Michael D. Devins

Sidley is representing Nassau Financial Group in a strategic partnership with Golub Capital. As part of the partnership, Nassau will receive a US$200 million minority non-voting common equity investment from Golub Capital. Nassau and Golub Capital also will enter into a long-term investment management agreement that will provide Nassau’s insurance subsidiaries with access to Golub Capital’s middle market direct lending strategies, through tailored capital-efficient solutions. With this transaction, Golub Capital will be the largest minority equity holder in Nassau. Nassau was founded with an initial capital commitment along with subsequent growth capital provided by Golden Gate Capital, which remains Nassau’s majority controlling equity holder. Nassau is a leading provider of fixed annuities and asset management, with US$24 billion in assets under management. Golub Capital is a leading direct lender and credit asset manager. The Sidley team is led by Michael Devins, Vince Onorato (both Financial Institutions – Insurance), and Blake Fillion (Investment Funds), and includes Tu Tu, James Gilmartin, (both Financial Institutions – Insurance), Joo Hee Kim (Investment Funds), Dan Altman, and Eric Grosshandler (both Tax).~~Sidley is representing Nassau Financial Group in a strategic partnership with Golub Capital. As part of the partnership, Nassau will receive a US$200 million minority non-voting common equity investment from Golub Capital. Nassau and Golub Capital also will enter into a long-term investment management agreement that will provide Nassau’s insurance subsidiaries with access to Golub Capital’s middle market direct lending strategies, through tailored capital-efficient solutions. With this transaction, Golub Capital will be the largest minority equity holder in Nassau. Nassau was founded with an initial capital commitment along with subsequent growth capital provided by Golden Gate Capital, which remains Nassau’s majority controlling equity holder. Nassau is a leading provider of fixed annuities and asset management, with US$24 billion in assets under management. Golub Capital is a leading direct lender and credit asset manager. The Sidley team is led by Michael Devins, Vince Onorato (both Financial Institutions – Insurance), and Blake Fillion (Investment Funds), and includes Tu Tu, James Gilmartin, (both Financial Institutions – Insurance), Joo Hee Kim (Investment Funds), Dan Altman, and Eric Grosshandler (both Tax).

Jun 4

2 min

Sidley represented Nassau Financial Group, a Golden Gate Capital portfolio company, in its strategic business combination with Angel Island Capital Management. Founded by Golden Gate Capital, AIC is a specialty credit investment firm that manages US$3.6 billion in assets, including its balance sheet capital of approximately US$300 million, and through the transaction has become a subsidiary of Nassau’s asset management segment, Nassau Asset Management. The Sidley team was led by Michael Devins (Insurance), and included Ellen Pesch, Chad Vance, Daniel Sondike (Insurance), Steve Kolyer, Louis Vitale (Global Finance), Dan Altman, and Eric Grosshandler (Tax).~~Sidley represented Nassau Financial Group, a Golden Gate Capital portfolio company, in its strategic business combination with Angel Island Capital Management. Founded by Golden Gate Capital, AIC is a specialty credit investment firm that manages US$3.6 billion in assets, including its balance sheet capital of approximately US$300 million, and through the transaction has become a subsidiary of Nassau’s asset management segment, Nassau Asset Management. The Sidley team was led by Michael Devins (Insurance), and included Ellen Pesch, Chad Vance, Daniel Sondike (Insurance), Steve Kolyer, Louis Vitale (Global Finance), Dan Altman, and Eric Grosshandler (Tax).

Jan 9

1 min

Sidley represented Phoenix Merchant Partners, an independent investment firm providing broad financing solutions to the middle-market universe of companies, in its first ever transaction, an innovative financing to Gryphon Holdings, a company involved in quota share non-catastrophic property and casualty reinsurance services. The financing marked the official launch of the Phoenix private credit and lending solutions platform, and provides for the capitalization of the company’s balance sheet and the future growth of its reinsurance program. The Sidley team is led by David Form (Investment Funds) and Michael Devins (Financial Institutions – Insurance), and includes Alexi Poretz and Andrew Holland (Financial Institutions – Insurance); Noam Waltuch (Tax); and Jean Wenjing Liang (Investment Funds).~~Sidley represented Phoenix Merchant Partners, an independent investment firm providing broad financing solutions to the middle-market universe of companies, in its first ever transaction, an innovative financing to Gryphon Holdings, a company involved in quota share non-catastrophic property and casualty reinsurance services. The financing marked the official launch of the Phoenix private credit and lending solutions platform, and provides for the capitalization of the company’s balance sheet and the future growth of its reinsurance program. The Sidley team is led by David Form (Investment Funds) and Michael Devins (Financial Institutions – Insurance), and includes Alexi Poretz and Andrew Holland (Financial Institutions – Insurance); Noam Waltuch (Tax); and Jean Wenjing Liang (Investment Funds).

Jan 29

1 min

Sidley represented Nassau Financial Group in obtaining a US$150 million revolving credit facility and a US$100 million term loan credit facility, both arranged by RBC Capital Markets. According to Nassau, the facilities will provide Nassau with additional financial flexibility as the company continues to execute on growth plans across its insurance and asset management businesses. The Sidley team was led by Banks Bruce (Global Finance) and included Michael Devins (Financial Institutions – Insurance), Mary Kathryn Field, and James Richards (both Global Finance).~~Sidley represented Nassau Financial Group in obtaining a US$150 million revolving credit facility and a US$100 million term loan credit facility, both arranged by RBC Capital Markets. According to Nassau, the facilities will provide Nassau with additional financial flexibility as the company continues to execute on growth plans across its insurance and asset management businesses. The Sidley team was led by Banks Bruce (Global Finance) and included Michael Devins (Financial Institutions – Insurance), Mary Kathryn Field, and James Richards (both Global Finance).

Feb 22

1 min

Sidley represented Nassau Financial Group in a strategic partnership with Fortress Investment Group. As part of the partnership, Nassau received a US$130 million minority non-voting common equity investment from Fortress. Nassau also entered into a long-term investment management agreement with Fortress, whereby Nassau’s insurance subsidiaries will have full access to Fortress’ credit investment strategies. With this transaction, Fortress owns approximately 7.7% of Nassau, with Golden Gate Capital remaining Nassau’s majority controlling shareholder. Nassau is a leading provider of fixed annuities and asset management, with US$23 billion in assets under management. Fortress is a leading, highly diversified global investment manager, with US$44.7 billion of assets under management. Golden Gate Capital is a private equity investment firm with over US$19 billion in cumulative committed capital. The Sidley team was led by Michael Devins (Insurance), and included Vince Onorato, Chris Burusco, Tu Tu (Insurance), Dan Spies, Allison Hocevar (Investment Funds), Dan Altman, Eric Grosshandler (Tax), Gabe Saltarelli (M&A), Lauren Gallagher, and P.C. Wang (Employee Benefits).~~Sidley represented Nassau Financial Group in a strategic partnership with Fortress Investment Group. As part of the partnership, Nassau received a US$130 million minority non-voting common equity investment from Fortress. Nassau also entered into a long-term investment management agreement with Fortress, whereby Nassau’s insurance subsidiaries will have full access to Fortress’ credit investment strategies. With this transaction, Fortress owns approximately 7.7% of Nassau, with Golden Gate Capital remaining Nassau’s majority controlling shareholder. Nassau is a leading provider of fixed annuities and asset management, with US$23 billion in assets under management. Fortress is a leading, highly diversified global investment manager, with US$44.7 billion of assets under management. Golden Gate Capital is a private equity investment firm with over US$19 billion in cumulative committed capital. The Sidley team was led by Michael Devins (Insurance), and included Vince Onorato, Chris Burusco, Tu Tu (Insurance), Dan Spies, Allison Hocevar (Investment Funds), Dan Altman, Eric Grosshandler (Tax), Gabe Saltarelli (M&A), Lauren Gallagher, and P.C. Wang (Employee Benefits).

Sep 6

1 min