Nicholas A. Cast

Home health and hospice provider Enhabit Inc., advised by Jones Day, on Monday unveiled plans to go private following a sale to middle market private equity firm Kinderhook Industries LLC, led by Kirkland & Ellis LLP, in an all-cash deal valued at roughly $1.1 billion. Under the terms of the agreement, Kinderhook will pay $13.80 per share for Enhabit, representing a roughly 24.4% premium to the company's closing stock price on Friday, according to a Monday statement. Once the deal closes, Enhabit will delist its shares from the New York Stock Exchange. "Following a thorough evaluation and extensive deliberations in consultation with our independent advisers, we are pleased to reach this agreement with Kinderhook," said Enhabit Chairman Jeffrey Bolton. "The board evaluated the current state of the business, its outlook and opportunities, and is confident this transaction maximizes value for our stockholders and is in their best interest." Enhabit is a national home health and hospice provider with a nationwide footprint of 249 home health locations and 117 hospice locations across 34 states. Kinderhook said it has secured financing for the deal, with a debt financing commitment letter from "certain lenders" and equity commitment letters from Kinderhook-advised funds, the statement said. "We have long admired Enhabit's leadership, patient-centric culture and strong market position in home-based care. Kinderhook has a successful 20-year track record of investing in industry-leading companies and partnering with world-class management teams," said Kinderhook Managing Director Chris Michalik. "Enhabit exemplifies exactly the kind of organization we seek to support — and the kind of team we are excited to partner with," Michalik said. Once the deal closes, Enhabit will continue to operate under its name and brand. The deal is expected to close in the second quarter of 2026, subject to shareholder approval and regulatory approvals. The Jones Day team advising Enhabit was led by partners Andy Levine and Darcy White and included partner Ferrell Keel. The Kirkland team advising Kinderhook included corporate partners Marshall Shaffer, Tom Marbury, Steven Choi and Kartik Khanna; debt finance partners Yongjin Im and Justin Greer; executive compensation partner Stephen Brecher; healthcare partners Dennis Williams and Micah Desaire; tax partner Ben Schreiner; antitrust and competition partners Ian John and Sam Morelli; employee benefits partner Chris Chase; labor and employment partner Mari Stonebraker; and technology and IP transactions partner Daisy Darvall.

Feb 23

2 min

The U.S. Commodity Futures Trading Commission's enforcement division is set to be led by a former federal prosecutor who tackled financial fraud and insider trading cases in the Southern District of New York before turning to private practice, most recently as a shareholder at Greenberg Traurig LLP. A CFTC spokesperson confirmed to Law360 that David I. Miller will join the agency as director of enforcement under Chairman Michael Selig. "David's decades of experience and proven track record as a commodities and derivatives litigator will play a critical role in ensuring the Division is focused on its core purpose of policing fraud, abuse, and manipulation," Selig said in a statement. Miller joins the CFTC as the agency's authority potentially expands to cover digital assets and adjusts to the explosion of prediction markets. He spent over five years as a federal prosecutor in the Southern District of New York before turning to white collar and enforcement defenses as a partner at Morgan Lewis & Bockius LLP in 2014 and later joining Greenberg Traurig as a litigation shareholder in 2019. Earlier in his career, Miller served as a special assistant U.S. attorney in the Eastern District of Virginia and provided litigation counsel to the CIA before pursuing terrorists as a U.S. Department of Justice trial attorney in 2007. He served as the CIA's assigned representative in the prosecution of former Vice President Dick Cheney's chief of staff, I. Lewis "Scooter" Libby, for leaking the identity of CIA agent Valerie Plame Wilson. In 2009, Miller moved to the Southern District of New York under then-U.S. Attorney Preet Bharara, where he turned to prosecuting financial crimes as a member of the securities and commodities fraud task force, among other roles. Miller handled a multitude of insider trading actions in New York, including as a member of the team that handled "Operation Perfect Hedge," which led to over 80 convictions related to insider trading offenses. On the defense side, Miller recently beat back a watershed crypto insider trading case against former OpenSea employee Nathaniel Chastain, whom a jury initially convicted on charges tied to NFTs he bought knowing they would later be featured on his employer's NFT marketplace homepage. Miller had argued the activity wasn't insider trading because Chastain's conduct didn't involve securities or commodities trading and that the information he used to trade didn't provide any commercial value to his employer to sustain a fraud conviction. Though a jury convicted Chastain in May 2023, Miller and appellate counsel from Shapiro Arato Bach LLP won a reversal at the Second Circuit in July, when the appeals court found the Manhattan federal court was wrong to instruct the jury that the government didn't need to prove the featured NFT information was valuable to the company. Federal prosecutors formally dropped their case on Tuesday after they told the lower court in January that they wouldn't pursue a retrial. Miller also defended ex-Coinbase employee Ishan Wahi in the government's first-ever crypto insider tipping case. Wahi received two years in prison after admitting to tipping his brother and a friend to cryptocurrency listings that enabled them to make $1.5 million of illegal profit. Miller will take the helm at the CFTC's enforcement division as it faces a potential expansion of its authority over digital assets. Congress is contemplating throwing much of crypto oversight to the CFTC in its pending bill to regulate crypto markets, the Clarity Act. While the bill has stalled in the Senate, CFTC chair Selig has committed to using the agency's existing authority and collaborating with the U.S. Securities and Exchange Commission to create a crypto regulatory framework. Miller's insider trading experience may also be a boon to the agency as it faces a new set of challenges to police prediction markets, which present novel opportunities to leverage insider information trading on the outcome of real-world events. U.S. Attorney Jay Clayton for the Southern District of New York has already said he foresees criminal prosecutions addressing prediction market trading. The CFTC's Selig has made clear he believes his agency is the primary regulator for event contract trading, with plans to write rules and battle state gambling regulators in enforcements where the CFTC's jurisdiction is at issue.

Feb 25

3 min

Commodity Futures Trading Commission chairman Michael S. Selig on Monday named Greenberg Traurig shareholder David I. Miller as the agency’s enforcement director, a key appointment as the derivatives regulator asserts a larger role in overseeing prediction markets and the cryptocurrency industry. The move comes as the CFTC has sharpened its jurisdictional stance and enforcement posture. The agency recently filed an amicus brief in the U.S. Court of Appeals for the Ninth Circuit, asserting its exclusive jurisdiction over the U.S. commodity derivatives market, while lawmakers consider crypto legislation that could expand the CFTC’s authority. “I am honored and thrilled to join the CFTC at this exciting and transformative time,” Miller said in a statement on Monday. “I am grateful for the trust and confidence that chairman Selig has placed in me and thank him for appointing me to this critical role." After graduating from New York University School of Law in 1998, Miller began his career as a litigation associate before moving into public service in 2005. He first served in the U.S. Attorney’s Office for the Eastern District of Virginia and later joined the Central Intelligence Agency. He then worked briefly as a counterterrorism trial attorney at the U.S. Department of Justice. Miller later moved to New York to become an assistant U.S. attorney in the Southern District, where he joined the securities and commodities fraud task force. He was part of teams that prosecuted more than 80 defendants for insider trading offenses and coordinated closely with agencies, including the U.S. Securities and Exchange Commission. Miller returned to the private sector in July 2014 as a partner at Morgan, Lewis & Bockius, where he worked in the firm’s white‑collar investigations and securities enforcement practices. During his time there, he also served as a consultant for the Showtime television series "Billions." He joined Greenberg Traurig as a shareholder in October 2019. At Greenberg Traurig, Miller represented Fortune 500 companies, banks, broker dealers, hedge funds, private equity firms, crypto businesses, corporate executives and other clients in criminal and civil enforcement matters, government investigations, complex litigation and national‑security cases. Miller has tried 12 jury and bench cases, including several multi-defendant securities and accounting fraud trials, and secured guilty verdicts against nearly all defendants on all counts as a federal prosecutor. As an appellate advocate, he has briefed and argued multiple cases before the U.S. Court of Appeals for the Second Circuit. Miller succeeds Paul Hayeck, who has served as acting enforcement director since June 2025. Hayeck will remain at the agency as chief of the enforcement division’s complex fraud task force, which targets market manipulation, abusive trading practices and other misconduct. Selig said Miller will play a key role in keeping the division focused on its core mission of policing fraud, abuse and manipulation, rather than drifting into policymaking. “I am delighted to welcome David to the CFTC,” Selig said. “He brings to the commission decades of experience as a federal prosecutor and white-collar defense attorney, with a proven track record of defending market participants against the novel legal theories of overzealous regulators and plaintiffs."

Mar 2

2 min

Kirkland & Ellis advises Madison Dearborn Partners and its portfolio company Performance Health on the sale of its Biofreeze brand to Reckitt Benckiser Group, which was announced today. Biofreeze is the number one clinically recommended topical pain relief brand in the U.S. The transaction is subject to certain regulatory approvals and customary closing conditions. Read more in Reckitt Benckiser’s press release The Kirkland team included transactional partners Mark Fennell and Dan Hoppe, along with partner Sandy Perl and associates Nicholas Cast, Matthew Hutchinson and Kate Kennedy; tax partners Rachel Cantor and Josh McLane and associate Chris Worek; technology & IP transactions partners Aaron Lorber and Todd Herst and associate Imani Lee; debt finance partners Michael Wright and Kyle Gillen; employee benefits partner Robert Zitko and associate Caitlin Pyrce; labor and employment partner Michael Schulman; executive compensation partner Matthew Shiels and associates Frances Tompson and Tom Kotlowski; environmental partner Toby Chun and associate Zack Tavlin; international trade and national security partner Mario Mancuso and associates Luci Hague and Faith Dibble; real estate partner John Caruso; and healthcare regulatory partner Katie Sullivan and associate Eric Tang; antitrust and competition partners Ian John, Paula Riedel, Marin Boney and Thomas Wilson and associates Jasmine Smith, Philipp Gnatzy and Kelsey Laugel, as well as mergers and acquisitions clearance director Kurt Wunderlich.

Feb 24

1 min

Kirkland & Ellis advised leading private equity firm GTCR in its definitive agreement to recapitalize Jet Support Services, Inc. (JSSI), in partnership with CEO Neil Book. JSSI is the leading independent provider of HCM programs for business aircraft, engines, airframes and APUs. As part of the transaction, GTCR will acquire a majority stake in JSSI, while the Book family will retain a significant minority stake in the business. The financial terms of the transaction were not disclosed. Read GTCR’s press release The Kirkland team was led by transactional partners Mark Fennell and Christopher Thomas and associates Jonathan Dhanawade and Nicholas Cast, and debt finance partners Christopher Butler and Thomas Dobleman.

Nov 19

1 min