Serge Benchetrit

Willkie advised Tenet Healthcare Corporation and its subsidiary United Surgical Partners International (USPI) in the acquisition. On November 8, Tenet Healthcare Corporation (NYSE: THC) announced that it entered into a definitive agreement with the principals of SurgCenter Development (SCD) to acquire SCD. Under the terms of the agreement, Tenet/USPI will acquire SCD’s ownership interests in 92 ambulatory surgery centers (ASCs) and other related ambulatory support services (collectively, the Portfolio) for approximately $1.2 billion. The Portfolio will be operated by Tenet’s subsidiary United Surgical Partners International (USPI) as part of its industry-leading ambulatory surgery platform. USPI and SCD’s principals will also enter into a five-year partnership and development agreement designed to provide seamless continuity and support for SCD’s facilities and physician partners over the coming years. Going forward, USPI also has the exclusive option to partner with SCD on de novo development projects over the life of the agreement. Tenet Healthcare Corporation is a diversified healthcare services company headquartered in Dallas with 100,000 employees. Through an expansive care network that includes United Surgical Partners International, it operate 60 hospitals and more than 460 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other care sites and clinics. The Willkie team was led by partners Serge Benchetrit and Jessica Sheridan, and included associates Daniel Alster, Augustine Donati and Michael Manopla.

Nov 9

1 min

Willkie represented Mueller, an industrial manufacturer specializing in copper and copper alloy manufacturing, in the transaction. On July 2, 2018, Willkie client Mueller Industries, Inc. (Mueller) announced that it had acquired ATCO Rubber Products, Inc. (ATCO) in a transaction valued at $162.8 million. ATCO is an industry leader in the manufacturing and distribution of insulated HVAC flexible duct systems and will support Mueller’s strategy to grow its Climate Products businesses. ATCO had revenues of approximately $166 million with 800 employees in its fiscal year ending December 31, 2017. Mueller Industries, Inc. (NYSE: MLI) is an industrial manufacturer that specializes in copper and copper alloy manufacturing, while also producing goods made from aluminum, steel, and plastics. It is headquartered in Memphis, Tennessee and is comprised of a network of operations in the United States, Canada, Mexico, Great Britain, South Korea, and China. Its products include tubing, fittings, valves, vessels, and related items for plumbing and HVACR related piping systems, as well as rod, forgings, extrusions, and various components for OEM applications. Products are distributed into sectors such as building construction, appliance, defense, energy, and automotive. The Willkie deal team was led by partners Serge Benchetrit and Sean Ewen and included associates Daniel Alster and Kevin Tarsa.

Jul 6

1 min

Willkie advises a consortium of institutional investors that will purchase the loans over the next two years. On February 27, it was announced that Prosper Marketplace Inc. entered into a transaction to sell up to $5 billion worth of consumer loans through the Prosper platform over the next two years to a consortium of institutional investors represented by Willkie. Based in San Francisco, Prosper is a leading online consumer lending marketplace. Prosper’s online lending platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. The transaction was handled by partners Serge Benchetrit, Thomas French, Mark Getachew, David Katz, Mark Vandehaar and Jeffrey Goldfarb; senior counsel Richard Reinhold and associates Bradley Friedman, Michael Ispass, Thomas Spencer, Christina Castedo, Richard Hevier, Brian Palumbo, Ann-Christine Stepien, Benjamin Figoten and Robert Larimore.

Mar 2

1 min

Willkie advised Mueller Industries, Inc. (NYSE: MLI) on its agreement to acquire Nehring Electrical Works Company and certain of its affiliated companies for approximately $575 million, plus an additional $25 million earn out. Founded in 1912 and headquartered in DeKalb, Illinois, Nehring produces high-quality wire and cable solutions for the utility, telecommunication, electrical distribution, and OEM markets. Mueller Industries, Inc. is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace and automotive. The Willkie team was led by partners Serge Benchetrit and Sean Ewen and counsel Jeffrey Daniel with associate Zoe Sellman.

Apr 22

1 min

Willkie advised Tenet Healthcare Corporation and its subsidiary United Surgical Partners International in the acquisition. On December 10, Tenet Healthcare Corporation (NYSE: THC) announced that it will acquire a portfolio of up to 45 ambulatory surgery centers (ASCs) (the “Portfolio”) from SurgCenter Development (SCD). The Portfolio will be operated by Tenet’s United Surgical Partners International (USPI) subsidiary as part of its industry-leading ambulatory surgery platform. Under the terms of the transaction, the Company will purchase majority interests in up to 45 centers by fully acquiring SCD’s interests, and partially acquiring interests from physician partners, for approximately $1.1 billion in cash and the assumption of approximately $18 million of center-level debt. Tenet has completed the acquisition of a majority of the 45 centers and expects to complete the acquisition of the remainder of the Portfolio by the end of 2020, pending the finalization of documentation and the receipt of certain state approvals. SCD, founded in 1993, is a leading developer of physician-owned ASCs with a history of establishing high-quality centers in partnership with physicians with demonstrated leadership in musculoskeletal surgeries. The 45 centers are located in Arizona, Florida, Indiana, Louisiana, Maryland, Ohio, New Hampshire, Texas and Wisconsin. Tenet Healthcare Corporation is a diversified healthcare services company headquartered in Dallas with 110,000 employees. Through an expansive care network that includes United Surgical Partners International, it operate 65 hospitals and more than 520 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other care sites and clinics. The Willkie team was led by partners Serge Benchetrit and Jessica Sheridan, and included associates Tej Prakash, Daniel Alster, Augie Donati, Maria LaGumina, John DiNapoli and Michael Manopla.

Dec 11

1 min