DOJ Declines to Prosecute Private Equity Firm after Post-Acquisition Voluntary Self-Disclosure of Sanctions and Export Control Violations
JD Supra: Mergers
JUNE 24, 2025
By: White & Case LLP
Private Equity Related Topics 
California Legislature Takes Another Swing at Private Equity Participation in Healthcare
JD Supra: Mergers
FEBRUARY 19, 2025
Last fall, private equity and hedge fund investors were given a reprieve from the prospect of increased oversight of healthcare transactions when California Governor Gavin Newsom unexpectedly vetoed Assembly Bill 3129 (AB 3129). By: Husch Blackwell LLP
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A DOJ Private Equity Declination and Its Lessons for Acquirers and Targets
JD Supra: Mergers
JUNE 23, 2025
The DOJ declined to prosecute a private equity firm for its portfolio company’s pre-acquisition sanctions and export violations, marking the first application of the National Security Division’s M&A Policy.
U.S. Private Equity Market Recap - April 2025
JD Supra: Mergers
APRIL 25, 2025
private equity market. Read our latest insights into the U.S. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. The drop in March deal count pushed Q1 deal count to the lowest quarterly level since the onset of the pandemic in Q2 2020.
[Video] Podcast - Navigating the New Landscape of Private Equity in Healthcare
JD Supra: Mergers
MAY 23, 2025
In this episode of "Counsel That Cares," Arjan Peters from Capstone moderates a conversation with his colleague Grace Totman, Holland & Knight healthcare attorney John Saran and Association for Responsible Healthcare Investment CEO Regan Parker about the evolving landscape of private equity investments in healthcare.
Private Equity Acquirer Avoids “Unicat-astrophe” Following Voluntary Disclosures to the DOJ
JD Supra: Mergers
JUNE 24, 2025
The US Department of Justice (DOJ) announced that it has formally declined to prosecute private equity firm White Deer Management LLC (White Deer) and certain of its affiliates in connection with criminal violations of US sanctions and export laws committed by Unicat Catalyst Technologies LLC (Unicat), a company White Deer acquired in 2021.
DOJ Declination of Private Equity Firm Underscores Need for Robust M&A Due Diligence
JD Supra: Mergers
JUNE 30, 2025
Attorney’s Office for the Southern District of Texas, announced that they would not prosecute White Deer Management LLC (“White Deer”), a Texas‑based private equity firm, in connection with sanctions and export control violations committed by Unicat Catalyst Technologies LLC (“Unicat”), a portfolio company it had acquired in 2020.
Delaware Chancery Court Finds Private Equity Majority Owner Not Liable to Minority Investors Where LLC Agreement Waived Fiduciary Duties
JD Supra: Mergers
JUNE 9, 2025
the minority unitholders of CityMD brought claims against Warburg Pincus, the private equity majority owner of CityMD, and other defendants, alleging, among other claims, breach of good faith and fair dealing in connection with the negotiation and consummation of. In Kahn, et al. Warburg Pincus, et al.,
Private Equity Investment in Health Care Providers and Technology – 2025 Midyear Outlook
JD Supra: Mergers
JUNE 19, 2025
As of mid-2025, private equity (PE) investors remain intensely interested in health care services and technology companies despite higher borrowing costs, heightened regulatory scrutiny, and an increasingly complex state review landscape. By: ArentFox Schiff
Private Equity Group and Hedge Fund Bills Continue Through the California Legislature
JD Supra: Mergers
MAY 23, 2025
California legislative activity focused upon private equity group and hedge fund health care transactions continues notwithstanding California Governor Gavin Newsoms veto last fall of California Assembly Bill 3129 (AB-3129).
Illinois and Minnesota AGs Join FTC’s Lawsuit Against Private Equity Firm
JD Supra: Mergers
MAY 9, 2025
Illinois Attorney General (AG) Kwame Raoul and Minnesota AG Keith Ellison have joined the Federal Trade Commission (FTC) in a lawsuit to block the acquisition of Surmodics Inc. by GTCR BC Holdings LLC, two major manufacturers of critical medical device coatings.
Where's My MOIC: Strategic Preparation for Maximum Value in PE Portfolio Exits
JD Supra: Mergers
JUNE 19, 2025
The Strategic Imperative of Early Exit Planning - In the high-stakes world of private equity, the difference between a good and great multiple on invested capital (MOIC) often hinges on meticulous preparation long before a formal exit process begins. By: Ankura
[Podcast] Mintz On Air: Practical Policies — A Private Equity Non-Compete Primer
JD Supra: Mergers
JULY 16, 2025
Member Jen Rubin is joined by Associate Tom Pagliarini to discuss the strategic use of restrictive covenants in private equity transactions. Private equity and the role of restrictive covenants 3. Together, Jen and Tom explore: 1. Understanding restrictive covenants and their common forms 2.
Negotiating Economics: What are the Different Advantages of Co-Investment for GPs and LPs?
JD Supra: Mergers
JULY 16, 2025
billion in 2024, despite a muted dealmaking environment and investor liquidity constraints (Trends Shaping the Private Equity Co-Investment Landscape - Chronograph). Co-investment activity has increased fivefold over the past two decades, hitting a record $33.2 The advantages for both GPs and LPs are clear. By: Ropes & Gray LLP
How Private Equity Is Shaping Modern Music Catalog Deals
JD Supra: Mergers
JUNE 11, 2025
Ann Chen, deputy chair of the firm’s Capital Markets & Corporate department, provides an insider perspective on the crossroads of corporate law and entertainment, particularly in the music catalog space. By: Loeb & Loeb LLP
Physician Practice Private Equity Transactions – A Refresher
JD Supra: Mergers
FEBRUARY 10, 2025
All indications appear to point toward a robust market for health care mergers and acquisitions (M&A) in the coming year. Inflation finally appears to be easing. With that, we may continue to see interest rate cuts from the Federal Reserve.
SuperReturn International 2025: Four Key Takeaways
JD Supra: Mergers
JUNE 10, 2025
Ropes & Gray attended the SuperReturn International conference in Berlin last week, which attracted over 5,500 decision makers from the private markets industry who came together to share their outlook for 2025 and beyond. By: Ropes & Gray LLP
From risk to relief: PE firm avoids prosecution with swift disclosure
JD Supra: Mergers
JULY 2, 2025
In June 2025, the US Department of Justice (DOJ) announced that it declined to prosecute a private equity firm and its affiliates following the firm’s voluntary self-disclosure of criminal violations of US sanctions and export laws committed by a company it acquired. By: McDermott Will & Emery
Eyes on the exit: Selling PE portfolio companies in complex markets
JD Supra: Mergers
MARCH 19, 2025
Sluggish M&A and IPO markets have put the brakes on private equity exit activity across Europe, but as pressure builds to clear the backlog of unsold portfolio companies, firms are taking innovative approaches to selling businesses - Europes private equity firms have a large backlog of unsold portfolio companies sitting on their books, and the (..)
Employment Considerations in Portfolio Company Acquisitions
JD Supra: Mergers
NOVEMBER 27, 2024
A private equity (PE) firm’s primary objective is to generate returns on its investments. When a PE firm acquires a portfolio company (PortCo), one way the PE firm increases its returns is by making employment-related changes—sometimes significant ones—at the PortCo level.
Off-Cycle Private Equity Recruiting: How to Prepare for the Slow Grind to the Finish Line
Mergers and Inquisitions
DECEMBER 18, 2024
While on-cycle PE recruiting keeps moving up, to the point where you must attend a target elementary school, middle school, and high school to be competitive, off-cycle private equity recruiting remains a viable option for everyone else. Off-Cycle Private Equity Recruiting, Part 1: Who Should Care? Europe and the U.K.
Europe’s Sharpened Focus on Defense Creates M&A and Investment Opportunities
JD Supra: Mergers
JUNE 26, 2025
This creates opportunities for private equity and venture capital investors, who are increasingly active in the defense. They are increasingly turning to investment in small and medium-sized businesses — including startups — to drive rapid technological advances, rather than relying exclusively on large, established defense firms.
Top Five Private Equity Investment Trends in US Energy: How Leading Private Equity Investors View Deal Opportunities Across the U.S. Energy Sector in 2025 and Beyond
JD Supra: Mergers
JUNE 11, 2025
This report draws insights from Troutman Pepper Locke attorneys and leading industry specialists to highlight the private equity investment trends currently reshaping the sector. Top five private equity investment trends in U.S. energy: 1.
Unlocking Organizational Capacity for Change: A 6Cs Framework for Private Equity Transformation and Value Creation
JD Supra: Mergers
JULY 10, 2025
For private equity and other similar investors, change is critical to value creation strategy. In all companies, positive change creates enterprise value. For these investors, change is also measured by the speed to benefit realization. By accelerating change, investors improve their Internal Rate of Return (IRR).
Momentum Shift: Canada’s M&A Landscape in 2025
JD Supra: Mergers
JANUARY 10, 2025
These include the likelihood of a more merger friendly regulatory environment in the United States for cross-border transactions, lower inflation, stabilized interest rates, a continued surplus of institutional capital and the necessity of private equity groups to effect exits. By: Bennett Jones LLP
Important Tax Update: Luxembourg Court Decision on Interest Free Loans and Debt to Equity Ratio – A Global Impact
JD Supra: Mergers
JUNE 6, 2025
International transactions, such as private equity deals, mergers and acquisitions, and financing arrangements, frequently leverage Luxembourg entities as holding companies or joint ventures.
Delaware Court Of Chancery Finds That Controller Sale Of Company Did Not Harm Minority Interests
JD Supra: Mergers
JANUARY 22, 2025
On January 7, 2025, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery issued a post-trial decision in favor of defendant, a private equity fund (the Fund), finding that the Funds sale of a portfolio company (the Company) was protected by the business judgment rule and did not harm the interests of minority stockholders.
Antitrust Scrutiny of Investors Under a New Administration
JD Supra: Mergers
JUNE 12, 2025
Under the old guard of the prior administration, private equity was repeatedly under fire for alleged “flip and strip” tactics that were supposedly “at odds with competition.” Now, with new enforcers in place, a different landscape appears to be taking shape.
The Ripple Effect: How Increased Capital Gains Taxes Influence Private Equity and Venture Capital Investments in M&A
Sun Acquisitions
APRIL 25, 2025
Increased capital gains taxes can have a far-reaching impact on the business landscape, with ripple effects extending to various sectors, including private equity and venture capital (PE/VC) investments in mergers and acquisitions (M&A).
Beware of Wolves in Sheep’s Clothing: Accepting PE Investments May Create Unforeseen Problems for Private Company Majority Owners
JD Supra: Mergers
JULY 24, 2025
As private companies grow, they need to secure capital to support their efforts to provide more (and/or better) products and services to their clients. The need for emerging companies to obtain growth capital often leads the majority owner to consider accepting an investment in the business by a private equity (PE) firm.
DOJ Declines to Prosecute Private Equity Firm After Self-Disclosure Related to Acquired Company
JD Supra: Mergers
JULY 30, 2025
Last year, the Department of Justice (DOJ) National Security Division (NSD) updated its Enforcement Policy for Business Organizations to include guidance related to voluntary self-disclosures in connection with acquisitions.
Oregon Enacts Strictest Legislative Barrier on Private Equity Transactions in Healthcare
JD Supra: Mergers
JUNE 17, 2025
SB 951 significantly limits the ability of management services organizations (“MSOs”) and professional medical entities to engage in the traditional structures of private equity transactions. On June 9, 2025, Oregon enacted Senate Bill (“SB 951”). By: Benesch
Take Privates: Trends in Deal Structure and Terms
Deal Lawyers
AUGUST 4, 2025
The latest Weil Private Equity Sponsor Sync focuses on take-private transactions. One article includes year-to-date comparisons of key deal terms from sponsor-backed take-private deals announced in 2024 to those announced in 2025 (through May 2025).
Inside a $175M Deal: Tim McLoughlin & Joshua Hayes Live From RDU Startup Week
JD Supra: Mergers
MAY 22, 2025
Hayes, partner at Hutchison PLLC, walk through the full journey of Element451from first investment to strategic acquisition by private equity firm PSG. In a special live episode of the Founder Shares podcast, recorded at Raleigh-Durham Startup Week, Tim McLoughlin, managing partner of CoFounders Capital, and Joshua M.
Where private equity is accelerating, and where it's slowing down
Private Equity Info
JULY 15, 2025
Private equity firms are sharpening their sector strategies amid a complex dealmaking environment shaped by macro uncertainties, evolving tech landscapes, and a heightened focus on operational efficiency. As market conditions shift, so too does the allocation of capital, toward industries with more scalable growth.
DOJ’s M&A Safe Harbor Highlights Importance of Post-Close Due Diligence and Integration
JD Supra: Mergers
JULY 1, 2025
Department of Justice’s (DOJ’s or Department’s) National Security Division (NSD or Division) announced they had declined to prosecute the private equity firm White Deer Management LLC for violations of U.S. On June 16, the U.S. sanctions and export control laws committed by a company it acquired, Unicat Catalyst Technologies LLC.
The Truth About Unsolicited Private Equity Offers (and What Founders Should Do Next)
Software Equity Group
JULY 9, 2025
If you are leading a software company generating between $5 million and $50 million in revenue, there is a good chance you have received unsolicited outreach from private equity firms or strategic acquirers. Private equity firms have over $2.5 ” Private equity firms understand this dynamic well.
Acquisition and Leveraged Finance in the Channel Islands
JD Supra: Mergers
DECEMBER 5, 2024
Jersey and Guernsey (collectively, the "Channel Islands") remain popular for both private equity buyout structures of UK and international corporate groups across various industries and asset classes, and for leverage structures to maximise existing investments and facilitate general corporate borrowing.
RWI for Small Deals: A Strategic Shift in Product Design
JD Supra: Mergers
JULY 29, 2025
But as dealmakers increasingly look to scale through smaller acquisitions—especially in private equity—traditional RWI has struggled to keep pace. The US representations and warranties insurance (RWI) market has long been a fixture in M&A transactions, particularly in the mid- and large-cap space.
Four Takeaways from the Orthopedics Today Conference 2025
JD Supra: Mergers
FEBRUARY 4, 2025
Despite Skepticism of Private Equity, Interest Remains Unsurprisingly, some physicians expressed skepticism about private equity investment in orthopedic practices and ancillary services. During a spirited discussion with various stakeholders in the orthopedics industry, they noted the following key takeaways: 1.
DOJ Issues First-Ever Declination Under Corporate Disclosure M&A Policy
JD Supra: Mergers
JUNE 25, 2025
On June 16, 2025, the Department of Justice (DOJ) National Security Division (NSD) announced that it declined to charge private equity firm White Deer Management LLC (“White Deer”) and its affiliates after the company voluntarily disclosed potential export-related violations involving the former executive of a company it acquired, Texas-based Unicat (..)
Can You Supercharge Your Business Growth? The Roll-Up Strategy REVEALED
How2Exit
NOVEMBER 25, 2024
This episode is a goldmine for anyone interested in understanding the intricate strategies that private equity employs to rapidly grow companies through acquisitions. Key Takeaways: Roll-ups serve as a potent strategy for rapid company growth, often offering a de-risked investment decision that private equity firms leverage.
Private Equity’s Plan B: Navigating the Exit Drought with Continuation Funds
JD Supra: Mergers
JULY 14, 2025
In a typical bull market, private equity sponsors exit out of portfolio assets through IPOs, strategic sales and sponsor-to-sponsor buyouts. But the 2025 deal market has proven to be neither typical nor robust. By: Farrell Fritz, P.C.
Consortium led by RedBird Capital agrees to buy Telegraph for £500m
The Guardian: Mergers & Acquisitions
MAY 23, 2025
Deal with US private equity firm will end two years of uncertainty over future of titles A consortium led by the US private equity company RedBird Capital has agreed to buy the Telegraph for 500m, bringing an end to two years of uncertainty over the future ownership of the titles.
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