Four Firms Land Roles in Aramark's M&A Double Feature
Morgan Lewis, Simpson Thacher, Latham & Watkins and Dorsey & Whitney were each tapped for a pair of acquisitions by Philadelphia-based Aramark worth more than $2 billion.
October 17, 2017 at 02:35 PM
3 minute read
Philadelphia-based Aramark turned to lawyers at Simpson Thacher & Bartlett and Morgan, Lewis & Bockius for a pair of newly announced acquisitions worth more than $2 billion, while Latham & Watkins and Dorsey & Whitney advised the target companies, Avendra and AmeriPride Services Inc., respectively.
Aramark, which provides food, facilities management and uniform services, announced both deals Monday, and expects both to close by the end of 2017.
Avendra is headquartered in Rockville, Maryland, and provides hospitality procurement services, managing nearly $5 billion in annual spending. The company was owned by Marriott, Hyatt, Fairmont Hotels, ClubCorp and IHG, which founded the service in 2001. Aramark purchased the business for $1.35 billion.
The Simpson Thacher team on the deal includes mergers and acquisitions lawyers Mario Ponce, Jakob Rendtorff and M. Shin; Jennifer Hobbs, Eli Isak, Bassam Chain and Nick Brown on banking and credit; Joe Kaufman on capital markets; tax lawyers Gary Mandel and Drew Purcell; Jamin Koslowe, Alisa Tschorke and Jake Phillips on executive compensation and employee benefits; antitrust lawyers Peter Guryan, Ellen Frye and Daniel Owsley; IP lawyers Lori Lesser and Kate Stein; and environmental lawyers Adeeb Fadil and Noreen Lavan.
The Latham & Watkins team working with Avendra was led by corporate partners Scott Herlihy and Paul Sheridan, as well as Joseph Simei, Rohith Parasuraman, Mariclaire Petty and Monica Hernandez. Also on the deal were Jeffrey Chenard, Jonathan Homer and Melissa Frankel Fabian on finance matters; antitrust lawyers Michael Egge, Luca Crocco, Farrell Malone, Peter Todaro and Brian O'Connell; tax lawyers Andrea Ramezan-Jackson and Gaston Soler; Lori Goodman for benefits and compensation; IP lawyers Jeremiah Wolsk and Ryan Clore; environmental lawyer James Barrett, real estate lawyer Dara Denberg and regulatory lawyer Eric Volkman.
AmeriPride is a uniform and linen rental company based in Minnetonka, Minnesota, with business in the United States and Canada and annual revenue of about $600 million. Together with Aramark's existing uniform business, the company will serve nearly 500,000 customers.
At Morgan Lewis, Richard Aldridge and Michael Baxter led the deal team, along with Richard Umbrecht, Jacquelynne Hamilton, Crystal Fang, Adam Cole and Ali Good. Other lawyers who assisted were Eric Stern, Amy Kelly, Patrick Rehfield, Christopher Amandes, Shevon Scarafile, Paul Gordon, Karen Butcher, Ross Friedman, Harry Robins, Eric Marcuson and Randy McGeorge, Sariyah Buchanan, Saghi Fattahian, Erica Jaffe and Julia Sturniolo, as well as senior client employee benefits adviser Summer Blackburn.
The lead Dorsey & Whitney lawyers advising AmeriPride were corporate partners Jay Swanson and John Marsalek and tax partner Kim Severson.
“We have been executing successfully against our clear and focused strategy and have substantially elevated our operating performance and financial flexibility,” said Aramark CEO Eric Foss, in a statement. “These strategic and financially compelling transactions represent the next step in our commitment to drive sustainable shareholder value.”
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