Kartik Khanna

Kirkland & Ellis is advising U.S. insurance broker AssuredPartners on its $13.45 billion acquisition by global insurance brokerage Arthur J. Gallagher & Co. (NYSE: AJG). The definitive agreement was announced December 9, 2024. The transaction is expected to close during the first quarter of 2025 subject to customary regulatory approvals. The transaction will expand Gallagher’s retail middle-market property/casualty and employee benefits focus across the United States and build on new business opportunities by leveraging Gallagher’s expertise, data and analytics and expansive product offerings. AssuredPartners was founded in 2011 by GTCR, a leading private equity firm, in partnership with Jim Henderson. GTCR originally sold the Company to Apax Fund VIII in 2015, and GTCR reacquired a majority stake in partnership with Apax Fund IX in 2019. AssuredPartners now has approximately 400 offices located across the U.S., the UK and Ireland and 10,900 employees. Read the transaction press release The Kirkland team included corporate lawyers Ted Frankel, Chris Thomas, Kyle McHugh, Sri Kaushik, Adam Clifford, George Boden, Chris Smiciklas, Matt Nelson and Kartik Khanna; capital markets lawyer Josh Korff; tax lawyers Mike Carew and Meg Dewar; executive compensation lawyer Scott Price; antitrust & competition lawyers Matt Reilly, Norm Armstrong, Jeff Ayer and Thomas Wilson; debt finance lawyer Tom Dobleman; and technology & IP transactions lawyer Dan Lewis.

Dec 9

1 min

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

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

Kirkland & Ellis advised 26North Partners LP, a next-generation alternatives firm founded by Josh Harris, in the acquisition of leading health club operator Onelife Fitness from Delos Capital. The transaction was announced on October 4, 2024. Read the transaction press release The Kirkland team included corporate lawyers Ryan Brissette, Kartik Khanna and Pete Martelli; debt finance lawyers Jud Oswald, Doug Tedeschi and Andrew Hurley; and tax lawyers Mike Beinus and Vivek Ratnam.

Oct 8

1 min

Kirkland & Ellis is advising global growth investor Warburg Pincus on a strategic investment in industry-leading Saas company Varicent. Private equity firm Great Hill Partners and Spectrum Equity are investing alongside Warburg. Varicent is a leading provider of SaaS-enabled operational and analytical tools that help companies assess and enhance sales performance. The investment will be used to expand Varicent’s market-leading position, enhance its proprietary Revenue Performance Engine framework, launch new solutions and embed new AI capabilities. The transaction is expected to close in the third calendar quarter of 2024 subject to customary closing conditions. Read the transaction press release The Kirkland team was led by corporate partners Keri Schick Norton and Jai Agrawal and associate Sumer Marquette along with corporate partner Kartik Khanna and associates Aida Kimiagar and Linda Yang.

Jul 16

1 min