Media Mentions
2010
Dennis White spoke to dBusinessNews on February 11 (in a story also carried February 12 on CarolinaNewswire.com) about a new report by the Association for Corporate Growth (which Mr. White chairs) concerning middle-market deal activity. The report “highlights the vibrancy of middle-market private equity deals,” Mr. White said. “In the most difficult capital market in decades, private investors continued to find values and value in the middle market.” He added that through such deals, middle-market private equity firms “are growing the economy and creating new job growth, one investment at a time.”
Dennis J. White, Mergers & Acquisitions, Private Equity
2009
Dennis White commented December 14 for Mergers & Acquisitions Report regarding the latest bi-annual survey of M&A professionals made by the Association for Corporate Growth (which Mr. White chairs). He noted that the survey showed it is “difficult for buyers and sellers to come to agreement on value and see eye-to-eye” regarding transactions in today’s market conditions. “Sellers are pretty cautious these days and don’t want to overpay,” Mr. White said, adding that private equity firms are devoting “quite a bit of their time to pursuing distressed deals.”
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Dennis White spoke to CFO.com on December 11 concerning the new survey of merger and acquisition activity by the Association for Corporate Growth (which he chairs). He said that strategic buyers of companies “for the moment have a strong advantage over private equity firms, who have to round up bank financing to get their deals done,” adding that these strategic buyers “are sitting on cash or have pre-negotiated lines of credit” and are often looking for “niche, synergistic businesses, particularly in technology and clean tech.” Mr. White also said sellers and buyers of companies are having difficulty agreeing on valuations. “Sellers try to argue that you shouldn’t look at the current environment when valuing their company, … [b]ut buyers are reluctant to buy that argument,” he noted.
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted by Private Equity Professional Digest on December 9 regarding the Association for Corporate Growth’s new survey of merger and acquisition activity. “Deal making continues to be caught in the doldrums with limited activity outside of distressed sales and select strategic investments, but the fact that merger professionals express heightened optimism about 2010 is a hopeful sign that a freshening wind will arise,” Mr. White declared.
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was interviewed December 9 on CNBC’s Power Lunch concerning a new Association for Corporate Growth survey of dealmakers involved in M&A activity. “Buyers are in the driver’s seat in M&A deals according to the survey, and right now they are largely corporate buyers who are looking for strategic opportunities to purchase companies that have synergistic fit with their existing business,” Mr. White stated. He noted that up to 9 percent of current M&A deals are by such corporate buyers, because private equity firms are having difficulty raising cash for their own deals. “Cash is king right now,” Mr. White added, “as virtually all M&A deals are being done as cash transactions – particularly those involving distressed companies that need cash to pay off their creditors.”
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Gary Rosenbaum was quoted by CFO.com (October 15) regarding a panel he participated on. Mr. Rosenbaum advised, "If you have a loan facility that's coming due in the next year, do the lap of the smaller universe of potential lenders — and get out early." He noted that "the world of lenders has shrunk," attributing developments such as the increase of big bank mergers and the disappearance of Collateralized Loan Obligations. He said that corporate executives should look at their prior arrangements to find out if the covenants on three-year or five-year credit facilities arranged before the financial crisis are still accurate. Mr. Rosenbaum agreed with other panelists that corporations should work harder to sell themselves as acceptable risks to their bankers. "If you as a borrower can't present a package to your lender that has that kind of necessary detail, it's going to be harder for the lender to get his or her superiors to approve it," he said.
Gary B. Rosenbaum, Corporate, Finance & Banking, Private Equity
Dennis White was cited in a Plain Dealer story also carried on Dow Jones Factiva (September 10) concerning a two-day conference of six Midwest chapters of the Association for Corporate Growth. The conference brought together executives from private equity firms and investment banks, and Mr. White, global chairman of ACG, said that generating leads on private equity transactions was one purpose of the gathering.
Dennis J. White, Corporate, Private Equity
Dennis White discussed in The New York Times “Deal Book” (August 20) a variety of issues that principals of private equity firms should consider if they serve as directors of portfolio companies that the firms wish to sell. Mr. White examined a recent Delaware Chancery Court case in which the court ruled in favor of common shareholders suing directors who had approved the sale of a company in a deal that benefitted only preferred shareholders, holding that the directors were not shielded by the business judgment rule because they were employees of private equity firms that were preferred shareholders. “Private equity designees to portfolio company boards should recognize that they represent deep pockets for litigious … shareholders,” Mr. White stated, “and, given the potential for conflicts of interest arising from their positions, they are vulnerable to suit and potential personal liability.”
Dennis J. White, Corporate, Private Equity
Lazar Raynal was mentioned in the July 2007 issue of Chicago Lawyer for his appointment to lead McDermott’s Trial Department, while Laurence Bronska and Andrew McCune were both noted in the same publication for their moves to the Firm’s private equity practice after previously practicing at DLA Piper.
Laurence R. Bronska, Andrew W. McCune, Lazar P. Raynal, Corporate, Private Equity, Trial
Geoffrey Raicht was mentioned in INSOL World (Third Quarter 2009) for his role chairing an expert panel discussion on the state of the health care sectors in the U.S., U.K. and South Africa. The panelists agreed that, although there are substantial differences between the countries (with no government-owned health facilities in the U.S, and mainly public funding of the health care sector in the latter two), the key issues of access to care and cost of care are common in all three. The quality and fairness of health care, and the rights of access to it, are issues across the world.
Geoffrey T. Raicht, Health, Private Equity, Restructuring & Insolvency
Dennis White was quoted in Business Week and by the Business Wire (May 13) in response to a biannual survey of private equity firms, law firms, and investment banks by the Association for Corporate Growth and Thomson Reuters. Of those surveyed, more than 50 percent expect the merger and acquisition activity to increase this year. "Dealmakers are cautiously optimistic," Mr. White told Business Week. He elaborated for the Business Wire, "The M&A market is clearly stalled, but there is a growing sense that we are at or near the bottom….The anticipated increase in activity will be led by sales of distressed companies to bargain-seeking private equity firms and strategic buyers. Deal normalcy will have to await a genuine loosening of the credit markets and an overall improvement in the economy."
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted in a story that appeared in several city versions of The Business Journal (May 13) and other publications concerning the current merger and acquisition outlook. Commenting on a survey by the Association for Corporate Growth and Thomson Reuters, Mr. White said that "the M&A environment is clearly stalled, but there is a growing sense that we are at or near the bottom." He added that an anticipated increase in activity "will be led by sales of distressed companies to bargain-seeking private equity firms and strategic buyers. Deal normalcy will have to await a genuine loosening of the credit markets an overall improvement in the economy."
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted by the CFO.com on May 13 regarding the slowdown of deals. Mr. White said that some companies have few options for getting on their feet beyond selling in a distressed state or liquidating. He told CFO.com that reasons for the slowdown in deals include buyers' ability to get financing and price. According to the Association for Corporate Growth and Thomson Reuters biannual survey the industry expects merger and acquisition activity to increase in 2009.
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Dennis White was quoted by the Wall Street Journal on May 12 regarding the Association for Corporate Growth and Thomson Reuters biannual survey. According to the survey results, more than half of private equity firms have portfolio companies that have violated loan covenants. "These are really extraordinary times," Mr. White said. "Private equity firms find it necessary to exercise more supervisory power."
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
2008
Mark Stein was quoted on October 10 in the Boston Business Journal regarding how troubled financial markets may effect private equity. Mr. Stein spoke about how current conditions may mean less money will be accessible for new private equity funds. "To the extent that the stock market suffers a very sharp decline, and the overall portfolio value of the institutional investor takes a corresponding hit, then the amount available to allocate to private equity can also drop," he said. Mr. Stein added that investors also need to find investments that produce a certain minimum yield to meet their financial obligations. "So when the stock market drops in value, these investors need to seek investments that they have a reasonable belief will generate higher yields to compensate for their stock portfolio. So as some investors react to significant market drops, they’ll allocate more to private equity to make up for it."
Mark B. Stein, Corporate, Markets Restructuring, Private Equity
Den White was quoted on July 23 in PEI Online regarding the latest results of the bi-annual survey of middle market merger professionals by the Association for Corporate Growth (ACG) and Thomson Reuters. "Even though the market has cooled, you still have roughly 90 percent of respondents indicating that the M&A market is good to fair," he said. Mr. White also noted, "We're clearly not in a hot phase but we're clearly not dormant either."
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Jeffrey Rothschild was mentioned in the July 22 issue of The Deal in an article concerning merger agreements in recent private equity deals. Mr. Rothschild was cited for his observations in a survey he wrote regarding recent developments in LBO deal terms.
Jeffrey Rothschild, Corporate, Mergers & Acquisitions, Private Equity
Den White was quoted on July 22 by the Business Wire regarding the dissatisfaction of middle market merger professionals with the present M&A market which was concluded by the recent bi-annual survey conducted by the Association for Corporate Growth (ACG) and Thomson Reuters. In the private equity space, respondents see the best investment opportunities in the United States, China, Latin America, India and Eastern Europe. "To an ever-increasing degree buyers and sellers are looking beyond the water's edge for opportunities," said Mr. White. "The U.S. downturn and depressed dollar make everything from New York condos to U.S. companies seem like bargains to foreign buyers. Conversely, U.S. buyers are drawn to the attractive upside opportunities and less competitive investment environment that prevails in many markets overseas. As a result, "cross-border" has become a permanent part of everyone's deal vocabulary."
Dennis J. White, Corporate, Mergers & Acquisitions, Private Equity
Robert A. Schreck was quoted in the July 21 issue of the New York Post in an article regarding the comeback of poison pills. Mr. Schreck commented that he has been counseling his corporate clients to re-evaluate poison pills. He further pointed out that although certain large corporations do not need to worry about takeover threats, midsized companies should remain aware, "...if you're a middle-market company in the striking range of private equity, you should be looking into it," Mr. Schreck said.
Robert A. Schreck PC, Corporate, Mergers & Acquisitions, Private Equity
2007
Peter N. Townshend was quoted on April 24 by Reuters in an article discussing the trend of accelerated negotiations by private equity firms in the mergers and acquisitions market. In an effort to try and beat opponents in the auction process, private equity bidders are giving high offers and securing the deal well before the bidding deadlines. "The question of whether to take an early bid or go through a complete auction is really a game of chicken for both sides," said Mr. Townshend. "If you go through the whole auction, bidders run the risk that others will outbid them. Meanwhile, if the target completes the whole process and the other offers don't turn out as high as they or Wall Street had expected, the company runs the risk that the early, high bid could disappear," Mr. Townshend added.
Peter N. Townshend, Corporate, Mergers & Acquisitions, Private Equity
2006
Howard Steinberg was quoted by Dow Jones on September 28 regarding the banking industry embarking on the private equity market.
Howard E. Steinberg, Corporate, Private Equity
Joel Rubinstein was quoted by Business Week on May 3 in regard to Kohlberg Kravis Roberts & Co. (KKR) listing KKR Private Equity Investors on the Euronext exchange in Amsterdam.
Joel L. Rubinstein, Corporate, Private Equity
Mark Selinger was quoted by Dow Jones MarketWatch on January 6 regarding private equity funds' interest in the technology industry.
Mark S. Selinger, Corporate, Private Equity
2005
Joel Rubinstein was quoted in the November 30 issue of The Wall Street Journal on the Janus Capital Group, Inc. looking at adding a dose of private-equity to pull off a buy-out by its executives and portfolio managers. "There's a general feeling that it's a good time to get into the industry," " The mutual-fund scandals are behind us, hedge funds and all types of investors are looking to invest in the sector. It makes sense for private-equity firms to be there." commented Mr. Rubinstein.
Joel L. Rubinstein, Corporate, Private Equity
McDermott was recommended in Legal 500 European Edition 2005 for the practice area of private equity: "...with Norbert Schulte in Düsseldorf, the firm is developing its real estate private equity portfolio."
Norbert Schulte, Germany, Private Equity, Private Equity/Venture Capital - Germany
Konstantin Günther and Norbert Schulte were mentioned September issue of Juve Rechtsmarkt concerning their advise of Argantis, the joint private equity funds of the German banks IKB Deutsche Industriebank AG and Sal. Oppenheim, on the acquisition of Czewo Full Filling Services Group and the acquisition financing including mezzanine financing by M Cap Deutsche Mezzanine Fonds.
Konstantin Günther, Norbert Schulte, Corporate, Corporate - Germany, Germany, Private Equity, Private Equity/Venture Capital - Germany
Stanley Meadows and Scott Williams were listed in Legal Media Group's latest Expert Guide: Leading Private Equity Lawyers. For more information and a listing of other McDermott lawyers listed in various Expert Guides, visit http://www.legalmediagroup.com/expertguides/default.asp?page=21/.
Stanley H. Meadows PC, Scott M. Williams, Corporate, Private Equity
McDermott was recommended in Der Syndikus - Jahrbuch 2005 -in the practice area of private equity: "Norbert Schulte in the Düsseldorf office advises the real estate private equity portfolio of McDermott."
Norbert Schulte, Germany, Private Equity, Private Equity/Venture Capital - Germany
McDermott Will & Emery was listed as one of the top law firms for M&A, private equity & venture capital in the June issue of Juve azur. The Firm was also mentioned in an article dealing with expected hires for Spring 2005 and 2006 and internships.
Germany, M&A - Germany, Mergers & Acquisitions, Private Equity, Private Equity/Venture Capital - Germany
2004
Joel Rubinstein was quoted in the December 24, 2004 issue of Mass High Tech on Atlas' sale of six life-sciences companies in its portfolio to a Swiss private equity firm. The question being asked: Was this move an example of shrewd dealing, an act of frustration or a little bit of both? The transaction " is not necessarily an indication that these companies are dogs" then commented "They're sitting there with these companies and they need to do something with them." " I can't imagine this is a 'great' event from the limited partners' perspective.", commented Mr. Rubinstein.
Joel L. Rubinstein, Corporate, Private Equity
2002
Andrew Liazos was quoted in the February 21 issue of Private Equity Week in an article addressing recent changes made by the IRS to the tax code dealing with golden parachute payouts. Mr. Liazos commented, "These regulations make it clear that if you have vested stock options and are otherwise not highly compensated, you won’t be subject to the excise tax unless you own more than 1% of the company."
Andrew C. Liazos, Executive Compensation, Private Equity
2001
On December 31, appeared on First Business, a D.C. based television news show.Mr. Sherman discussed entrepreneurship and business growth issues.
Mark Selinger was quoted in the August 13 issue of Private Equity Week in regard to the options that exist for venture capitalists when a "company is drowning." Mr. Selinger addressed the concerns of a new fund bailing out, known as crossover investment.
