Keith S. Crow, P.C.

Kirkland & Ellis counseled on three of the top five IPOs announced the week of July 19: Ryan Specialty Group’s $1.6 billion Up-C IPO, Paycor HCM’s $425 million IPO, and Instructure Holdings Inc.’s $250 million IPO. This was the most active week for IPO pricings in the last 15 years. Kirkland advised Ryan Specialty, a provider of specialty products for insurance brokers, agents and carriers, on its Up-C IPO, the first-ever IPO for a pure-play insurance wholesale broker. The IPO priced at the midpoint of the estimated offering price range at $23.50 per share. Ryan Specialty’s Class A common stock began trading on the New York Stock Exchange under the symbol “RYAN” on July 22, 2021. Read the Ryan Specialty press release The Kirkland team was led by capital markets partners Bob Hayward, Bob Goedert and Craig Garvey and associates Cot Eversole, Hannah Kropp, Katie White and Kate Vandenberg; corporate partners Keith Crow and Jeff Fine and associate Tala Esmaili; tax partners Sara Zablotney and Adam Kool and associate Grant Newman; executive compensation partners Scott Price and Stephanie Jeane and associates Karsten Busby and Chelsea Bedotto; and debt finance partner Louis Hernandez and associate Emily Hogan. Kirkland advised Apax Partners and its portfolio company, human capital management software provider Paycor, in connection with its IPO.  The IPO priced $2 above the initial filing range, valuing the company at over $4 billion.  This is the second IPO Kirkland has led for Apax Partners in 2021, following the successful IPO of Innovage in March.  Paycor’s common stock began trading on Nasdaq under the symbol “PYCR” on July 21, 2021. Read the Paycor press release The Kirkland team was led by capital markets partners Bob Hayward, Bob Goedert and Kevin Frank and associates Cot Eversole, Anna LeGrett, Sam Paullin and Kate Vandenberg; debt finance partner Andrew Idrizovic and associates Marc Weinstein, Stephanie Wald and Bridget Hahn; executive compensation partner Scott Price and associates Frances Tompson and Jordan Hartman; and tax partner Sara Zablotney. The crossover round was led by corporate partners Leo Greenberg, Will Boothby and Lukas Richards and associate Mo Green. Kirkland represented Instructure, a Thoma Bravo portfolio company and leading education technology company, on its IPO.  The offering priced at the midpoint of the estimated offering price range at $20 per share. Instructure’s common stock began trading on the New York Stock Exchange under the symbol “INST” on July 22, 2021. Read the Instructure press release The Kirkland team was led by capital markets partners Brad Reed and Michael Keeley and associates Cot Eversole, Sarah Bartlett, Maria-Fay Karras, Johnny Ellis and Nick Pappas; with assistance from corporate partner Peter Stach; executive compensation partner Michael Falk and associate Julia Lee; and tax partner Kevin Coenen.

Jul 26

2 min

Kirkland & Ellis LLP represented Sea Containers Ltd., a London-based global marine container leasing company, in its restructuring and emergence from Chapter 11 bankruptcy protection on February 11, 2009. The U.S. Bankruptcy Court for the District of Delaware confirmed Sea Containers' emergence from Chapter 11 following the transfer of the company's maritime container business to SeaCo Ltd. Sea Containers filed for Chapter 11 bankruptcy protection under U.S. law on October 15, 2006. At the time of the filing, the company listed approximately $1.67 billion in total assets and $1.58 billion in total liabilities. "This very complicated case required significant coordination between our U.S. and UK lawyers," said partner David Eaton, who led the Kirkland team for Sea Containers. "We are pleased that our integrated team was able to help Sea Containers successfully restructure and exit Chapter 11." "This case presented ground-breaking cross-border issues primarily because the UK pension liabilities had to be dealt with in the U.S. Chapter 11 regime," said partner Lyndon Norley, who led the team in London. "We worked closely with the UK regulator, the scheme trustees and their advisors to come to a unique solution." The transatlantic team of Kirkland lawyers included Chicago partners David Eaton and David Agay, and associates Paul Wierbicki, Sienna Singer, Sarah Seewer and Phil Nelson. In London, the team included partners Lyndon Norley, Partha Kar and Kon Asimacopoulos, and associates Graham Lane, Kim Gutherless and Helena Potts. Others involved included corporate partners Keith Crow and Theodore Peto, of counsel Joseph Schorer and associate Cassandra Becker, as well as litigation partners Yosef Riemer and Galia Messika. Kirkland & Ellis LLP is a 1,500-attorney law firm representing global clients in complex restructuring, corporate and tax, litigation, dispute resolution and arbitration, real estate, and intellectual property and technology matters. The Firm has offices in London, Chicago, Hong Kong, Los Angeles, Munich, New York, Palo Alto, San Francisco and Washington, D.C.

Feb 24

1 min

Kirkland & Ellis LLP advised Akorn, Inc. (Nasdaq: AKRX) on its definitive agreement to acquire VPI Holdings Corp., the parent company of VersaPharm Incorporated, for $440 million in cash. Akorn, Inc. is a niche pharmaceutical company engaged in the development, manufacture and marketing of multi-source and branded pharmaceuticals. VersaPharm is a privately-held developer and marketer of multi-source prescription pharmaceuticals. The acquisition will be subject to customary conditions and is anticipated to close in the third quarter of 2014. The Kirkland deal team was led by Chicago corporate partner Keith Crow and New York corporate partner Joshua Zachariah and included partner Douglas Kurtenbach and corporate associate Christine Bedi, both based in Chicago.

May 9

1 min

Kirkland & Ellis LLP represents MWH Global Inc., a Broomfield, Colorado-based global engineering, consulting and construction management firm focused on water and natural resources for built infrastructure and the environment, in its sale to Stantec Inc. Under the terms of the all-cash deal, unanimously approved by the boards of directors of both companies, Stantec will acquire all of the issued and outstanding capital stock of MWH for a purchase price of approximately US$793 million. More information on the transaction is available here. The Kirkland team includes corporate partners Keith Crow and Robert Goedert and associates Jonathan Man and Alyssa Christensen.

Mar 29

1 min

Kirkland & Ellis advised Kellogg Company (NYSE: K) on the separation of its North American cereal and plant-based foods businesses, via tax-free spin-offs, resulting in three independent public companies, each better positioned to unlock their full standalone potential. The spin-offs are currently targeted to be completed by the end of 2023 and are subject to customary conditions. Read the Kellogg press release The Kirkland team was led by corporate partners Eric Schiele, Allie Wein and Keith Crow, capital markets partners Robert Hayward and Robert Goedert, tax partners Dean Shulman and Adam Kool, executive compensation partner Scott Price, technology & IP transactions partner Seth Traxler, and antitrust partner Andrea Murino.

Jun 21

1 min