 1 (2017)
     
  • Temasek in various equity and credit investments, including its investment in Creative Artists Agency (2017)
     
  • Tinicum and its portfolio companies in multiple transactions including its acquisition of a 58 percent interest in Wesco Group (2018) and acquisitions of Astrodyne (2017) and outdoor advertising / billboard assets from Clear Channel (2016)
     
  • Verily Life Sciences, an Alphabet company, in its $1 billion investment round, led by Silver Lake and including Ontario Teachers’ Pension Plan and other global investment management firms (2019) and sale of a minority interest to Temasek (2017)
     
  • Versa Capital Management in connection with Milliken & Company’s acquisition of Polartec from Versa (2019) and in financing matters in connection with AVENUE Stores, LLC’s successful refinancing of its outstanding capital structure (2019); and the acquisition of Sport Chalet by Vestis Retail Group, owned by funds advised by Versa (2014)
     
  • Wren House Infrastructure in its pending acquisition of i3 Broadband from Seaport Capital (2020)
     
  • York Capital, who led the Ad Hoc Committee of Senior Secured Note holders, in relation to Bibby Offshore Group’s financial restructuring and recapitalization (2018)