Daniel Mun

Latham & Watkins has advised Golub Capital on the financing for the acquisition of a majority stake in Treasury Intelligence Solutions GmbH, a B2B payments, cash, and treasury management software provider, by Marlin Equity Partners. The debt financing was structured through a secured unitranche loan. The Latham team was led by Munich partner Christian Jahn, with New York partners Alfred Xue and Michael Waldman, and Munich counsel Rainer Adlhart. Advice was also provided on tax matters by Munich partner Ulf Kieker, New York partner Bora Bozkurt, with associate Kun Woo Gkoo and on corporate matters by New York partner Daniel Mun, with counsel Robert McGuire.~~

May 13

1 min

Willkie represented New Mountain and DRB in the transaction. Willkie represented New Mountain Capital in its $965 million sale of portfolio company, DRB Systems, LLC to Vontier Corporation, a global industrial technology company focused on transportation and mobility solutions. DRB is a leading provider of point of sale, workflow software, and control solutions to the car wash industry through a portfolio of brands, including DRB Tunnel Solutions, DRB In-Bay Solutions (formerly Unitec®), Suds Creative™, eGenuity®, Washify®, InvoMax™, Auto Data™ and Sage Microsystems™. Headquartered in Akron, OH, DRB was founded in 1984 and employs more than 500 people across North America. The transaction is expected to close in the third quarter of 2021 pending regulatory approval. New Mountain Capital is a New York-based investment firm that manages private equity, credit, net lease real estate and public equity funds with over $30 billion in assets under management. The multidisciplinary Willkie deal team was led by partners Morgan Elwyn and Daniel Mun and associate Ryan Giggs.

Jul 23

1 min

Voyager Digital Ltd. (OTC Pink VYGVQ; FRA: UCD2) has announced that its operating company Voyager Digital LLC selected US exchange BAM Trading Services Inc. (Binance.US) as the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe. Binance.US is headquartered in Palo Alto, CA, and is incorporated in Delaware. It is an independent legal entity and has a licensing agreement with Binance.com. Latham & Watkins LLP is representing Binance.US in the transaction with an M&A team led by New York partners Robert Katz and Daniel Mun and New York counsel Robert McGuire, with associates Ransel Potter, Nancy Zhu, and Yulong Li. Advice was also provided on UK corporate matters by London partners Nick Cline and Stuart Davis, with associate Lauren Chapple; on restructuring matters by New York partner Adam Goldberg and Washington, D.C. partner Andrew Sorkin; with associates Nacif Taousse and Jonathan Weichselbaum; on fintech and financial regulations matters by New York partners Stephen Wink, Yvette Valdez, and Jenny Cieplak, London partner Andrew Moyle, and Washington, D.C. partners Barrie VanBrackle and Parag Patel, with associates Victor Razon, Luca Marquard, and Adam Fovent; on tax matters by New York partner Eric Kamerman, with associate Lukas Kutilek; on benefits & compensation matters by Boston partner Josh Friedman; on labor matters by Chicago partner Nineveh Alkhas, with associate Laura Waller; on intellectual property matters by Los Angeles partner Ghaith Mahmood, with associate Nathan Wages; on data privacy & security matters by Houston partner Robert Brown; on real estate matters by associate Karen Ritter; on environmental, land, and resources maters by Orange County partner Christopher Norton; on anti-bribery and trade controls matters by Washington, D.C. partner Daniel Dominguez and Washington, D.C. counsel Andrew Galdes, with associate Julie Shin; on antitrust matters by New York partner Katherine Rocco, with associate Doug Tifft; and on CFIUS matters by Washington, D.C. partner Les Carnegie, with associate Zachary Eddington.~~

Dec 19

1 min

Willkie represented Franchise Group in the transaction. Willkie represented Franchise Group, Inc. (NASDAQ: FRG) in its acquisition of W.S. Badcock Corporation, which is a leading home furnishings company in the Southeast U.S. in an all cash transaction valued at approximately $580 million. Franchise Group acquired W.S. Badcock Corporation with proceeds from a new first lien term loan and new second lien term loan. In connection with the entry into the new term loan credit facilities, the company also amended its existing ABL, first lien and second lien credit facilities. Founded in 1904, W.S. Badcock Corporation operates 383 stores in eight southeastern states comprised of 68 corporate locations and 315 independent dealer owned stores. The stores are branded “Badcock Home Furniture & more” and carry a complete line of furniture, appliances, bedding, electronics, home office equipment, accessories and seasonal items. Franchise Group is an owner and operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. FRG’s business lines include Pet Supplies Plus, American Freight, The Vitamin Shoppe, Badcock Home Furniture & more, Buddy’s Home Furnishings and Sylvan Learning. On a combined basis, FRG currently operates over 3,000 locations predominantly located in the U.S. that are either company-run or operated pursuant to franchising and dealer agreements. The Willkie team was led by Daniel Mun and Russell Leaf, and included partner Andres Mena; counsel Charlotta Chung; and associates Kevin Kitson, Ransel Potter and Melissa Fischetti.

Nov 23

1 min

Willkie represented Franchise Group in the transaction. On January 25, Franchise Group, Inc. (NASDAQ: FRG) announced that it entered into a definitive agreement to acquire Pet Supplies Plus (PSP), a leading omnichannel retail chain and franchisor of pet supplies and services, in an all cash transaction valued at approximately $700 million from affiliates of Sentinel Capital Partners. The transaction is expected to result in systemwide annualized revenue for Franchise Group, defined as total sales for both franchise and company units, of more than $3.6 billion. Founded more than 30 years ago, PSP is a mature and rapidly growing pet industry franchisor with a footprint of more than 500 locations, of which almost 60% are franchised. PSP is a leading franchisor in the pet industry, offering varied cost-competitive shopping options through its neighborhood locations, direct-to-consumer local delivery and buy-online-pickup-in-store model. For fiscal year 2020, PSP is estimating total systemwide revenue of approximately $1.2 billion, company revenue of over $825 million and Adjusted EBITDA of nearly $80 million. Franchise Group is an operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. On a combined basis, Franchise Group currently operates over 4,100 locations predominantly located in the U.S. and Canada that are either company-run or operated pursuant to franchising agreements. The Willkie team was led by partners Daniel Mun and Russell Leaf, and included partners David Tarr, Guy Inbar and Rose Ohanesian and associate Frances Dales.

Jan 29

1 min