Kirkland & Ellis

Transom Capital Announces Strategic Sale of Aspen Publishing to UWorld, LLC

Retrieved on: 
Lundi, mars 11, 2024

LOS ANGELES and BURLINGTON, Mass., March 11, 2024 (GLOBE NEWSWIRE) -- Transom Capital Group (“Transom”), an operations-focused middle market private equity firm, is proud to announce the successful sale of Aspen Publishing (“Aspen”) to UWorld, LLC.

Key Points: 
  • LOS ANGELES and BURLINGTON, Mass., March 11, 2024 (GLOBE NEWSWIRE) -- Transom Capital Group (“Transom”), an operations-focused middle market private equity firm, is proud to announce the successful sale of Aspen Publishing (“Aspen”) to UWorld, LLC.
  • The sale represents a major milestone that underscores Transom's dedication to nurturing growth and fostering innovation within the educational learning tools marketplace.
  • The acquisition continues UWorld’s growth across industries and will bring significant value to the legal education market.”
    The sale of Aspen Publishing represents the third exit from the Transom Funds in the past 90 days.
  • William Blair acted as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to Aspen Publishing.

Franklin Energy Announces Revolving Credit Facility Maturity Extension and Credit Ratings Upgrade

Retrieved on: 
Mardi, mars 5, 2024

PORT WASHINGTON, Wisconsin, March 05, 2024 (GLOBE NEWSWIRE) -- Franklin Energy , one of North America’s largest providers of tech-enabled sustainable energy management solutions and products, announced today that lenders to the company’s revolving credit facility have unanimously approved an 18-month extension to the facility’s maturity to February 2026.

Key Points: 
  • PORT WASHINGTON, Wisconsin, March 05, 2024 (GLOBE NEWSWIRE) -- Franklin Energy , one of North America’s largest providers of tech-enabled sustainable energy management solutions and products, announced today that lenders to the company’s revolving credit facility have unanimously approved an 18-month extension to the facility’s maturity to February 2026.
  • In connection with the previously announced preferred equity investment and the extension of the revolving credit facility, the company received an upgrade to its credit ratings from Standard & Poor’s and Moody’s.
  • Standard & Poor’s raised their issuer credit rating and rating on the company’s first-lien term loan to B- and changed their outlook on the company to Stable.
  • “The credit ratings upgrade and revolver extension underscore the tremendous effort that Franklin Energy continues to put forth, building on our 30-year legacy, strengthening our business and financial position,” said Terry Sobolewski, Franklin Energy CEO.

Blackstone Completes Acquisition of Rover

Retrieved on: 
Mardi, février 27, 2024

SEATTLE, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Rover Group, Inc. (“Rover” or the “Company”), the world’s largest online marketplace for pet care, today announced the completion of its acquisition by private equity funds affiliated with Blackstone (“Blackstone”) in an all-cash transaction valued at approximately $2.3 billion.

Key Points: 
  • SEATTLE, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Rover Group, Inc. (“Rover” or the “Company”), the world’s largest online marketplace for pet care, today announced the completion of its acquisition by private equity funds affiliated with Blackstone (“Blackstone”) in an all-cash transaction valued at approximately $2.3 billion.
  • The transaction was previously announced on November 29, 2023 and was approved by Rover stockholders at Rover’s special meeting of stockholders held on February 22, 2024.
  • With the completion of the acquisition, Rover stockholders are entitled to receive $11.00 in cash for each share of Rover common stock they owned immediately prior to the closing.
  • Evercore acted as lead financial advisor and Moelis & Company LLC also acted as a financial advisor to Blackstone, and Kirkland & Ellis LLP acted as legal counsel to Blackstone.

Franklin Energy Announces Preferred Equity Investment from Invesco

Retrieved on: 
Lundi, février 26, 2024

Port Washington, Wisconsin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Franklin Energy , one of North America’s largest providers of tech-enabled sustainable energy management solutions and products, announced today a preferred equity investment from Funds Managed by Invesco Senior Secured Management, Inc. (“Invesco”).

Key Points: 
  • Port Washington, Wisconsin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Franklin Energy , one of North America’s largest providers of tech-enabled sustainable energy management solutions and products, announced today a preferred equity investment from Funds Managed by Invesco Senior Secured Management, Inc. (“Invesco”).
  • Franklin Energy intends to use the proceeds from the initial closing to repay the company’s second lien term loan and revolving credit facility.
  • Under the terms of the agreement, Franklin Energy also has access to additional capital to support investment in the company’s business as well as acquisitions in continued execution of its established growth strategy.
  • “This investment is a tremendous validation of the company’s long-term growth potential and the key role our company plays in the energy transition,” said Terry Sobolewski, Franklin Energy CEO.

E2open Announces Initiation of Strategic Review

Retrieved on: 
Jeudi, mars 7, 2024

E2open Parent Holdings, Inc. (NYSE: ETWO) (“e2open” or “the Company”), the connected supply chain SaaS platform with the largest multi-enterprise network, today announced initiation of a strategic review for the Company.

Key Points: 
  • E2open Parent Holdings, Inc. (NYSE: ETWO) (“e2open” or “the Company”), the connected supply chain SaaS platform with the largest multi-enterprise network, today announced initiation of a strategic review for the Company.
  • The review will evaluate options to enhance shareholder value and further strengthen e2open’s leading position in the growing supply chain management software market.
  • “E2open enjoys a unique market position based on its industry-leading software platform and proven ability to drive unmatched impact for customers.
  • The Company does not intend to comment further regarding the strategic review until it has been completed or the Company determines that additional disclosure is appropriate or required by law.

Rite Aid Enters into Agreement to Divest Majority of Health Dialog Assets

Retrieved on: 
Mercredi, mars 6, 2024

Rite Aid Corporation (OTC: RADCQ) (“Rite Aid” or the “Company”) today announced that it has entered into an asset purchase agreement (“APA”) for the partial sale of its Health Dialog business to Carenet Health (“Carenet”), a provider of healthcare engagement, clinical support, telehealth and advocacy solutions.

Key Points: 
  • Rite Aid Corporation (OTC: RADCQ) (“Rite Aid” or the “Company”) today announced that it has entered into an asset purchase agreement (“APA”) for the partial sale of its Health Dialog business to Carenet Health (“Carenet”), a provider of healthcare engagement, clinical support, telehealth and advocacy solutions.
  • Health Dialog provides personalized population health solutions to improve the health of members while reducing overall medical costs for companies and organizations.
  • Rite Aid is integrating these into the Company’s clinical offerings.
  • Mr. Stein added, “Health Dialog’s clients and members will be in terrific hands with Carenet, which is a pioneer and industry leader in personalized healthcare engagement solutions.

Seward & Kissel Appoints Kevin Neubauer as Co-Head of the Firm’s Investment Management Group

Retrieved on: 
Lundi, mars 4, 2024

Seward & Kissel is pleased to announce that Kevin Neubauer has been named co-head of the firm’s Investment Management Group, effective March 1.

Key Points: 
  • Seward & Kissel is pleased to announce that Kevin Neubauer has been named co-head of the firm’s Investment Management Group, effective March 1.
  • He succeeds Robert Van Grover , who served in the role for more than 10 years and will remain an active partner in the Investment Management Group.
  • “Kevin has repeatedly demonstrated his ability to be an effective leader, both with respect to client matters and strategic firm initiatives,” said Seward & Kissel managing partner Jim Cofer .
  • Neubauer, who was elevated to partner at Seward & Kissel in 2020, originally joined the firm in 2009.

AE Industrial Partners Completes Acquisition of Calca Solutions

Retrieved on: 
Lundi, mars 4, 2024

AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, National Security, and Industrial Services, today announced it has completed the acquisition of Calca Solutions (“Calca” or the “Company”).

Key Points: 
  • AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, National Security, and Industrial Services, today announced it has completed the acquisition of Calca Solutions (“Calca” or the “Company”).
  • “We are excited to partner with the management team at Calca Solutions to invest in the resilience and growth of the U.S. national security industrial base,” said Kirk Konert , Managing Partner at AEI.
  • “We are looking forward to the next phase of our business’ evolution in partnership with AEI,” said Shane Jenkins, CEO of Calca Solutions.
  • Kirkland & Ellis LLP served as legal advisor and FMI Capital Advisors served as exclusive advisor to Calca Solutions and AE Industrial Partners.

Elda River Capital Management Completes Successful Spin-Out and Launch of Independent Real Assets Investment Firm

Retrieved on: 
Vendredi, mars 1, 2024

Elda River Capital Management, LLC (“Elda River”) announced today its launch as an independent real assets-focused investment firm.

Key Points: 
  • Elda River Capital Management, LLC (“Elda River”) announced today its launch as an independent real assets-focused investment firm.
  • Elda River launched with approximately $1.5 billion in assets under management in a spin-out from Magnetar and has offices in Houston, Texas; Evanston, Illinois; and London, United Kingdom.
  • Elda River is led by co-Managing Partners Eric Scheyer and Adam Daley, former partners at Magnetar and co-heads of Magnetar’s Energy & Infrastructure business.
  • “After nearly two decades at Magnetar, our team is excited to launch Elda River and we are grateful for the strong support of our investors,” said Eric Scheyer, Co-Founder and Managing Partner of Elda River.

Everbridge Enters into Amended Merger Agreement with Thoma Bravo

Retrieved on: 
Vendredi, mars 1, 2024

Everbridge, Inc. (Nasdaq: EVBG) (“Everbridge”), a global leader in critical event management and national public warning solutions, and Thoma Bravo, a leading software investment firm, today announced that they have amended and restated the previously announced merger agreement, dated February 4, 2024.

Key Points: 
  • Everbridge, Inc. (Nasdaq: EVBG) (“Everbridge”), a global leader in critical event management and national public warning solutions, and Thoma Bravo, a leading software investment firm, today announced that they have amended and restated the previously announced merger agreement, dated February 4, 2024.
  • Under the terms of the amended and restated agreement, Thoma Bravo has increased the price at which it has agreed to acquire all outstanding shares of Everbridge to $35.00 per share in cash, or $6.40 per share higher the original transaction price.
  • After acquisition proposals from such third party that the Everbridge Board of Directors determined to be superior proposals, Everbridge and Thoma Bravo entered into the amended and restated merger agreement providing for the price of $35.00 per share, which is higher than the prices offered by such third party in its proposals.
  • Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo.