Kirkland & Ellis

T-Mobile and EQT Announce Joint Venture to Acquire Lumos and Build Out the Un-carrier’s First Fiber Footprint

Retrieved on: 
Thursday, April 25, 2024
Technology, Mobile, Wireless, Telecommunications, 5G, Internet, Carriers and Services, Education, Goldman Sachs, JPMorgan Chase, Person, Investment, EQT Partners, Acceleration, LLP, Risk, Annual report, Communication, Kirkland & Ellis, Form, TMUS, Simpson Thacher & Bartlett, 8-K, JV, Failure, Multimedia, Marketing, EQT, T-Mobile, Growth

View the full release here: https://www.businesswire.com/news/home/20240425723924/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20240425723924/en/
    T-Mobile and EQT Announce Joint Venture to Acquire Lumos and Build Out the Un-carrier’s First Fiber Footprint (Graphic: Business Wire)
    The JV will bring T-Mobile’s retail, marketing, brand and customer experience strengths together with EQT’s fiber infrastructure investment expertise.
  • Together they will acquire Lumos’ scalable fiber network build capabilities to deliver best-in-class high-speed fiber internet connectivity to customers across the U.S. without access to fiber today.
  • This communication contains certain forward-looking statements concerning T-Mobile and the proposed transaction with EQT to acquire regional fiber company Lumos.
  • The Bank Street Group and Simpson Thacher & Bartlett LLP were exclusive advisors to Lumos and EQT Infrastructure III for the transaction.

AssetMark Signs Definitive Agreement to be Acquired by GTCR

Retrieved on: 
Thursday, April 25, 2024
Banking, Fintech, Professional Services, Finance, LLP, UBS, Jefferies, Barclays, Partnership, Kirkland & Ellis, Huatai Securities, Morgan Stanley, AMK, Jefferies Group, BofA Securities, Orientation, GTCR, Growth, Financial services

AssetMark Financial Holdings, Inc. (NYSE: AMK) (“AssetMark” or “Company”), a leading wealth management technology platform for financial advisors, today announced that it has signed a definitive agreement to be acquired by GTCR, a leading private equity firm with substantial investment expertise in financial technology, wealth and asset management.

Key Points: 
  • AssetMark Financial Holdings, Inc. (NYSE: AMK) (“AssetMark” or “Company”), a leading wealth management technology platform for financial advisors, today announced that it has signed a definitive agreement to be acquired by GTCR, a leading private equity firm with substantial investment expertise in financial technology, wealth and asset management.
  • AssetMark stockholders will receive $35.25 per share in cash, which represents a total equity valuation of approximately $2.7 billion.
  • Under the terms of the agreement, GTCR will acquire a 100% interest in the Company.
  • Based in Concord, California, AssetMark is a leading wealth management technology company with approximately $117 billion of assets on the platform.

Blackstone to Acquire Tropical Smoothie Cafe to Propel Leading Franchisor’s Continued Expansion

Retrieved on: 
Wednesday, April 24, 2024
Professional Services, Retail, Restaurant, Bar, Finance, Asset Management, Food, Beverage, Hilton Hotels & Resorts, LLP, Tropical Smoothie Cafe, Barclays, Kirkland & Ellis, Growth, Simpson Thacher & Bartlett, Senior, BofA Securities

Blackstone announced today that private equity funds managed by Blackstone (“Blackstone”) have entered into a definitive agreement to acquire Tropical Smoothie Cafe, a leading franchisor of fast casual restaurants, from Levine Leichtman Capital Partners.

Key Points: 
  • Blackstone announced today that private equity funds managed by Blackstone (“Blackstone”) have entered into a definitive agreement to acquire Tropical Smoothie Cafe, a leading franchisor of fast casual restaurants, from Levine Leichtman Capital Partners.
  • Blackstone has a long history of successfully propelling the growth of leading franchisors, including in its previous acquisitions of Hilton Hotels and SERVPRO.
  • Tropical Smoothie Cafe has also been ranked #1 in the Smoothie/Juice Category by Entrepreneur Franchisee 500 for four consecutive years.
  • Baird served as the lead financial advisor, with support from North Point and BofA Securities, and Kirkland & Ellis LLP served as legal counsel to Tropical Smoothie Cafe.

Levine Leichtman Capital Partners Sells Tropical Smoothie Cafe

Retrieved on: 
Wednesday, April 24, 2024
Professional Services, Retail, Restaurant, Bar, Finance, Asset Management, Food, Beverage, Snack, Sale, Smoothie, AUV, LLP, Tropical Smoothie Cafe, Salad, Partnership, Kirkland & Ellis, Lunch, Breakfast, Pleasure, BofA Securities, Growth

Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has entered into a definitive agreement to sell its portfolio company TSC Intermediate, Inc. (“Tropical Smoothie Cafe” or the “Company”) to private equity funds managed by Blackstone (“Blackstone”).

Key Points: 
  • Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has entered into a definitive agreement to sell its portfolio company TSC Intermediate, Inc. (“Tropical Smoothie Cafe” or the “Company”) to private equity funds managed by Blackstone (“Blackstone”).
  • Tropical Smoothie Cafe is a leading franchisor of fast casual restaurants built on a mission to Inspire Better® with more than 1,400 locations across 44 states.
  • Matthew Frankel, Managing Partner of LLCP, said, “Charles Watson and the Tropical Smoothie Cafe team have been terrific partners during a period of rapid growth with unit count nearly doubling since LLCP partnered with management to purchase the Company.
  • Tropical Smoothie Cafe has been a phenomenal investment for LLCP given the Company’s robust franchise development activity and exceptional same-store sales growth.

Express, Inc. Receives Letter of Intent from Consortium led by WHP Global for Sale of Business

Retrieved on: 
Monday, April 22, 2024
Retail, Online Retail, Specialty, Fashion, Sale, Bankruptcy, Average revenue per user, CFO, International, LLP, LP, Simon Property Group, OTC, Kirkland & Ellis, Bonobo, CARES Act, Internal Revenue Service, Senior, United States bankruptcy court, EXPRESS, WHP, Letter

To facilitate the sale process, Express and its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.

Key Points: 
  • To facilitate the sale process, Express and its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.
  • Express has received a commitment for $35 million in new financing from certain of its existing lenders, subject to court approval.
  • “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.
  • Court filings and other information are available on a separate website administrated by the Company’s claims agent, Stretto, at https://cases.stretto.com/Express .

Forward Consumer Partners Acquires Firehook Bakery

Retrieved on: 
Wednesday, April 17, 2024
Professional Services, Retail, Restaurant, Bar, Finance, Banking, Food, Beverage, Kirkland & Ellis, Organic, Partner (business rank), Acquisition, Houlihan Lokey, Growth

Forward Consumer Partners (“Forward” or the “Firm”), a private investment firm focused on branded consumer businesses, today announced that it has acquired Firehook Bakery (“Firehook” or the “Company”), a fast-growing artisan baking business built on an unwavering commitment to quality.

Key Points: 
  • Forward Consumer Partners (“Forward” or the “Firm”), a private investment firm focused on branded consumer businesses, today announced that it has acquired Firehook Bakery (“Firehook” or the “Company”), a fast-growing artisan baking business built on an unwavering commitment to quality.
  • Pierre Abushacra, Firehook’s founder, will retain a significant minority ownership stake in the Company going forward.
  • Firehook was founded in 1992 in Alexandria, Virginia as a neighborhood bakery specializing in organic sourdough breads and simply-made baked goods.
  • Fueled by its local success, Firehook expanded nationally, guided by a commitment to its team of bakers and its loyal customers.

EyeCare Partners Announces Refinancing Transactions, Secures New Money Investment

Retrieved on: 
Friday, April 19, 2024
Health, Optical, Dechert, LLP, Partner, Macquarie Group, Kirkland & Ellis, Centerview Partners, Gibson Dunn, Patient, Financial adviser

EyeCare Partners LLC ("EyeCare Partners", or the "Company"), the nation’s leading provider of clinically integrated eye care, announced today it has closed a private debt exchange with holders of a majority of its existing term loans.

Key Points: 
  • EyeCare Partners LLC ("EyeCare Partners", or the "Company"), the nation’s leading provider of clinically integrated eye care, announced today it has closed a private debt exchange with holders of a majority of its existing term loans.
  • The completed transaction signals stakeholder confidence in EyeCare Partners and provides significant liquidity benefit through a combination of $275 million of new money, meaningful cash-to-paid-in-kind interest conversion and discount capture.
  • There is no impact on EyeCare Partners' equity ownership.
  • “In strengthening the financial position of EyeCare Partners through this transaction, we have enhanced our ability to continue delivering on our mission to enhance vision, advance eye care and improve lives," said Chris Throckmorton, EyeCare Partners Chief Executive Officer.

Nebraska Court Decides in Favour of Farmers Edge

Retrieved on: 
Friday, April 12, 2024
Agriculture, Natural Resources, Kirkland, AGI, District court, Patent, Farmer, Kirkland & Ellis

Farmers Edge Inc. (“Farmers Edge” or the “Company”), a pure-play digital agriculture company, is pleased to announce that the United States District Court for the District of Nebraska has ruled in favour of Farmers Edge in a patent infringement suit brought by AGI SureTrack, LLC (formerly Farmobile, LLC) (“AGI”).

Key Points: 
  • Farmers Edge Inc. (“Farmers Edge” or the “Company”), a pure-play digital agriculture company, is pleased to announce that the United States District Court for the District of Nebraska has ruled in favour of Farmers Edge in a patent infringement suit brought by AGI SureTrack, LLC (formerly Farmobile, LLC) (“AGI”).
  • The court ruled that five patents asserted by AGI purporting to relate to precision agriculture technology are invalid.
  • This decision reflects Farmers Edge’s unwavering dedication to defending its innovation and the integrity of its process.
  • Farmers Edge was represented by Kirkland & Ellis LLP.

Stellex Capital Management LLC Closes Continuation Vehicle and Comprehensive Refinancing for Fenix Parts

Retrieved on: 
Wednesday, April 10, 2024
Environment, Finance, Automotive, General Automotive, Automotive Manufacturing, Professional Services, Manufacturing, Other Automotive, Recycling, Kirkland & Ellis, Partnership, OEM, Acquisition, Multimedia, Growth, Retail

Stellex Capital Management (“Stellex”), a middle-market private equity firm, announced the final closing of a single-asset continuation vehicle that has acquired interests in Fenix Parts (“Fenix” or the “Company”).

Key Points: 
  • Stellex Capital Management (“Stellex”), a middle-market private equity firm, announced the final closing of a single-asset continuation vehicle that has acquired interests in Fenix Parts (“Fenix” or the “Company”).
  • Under Stellex’s ownership, Fenix has grown to become an industry-leading player of recycled OEM automotive parts, with sites across the Northeast, Southeast, Midwest, and Southwest.
  • “We are excited to continue our partnership with Stellex and expand our regional coverage to better serve our customers across the US,” said Bill Stevens, CEO of Fenix Parts.
  • This additional capital will enable Fenix to further seek to expand its geographic footprint and enhance its customer service capabilities as a leading nationwide provider of recycled OEM parts.

OceanSound Acquires Message Broadcast in Partnership with EIP

Retrieved on: 
Thursday, April 11, 2024
Technology, Finance, Utilities, Banking, Telecommunications, Professional Services, Software, Energy, Asset Management, Slate, Investment, Weather, Communication, Partnership, Kirkland & Ellis, Growth, Acquisition, SumTotal Systems, EIP, Pearson Education, API, Health

Message Broadcast (the “Company”), a leading provider of customer engagement software for the electric utility industry, today announced that OceanSound Partners (“OceanSound”), in partnership with Energy Impact Partners (“EIP”), has acquired the Company from LINK Mobility (OB:LINK).

Key Points: 
  • Message Broadcast (the “Company”), a leading provider of customer engagement software for the electric utility industry, today announced that OceanSound Partners (“OceanSound”), in partnership with Energy Impact Partners (“EIP”), has acquired the Company from LINK Mobility (OB:LINK).
  • Founded in 1998, Message Broadcast develops customer engagement software for utilities and other highly regulated industry sectors, including financial services, telecommunications, and healthcare.
  • “Message Broadcast addresses these increasing requirements with workflows that provide assurance during emergency power outages, which have immense public and regulatory scrutiny.
  • “We are delighted to welcome Maulik as the new CEO of Message Broadcast,” said Parin Shah, Principal at OceanSound.