Nelson Mullins Riley & Scarborough
Nelson Mullins Riley & Scarborough is a full-service national firm with offices 25 offices in 11 states and Washington, D.C. The firm was founded in South Carolina in 1897.
The firm advises on a wide range of matters across its offices related to financial services regulatory and M&A. Corporate work also includes securities, venture capital and commercial real estate.
The financial services regulatory team largely assists the M&A team in regulatory aspects of acquisitions. The M&A team works equally for acquirers and targets in private and public acquisitions.
Key clients include Starwood Capital Group, Aventon Company and many other national and regional companies.
Research period review: 32nd edition (2021/2022)
During the research period, the firm was active in the financial services regulatory and M&A practices. Most of the work the financial services regulatory team worked on related to regulatory aspects in acquisitions, sales and mergers. The team did also represents clients in the financial services industry on compliance matters regarding financial products.
The M&A team acted for acquirers and targets in private equity buyouts, strategic acquisitions and joint ventures. The transactions occurred across a variety of industries. The Florida team in particular conducted many real estate acquisitions and financings.
Regarding lateral moves, the M&A team brought over partners Matthew Huddle from DLA Piper and Joel Hughey from Eversheds Sutherland.
Deal highlights: 32nd edition (2021/2022)
Battery Ventures $135 million acquisition of SaaSOptics
Transcat acquisition of Nexa Enterprise Asset Management
Ballard Spahr
Since its founding in 1919, Ballard Spahr has grown to 15 offices nationwide. The firm launched in in Philadelphia and this remains its largest office, closely followed in scale by Baltimore and Washington DC.
Focusses / specialisms
The Phoenix, Arizona office is highly regarded for its top tier work in the state.
The firm is experienced in many practice area across its offices, including M&A, banking, capital markets, project development and real estate.
The Las Vegas, Philadelphia, Minneapolis and Phoenix offices are well known for its work in M&A. The M&A, the firm represents strategic buyers and sellers in acquisition related matters.
In capital markets, the firm represents issuers in bond offerings, share offerings and IPOs. The banking team represents borrowers in credit facilities, loan agreements, project financing and acquisition financing.
The project development team represents developers in P3 and private projects in the transportation, infrastructure, energy and oil and gas industries.
Real estate is a large focus firm wide, where the team represents commercial, residential and industrial developers, investors and REITs in real estate matters such as acquisitions, financing and development.
Key clients
Key clients for the firm include Slang Worldwide, SVCP Management, Concrete Pumping Holdings, Healthpeak Properties, City Office REIT, Kilroy Realty, Upsher-Smith Laboratories, State Bankshares, Greystone & Co, 8minute Solar Energy, Pacific Southwest Development, VICI Properties, PNC Bank, Brixmor Propery Group, Citizens Bank Park, Cascata Packaging, SilencerCo and Kodiak Cakes.
Research period review: 30th edition (2019/2020)
The firm has a diverse research cycle, with each office seeing different trends.
The teams in the Colorado offices advised strategic acquirers and sellers in acquisition related matters. Real estate and cannabis were popular industries for the Colorado teams. In financial matters, the team advised borrowers in ABL and term loan agreements and issuers in public share offerings.
The Baltimore, Maryland office advised borrowers in refinancings, credit facilities and mortgage loan agreements. It also advised issuers in public share offerings, ATM offering programs, bond offerings, tender offers, shelf registrations and derivatives. Many of its clients were real estate developers, investors or REITs. The team also advised clients in the real estate industry on property development matters.
The Minneapolis office represented strategic acquirers and sellers in acquisitions in the financial services and pharmaceutical industries.
The Las Vegas team represented real estate developers, financial sponsors and REITs in various real estate development projects and sales.
The Philadelphia team advised a private equity firm in an acquisition and a lender in several credit facility and ABL agreements. It also advised developers and public institutions in P3 and private projects in the social infrastructure, oil and gas and transportation infrastructure industries. A large part of its work was in advising real estate developers, investors and REITs in commercial and residential development projects and acquisitions.
The Salt Lake City off represented borrowers in a separate refinancing and term loan agreement. It also advised issuers in share offerings and strategic acquirers and sellers in merger and acquisition related matters. The team represented developers in residential and hotel real estate projects.
In terms of lateral moves, the Salt Lake City office brought over M&A partner Travis Marc Wilson from Jones Waldo Holbrook & McDonough. The Baltimore office brought over public finance partner John Smolen from Nossaman. The Philadelphia office lost partners James MacDonald III, who left for Stevens & Lee, Craig Circosta, who left for Holland & Knight, Peter Hennessy, who moved in-house and David Pollack, who retired.
Deal highlights: 30th edition (2019/2020)
C7 Data Centers merger with DB Data Center Holdings
City Office REIT 6.625% Series A preferred stock at-the-market share offering
IPS and Alleghany Capital acquisition of Cardinal Holdings
Slang Worldwide $67 million acquisition of Organa Brands’ National Concessions Group
Southern Bighorn 475MW solar and 540MWh storage project
WEX $425 million acquisition of Discovery Benefits
Cole Schotz
Founded in 1928, Cole Schotz is a notable law firm in restructuring and insolvency. It has expanded to seven offices nationwide in: Hackensack, New York, Wilmington, Baltimore, Boca Raton, Fort Worth and Dallas.
Focusses / specialisms
Some of the firm’s strongest restructuring and insolvency teams are in the Hackensack, Baltimore and Wilmington offices. The restructuring and insolvency team firm wide represent sponsors, debtors and creditors in Chapter 11 and Chapter 7 insolvency cases. It also represents debtors in out of court financial restructurings.
Key clients
Key clients for the firm include Maremont, the official committee of unsecured creditors of The NORDAM Group, Westwind Manor Resort Association and Crown Bank.
Research period review: 30th edition (2019/2020)
Over the research period the restructuring and insolvency team across the firm represented mostly debtors and creditors in Chapter 11 cases. It also advised debtors in out of court financial restructurings and Chapter 7 insolvency cases.
The Wilmington and Hackensack offices brought over restructuring and insolvency partner Seth Van Aalten from Cooley. Around the same time, partner David Hurst left to join McDermott Will & Emery. Partner Ilana Volkov left the Hackensack, NJ office to join McGrail & Bensinger.
Deal highlights: 30th edition (2019/2020)
Cinram Group Chapter 11 restructuring
David’s Bridal Chapter 11 restructuring
Videology Chapter 11 restructuring
Client feedback: 30th edition (2019/2020)
Project development
“Gary Leibowitz is a top notch attorney. His attention to detail and sharp wisdom and knowledge was the reason we were successful in all of our cases.”
Restructuring and insolvency
“The firm’s attributes are: bankruptcy expertise, affordable expert rates and exceptional people. The firm provided skilled answers for all issues and was always responsive. Their people were clearly respected by the other law firms involved with this bankruptcy proceeding.”
“Very agile and creative solutions.”
“Very thorough and always available (24/7) – very responsive.”
“Judgement, knowledge of the law, practical and commercial, effective communicators.”
“The Cole Schotz team is proactive and provides effective strategies to navigate through complex legal and business issues.”
“Cole Schotz brings a wealth of experience and practical solutions to the table. They are affordable. They bring senior people to the conversation, not inexperienced junior attorneys. They have great ‘bedside manner.’ They keep their commitments.”
DLA Piper
Business firm DLA Piper was born in 2005 from the largest ever merger in the legal industry between Gray Cary Ware & Freidenrich, Piper Rudnick and DLA. The international law firm has offices in almost every region in the world. In the United States, the firm has 28 offices in every region of the country.
Focusses / specialisms
The firm has a plethora of teams spread out across the country. Its Baltimore, Maryland offices particularly have a top tier M&A practice.
Firm wide it has a notable projects practice. The projects team is especially focused on project financing, where it represents lenders in financing projects in the mining, power, energy and infrastructure industries. Most of its projects are cross border internatioanlly.
Key clients
Key clients for the firm include CIT Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank, ING Capital, Natixis, OPIC, IDB, Export-Import Bank of the United States, Central American Bank for Economic Integration, European Bank for Reconstruction and Development, Citibank and Japan Bank for International Cooperation.
Research period review: 30th edition (2019/2020)
During the research period the projects team represented multinational lenders in financing projects chiefly in the renewable energy and infrastructure industries. Solar and wind energy comprised most of the renewable energy projects. Most of the projects are based outside of the United States.
Deal highlights: 30th edition (2019/2020)
Amman East 400MW combined cycle power plant restructuring
Ruta del Cacao toll road
Zaporizhia 500MW wind farm
Duane Morris
Full-service firm Duane Morris got its start in Philadelphia but has since expanded to 29 offices over three continents. In the United States, the firm has 22 offices spread through the country. Though the firm is headquartered in Philadelphia, the New York offices are among the firm’s largest.
Focusses / specialisms
With 22 offices spread out across the country, it is safe to say that each of Duane Morris’ locations have different expertise. Throughout the firm, there are teams in the banking, capital markets, M&A and restructuring and insolvency practices.
The banking practice has teams of note in Florida, Illinois and Pennsylvania. It represents borrowers and lenders in credit facilities and term loan agreements for general working capital financing, acquisition financing, construction financing and real estate financing. The Florida offices specializes in real estate financing.
The restructuring and insolvency practice has teams in New York, Los Angeles, Chicago, Philadelphia, San Diego, San Francisco, Boston, Atlanta, Miami, Pittsburgh, Newark and Wilmington. The teams represent debtors, trustees, receivers and creditors in Chapter 11 bankruptcy and restructuring proceedings.
The firm’s capital markets teams represents issuers in share offerings, tender offers, SPAC formations and bond issuances. The teams also represent private equity firms and companies with debt and equity investment financing. Many of these capital markets transactions support larger M&A and/or financing transactions.
In M&A, teams represent strategic and private equity clients in acquisitions on both the buy and sell side. It also advises clients in privatizations, joint ventures and mergers. Given its geographic reach, the firm has experience in all industries. Some of these acquisitions are public M&A transaction and have an associated capital markets transaction.
Key clients
Key clients for the firm include CIBC, Wells Fargo, Pennsylvania Turnpike Commission, Centennial Bank, Synovus Bank, JP Morgan Chase Bank, Quality Carriers, Altman Specialty Plants, New England Compounding Pharmacy, the Government Employees’ Retirement System of the Virgin Islands, Pipeline Health, Nueva Generacion Manufacturas, Clock Spring Company, Pipeline Health, Camden Partners, iAnthus Capital Holdings, Intermarket Communications, JDP Therapeutics, Catalent, National Gas & Electric and AT&T.
Research period review: 30th edition (2019/2020)
Over the research period, the banking teams represented borrowers and lenders in credit facilities and term loan agreements. The Illinois office worked on more acquisition and construction financing transactions while the Pennsylvania offices worked on more general working capital financing.
The California offices largely represented receivers. The capital markets team conducted a variety of work on both the debt and equity side. Most of the capital markets work was done as part of a larger acquisition transaction. In M&A, the teams represented private equity and strategic firms across a wide assortment of industries.
The Florida offices represented financial sponsors and property owners in commercial real estate financing. The restructuring and insolvency teams worked on numerous Chapter 11 and 7 proceedings, representing mostly creditors and debtors.
The Maryland and Pennsylvania offices specifically worked with numerous private equity firms. The New York office worked with several firms in the cannabis industry.
In February 2020, Duane Morris merged with Satterlee Stephens. This gave the firm three additional offices in New York and New Jersey.
Deal highlights: 30th edition (2019/2020)
Altman Specialty Plants Chapter 11 restructuring
Catalent $40 million acquisition of Juniper Pharmaceuticals
Clock Spring Company / Neptune Research merger
CSL Flagstaff $80 million acquisition and construction loan
iAnthus Capital Holdings / MPX Bioceutial merger
Client feedback: 30th edition (2019/2020)
M&A
“The firm has a deep bench of highly skilled counsel across a broad array of subjects. The firm also acts as a fierce advocate for the client and because of the expertise of its counsel the firm is able to foresee issues before they become problems.”
“Efficiently uses resources to get client objectives done. Does not waste client money with busywork.”
“Very reachable/available when needed. Easy to work with – and to translate M&A issues into simpler language and concepts for non-M&A attorneys.”
Whiteford Taylor Preston
Founded in 1933, Whiteford Taylor & Preston is a highly recognized firm in the mid-Atlantic. Despite being most recognized in Maryland, Virginia and Delaware, the firm also has offices in Michigan Kentucky, New York, Pennsylvania and Washington DC. In total it has 16 offices east of the Mississippi River.
Focusses / specialisms
The firm is best known in the mid-Atlantic, especially in Maryland, Virginia and Delaware. It is highly regarded for its work in restructuring and insolvency and M&A. The Maryland restructuring teams are market leaders in the region.
In M&A the firm acts largely in the mid-market space, representing firms on the buy and sell side in strategic acquisitions and joint ventures. The acquisitions are largely private, but the firm does handle public acquisitions as well.
In restructuring and insolvency, the firm acts for debtors, trustees and creditors in out of court restructurings and Chapter 11 proceedings. Also of note is the Maryland team’s real estate practice.
The Maryland corporate team acts for a plethora of firms in the real estate industry, necessitating its own practice. It advises real estate developers and owners regarding real estate acquisitions, financing, leases and development matters.
Key clients
Key clients for the firm include CloudControlMedia, City of Baltimore Water and Wastewater Systems, Accumark, Meridian Waste Services, Ethos Veterinary Services, NXL Construction Services, J.M. Smucker, Curtiss-Wright, Mar-Bow Value Partners, Cambrian Holding Company, CITGO Petroleum, New England Motor Freight, Far Hydrant, Credit Suisse, VFP Investments, Essex Construction, Fujifilm and MCSG Wind Down.
Research period review: 30th edition (2019/2020)
Throughout the research period the M&A team advised firms in strategic acquisitions. The firm acted on both the buy and sell side for the transactions.
The restructuring and insolvency team represented mostly debtors and creditors in out of court restructurings. It was also a part of some Chapter 11 proceedings, especially in the retail industry.
Regarding lateral moves, the Virginia corporate team added partners Katja Hill, John Selbach and David Shane Smith. All three joined from LeClairRyan and specialize in real estate. In Maryland, real estate partner Deborah Diehl and restructuring and insolvency partner John Carlton retired. The restructuring and insolvency team in Pennsylvania brought partner Scott Hare and of counsel Kenneth Lund from private practices. In Delaware, restructuring and insolvency partner Abrams joined from Willkie Farr & Gallagher. Meanwhile, partners Chris Samis and Katie Good left for Potter Anderson & Corroon.
Deal highlights: 30th edition (2019/2020)
Claire’s Stores Chapter 11 restructuring
HSW Pro-Pipe $55 million acquisition of Accumark
Client feedback: 30th edition (2019/2020)
M&A
“Attentive, attention to detail.”
“Experience, highly skilled.”
Restructuring and insolvency
“The firm has one of the finest bankruptcy practices in the US. Mr. Kevin Hroblak was the principle attorney on the case. His advice was always spot on. I initially thought his insistence that we be uber responsive to an overly expansive document request by the claimants was excessive. Hroblak was correct on this and all other issues. All four courts concluded that these claims were frivolous.”
“The firm is replete with consummate professionals who are not only tacticians but strategists, taking a long view and planning for any contingency. They are strong advocates and excel at implementation.”
“Responsiveness, value, outstanding advice.”
“The firm (Stephen Gerald and David Gaffey) are amazing to work with. Not only are the professional, but they are also responsive. They address issues fully without providing a treatise. They provide advice that is practical for a business. They are also always willing to provide training to our employees on important customer finance issues as well as speak to our employees in a way that they can understand; in other words, without the legalese.”
