Acceleration in Deal Activity: Dechert M&A Deal Teams Enter Fall with a Flurry of Transactions

Dechert’s deal activity matched end-of-summer temperatures by heating up through early October, with work including numerous public and private M&A and private equity deals over the past several weeks. These deals were primarily in key sectors for the practice, such as financial services (including BDCs), healthcare and technology.

"As we begin the final quarter of 2023, we're starting to witness an acceleration in deal activity. The cautious approach we saw earlier in the year has been replaced by a more assertive strategy, with firms actively seeking opportunities to deploy their capital and initiate new strategies,” said Ken Young, co-head of Dechert’s corporate practice. “This is a clear indication that the private equity and deal markets more generally are not just recovering, but are poised for growth.”

Representative transactions on which we’ve advised in recent weeks include:

• Centerbridge Partners, a global alternative investment manager, in connection with a strategic partnership with Wells Fargo & Company focused on direct lending to non-sponsor North American middle market companies through the launch of Overland Advisors and a newly formed business development company that will be primarily focused on making senior secured loans. See here for more details.
• Cerberus Capital Management, a global leader in alternative investing, on its proposed acquisition of Spring EQ, a provider of home equity financing solutions. Cerberus’ Residential Opportunities platform plans to support Spring EQ’s mission to deliver best-in-class offerings and expand its leadership in the home equity market. See here for more details.
• Daniel Och and certain other founding members of Sculptor Capital Management in a group that is contesting the proposed acquisition of Sculptor by Rithm Capital Corp. (RITM).
• Emmes, a global clinical research organization (CRO), on its acquisition of VaxTRIALS, a Panama-headquartered company that manages and monitors vaccine clinical trial activities throughout Latin America. See here for details.
• Estancia Capital Partners, a specialist private equity firm focused on the financial services sector, and its portfolio company R&T Deposit Solutions (R&T), a provider of tech-enabled liquidity management, deposit funding and securities-based lending programs, on a recapitalization that includes a significant investment from private equity firm GTCR. See here for more details.
• Graham Partners, a longstanding client, in connection with its investment in Barcoding, Inc., which delivers end-to-end supply chain automation technology solutions that enable customers to more accurately and efficiently track and manage their inventory and assets. See here for more details.
• Graham Partners in connection with its acquisition of Commercial Bakeries Corporation, a Canada-headquartered family-owned and operated producer of private label packaged cookies. See here for more details.
• Kier Group plc, the publicly listed construction and property group, on its acquisition of Buckingham Group’s rail division out of administration. See here for more details.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.