Mark E. Thierfelder

Strategic Transactions

• The special committee of the board of directors of 23andMe, a leading human genetics and biopharmaceutical company, in connection with a strategic alternatives review process and potential take private transaction by its CEO and significant shareholder, Anne Wojcicki.
• Cerberus Capital Management, the largest shareholders in grocery store chain Albertsons, in relation to Albertsons’ proposed merger with Kroger in a transaction valued at US$24.6 billion.
• Energy Harbor Corp. in its US$6.333 billion acquisition by Fortune 500 company Vistra Corp. The transaction combines Energy Harbor's nuclear and retail businesses with Vistra's nuclear and retail businesses and Vistra Zero renewables and storage projects under a newly-formed subsidiary holding company, referred to generally as "Vistra Vision.”
• The special committee of Enfusion, Inc., a leader in SaaS solutions for the investment management and hedge fund industry, in a definitive agreement for Enfusion to be acquired by Clearwater Analytics, a global leading SaaS solution that automates the entire investment lifecycle, for US$1.5 billion.
  
• SK hynix, Inc., as a member of the consortium, on the US$18 billion acquisition of Japan-based Toshiba Corporation’s NAND flash memory and solid-state drive business, which, according to Thomson Reuters, is the fourth largest private equity-backed M&A transaction since the financial crisis (at the time it was announced). The transaction was named “M&A Deal of the Year for North Asia" at The Asian Lawyer's Asia Legal Awards 2018. It was also named "Japan Deal of the Year," "M&A Deal of the Year (Premium)" and "Technology, Media and Telecommunications Deal of the Year" at Asian Legal Business's ALB Japan Law Awards 2018.

Private Equity

• Aquiline Capital Partners LP, a private investment specialist in financial services and related technologies, in its majority investment in DocuPhase LLC, a provider of accounting and finance process automation software, together with Level Equity, as well as in its significant investment in LeaseCrunch LLC, a lease accounting and lease management software provider.
• Bregal Partners, L.P. in connection with various acquisitions and exit transactions, including its:
  • acquisition and sale of Shock Doctor, Inc. (d/b/a United Sports Brands), a global leader in sports performance and protective products.
  • acquisition and sale of TDBBS, a premium natural dog chews and treats company.
  • sale of Arcus Hunting, an acquisition and organic growth platform that seeks to build a strong portfolio of leading brands in the bowhunting and archery consumables and accessories market.
  • investment in American Seafoods Group, LLC and its affiliates, the largest harvester of wild caught fish for human consumption in the United States as part of a broader deleveraging recapitalization.
• Centre Partners Management, a leading middle market private equity firm, in connection with numerous acquisitions and exits, including its:
  • acquisition and subsequent sale of Bradford Health Services, one of the largest and longest-tenured providers of substance abuse treatment and recovery services in the Southeast, to funds managed by Lee Equity Partners.
  • acquisition and subsequent sale of Vision Innovation Partners, a leading eye care services provider in the Mid-Atlantic region, to Gryphon Investors.
  • acquisition and subsequent sale of Captain D’s, a fast casual seafood restaurant chain to Sentinel Capital Partners, followed by the more recent acquisition of Captain D’s for a second time.
• Cerberus Capital Management, a global leader in alternative investing, in various acquisitions and exits, including its:
  • acquisition of Landmark Structures, a leading full-service provider of water storage solutions in North America.
  • acquisition of Spring EQ, a leading provider of home equity financing solutions.
  • a strategic investment in Lighthouse Autism Center, a leading provider of center-based autism behavioral health services for children diagnosed with autism spectrum disorder.
  • acquisition by one of its affiliates of National Dentex Labs, the largest network of fully-owned dental labs in the United States.
  • sale of The Netherlands-based Covis Pharma BV, a global specialty pharmaceutical company, to funds managed by affiliates of Apollo Global Management.
  • in the acquisition of approximately 20% indirect ownership or notes convertible into equity of seven MCS companies operating in the telecommunications and consumer goods sectors.
• CVC Capital Partners as the lead investor in a consortium that sponsored the combination of Worldwide Express, LLC and GlobalTranz Enterprises, LLC to create an industry leader with unique technology capabilities and market-leading solutions for the freight and parcel markets.
• GIC, a sovereign wealth fund of Singapore, on numerous transactions, including its:
  • minority investment, together with a wholly owned subsidiary of Abu Dhabi Investment Authority, in Pye-Barker Fire & Safety, a leading privately-owned commercial fire protection and security alarm service provider in the United States, joining existing investors Leonard Green & Partners, L.P. and Altas Partners.
  • take-private acquisition of Zuora, a leading monetization suite for modern business, in partnership with Silver Lake, in a transaction valued at US$1.7 billion.
  • acquisition of a 25% minority stake in Reworld, a provider of sustainable waste solutions, from the EQT Infrastructure V fund.
  • strategic relationship with the Citco group of companies (Citco) whereby GIC became a minority shareholder in Citco with the founding Smeets Family remaining the majority shareholder.
  • acquisition of Direct ChassisLink Inc., along with OMERS Infrastructure and Wren House, from investment funds managed by Apollo and EQT.
  • US$17 billion acquisition of athenahealth, a leading provider of cloud-based enterprise software solutions for medical groups and health systems nationwide, in what was the second largest PE buyout in 2022 (according to PitchBook).
  • acquisition (along with Stone Point Capital) of Ascensus from a private equity consortium led by Genstar Capital, Aquiline Capital Partners and Atlas Merchant Capital. 
  • partnership agreement, as part of a consortium led by Blackstone that included Canada Pension Plan Investment Board and GIC, with Thomson Reuters for Refinitiv (f/k/a Thomson Reuters’ Financial & Risk (F&R) business) at an overall valuation of US$20 billion, which, according to Refinitiv, was the second largest private equity-backed acquisition in the past three years (at the time it announced). Subsequently advised GIC on the US$27 billion sale of Refinitiv to London Stock Exchange Group plc, representing the largest PE exit in 2019, according to Bloomberg.
  • acquisition, as part of an investor group led by Blackstone, Carlyle and Hellman & Friedman, of a majority stake in medical supply company Medline for a reported enterprise value of US$34 billion, making it at the time the largest second-largest buyout since the financial crisis and one of the bigger healthcare buyouts ever.
  • take-private acquisition of Nasdaq-listed Ultimate Software, as part of a Hellman & Friedman-led investor consortium (including GIC, Blackstone, Canada Pension Plan Investment Board, JMI Equity and other investors), and the subsequent merger of Ultimate Software and Kronos Incorporated for an enterprise value of US$22 billion.
  • take-private acquisition of tech company Zendesk in what was one of the top 10 largest U.S. private equity buyouts in 2022.
• Quilvest, the private equity arm of leading global independent wealth manager and private equity investor Quilvest Group, in various acquisitions and exits, including its:
  • acquisition and subsequent sale of UK-based Phaidon International, a global micro-specialist recruitment firm, to a global investor consortium led by funds managed by Further Global Capital Management.
  • acquisition of a majority interest in UrgentMED, a premier network of urgent care clinics in Southern California.
  • sale of Crown Health Care Laundry Services, a leading provider of outsourced linen management services and specialty products to hospitals, clinics and other healthcare facilities, to an affiliate of The Pritzker Organization.
  • sale of Command Alkon, a supplier collaboration platform for construction’s heavy work, on its sale to private equity firm Thoma Bravo.

• Corporate/M&A (International & Cross-Border) – USA – Chambers Global
• Corporate/M&A – New York – Chambers USA
• Private Equity: Buyouts – New York – Chambers USA
• Leading Lawyer: Private Equity Buyouts: Large Deals ($500M+) – The Legal 500 US
• Market Leader: M&A, Private Equity – IFLR1000
• Leading Dealmaker in America: Private Equity – Lawdragon
• “Dealmaker of the Year” – The American Lawyer
• MVP of the Year – Law360
• Top Private Equity Lawyer in North America – MergerLinks
• Finalist, “Private Equity Deal of the Year” – IFLR Americas Awards

Featured/Published

• Dechert’s Mark Thierfelder: Uncertainty Will Continue to Impact M&A Demand, CNBC (March 25, 2025)
• No Toll for Corporations Leaving Delaware on a Clear Day (February 18, 2025)
• Delaware Court Overturns Supermajority Requirement (November 13, 2024)
• Delaware Governor Signs Controversial “Market-Practice” Amendments to General Corporation Law (July 22, 2024)
• After Delaware Court of Chancery Subjects Reincorporation Decision to Entire Fairness, Delaware Supreme Court Says Not So Fast (May 13, 2024)
• Dechert’s Mark Thierfelder on 2020′s Global M&A Surge, CNBC (December 11, 2020)
• Dechert’s Thierfelder: M&As Will Continue Declining as Companies Find Other Ways to Raise Capital, CNBC (June 23, 2020)

Speaking Engagements

• Global Private Equity: Navigating Growth, Buyout Strategies, and Cross-Border Opportunities, Markets Group’s 13^th Annual Private Equity New York Forum (May 14, 2025)
• Global Private Equity Investing, Markets Group’s Annual Private Equity San Francisco Forum (October 15, 2024)
• The Promise and Pitfalls of Private Equity, 2024 Milken Institute Global Conference (May 6, 2024)
• Global Private Equity Investing, Markets Group’s 12^th Annual Private Equity New York Forum (May 15, 2024)
• Global Private Equity Investing, Markets Group’s 11^th Annual Private Equity New York Forum (May 15, 2023)
• Global Private Equity Investing, Markets Group’s 10^th Annual Private Equity New York Forum (May 5, 2022)
• FDI Impact on International Dealmaking Resulting from the COVID-19 Pandemic, Practising Law Institute (June 25, 2020)
• Foreign Direct Investment Controls: Globalization in Reverse?, Dechert LLP and the Brunswick Group Webinar (May 28, 2020)