SJB finance recruit helps to sign off $225m private equity restructuring
SJ Berwin finance partner Ian Borman has completed his first major deal since joining the UK top 20 firm in September from Allen & Overy (A&O), advising private equity firm APEN on its restructuring and $225m (£135m) fund raising. The deal saw ex-A&O partner Borman advising alongside private equity partner Jonathan Pittal for APEN (previously AIG Private Equity) on the deal, which included the restructuring of its private equity fund portfolio and the raising of new finance from Fortress Credit Crop and a Swiss bank.
December 08, 2009 at 02:23 AM
2 minute read
Ex-A&O partner completes first major deal at SJB for private equity firm
SJ Berwin finance partner Ian Borman has completed his first major deal since joining the UK top 20 firm in September from Allen & Overy (A&O), advising private equity firm APEN on its restructuring and $225m (£135m) fund raising.
The deal saw ex-A&O partner Borman (pictured) advising alongside private equity partner Jonathan Pittal for APEN (previously AIG Private Equity) on the deal, which included the restructuring of its private equity fund portfolio and the raising of new finance from Fortress Credit Crop and a Swiss bank.
The deal, which was agreed last month, was SJ Berwin's first for APEN and also handed roles to firms including Goodwin Procter, Fried Frank Harris Shriver & Jacobson and Conyers Dill & Pearman.
SJ Berwin was flanked by 'best friend' Goodwin Procter, which provided US legal advice on the deal through a team led by Boston co-chair of corporate Martin Carmichael as well as New York-based partners Janet Andolina (tax) and Jennifer Bralower (finance).
Schellenberg Wittmer took the lead Swiss role, led by banking and finance head Martin Lanz, while offshore firm Conyers provided Bermuda legal advice to APEN.
The capital from Fortress and the Swiss bank will help APEN finance future capital calls and repay an existing credit facility.
New York firm Fried Frank advised Fortress Credit Corporation, with Switzerland's Baer & Karrer advising the underwriting bank.
Pittal commented: "The deal was especially interesting in that it found a novel way to solve liquidity issues, which many private equity investors are facing at the moment, having regard to a lack of distributions from fund investments. We were pleased to win this pitch."
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