Baker & Hostetler is recognized by IFLR1000 for its work in M&A, capital markets and in restructuring and insolvency. The firm, founded in 1916, is based in Cleveland and also has Ohio offices in Cincinnati and Columbus.
The firm has been active in the media space and broadcasting client Scripps was a client over the research period. The firm advised Scripps with the acquisition of 15 television stations in 10 markets from Cordillera Communications for $521 million, with the acquisition of Triton (a digital audio technology and measurement services company) and with the acquisition of eight television stations in seven markets from the Nexstar Media Group. The firm also advised MTD Products on the sale of a 20% stake in MTD Products for $234 million to Stanley Black & Decker.
Jones Day, a significant global firm with a national and international practice, has its headquarters in Cleveland, where the firm was founded in 1893. Within Ohio, Jones Day is one of the top firms in the state. The firm also maintains a Columbus office in Ohio. The firm’s Ohio lawyers often work together with lawyers based in other offices to advise on prominent national and international transactions.
Banking is a key practice area for the firm where it advises borrowers and lenders on high value credit facilities. The firm has advised an education service provider with a $700 million secured asset-based revolving loan facility, FirstEnergy Corp on obtaining a $1.25 billion credit facility and Owens Corning on obtaining an $800 million credit facility.
The firm also has an active capital markets practice. The firm advised FirstEnergy with the placement of $1.616 billion in Series A Convertible Preferred Stock. On the debt capital markets side, the firm advised KeyBank with a $350 million 3.9% notes offer.
The firm is one of the top M&A firms in the state, where it works across a range of industries. Many of the firm’s deals have a private equity component. For example, the firm helped PPC Flexible Packaging, a portfolio company of Morgan Stanley Capital Partners, in its acquisition of HFM Packaging. The Riverside Company was an active client of the firm which it advised on the acquisition of ADA Solutions, EMS Safety Services and SureWerx.
Squire Patton Boggs, founded in 1890, is present in 20 countries and 10 states (plus DC), but its headquarters remain in Cleveland. The firm is ranked by IFLR1000 in Ohio, Georgia, Florida and Arizona.
Within Ohio, the firm also maintains offices in Columbus and Cincinnati. The firm, which is a large international firm in a market that mostly contains local firms, is considered one of the top firms in the market for banking, M&A and capital markets work.
The firm’s banking team advises both borrowers and lenders on credit facilities. The firm’s capital markets team advises on both equity and debt transactions, and its Ohio lawyers often work alongside partners in other offices to advise on international issues.
The firm’s M&A practice advises a range of clients in large international transactions. Recent deals saw the firm advise Ashland Global Holdings on the $1.1 billion sale of its Composites business and the butanediol (BDO) manufacturing facility in Marl, Germany to INEOS Enterprises and advise UK-based GB Group on its $300 million acquisition of Atlanta-based IDology.
Over the research period, the firm strengthened its banking practice with the hire of Adam Nazette from Thompson Hine.
Taft Stettinius & Hollister is based in Cincinnati and within Ohio also has offices in Cleveland, Columbus and Dayton. Outside of Ohio, the firm can be seen in Illinois, Delaware, Indiana, Kentucky and Arizona. Taft is a member of the Bridge Group, a network of 11 regional law firms in the U.S. and Europe, the Interlex Group, an association of 47 firms, across 155 cities in 61 countries and Lexwork International a network of mid-sized independent law firms.
Taft broke into the banking rankings this year in Ohio on the strength of deals that include advising Schulman on $300 million, $200 million, $350 million and €145 million credit facilities. Most deal values were confidential, but other clients include TriHealth, Chiquita Brands International and American Municipal Power.
Although the firm also works on strategic M&A, a significant number of its deals have a private equity component. For example, the firm advised Edgewater Capital Partners on the acquisition of chemical manufacturing companies, River Cities Capital Funds with its investment in Faction and Derby Holdings with the acquisition of various businesses.
Peter Solimine joined the firm’s Cincinnati office as a financing partner over the research period.
Thompson Hine is a top financing firm in Ohio and maintains strong restructuring and insolvency, M&A and real estate practices. The firm was founded in 1911, and has Ohio offices in Cincinnati, Cleveland, Columbus and Dayton. The firm also has offices outside the state in Atlanta, New York and DC.
Banking is a strong practice area for the firm. The firm has a prominent lenders’ practice, which is most visible on its advice to KeyBank National Association as administrative agent on several transactions. This includes a $1.03 billion credit facility to a public borrower and a $75 million credit facility to another borrower. Other key lender clients include JP Morgan Chase Bank, Bank of America and CIBC Bank. The firm also has a strong borrowers’ practice. The firm advised a specialty chemicals company on obtaining a $135 million credit facility.
The research period saw the firm’s M&A team advise a wide breadth of corporate clients including AOG Aviation, Kelly Servics and Myonexus Therapeutics. Many of the firm’s deals have a private equity component, such as its advice to High Road Capital Partners, a New York–based private equity firm, on the sale of The Crown Group to PPG and advice to Centre Lane, another New York-based private equity firm, on its acquisition of InfoBase.
The firm is also a leader in real estate. The real estate team works on a diverse range of matters including leasing, real estate financings, property acquisitions and other real estate development matters. United Technologies Corporation is a key client of the firm, which the firm has advised on several matters including the sale of a development tract at Warner Center in the Los Angeles area and the sale of a Superfund site in Des Moines, Iowa. The firm also advised Forest City Reality Trust, a REIT, on its sale to Brookfield Asset Management and helped Rouse in its planned $1 billion re-development of NewPark Mall in Newark, California.
Thompson Hine is a member of the Transatlantic Restructuring and Insolvency Group, which encompasses business restructuring and bankruptcy practice groups from 13 law firms. The team has advised clients on debt restructuring, insolvency proceedings and sales related to bankruptcy matters. In one matter, the firm advised KeyBank, as administrative agent, lender and letter of credit issuer, and advised Huntington and US Bank as lenders in a retailer’s out-of-court workout. The firm also advised Agent Provocateur on its Chapter 11.
Adam Nazette, a financing partner, left the firm over the research period, though the firm hired real estate lawyer Mary Martin as counsel.
“The attorneys who document our commercial loans are outstanding. My internal clients have cited their diligence and technical skill at getting the documentation produced and negotiated, their creativity and client focus when overcoming obstacles to closing and their high level of knowledge and skill in the substantive areas of the law in which they practice. Eduardo Kim is very easy to work with and exemplifies [these traits]. He is our primary contact for commercial lending matters and does excellent work, both as a practicing attorney and as leader of the team that works on our matters.” - Banking
Vorys Sater was founded in 1909 in Columbus, Ohio. Within Ohio the firm maintains offices in Cleveland, Cincinnati and Akron. Outside of the state, the firm can be found in Pittsburgh, DC and Houston. Within Ohio, the firm has a strong banking practice and strong M&A practice.
The firm’s banking team advised Greif on its $2.475 billion credit facility and $500 million notes offering in connection with the financing of its acquisition of Caraustar Industries, a Georgia-based box manufacturer. The team also advised ATSG (Air Transport Services Group (ATSG)) on the financing of its acquisition of Omni Air International.
The firm’s M&A team advised Bravo Brio Restaurant Group on its sale to Spice Private Equity and advised ATSG on its $845 million acquisition of Omni Air International.
Over the research period, the firm added Marty Gates from Jones Day to its financing practice.