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.


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)
  • Apeiron Investment Group in its $40 million investment of additional capital in relation to the pending business combination between Rezolve and Armada Acquisition Corp. I, a publicly traded SPAC (2021), and public delisting-takeover offer for DEAG Deutsche Entertainment AG (2021)
  • Ares Management and its portfolio companies in multiple transactions including its acquisition of a majority interest in Kuecker Pulse Integration (2021); the senior preferred equity financing in connection with Ferrellgas Partners’ restructuring transactions (2021); in connection with Macquarie Infrastructure and Real Assets’ acquisition of 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 a majority interest in TricorBraun (2021) and 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
  • Ascribe Capital as an investor in Fuse Media in connection with the acquisition of a majority, controlling interest in Fuse by a management group headed by Fuse’s CEO (2020)
  • ATL Investco in its acquisition of the Atlanta Hawks (2015)
  • Baker & Baker Group (formerly CSM Bakery Solutions), a portfolio company of Rhône Capital, in its sales of Brill Inc. to Rise Baking Company (2021), the CSM Ingredients business to Investindustrial VII L.P. (2020) and its BakeMark business to Pamplona Capital Management (2017)
  • Blackstone in connection with Precision Medicine Group’s major investment and recapitalization (2020)
  • California Resources Corporation in its successful emergence from Chapter 11 (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 its sale of its 31.6% stake in Puget Holdings to Macquarie Group and Ontario Teachers’ Pension Plan Board (2021); $625 million acquisition through a joint venture with Hudson Pacific Properties of a 668,000-square-foot trophy office tower in Seattle (2020); 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)
  • Consolidated Aerospace Manufacturing, formerly 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)
  • Crescent Capital in Sun Life Financial’s $338 million acquisition of a majority stake in Crescent (2020)
  • 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)
  • DigitalBridge Group in connection with its agreement to acquire AMP Capital’s global infrastructure equity investment management business (comprising four investment funds with $5.5 billion in fee-earning assets under management) for $328 million (2022); its agreement to acquire Wafra’s 31.5% ownership in DigitalBridge’s investment management subsidiary for $800 million (2022) (which followed its initial $400 million investment (2020)); its $3.2 billion sale of its Wellness Infrastructure business to Highgate Capital Investments and Aurora Health Network (2022); and its acquisition of a controlling stake in Vertical Bridge Holdings (2021)
  • 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)
  • Financeit in its acquisition by Wafra Capital Partners from Goldman Sachs Asset Management (2022)
  • GGP in its $28 billion acquisition by Brookfield Property Partners (2018)
  • Global Knowledge Training in its sale to Churchill Capital Corp II, a special purpose acquisition company, from Rhône Capital as part of a three-way business combination with Software Luxembourg Holding, creating a $1.5 billion company (2020)
  • Goldman Sachs Asset Management and its portfolio companies in the pending acquisition of LeasePlan by ALD (2022), LeasePlan’s spin-off of CarNext and subsequent merger with the Constellation Automotive (2021) and investment in LeasePlan (2015); as an existing investor in CityFibre in connection with CityFibre’s latest capital raise, in which it secured £825 million of equity from new investors Mubadala and Interogo Holding (2021); and as a member of a consortium with OMERS Infrastructure and AXA IM Alts, in the consortium’s pending acquisition of Amedes Group from Antin Infrastructure Partners (2021)
  • Goldman Sachs Asset Management Division and Altor in their $1.05 billion sale of Navico to Brunswick Corporation (2021)
  • The Goldman Sachs Group in connection with Goldman Sachs Asset Management’s purchase, alongside TMG Partners, of an office campus located at 350-380 Ellis St. in Mountain View, California from NortonLifeLock (2021)
  • Goldman Sachs Merchant Banking Division, in partnership with ClearSky Security and NightDragon, in its acquisition of White Ops from previous investors Paladin Capital Group, Grotech Ventures and other shareholders (2020)
  • Investor group led by entrepreneur and sports card collector Nat Turner, D1 Capital Partners and Cohen Private Ventures in its $853 million acquisition of Collectors Universe (2020)
  • 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 as a shareholder, in connection with the $12.7 billion purchases of significant equity stakes in Authentic Brand Group by funds advised by CVC Capital Partners and HPS Investment Partners (2021); 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)
  • LionTree Investment Fund in its purchase of convertible notes issued by Oscar Health (2022) and investment in Savage X Fenty, the lingerie brand founded by Rihanna (2022)
  • Madrone Capital Partners, as an equity investor, in connection with eBay’s $4.05 billion sale of StubHub to viagogo (2020)
  • Oaktree Capital Management in its strategic financing agreement with BioXcel Therapeutics, under which Oaktree and Qatar Investment Authority provided up to $260 million in gross funding to support BioXcel’s commercial activities of IGALMI™ (dexmedetomidine) sublingual film, the expansion of clinical development efforts of BXCL501, and for BioXcel’s additional neuroscience and immuno-oncology clinical programs (2022); Aspiration's $315 million equity financings from Oaktree and affiliates of Steve Ballmer (2021); its $250 million investment in Priority Power Management (2021); its investment in Albertsons Companies alongside funds affiliated with Apollo Global Management and other investors for an aggregate of $1.75 billion (2020); its investments in Healthy Spot (2019) and Thrasio (2021); and the underwriters in its IPO and follow-on offering (2012)
  • Oaktree Strategic Income II (“OSI II”) and its Special Committee in OSI II's pending merger with Oaktree Specialty Lending Corporation (“OCSL”) with OCSL as the surviving company (2022)
  • 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 strategic investment in Mitratech (2021); acquisition of a minority stake in Epic Games (2020); equity partnership with IFM Investors and British Columbia Investment Management in GCT Global Container Terminals (2018) and 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)
  • Standard Investments and Standard Industries, as the largest stockholder in GCP Applied Technologies, in connection with Saint-Gobain’s $2.3 billion acquisition of all outstanding shares of GCP (2021)
  • Temasek in various equity and credit investments, including its significant investment in connection with Kaseya’s $6.2 billion acquisition of Datto (2022) and its investment in Creative Artists Agency (2017)
  • Tillman Global Holdings in connection with its partnership with Carlyle, in which funds managed by Carlyle’s Global Infrastructure platform have committed up to $1 billion to accelerate its investments in Tillman Infrastructure (2022); the $150 million investment in Tillman Digital Cities by HPS Investment Partners (2021); in connection with UBS Asset Management’s strategic minority investment in Tillman Infrastructure (2020); Tillman Infrastructure’s initial equity investment and senior secured term loan from a consortium consisting of Melody Capital and Tennenbaum Capital (2017); and in its formation with TPG Growth of Apollo Towers (2018)
  • 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)
  • West Street Infrastructure Partners III as part of a consortium with Global Energy & Power Infrastructure Fund III and its co-investor, Mubadala Investment Company PJSC, in the consortium's offer for Calisen (2020)
  • West Street Infrastructure Partners IV in its recommended offer for Adapteo (2021)
  • Wren House Infrastructure in its 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)