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Notable
Since its founding in 1919, Ballard Spahr has grown to 15 offices nationwide. The firm launched in Philadelphia and this remains its largest office, closely followed in scale by Baltimore and Washington DC. Ballard Spahr is experienced in many practice areas across its offices, including M&A, banking, capital markets, project development and real estate. The banking team represents borrowers in credit facilities, loan agreements, project financing and acquisition financing. Most recently the firm tackled a wide variety of debt restructuring transactions and issues pertaining to defaulting loans on behalf of their client AFCU.
With 13 offices spread through Alaska, Colorado, Wyoming, Nevada, Idaho, Montana, Utah, New Mexico and Washington DC, Holland & Hart is a highly regarded business firm.
The firm was founded in 1947 in Denver, which remains the firm’s largest office. It is the largest Colorado-based firm as well as the largest firm in Wyoming.
Focusses / specialisms
The firm does exceptional work in financial and corporate practice areas, as well as in project development.
The firm has experience in capital markets, representing issuers in bond issuances, equity funding and recapitalizations.
In the M&A practice, the firm represents strategic sellers and acquirers in company acquisitions, asset acquisitions and strategic partnerships.
The firm’s project development and finance practice largely work on project financing. It represents developers in power purchase agreements, project acquisitions, acquisition financing and project funding. It is well known within the energy industry.
within the corporate practice firm-wide, 50% of partners are women.
Key clients
Key clients for the firm include Roaring Fork Wind, Flying Cow Wind, MGM Resorts International, Duke Energy Renewables, Summit Turquoise, Webroot, DCP Midstream, Caliber Midstream Partners, Jalex Holdings and Bow River Capital.
Research period review: 30th edition (2019/2020)
During the research period the Colorado offices engaged in a couple of capital markets transactions, specifically bond issuances, Series D funding and recapitalizations.
The M&A team acted mostly on the sell side in acquisitions.
The projects teams represented developers mostly in power purchase agreements and project sales. Renewable energy was a big industry for the team, especially wind and solar energy.
In the M&A practice the Colorado office hired partners Chuck Cotter and Finity Jernigan from Polsinelli. The Utah office saw partner Kristy Kimball join from Kimball Law. The Idaho office saw the departure of partner Tom Chandler.
Deal highlights: 30th edition (2019/2020)
Carbonite $619 million acquisition of Webroot
DCP Midstream $600 million 5.125% bond issue
Duke Energy Renewables acquisition of 60MW Palmer solar project
Since its founding in Minneapolis in 1912, Dorsey & Whitney has expanded to 19 locations across the United States, Canada, the UK and China. In the United States the firm has 13 offices spread throughout the country, including in Alaska, Colorado, Minnesota, Montana, New York and Utah.
Focusses / specialisms
Though the firm is international, it has a stronghold on the Minnesota market with their top tier Minneapolis office. The office does market leading work in banking, capital markets and M&A.
The Minneapolis office’s M&A practice represents strategic acquirers and sellers in middle market transactions, where it maintains a stronghold.
The office also has a dedicated real estate practice, showing the firm’s expertise in the real estate industry. The team represents REITs, property owners, investors and developers in all aspects related to commercial, industrial and residential real estate. This includes acquisitions, development and financing.
The New York M&A team is also known for its middle market transactions, as well as cross border transactions between the US and China. The office has a US-China practice group focusing on these transactions. The M&A team represents private equity and strategic acquirers and sellers in acquisition related matters. It also advises private equity firms on investments.
The Salt Lake City office is one of the largest corporate practices in Utah. The M&A team represents private equity and strategic clients on the buy and sell side in acquisitions and mergers. It also conducts banking and capital markets work, advising private equity firms on equity investments and issuers on public offerings.
Key clients
Key clients for the firm include UnitedHealth Group, Medtronic, US Bancorp, Land O’Lakes, United Properties Development, US Bank National Association, Fairview Health Services, Virtus Real Estate Capital, Dope Media, High Street Capital Partners, Airspan Networks, Verano Holdings, Tower Arch Capital, NaviMed Capital, Nu Skin Enterprises and Zions Bank.
Research period review: 30th edition (2019/2020)
Within the research period, the Minneapolis M&A practice represented both strategic buyers and sellers in acquisitions. Most of its acquisitions were in the healthcare, agribusiness and consumer goods and services industry. The real estate practice represented REITs, property developers, owners and investors in mostly real estate development and financing projects. The New York M&A team represented a mix of strategic and private equity clients on both the buy and sell side of acquisitions. It worked on numerous deals in the cannabis, healthcare and technology industries. The Salt Lake City office represented companies in strategic acquisitions and sales, with many of the deals occurring in the healthcare industry. It also advised numerous private equity firms in acquisitions and equity investments.
In terms of lateral movements, the real estate practice in Minneapolis added partners Michele Thurnblom, who moved from an in-house position at Honeywell International and Bradley Williams, who joined from Best & Flanagan. The New York corporate and M&A practice brought over partner Edward Davis from Brown Rudnick.
Deal highlights: 30th edition (2019/2020)
Best Buy $125 million acquisition of Critical Signal Technologies
EDP $375 million acquisition of Eli Lilly and Company rights
Pentagan South mixed-use urban redevelopment
New Age Beverages $85 million acquisition of Morinda Holdings
Gibson Dunn & Crutcher was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington DC. Its greatest presence is in California, where it has five offices throughout the state.
Focusses / specialisms
The firm maintains a strong presence in California, where it is has top tier M&A practices in Southern California. Additionally, its Denver, DC, Dallas and Houston offices are standouts in their respective states in corporate practice areas.
The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters.
In financial services regulatory the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters.
The firm also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances.
On the equity capital markets side the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist.
The majority of the investment funds team is based in New York, where it assists private equity and asset management firms in fund formations. There is frequent crossover between the investment funds and private equity practices due to the clientele. The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion. The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington DC, Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.
The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects.
In restructuring and insolvency, the firm advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 proceedings.
Key clients
Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.
Research period review: 30th edition (2019/2020)
Throughout the research period the banking team acted for borrowers in a credit facility and loan agreements. A large portion of the agreements went towards refinancing or acquisition financing.
In capital markets the team represented a combination of issuers and underwriters mostly on debt related transactions such as investment grade and high yield bond issuances. It did also work on a couple of IPOs as well as swap and futures regulatory matters.
The investment funds team represented private equity, banks and financial institutions in high value fund formations. Many of these funds were related to the real estate industry.
In M&A, the practice acted on both the buy and sell side for high value strategic acquisitions. It had a high number of transactions in the oil and gas and technology industries.
The private equity practice advised private equity firms in multimillion and billion-dollar acquisitions both on the buy and sell side.
The project development team continued to act for developers and sponsors in the infrastructure industry.
The restructuring and insolvency team represented mostly creditors in Chapter 11 proceedings. It did also represent a fair number of debtors and worked on out of court financial restructurings.
Regarding lateral moves, the capital markets team in New York recruited partner Boris Dolgonos from Jones Day. In M&A, partner Charles “Chuck” Walker joined the Houston team from Orrick Herrington & Sutcliffe. The Denver M&A team brought over partner Gerald Farano from Jones Day. Partner William Sorabella joined the New York M&A and private equity practices from Kirkland & Ellis. The California offices recruited M&A and private equity partners Chris Harding and Abtin Jalali from Kirkland & Ellis and partner David Lee from Latham & Watkins. Partner Ed Batts also joined Palo Alto’s M&A practice from Orrick Herrington & Sutcliffe. Around the same time, partner Russell Hansen retired. Former co-lead of Debevoise & Plimpton’s banking industry practice Matthew Biben joined the New York office to serve as the co-chair of the financial institutions practice. His practice focuses on regulatory financial services. Partner Edward Nelson left the investment funds practice to join Latham & Watkins. In restructuring and insolvency, Los Angeles partner Samuel Newman left to join Sidley Austin. In the New York office, restructuring and insolvency partners Scott Greenberg, Steven Domanowski and Michael Cohen were brought over from Jones Day, with Greenberg serving as the co-chair of the restructuring practice.
Deal highlights: 30th edition (2019/2020)
Fox Corporation $6.8 billion 3.666%, 4.03%, 4.709%, 5.476% and 5.576% bond issue
Green Equity Investors VIII
Marriott International $4 billion revolving credit refinancing
Newark Liberty International Airport consolidated rent-a-car center and public parking facility
Parsons Corporation NYSE IPO
PG&E Chapter 11 restructuring
Platinum Equity $2.74 billion acquisition of Cision
VMWare $2.7 billion acquisition of PivotalSoftware
Targa Resources Partners dual tranche 6.5% and 6.875% high yield bond issue
Client feedback: 30th edition (2019/2020)
Investment funds
“Skilled in all areas of investment management.”
“They know the market and are very thoughtful and responsive.”
Brownstein Hyatt Farber Schreck was founded in 1968. Since then, it has expanded to 13 offices in in seven states.
Focusses / specialisms
The firm is top tier in Nevada in M&A and also highly regard in Colorado for its work in the financial and corporate practice areas. Key partners include Nicole Ament who is the chair of the real estate practice.
Though the firm does outstanding work in Nevada and Colorado, it also maintains teams in Washington DC, California, Wyoming, New Jersey and New Mexico.
In Colorado, the firm does great work in banking and finance, real estate and M&A. The banking and finance team represents borrowers in project financing, capital markets investments and securitizations.
The real estate team represents property developers and investors in commercial and residential real estate development and acquisition transactions.
The M&A team represents private equity and strategic buyers and sellers in acquisition and joint venture related acquisitions.
Key clients
Key clients for the firm include Blue & Silver, Etkin Johnson Real Estate Partners, Brue Capital, the Colorado Rockies, Bow River Capital Partners, Nexus Technologies, Caesars Entertainment, AmTrans Expedite and Encore Consumer Capital.
Research period review: 30th edition (2019/2020)
Over the research period the banking team advised borrowers, many of whom were private equity clients in confidential financing matters.
The M&A team continued to represent mostly strategic buyers and sellers in acquisition related matters. It also worked with private equity firms on M&A agreements.
The real estate team continued to represent developers and investors regarding commercial and residential real estate development projects in Colorado, largely in Denver.
In terms of lateral movements, real estate partner Ana Tenzer left for Hogan Lovells, real estate partner Noelle Riccardella left for Williams Weese Pepple & Ferguson and real estate of counsel left for Otten Johnson. In the corporate practice area, partner Darryl Landahl was brought over after serving in-house. Partner Christopher Reiss left for Polsinelli. In banking and finance, of counsel Jason Larkin was brought over from Bryan Cave Leighton Paisner and partner Mark Oveson left to become a software engineer.
Deal highlights: 30th edition (2019/2020)
Colorado Rockies $300 million mixed use entertainment district project
Nexus Technologies acquisition of Notonsite
Husch Blackwell is a national law firm with over 800 lawyers and 25 offices across the United States. The firm advises on a variety of corporate matters in the banking and M&A practice areas and has strong regional real estate practices. They also have a strength in the project development practice, particularly in the energy industry. Most recently, Husch Blackwell, as lead counsel, advised on several complex matters in the real estate practice area.
Gibson Dunn & Crutcher was founded in 1872 in Los Angeles. The firm has international offices and within the US also has offices in Texas, DC, New York and Colorado.
The firm has a strong M&A and financing practice within Colorado.
Partners Beau Stark and Steven Talley lead the firm’s M&A practice in Colorado. Energy has been a particularly active sector for the M&A team. For example, the firm advised Encino Acquisition Partners in the $2 billion acquisition of Chesapeake Energy’s Utica shale oil and gas assets in Ohio, advised Williams Companies on its joint venture with investment firm KKR for the acquisition of Discovery DJ Services and advised First Reserve on its $1.225 billion sale of the Deep Gulf Energy companies. In the telecommunications sector, the firm advised Zayo Group with regards to its $127 million acquisition of Spread Networks.
Holland & Hart is based in Denver, but has offices in several states, including Wyoming, Nevada and Utah. The firm is ranked by IFLR1000 in Colorado, Wyoming and Nevada.
Holland & Hart has an active projects practice within Colorado that advises on both financings and sales of energy and infrastructure projects. The firm often relies on structures like PPAs and Virtual PPAs to finance projects. It also makes use of more traditional credit facilities, although the details of these deals were confidential.
The firm’s projects team is also active on acquisitions of energy projects in the state. In one asset sale, the firm advised Intermountain Wind with the sale of entities that own a 280 MW wind power plant, a 500 MW wind power plant and a 15 MW wind power plant, all in Wyoming.
Dorsey & Whitney is headquartered in Minneapolis, Minnesota but has offices across the world. M&A and capital markets are clear strengths for the firm and the firm’s robust national capital markets practice allows several of its offices to stand out in states where there are few firms doing capital markets work.
Within Colorado, the firm is strong in M&A work.
The firm’s M&A team works in a range of sectors, including mining, healthcare and sports. Within the mining space, the firm advised Rye Patch Gold on the sale of its outstanding shares in Alio Gold and advised Fiore Gol (formerly GRP Minerals) on the acquisition of all of the outstanding common shares of Fiore Exploration.
The firm added Betty Arkell to its M&A practice from Holland & Hart over the research period.
Holland & Hart is based in Denver, but has offices in several states, including Wyoming, Nevada and Utah. The firm is ranked by IFLR1000 in Colorado, Wyoming and Nevada.
Holland & Hart has an active projects practice within Colorado that advises on both financings and sales of energy and infrastructure projects. The firm often relies on structures like PPAs and Virtual PPAs to finance projects. It also makes use of more traditional credit facilities, although the details of these deals were confidential.
The firm’s projects team is also active on acquisitions of energy projects in the state. In one asset sale, the firm advised Intermountain Wind with the sale of entities that own a 280 MW wind power plant, a 500 MW wind power plant and a 15 MW wind power plant, all in Wyoming.
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
Gibson Dunn & Crutcher was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington DC. Its greatest presence is in California, where it has five offices throughout the state.
Focusses / specialisms
The firm maintains a strong presence in California, where it is has top tier M&A practices in Southern California. Additionally, its Denver, DC, Dallas and Houston offices are standouts in their respective states in corporate practice areas.
The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters.
In financial services regulatory the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters.
The firm also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances.
On the equity capital markets side the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist.
The majority of the investment funds team is based in New York, where it assists private equity and asset management firms in fund formations. There is frequent crossover between the investment funds and private equity practices due to the clientele. The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion. The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington DC, Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.
The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects.
In restructuring and insolvency, the firm advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 proceedings.
Key clients
Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.
Research period review: 30th edition (2019/2020)
Throughout the research period the banking team acted for borrowers in a credit facility and loan agreements. A large portion of the agreements went towards refinancing or acquisition financing.
In capital markets the team represented a combination of issuers and underwriters mostly on debt related transactions such as investment grade and high yield bond issuances. It did also work on a couple of IPOs as well as swap and futures regulatory matters.
The investment funds team represented private equity, banks and financial institutions in high value fund formations. Many of these funds were related to the real estate industry.
In M&A, the practice acted on both the buy and sell side for high value strategic acquisitions. It had a high number of transactions in the oil and gas and technology industries.
The private equity practice advised private equity firms in multimillion and billion-dollar acquisitions both on the buy and sell side.
The project development team continued to act for developers and sponsors in the infrastructure industry.
The restructuring and insolvency team represented mostly creditors in Chapter 11 proceedings. It did also represent a fair number of debtors and worked on out of court financial restructurings.
Regarding lateral moves, the capital markets team in New York recruited partner Boris Dolgonos from Jones Day. In M&A, partner Charles “Chuck” Walker joined the Houston team from Orrick Herrington & Sutcliffe. The Denver M&A team brought over partner Gerald Farano from Jones Day. Partner William Sorabella joined the New York M&A and private equity practices from Kirkland & Ellis. The California offices recruited M&A and private equity partners Chris Harding and Abtin Jalali from Kirkland & Ellis and partner David Lee from Latham & Watkins. Partner Ed Batts also joined Palo Alto’s M&A practice from Orrick Herrington & Sutcliffe. Around the same time, partner Russell Hansen retired. Former co-lead of Debevoise & Plimpton’s banking industry practice Matthew Biben joined the New York office to serve as the co-chair of the financial institutions practice. His practice focuses on regulatory financial services. Partner Edward Nelson left the investment funds practice to join Latham & Watkins. In restructuring and insolvency, Los Angeles partner Samuel Newman left to join Sidley Austin. In the New York office, restructuring and insolvency partners Scott Greenberg, Steven Domanowski and Michael Cohen were brought over from Jones Day, with Greenberg serving as the co-chair of the restructuring practice.
Deal highlights: 30th edition (2019/2020)
Fox Corporation $6.8 billion 3.666%, 4.03%, 4.709%, 5.476% and 5.576% bond issue
Green Equity Investors VIII
Marriott International $4 billion revolving credit refinancing
Newark Liberty International Airport consolidated rent-a-car center and public parking facility
Parsons Corporation NYSE IPO
PG&E Chapter 11 restructuring
Platinum Equity $2.74 billion acquisition of Cision
VMWare $2.7 billion acquisition of PivotalSoftware
Targa Resources Partners dual tranche 6.5% and 6.875% high yield bond issue
Client feedback: 30th edition (2019/2020)
Investment funds
“Skilled in all areas of investment management.”
“They know the market and are very thoughtful and responsive.”
With 13 offices spread through Alaska, Colorado, Wyoming, Nevada, Idaho, Montana, Utah, New Mexico and Washington DC, Holland & Hart is a highly regarded business firm.
The firm was founded in 1947 in Denver, which remains the firm’s largest office. It is the largest Colorado-based firm as well as the largest firm in Wyoming.
Focusses / specialisms
The firm does exceptional work in financial and corporate practice areas, as well as in project development.
The firm has experience in capital markets, representing issuers in bond issuances, equity funding and recapitalizations.
In the M&A practice, the firm represents strategic sellers and acquirers in company acquisitions, asset acquisitions and strategic partnerships.
The firm’s project development and finance practice largely work on project financing. It represents developers in power purchase agreements, project acquisitions, acquisition financing and project funding. It is well known within the energy industry.
within the corporate practice firm-wide, 50% of partners are women.
Key clients
Key clients for the firm include Roaring Fork Wind, Flying Cow Wind, MGM Resorts International, Duke Energy Renewables, Summit Turquoise, Webroot, DCP Midstream, Caliber Midstream Partners, Jalex Holdings and Bow River Capital.
Research period review: 30th edition (2019/2020)
During the research period the Colorado offices engaged in a couple of capital markets transactions, specifically bond issuances, Series D funding and recapitalizations.
The M&A team acted mostly on the sell side in acquisitions.
The projects teams represented developers mostly in power purchase agreements and project sales. Renewable energy was a big industry for the team, especially wind and solar energy.
In the M&A practice the Colorado office hired partners Chuck Cotter and Finity Jernigan from Polsinelli. The Utah office saw partner Kristy Kimball join from Kimball Law. The Idaho office saw the departure of partner Tom Chandler.
Deal highlights: 30th edition (2019/2020)
Carbonite $619 million acquisition of Webroot
DCP Midstream $600 million 5.125% bond issue
Duke Energy Renewables acquisition of 60MW Palmer solar project
Brownstein Hyatt Farber Schreck was founded in 1968. Since then, it has expanded to 13 offices in in seven states.
Focusses / specialisms
The firm is top tier in Nevada in M&A and also highly regard in Colorado for its work in the financial and corporate practice areas. Key partners include Nicole Ament who is the chair of the real estate practice.
Though the firm does outstanding work in Nevada and Colorado, it also maintains teams in Washington DC, California, Wyoming, New Jersey and New Mexico.
In Colorado, the firm does great work in banking and finance, real estate and M&A. The banking and finance team represents borrowers in project financing, capital markets investments and securitizations.
The real estate team represents property developers and investors in commercial and residential real estate development and acquisition transactions.
The M&A team represents private equity and strategic buyers and sellers in acquisition and joint venture related acquisitions.
Key clients
Key clients for the firm include Blue & Silver, Etkin Johnson Real Estate Partners, Brue Capital, the Colorado Rockies, Bow River Capital Partners, Nexus Technologies, Caesars Entertainment, AmTrans Expedite and Encore Consumer Capital.
Research period review: 30th edition (2019/2020)
Over the research period the banking team advised borrowers, many of whom were private equity clients in confidential financing matters.
The M&A team continued to represent mostly strategic buyers and sellers in acquisition related matters. It also worked with private equity firms on M&A agreements.
The real estate team continued to represent developers and investors regarding commercial and residential real estate development projects in Colorado, largely in Denver.
In terms of lateral movements, real estate partner Ana Tenzer left for Hogan Lovells, real estate partner Noelle Riccardella left for Williams Weese Pepple & Ferguson and real estate of counsel left for Otten Johnson. In the corporate practice area, partner Darryl Landahl was brought over after serving in-house. Partner Christopher Reiss left for Polsinelli. In banking and finance, of counsel Jason Larkin was brought over from Bryan Cave Leighton Paisner and partner Mark Oveson left to become a software engineer.
Deal highlights: 30th edition (2019/2020)
Colorado Rockies $300 million mixed use entertainment district project
Nexus Technologies acquisition of Notonsite
With 13 offices spread through Alaska, Colorado, Wyoming, Nevada, Idaho, Montana, Utah, New Mexico and Washington DC, Holland & Hart is a highly regarded business firm.
The firm was founded in 1947 in Denver, which remains the firm’s largest office. It is the largest Colorado-based firm as well as the largest firm in Wyoming.
Focusses / specialisms
The firm does exceptional work in financial and corporate practice areas, as well as in project development.
The firm has experience in capital markets, representing issuers in bond issuances, equity funding and recapitalizations.
In the M&A practice, the firm represents strategic sellers and acquirers in company acquisitions, asset acquisitions and strategic partnerships.
The firm’s project development and finance practice largely work on project financing. It represents developers in power purchase agreements, project acquisitions, acquisition financing and project funding. It is well known within the energy industry.
within the corporate practice firm-wide, 50% of partners are women.
Key clients
Key clients for the firm include Roaring Fork Wind, Flying Cow Wind, MGM Resorts International, Duke Energy Renewables, Summit Turquoise, Webroot, DCP Midstream, Caliber Midstream Partners, Jalex Holdings and Bow River Capital.
Research period review: 30th edition (2019/2020)
During the research period the Colorado offices engaged in a couple of capital markets transactions, specifically bond issuances, Series D funding and recapitalizations.
The M&A team acted mostly on the sell side in acquisitions.
The projects teams represented developers mostly in power purchase agreements and project sales. Renewable energy was a big industry for the team, especially wind and solar energy.
In the M&A practice the Colorado office hired partners Chuck Cotter and Finity Jernigan from Polsinelli. The Utah office saw partner Kristy Kimball join from Kimball Law. The Idaho office saw the departure of partner Tom Chandler.
Deal highlights: 30th edition (2019/2020)
Carbonite $619 million acquisition of Webroot
DCP Midstream $600 million 5.125% bond issue
Duke Energy Renewables acquisition of 60MW Palmer solar project
Since its founding in Minneapolis in 1912, Dorsey & Whitney has expanded to 19 locations across the United States, Canada, the UK and China. In the United States the firm has 13 offices spread throughout the country, including in Alaska, Colorado, Minnesota, Montana, New York and Utah.
Focusses / specialisms
Though the firm is international, it has a stronghold on the Minnesota market with their top tier Minneapolis office. The office does market leading work in banking, capital markets and M&A.
The Minneapolis office’s M&A practice represents strategic acquirers and sellers in middle market transactions, where it maintains a stronghold.
The office also has a dedicated real estate practice, showing the firm’s expertise in the real estate industry. The team represents REITs, property owners, investors and developers in all aspects related to commercial, industrial and residential real estate. This includes acquisitions, development and financing.
The New York M&A team is also known for its middle market transactions, as well as cross border transactions between the US and China. The office has a US-China practice group focusing on these transactions. The M&A team represents private equity and strategic acquirers and sellers in acquisition related matters. It also advises private equity firms on investments.
The Salt Lake City office is one of the largest corporate practices in Utah. The M&A team represents private equity and strategic clients on the buy and sell side in acquisitions and mergers. It also conducts banking and capital markets work, advising private equity firms on equity investments and issuers on public offerings.
Key clients
Key clients for the firm include UnitedHealth Group, Medtronic, US Bancorp, Land O’Lakes, United Properties Development, US Bank National Association, Fairview Health Services, Virtus Real Estate Capital, Dope Media, High Street Capital Partners, Airspan Networks, Verano Holdings, Tower Arch Capital, NaviMed Capital, Nu Skin Enterprises and Zions Bank.
Research period review: 30th edition (2019/2020)
Within the research period, the Minneapolis M&A practice represented both strategic buyers and sellers in acquisitions. Most of its acquisitions were in the healthcare, agribusiness and consumer goods and services industry. The real estate practice represented REITs, property developers, owners and investors in mostly real estate development and financing projects. The New York M&A team represented a mix of strategic and private equity clients on both the buy and sell side of acquisitions. It worked on numerous deals in the cannabis, healthcare and technology industries. The Salt Lake City office represented companies in strategic acquisitions and sales, with many of the deals occurring in the healthcare industry. It also advised numerous private equity firms in acquisitions and equity investments.
In terms of lateral movements, the real estate practice in Minneapolis added partners Michele Thurnblom, who moved from an in-house position at Honeywell International and Bradley Williams, who joined from Best & Flanagan. The New York corporate and M&A practice brought over partner Edward Davis from Brown Rudnick.
Deal highlights: 30th edition (2019/2020)
Best Buy $125 million acquisition of Critical Signal Technologies
EDP $375 million acquisition of Eli Lilly and Company rights
Pentagan South mixed-use urban redevelopment
New Age Beverages $85 million acquisition of Morinda Holdings
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
Gibson Dunn & Crutcher was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington DC. Its greatest presence is in California, where it has five offices throughout the state.
Focusses / specialisms
The firm maintains a strong presence in California, where it is has top tier M&A practices in Southern California. Additionally, its Denver, DC, Dallas and Houston offices are standouts in their respective states in corporate practice areas.
The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters.
In financial services regulatory the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters.
The firm also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances.
On the equity capital markets side the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist.
The majority of the investment funds team is based in New York, where it assists private equity and asset management firms in fund formations. There is frequent crossover between the investment funds and private equity practices due to the clientele. The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion. The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington DC, Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.
The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects.
In restructuring and insolvency, the firm advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 proceedings.
Key clients
Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.
Research period review: 30th edition (2019/2020)
Throughout the research period the banking team acted for borrowers in a credit facility and loan agreements. A large portion of the agreements went towards refinancing or acquisition financing.
In capital markets the team represented a combination of issuers and underwriters mostly on debt related transactions such as investment grade and high yield bond issuances. It did also work on a couple of IPOs as well as swap and futures regulatory matters.
The investment funds team represented private equity, banks and financial institutions in high value fund formations. Many of these funds were related to the real estate industry.
In M&A, the practice acted on both the buy and sell side for high value strategic acquisitions. It had a high number of transactions in the oil and gas and technology industries.
The private equity practice advised private equity firms in multimillion and billion-dollar acquisitions both on the buy and sell side.
The project development team continued to act for developers and sponsors in the infrastructure industry.
The restructuring and insolvency team represented mostly creditors in Chapter 11 proceedings. It did also represent a fair number of debtors and worked on out of court financial restructurings.
Regarding lateral moves, the capital markets team in New York recruited partner Boris Dolgonos from Jones Day. In M&A, partner Charles “Chuck” Walker joined the Houston team from Orrick Herrington & Sutcliffe. The Denver M&A team brought over partner Gerald Farano from Jones Day. Partner William Sorabella joined the New York M&A and private equity practices from Kirkland & Ellis. The California offices recruited M&A and private equity partners Chris Harding and Abtin Jalali from Kirkland & Ellis and partner David Lee from Latham & Watkins. Partner Ed Batts also joined Palo Alto’s M&A practice from Orrick Herrington & Sutcliffe. Around the same time, partner Russell Hansen retired. Former co-lead of Debevoise & Plimpton’s banking industry practice Matthew Biben joined the New York office to serve as the co-chair of the financial institutions practice. His practice focuses on regulatory financial services. Partner Edward Nelson left the investment funds practice to join Latham & Watkins. In restructuring and insolvency, Los Angeles partner Samuel Newman left to join Sidley Austin. In the New York office, restructuring and insolvency partners Scott Greenberg, Steven Domanowski and Michael Cohen were brought over from Jones Day, with Greenberg serving as the co-chair of the restructuring practice.
Deal highlights: 30th edition (2019/2020)
Fox Corporation $6.8 billion 3.666%, 4.03%, 4.709%, 5.476% and 5.576% bond issue
Green Equity Investors VIII
Marriott International $4 billion revolving credit refinancing
Newark Liberty International Airport consolidated rent-a-car center and public parking facility
Parsons Corporation NYSE IPO
PG&E Chapter 11 restructuring
Platinum Equity $2.74 billion acquisition of Cision
VMWare $2.7 billion acquisition of PivotalSoftware
Targa Resources Partners dual tranche 6.5% and 6.875% high yield bond issue
Client feedback: 30th edition (2019/2020)
Investment funds
“Skilled in all areas of investment management.”
“They know the market and are very thoughtful and responsive.”
Perkins Coie is a full-service law firm which advises a variety of companies, from start-ups to multinationals across the US and Asia. Within the US, the firm maintains offices in Seattle, Anchorage, Bellevue, Chicago, Dallas, Denver, Los Angeles, Madison, New York, Palo Alto, Phoenix, Portland, San Diego, San Francisco and Washington DC.
The firm’s Denver office is strong in M&A.
In one key M&A deal, the firm advised InfoSonics Corporation on its merger with Cooltech Holding.
Partner Elizabeth Kemery Sipes, who focuses on advising private investment funds, joined the firm’s Denver office in March 2018.
Dorsey & Whitney is headquartered in Minneapolis, Minnesota but has offices across the world. M&A and capital markets are clear strengths for the firm and the firm’s robust national capital markets practice allows several of its offices to stand out in states where there are few firms doing capital markets work.
Within Colorado, the firm is strong in M&A work.
The firm’s M&A team works in a range of sectors, including mining, healthcare and sports. Within the mining space, the firm advised Rye Patch Gold on the sale of its outstanding shares in Alio Gold and advised Fiore Gol (formerly GRP Minerals) on the acquisition of all of the outstanding common shares of Fiore Exploration.
The firm added Betty Arkell to its M&A practice from Holland & Hart over the research period.
Davis Graham & Stubbs’ headquarters and only office remain in Denver, where it was founded in 1915. The firm is the exclusive member firm for Lex Mundi in Colorado. Davis Graham is a top M&A firm and an active banking firm.
Within M&A, the firm advised Environmental Stoneworks on its $187 million acquisition by NCI Building Systems and advised Pershing on its combination with Silver Corporation.
Founded in Philadelphia in 1885, Ballard Spahr is a firm with truly national capabilities. In addition to cities like New York, Los Angeles and Atlanta, the firm’s 15 offices include places such as Las Vegas, Salt Lake City, Phoenix and Sioux Falls, South Dakota, giving Ballard Spahr’s practice groups reach into every region of the US.
The firm broke into the Colorado rankings this year in M&A.
On the financing side, the firm advised Black Bear Energy in a follow-on Series A financing led by Boulder Ventures.
The firm advises a mix of acquirer and sellers in a range of industries. For example, the firm advised Brundage-Bone Concrete Pumpin on the acquisition of O'Brien Concrete Pumping, advised Color Spot and Hines Growers on the $108 million sale of their assets and advised Everest Infrastructure Partners on its acquisition of Varsity Wireless Towers.
Husch Blackwell stars in the middle and upper mid-markets spaces. Headquartered in Kansas City, Missouri, the firm is a regional leader in the Midwest. However, the firm’s capabilities extend far beyond the middle of the country; Husch Blackwell also has offices in Austin, Chattanooga, Dallas, Washington DC, Houston, Phoenix, Sacramento and Denver.
Within Denver, the firm is an active firm in the real estate space.
The firm’s real estate team has been active on real estate acquisitions, the negotiation of leases, real estate financings and P3s. The real estate team has also been active on the development of sports facilities. For example, the firm advised Washington State Major League Baseball Public Facilities District in the negotiation of a new 25-year lease of Safeco Field with the Seattle Mariners. One example of the firm’s real estate acquisition work is its advice to National Storage Affiliates on the $1.3 billion acquisition of a 112-property portfolio.
Davis Graham & Stubbs’ headquarters and only office remain in Denver, where it was founded in 1915. The firm is the exclusive member firm for Lex Mundi in Colorado. Davis Graham is a top M&A firm and an active banking firm.
Within M&A, the firm advised Environmental Stoneworks on its $187 million acquisition by NCI Building Systems and advised Pershing on its combination with Silver Corporation.
Husch Blackwell stars in the middle and upper mid-markets spaces. Headquartered in Kansas City, Missouri, the firm is a regional leader in the Midwest. However, the firm’s capabilities extend far beyond the middle of the country; Husch Blackwell also has offices in Austin, Chattanooga, Dallas, Washington DC, Houston, Phoenix, Sacramento and Denver.
Within Denver, the firm is an active firm in the real estate space.
The firm’s real estate team has been active on real estate acquisitions, the negotiation of leases, real estate financings and P3s. The real estate team has also been active on the development of sports facilities. For example, the firm advised Washington State Major League Baseball Public Facilities District in the negotiation of a new 25-year lease of Safeco Field with the Seattle Mariners. One example of the firm’s real estate acquisition work is its advice to National Storage Affiliates on the $1.3 billion acquisition of a 112-property portfolio.
Gibson Dunn & Crutcher was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington DC. Its greatest presence is in California, where it has five offices throughout the state.
Focusses / specialisms
The firm maintains a strong presence in California, where it is has top tier M&A practices in Southern California. Additionally, its Denver, DC, Dallas and Houston offices are standouts in their respective states in corporate practice areas.
The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters.
In financial services regulatory the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters.
The firm also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances.
On the equity capital markets side the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist.
The majority of the investment funds team is based in New York, where it assists private equity and asset management firms in fund formations. There is frequent crossover between the investment funds and private equity practices due to the clientele. The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion. The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington DC, Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.
The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects.
In restructuring and insolvency, the firm advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 proceedings.
Key clients
Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.
Research period review: 30th edition (2019/2020)
Throughout the research period the banking team acted for borrowers in a credit facility and loan agreements. A large portion of the agreements went towards refinancing or acquisition financing.
In capital markets the team represented a combination of issuers and underwriters mostly on debt related transactions such as investment grade and high yield bond issuances. It did also work on a couple of IPOs as well as swap and futures regulatory matters.
The investment funds team represented private equity, banks and financial institutions in high value fund formations. Many of these funds were related to the real estate industry.
In M&A, the practice acted on both the buy and sell side for high value strategic acquisitions. It had a high number of transactions in the oil and gas and technology industries.
The private equity practice advised private equity firms in multimillion and billion-dollar acquisitions both on the buy and sell side.
The project development team continued to act for developers and sponsors in the infrastructure industry.
The restructuring and insolvency team represented mostly creditors in Chapter 11 proceedings. It did also represent a fair number of debtors and worked on out of court financial restructurings.
Regarding lateral moves, the capital markets team in New York recruited partner Boris Dolgonos from Jones Day. In M&A, partner Charles “Chuck” Walker joined the Houston team from Orrick Herrington & Sutcliffe. The Denver M&A team brought over partner Gerald Farano from Jones Day. Partner William Sorabella joined the New York M&A and private equity practices from Kirkland & Ellis. The California offices recruited M&A and private equity partners Chris Harding and Abtin Jalali from Kirkland & Ellis and partner David Lee from Latham & Watkins. Partner Ed Batts also joined Palo Alto’s M&A practice from Orrick Herrington & Sutcliffe. Around the same time, partner Russell Hansen retired. Former co-lead of Debevoise & Plimpton’s banking industry practice Matthew Biben joined the New York office to serve as the co-chair of the financial institutions practice. His practice focuses on regulatory financial services. Partner Edward Nelson left the investment funds practice to join Latham & Watkins. In restructuring and insolvency, Los Angeles partner Samuel Newman left to join Sidley Austin. In the New York office, restructuring and insolvency partners Scott Greenberg, Steven Domanowski and Michael Cohen were brought over from Jones Day, with Greenberg serving as the co-chair of the restructuring practice.
Deal highlights: 30th edition (2019/2020)
Fox Corporation $6.8 billion 3.666%, 4.03%, 4.709%, 5.476% and 5.576% bond issue
Green Equity Investors VIII
Marriott International $4 billion revolving credit refinancing
Newark Liberty International Airport consolidated rent-a-car center and public parking facility
Parsons Corporation NYSE IPO
PG&E Chapter 11 restructuring
Platinum Equity $2.74 billion acquisition of Cision
VMWare $2.7 billion acquisition of PivotalSoftware
Targa Resources Partners dual tranche 6.5% and 6.875% high yield bond issue
Client feedback: 30th edition (2019/2020)
Investment funds
“Skilled in all areas of investment management.”
“They know the market and are very thoughtful and responsive.”
Gibson Dunn was founded in 1872 in Los Angeles. Since then, in addition to expanding internationally, the firm has expanded into Texas, DC, New York and Colorado.
The firm hired Kevin Masuda who focuses on transactions and M&A within the entertainment and technology sectors from Munger & Tolles in Los Angeles. Also in California, Kahlil Yearwood has joined the firm’s San Francisco office in the real estate finance department.
California
In addition to its Los Angeles headquarters, the firm can also be found in San Francisco, Orange County and Palo Alto.
Capital markets partners in California advise both issuers and underwriters and work on equity and debt transactions. In one example of the firm’s debt issuer side work, the firm advised Xilinx, a San Jose, California-based semiconductors company, on its $750 million 2.95% notes issue. The firm also advised TRI Pointe Group on a $300 million 5.25% notes issue. The firm also regularly advises Wells Fargo Securities, a California-based financial institution, as underwriter on a variety of notes offerings, issued by Wells Fargo & Company. CalAtlantic Group was another client of the firm, which the firm advised on both equity and debt matters. On the debt side, the firm advised the client on a $225 million offering of senior notes and a $350 million 5% senior notes offering. On the equity side, the firm advised the client on a $394 million stock offer.
Though the firm works in a range of sectors, a lot of its M&A work is in healthcare and technology. In technology, the firm advised Riverbed Technology on the acquisition of Xirrus, a WiFi products company based in Thousand Oaks, California and advised HTC Corporation on the $1.1 billion sale of HTC’s Pixel phone business to Google. In healthcare the firm advised Group Health Cooperative, based in Seattle, in its $1.8 billion sale to Kaiser Permanente, advised St. Jude Medical in its $30.7 billion sale to Abbott Laboratorie and advised Otic Pharma in the acquisition of a 60% stake in Tokai Pharmaceuticals. Also within M&A, the firm advised CalAtlantic Group, an Arlington County-based homebuilder, on its $9.3 billion merger with Lennar Corp, a Miami-based homebuilder. The firm also helped BWAY Corporation, an Atlanta based company with the $2.3 billion acquisition of Mauser Group, an industrial packaging company.
Colorado
Partners Beau Stark and Steven Talley lead Gibson Dunn’s M&A practice in Denver. The practice focuses on high value national and international transactions. The energy, telecoms and natural resources sectors have been busy sectors for the office. The firm advised The Williams Companies, an Oklahoma-based natural gas company, in several high value transactions this research period including an $11.4 billion financial repositioning and a $2.1 billion sale of Williams Olefins. Also in the energy sector, the firm helped Encino Energy form a $1.025 billion joint venture with Canada Pension Plan Investment Board (CPPIB). In telecoms, the firm advised Zayo Group with a $1.42 billion acquisition of Electric Lightwave.
Robyn Zolman, also an M&A partner, has led the firm’s highlight capital market transactions. Recent capital markets transactional highlights focus on the energy sector. Though the firm as a whole advises issuers and underwriters, all of the highlight transactions in Denver focused on advising issuers on a mix of debt and equity transactions. On the equity side, the firm advised The Williams Companies with its $2.17 billion stock offer and Atmos Energy with its $404 million share offer. On the debt side, the firm again advised Williams Partners with a $1.45 billion issue of 3.75% senior notes due 2027, advised Northwest Pipeline with a $250 million 4% note issue and advised Atmos Energy with a $750 million 3% notes issue.
New York
A West Coast firm, Gibson Dunn & Crutcher still punches with plenty of weight from the other side of the country, so much so that it is truly a leading national US firm. Gibson Dunn operates a highly active and accomplished New York office, where its main strengths are its M&A and capital markets practices; however, Gibson Dunn’s banking and restructuring capabilities in New York are also impressive. New York is also one of the centres for Gibson Dunn’s global finance practice.
The capital markets team represented issuers and underwriters on a number of significant debt and equity offerings. Among the sectors that the New York-based capital markets team was most active in were shipping and food and beverage. With regards to shipping, Gibson Dunn represented the underwriters in connection with United Parcel Service’s (UPS) $400 million notes offering in May 2017. In the food and beverage industry, the team guided issuer Chobani Global Holdings on a $530 million notes offering in April 2017.
Gibson Dunn’s M&A practice handled a number of highlight deals out of its M&A office, with many of those deals coming from the pharmaceutical, energy and technology sectors. Among those deals was work for pharmaceutical giant Merck on its $8.5 billion joint venture with AstraZeneca. From the energy sector, Gibson Dunn represented South Jersey Energy on its $1.7 billion acquisition of Elizabethtown Gas and Elkton Gas from Pivotal Utility Holdings.
Texas
Gibson Dunn & Crutcher’s Texas practice represents clients in a variety of M&A and capital markets transactions.
The firm has worked on some of Texas’s biggest capital markets transactions. For example, the team advised Barclays Capital as underwriter on the $783.7 million share issue by Targa Resources, a Texas-based mid-stream energy company.
The team is also active in the M&A space, representing DR Holmes, a large Texas-based home construction company on the acquisition of 75% of the outstanding shares of Forestar Group, a real estate development firm.
In addition to the firm’s well established Dallas office, Gibson Dunn & Crutcher announced the opening of its first office in Houston in February 2017. In March 2017, the firm announced the hire of partners Michael Darden from Latham & Watkins and Justin Stolte from Apache Corporation. Then in April 2017, the firm announced the hire of six energy partners from Baker Botts. This included the hire of Tull Florey, former chair of Baker Botts Houston’s corporate practice, and the hire of Hillary Holmes, Shalla Prichard, Doug Rayburn, Gerry Spedale and James Chenoweth.
Washington DC
The firm operates an active M&A practice out of its Washington DC office, with the firm’s co-chair of global M&A, Stephen Glover, at the helm.
The DC practice’s involvement in some of the largest mergers in the greater Washington DC area can be seen in the firm’s representation of Marriot International in its $1.35 billion sale of a 55% stake in Avendra, a hospitality procurement services provider and in its acquisition by Aramark, a contract food services provider. The team also advised Marriot in its acquisition of Starwood Hotels.
Perkins Coie is a full-service law firm which advises a variety of companies, from start-ups to multinationals across the US and Asia. Within the US, the firm maintains offices in Seattle, Anchorage, Bellevue, Chicago, Dallas, Denver, Los Angeles, Madison, New York, Palo Alto, Phoenix, Portland, San Diego, San Francisco and Washington DC.
The firm’s Denver office is strong in M&A.
In one key M&A deal, the firm advised InfoSonics Corporation on its merger with Cooltech Holding.
With 13 offices spread through Alaska, Colorado, Wyoming, Nevada, Idaho, Montana, Utah, New Mexico and Washington DC, Holland & Hart is a highly regarded business firm.
The firm was founded in 1947 in Denver, which remains the firm’s largest office. It is the largest Colorado-based firm as well as the largest firm in Wyoming.
Focusses / specialisms
The firm does exceptional work in financial and corporate practice areas, as well as in project development.
The firm has experience in capital markets, representing issuers in bond issuances, equity funding and recapitalizations.
In the M&A practice, the firm represents strategic sellers and acquirers in company acquisitions, asset acquisitions and strategic partnerships.
The firm’s project development and finance practice largely work on project financing. It represents developers in power purchase agreements, project acquisitions, acquisition financing and project funding. It is well known within the energy industry.
within the corporate practice firm-wide, 50% of partners are women.
Key clients
Key clients for the firm include Roaring Fork Wind, Flying Cow Wind, MGM Resorts International, Duke Energy Renewables, Summit Turquoise, Webroot, DCP Midstream, Caliber Midstream Partners, Jalex Holdings and Bow River Capital.
Research period review: 30th edition (2019/2020)
During the research period the Colorado offices engaged in a couple of capital markets transactions, specifically bond issuances, Series D funding and recapitalizations.
The M&A team acted mostly on the sell side in acquisitions.
The projects teams represented developers mostly in power purchase agreements and project sales. Renewable energy was a big industry for the team, especially wind and solar energy.
In the M&A practice the Colorado office hired partners Chuck Cotter and Finity Jernigan from Polsinelli. The Utah office saw partner Kristy Kimball join from Kimball Law. The Idaho office saw the departure of partner Tom Chandler.
Deal highlights: 30th edition (2019/2020)
Carbonite $619 million acquisition of Webroot
DCP Midstream $600 million 5.125% bond issue
Duke Energy Renewables acquisition of 60MW Palmer solar project
Brownstein Hyatt Farber Schreck was founded in 1968. Since then, it has expanded to 13 offices in in seven states.
Focusses / specialisms
The firm is top tier in Nevada in M&A and also highly regard in Colorado for its work in the financial and corporate practice areas. Key partners include Nicole Ament who is the chair of the real estate practice.
Though the firm does outstanding work in Nevada and Colorado, it also maintains teams in Washington DC, California, Wyoming, New Jersey and New Mexico.
In Colorado, the firm does great work in banking and finance, real estate and M&A. The banking and finance team represents borrowers in project financing, capital markets investments and securitizations.
The real estate team represents property developers and investors in commercial and residential real estate development and acquisition transactions.
The M&A team represents private equity and strategic buyers and sellers in acquisition and joint venture related acquisitions.
Key clients
Key clients for the firm include Blue & Silver, Etkin Johnson Real Estate Partners, Brue Capital, the Colorado Rockies, Bow River Capital Partners, Nexus Technologies, Caesars Entertainment, AmTrans Expedite and Encore Consumer Capital.
Research period review: 30th edition (2019/2020)
Over the research period the banking team advised borrowers, many of whom were private equity clients in confidential financing matters.
The M&A team continued to represent mostly strategic buyers and sellers in acquisition related matters. It also worked with private equity firms on M&A agreements.
The real estate team continued to represent developers and investors regarding commercial and residential real estate development projects in Colorado, largely in Denver.
In terms of lateral movements, real estate partner Ana Tenzer left for Hogan Lovells, real estate partner Noelle Riccardella left for Williams Weese Pepple & Ferguson and real estate of counsel left for Otten Johnson. In the corporate practice area, partner Darryl Landahl was brought over after serving in-house. Partner Christopher Reiss left for Polsinelli. In banking and finance, of counsel Jason Larkin was brought over from Bryan Cave Leighton Paisner and partner Mark Oveson left to become a software engineer.
Deal highlights: 30th edition (2019/2020)
Colorado Rockies $300 million mixed use entertainment district project
Nexus Technologies acquisition of Notonsite
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
Gibson Dunn & Crutcher was founded in 1872 in Los Angeles. The firm has international offices and within the US also has offices in Texas, DC, New York and Colorado.
The firm has a strong M&A and financing practice within Colorado.
Partners Beau Stark and Steven Talley lead the firm’s M&A practice in Colorado. Energy has been a particularly active sector for the M&A team. For example, the firm advised Encino Acquisition Partners in the $2 billion acquisition of Chesapeake Energy’s Utica shale oil and gas assets in Ohio, advised Williams Companies on its joint venture with investment firm KKR for the acquisition of Discovery DJ Services and advised First Reserve on its $1.225 billion sale of the Deep Gulf Energy companies. In the telecommunications sector, the firm advised Zayo Group with regards to its $127 million acquisition of Spread Networks.
A multinational law firm with global headquarters in London and Washington DC, Hogan Lovells has 15 US offices. In addition to international business hubs such as New York, Houston and San Francisco, Hogan Lovells has offices in smaller metropolitan centers, including Baltimore, Colorado Springs and Minneapolis.
In M&A, the firm advised Alterra Mountain Company with the acquisition of Solitude Mountain Resort in Utah.
Over the research period the firm lost Denver lawyer Chalyse Robinson to WilmerHale.
A multinational law firm with global headquarters in London and Washington DC, Hogan Lovells has 15 US offices. In addition to international business hubs such as New York, Houston and San Francisco, Hogan Lovells has offices in smaller metropolitan centers, including Baltimore, Colorado Springs and Minneapolis.
In M&A, the firm advised Alterra Mountain Company with the acquisition of Solitude Mountain Resort in Utah.
Over the research period the firm lost Denver lawyer Chalyse Robinson to WilmerHale.
Founded in Philadelphia in 1885, Ballard Spahr is a firm with truly national capabilities. In addition to cities like New York, Los Angeles and Atlanta, the firm’s 15 offices include places such as Las Vegas, Salt Lake City, Phoenix and Sioux Falls, South Dakota, giving Ballard Spahr’s practice groups reach into every region of the US.
The firm broke into the Colorado rankings this year in M&A.
On the financing side, the firm advised Black Bear Energy in a follow-on Series A financing led by Boulder Ventures.
The firm advises a mix of acquirer and sellers in a range of industries. For example, the firm advised Brundage-Bone Concrete Pumpin on the acquisition of O'Brien Concrete Pumping, advised Color Spot and Hines Growers on the $108 million sale of their assets and advised Everest Infrastructure Partners on its acquisition of Varsity Wireless Towers.
Brownstein Hyatt Farber Schreck was founded in 1968. Since then, it has expanded to 13 offices in in seven states.
Focusses / specialisms
The firm is top tier in Nevada in M&A and also highly regard in Colorado for its work in the financial and corporate practice areas. Key partners include Nicole Ament who is the chair of the real estate practice.
Though the firm does outstanding work in Nevada and Colorado, it also maintains teams in Washington DC, California, Wyoming, New Jersey and New Mexico.
In Colorado, the firm does great work in banking and finance, real estate and M&A. The banking and finance team represents borrowers in project financing, capital markets investments and securitizations.
The real estate team represents property developers and investors in commercial and residential real estate development and acquisition transactions.
The M&A team represents private equity and strategic buyers and sellers in acquisition and joint venture related acquisitions.
Key clients
Key clients for the firm include Blue & Silver, Etkin Johnson Real Estate Partners, Brue Capital, the Colorado Rockies, Bow River Capital Partners, Nexus Technologies, Caesars Entertainment, AmTrans Expedite and Encore Consumer Capital.
Research period review: 30th edition (2019/2020)
Over the research period the banking team advised borrowers, many of whom were private equity clients in confidential financing matters.
The M&A team continued to represent mostly strategic buyers and sellers in acquisition related matters. It also worked with private equity firms on M&A agreements.
The real estate team continued to represent developers and investors regarding commercial and residential real estate development projects in Colorado, largely in Denver.
In terms of lateral movements, real estate partner Ana Tenzer left for Hogan Lovells, real estate partner Noelle Riccardella left for Williams Weese Pepple & Ferguson and real estate of counsel left for Otten Johnson. In the corporate practice area, partner Darryl Landahl was brought over after serving in-house. Partner Christopher Reiss left for Polsinelli. In banking and finance, of counsel Jason Larkin was brought over from Bryan Cave Leighton Paisner and partner Mark Oveson left to become a software engineer.
Deal highlights: 30th edition (2019/2020)
Colorado Rockies $300 million mixed use entertainment district project
Nexus Technologies acquisition of Notonsite
Since its founding in Minneapolis in 1912, Dorsey & Whitney has expanded to 19 locations across the United States, Canada, the UK and China. In the United States the firm has 13 offices spread throughout the country, including in Alaska, Colorado, Minnesota, Montana, New York and Utah.
Focusses / specialisms
Though the firm is international, it has a stronghold on the Minnesota market with their top tier Minneapolis office. The office does market leading work in banking, capital markets and M&A.
The Minneapolis office’s M&A practice represents strategic acquirers and sellers in middle market transactions, where it maintains a stronghold.
The office also has a dedicated real estate practice, showing the firm’s expertise in the real estate industry. The team represents REITs, property owners, investors and developers in all aspects related to commercial, industrial and residential real estate. This includes acquisitions, development and financing.
The New York M&A team is also known for its middle market transactions, as well as cross border transactions between the US and China. The office has a US-China practice group focusing on these transactions. The M&A team represents private equity and strategic acquirers and sellers in acquisition related matters. It also advises private equity firms on investments.
The Salt Lake City office is one of the largest corporate practices in Utah. The M&A team represents private equity and strategic clients on the buy and sell side in acquisitions and mergers. It also conducts banking and capital markets work, advising private equity firms on equity investments and issuers on public offerings.
Key clients
Key clients for the firm include UnitedHealth Group, Medtronic, US Bancorp, Land O’Lakes, United Properties Development, US Bank National Association, Fairview Health Services, Virtus Real Estate Capital, Dope Media, High Street Capital Partners, Airspan Networks, Verano Holdings, Tower Arch Capital, NaviMed Capital, Nu Skin Enterprises and Zions Bank.
Research period review: 30th edition (2019/2020)
Within the research period, the Minneapolis M&A practice represented both strategic buyers and sellers in acquisitions. Most of its acquisitions were in the healthcare, agribusiness and consumer goods and services industry. The real estate practice represented REITs, property developers, owners and investors in mostly real estate development and financing projects. The New York M&A team represented a mix of strategic and private equity clients on both the buy and sell side of acquisitions. It worked on numerous deals in the cannabis, healthcare and technology industries. The Salt Lake City office represented companies in strategic acquisitions and sales, with many of the deals occurring in the healthcare industry. It also advised numerous private equity firms in acquisitions and equity investments.
In terms of lateral movements, the real estate practice in Minneapolis added partners Michele Thurnblom, who moved from an in-house position at Honeywell International and Bradley Williams, who joined from Best & Flanagan. The New York corporate and M&A practice brought over partner Edward Davis from Brown Rudnick.
Deal highlights: 30th edition (2019/2020)
Best Buy $125 million acquisition of Critical Signal Technologies
EDP $375 million acquisition of Eli Lilly and Company rights
Pentagan South mixed-use urban redevelopment
New Age Beverages $85 million acquisition of Morinda Holdings
Since its founding in Minneapolis in 1912, Dorsey & Whitney has expanded to 19 locations across the United States, Canada, the UK and China. In the United States the firm has 13 offices spread throughout the country, including in Alaska, Colorado, Minnesota, Montana, New York and Utah.
Focusses / specialisms
Though the firm is international, it has a stronghold on the Minnesota market with their top tier Minneapolis office. The office does market leading work in banking, capital markets and M&A.
The Minneapolis office’s M&A practice represents strategic acquirers and sellers in middle market transactions, where it maintains a stronghold.
The office also has a dedicated real estate practice, showing the firm’s expertise in the real estate industry. The team represents REITs, property owners, investors and developers in all aspects related to commercial, industrial and residential real estate. This includes acquisitions, development and financing.
The New York M&A team is also known for its middle market transactions, as well as cross border transactions between the US and China. The office has a US-China practice group focusing on these transactions. The M&A team represents private equity and strategic acquirers and sellers in acquisition related matters. It also advises private equity firms on investments.
The Salt Lake City office is one of the largest corporate practices in Utah. The M&A team represents private equity and strategic clients on the buy and sell side in acquisitions and mergers. It also conducts banking and capital markets work, advising private equity firms on equity investments and issuers on public offerings.
Key clients
Key clients for the firm include UnitedHealth Group, Medtronic, US Bancorp, Land O’Lakes, United Properties Development, US Bank National Association, Fairview Health Services, Virtus Real Estate Capital, Dope Media, High Street Capital Partners, Airspan Networks, Verano Holdings, Tower Arch Capital, NaviMed Capital, Nu Skin Enterprises and Zions Bank.
Research period review: 30th edition (2019/2020)
Within the research period, the Minneapolis M&A practice represented both strategic buyers and sellers in acquisitions. Most of its acquisitions were in the healthcare, agribusiness and consumer goods and services industry. The real estate practice represented REITs, property developers, owners and investors in mostly real estate development and financing projects. The New York M&A team represented a mix of strategic and private equity clients on both the buy and sell side of acquisitions. It worked on numerous deals in the cannabis, healthcare and technology industries. The Salt Lake City office represented companies in strategic acquisitions and sales, with many of the deals occurring in the healthcare industry. It also advised numerous private equity firms in acquisitions and equity investments.
In terms of lateral movements, the real estate practice in Minneapolis added partners Michele Thurnblom, who moved from an in-house position at Honeywell International and Bradley Williams, who joined from Best & Flanagan. The New York corporate and M&A practice brought over partner Edward Davis from Brown Rudnick.
Deal highlights: 30th edition (2019/2020)
Best Buy $125 million acquisition of Critical Signal Technologies
EDP $375 million acquisition of Eli Lilly and Company rights
Pentagan South mixed-use urban redevelopment
New Age Beverages $85 million acquisition of Morinda Holdings
Since its founding in Minneapolis in 1912, Dorsey & Whitney has expanded to 19 locations across the United States, Canada, the UK and China. In the United States the firm has 13 offices spread throughout the country, including in Alaska, Colorado, Minnesota, Montana, New York and Utah.
Focusses / specialisms
Though the firm is international, it has a stronghold on the Minnesota market with their top tier Minneapolis office. The office does market leading work in banking, capital markets and M&A.
The Minneapolis office’s M&A practice represents strategic acquirers and sellers in middle market transactions, where it maintains a stronghold.
The office also has a dedicated real estate practice, showing the firm’s expertise in the real estate industry. The team represents REITs, property owners, investors and developers in all aspects related to commercial, industrial and residential real estate. This includes acquisitions, development and financing.
The New York M&A team is also known for its middle market transactions, as well as cross border transactions between the US and China. The office has a US-China practice group focusing on these transactions. The M&A team represents private equity and strategic acquirers and sellers in acquisition related matters. It also advises private equity firms on investments.
The Salt Lake City office is one of the largest corporate practices in Utah. The M&A team represents private equity and strategic clients on the buy and sell side in acquisitions and mergers. It also conducts banking and capital markets work, advising private equity firms on equity investments and issuers on public offerings.
Key clients
Key clients for the firm include UnitedHealth Group, Medtronic, US Bancorp, Land O’Lakes, United Properties Development, US Bank National Association, Fairview Health Services, Virtus Real Estate Capital, Dope Media, High Street Capital Partners, Airspan Networks, Verano Holdings, Tower Arch Capital, NaviMed Capital, Nu Skin Enterprises and Zions Bank.
Research period review: 30th edition (2019/2020)
Within the research period, the Minneapolis M&A practice represented both strategic buyers and sellers in acquisitions. Most of its acquisitions were in the healthcare, agribusiness and consumer goods and services industry. The real estate practice represented REITs, property developers, owners and investors in mostly real estate development and financing projects. The New York M&A team represented a mix of strategic and private equity clients on both the buy and sell side of acquisitions. It worked on numerous deals in the cannabis, healthcare and technology industries. The Salt Lake City office represented companies in strategic acquisitions and sales, with many of the deals occurring in the healthcare industry. It also advised numerous private equity firms in acquisitions and equity investments.
In terms of lateral movements, the real estate practice in Minneapolis added partners Michele Thurnblom, who moved from an in-house position at Honeywell International and Bradley Williams, who joined from Best & Flanagan. The New York corporate and M&A practice brought over partner Edward Davis from Brown Rudnick.
Deal highlights: 30th edition (2019/2020)
Best Buy $125 million acquisition of Critical Signal Technologies
EDP $375 million acquisition of Eli Lilly and Company rights
Pentagan South mixed-use urban redevelopment
New Age Beverages $85 million acquisition of Morinda Holdings
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
Brownstein Hyatt Farber Schreck was founded in 1968. Since then, it has expanded to 13 offices in in seven states.
Focusses / specialisms
The firm is top tier in Nevada in M&A and also highly regard in Colorado for its work in the financial and corporate practice areas. Key partners include Nicole Ament who is the chair of the real estate practice.
Though the firm does outstanding work in Nevada and Colorado, it also maintains teams in Washington DC, California, Wyoming, New Jersey and New Mexico.
In Colorado, the firm does great work in banking and finance, real estate and M&A. The banking and finance team represents borrowers in project financing, capital markets investments and securitizations.
The real estate team represents property developers and investors in commercial and residential real estate development and acquisition transactions.
The M&A team represents private equity and strategic buyers and sellers in acquisition and joint venture related acquisitions.
Key clients
Key clients for the firm include Blue & Silver, Etkin Johnson Real Estate Partners, Brue Capital, the Colorado Rockies, Bow River Capital Partners, Nexus Technologies, Caesars Entertainment, AmTrans Expedite and Encore Consumer Capital.
Research period review: 30th edition (2019/2020)
Over the research period the banking team advised borrowers, many of whom were private equity clients in confidential financing matters.
The M&A team continued to represent mostly strategic buyers and sellers in acquisition related matters. It also worked with private equity firms on M&A agreements.
The real estate team continued to represent developers and investors regarding commercial and residential real estate development projects in Colorado, largely in Denver.
In terms of lateral movements, real estate partner Ana Tenzer left for Hogan Lovells, real estate partner Noelle Riccardella left for Williams Weese Pepple & Ferguson and real estate of counsel left for Otten Johnson. In the corporate practice area, partner Darryl Landahl was brought over after serving in-house. Partner Christopher Reiss left for Polsinelli. In banking and finance, of counsel Jason Larkin was brought over from Bryan Cave Leighton Paisner and partner Mark Oveson left to become a software engineer.
Deal highlights: 30th edition (2019/2020)
Colorado Rockies $300 million mixed use entertainment district project
Nexus Technologies acquisition of Notonsite
With 13 offices spread through Alaska, Colorado, Wyoming, Nevada, Idaho, Montana, Utah, New Mexico and Washington DC, Holland & Hart is a highly regarded business firm.
The firm was founded in 1947 in Denver, which remains the firm’s largest office. It is the largest Colorado-based firm as well as the largest firm in Wyoming.
Focusses / specialisms
The firm does exceptional work in financial and corporate practice areas, as well as in project development.
The firm has experience in capital markets, representing issuers in bond issuances, equity funding and recapitalizations.
In the M&A practice, the firm represents strategic sellers and acquirers in company acquisitions, asset acquisitions and strategic partnerships.
The firm’s project development and finance practice largely work on project financing. It represents developers in power purchase agreements, project acquisitions, acquisition financing and project funding. It is well known within the energy industry.
within the corporate practice firm-wide, 50% of partners are women.
Key clients
Key clients for the firm include Roaring Fork Wind, Flying Cow Wind, MGM Resorts International, Duke Energy Renewables, Summit Turquoise, Webroot, DCP Midstream, Caliber Midstream Partners, Jalex Holdings and Bow River Capital.
Research period review: 30th edition (2019/2020)
During the research period the Colorado offices engaged in a couple of capital markets transactions, specifically bond issuances, Series D funding and recapitalizations.
The M&A team acted mostly on the sell side in acquisitions.
The projects teams represented developers mostly in power purchase agreements and project sales. Renewable energy was a big industry for the team, especially wind and solar energy.
In the M&A practice the Colorado office hired partners Chuck Cotter and Finity Jernigan from Polsinelli. The Utah office saw partner Kristy Kimball join from Kimball Law. The Idaho office saw the departure of partner Tom Chandler.
Deal highlights: 30th edition (2019/2020)
Carbonite $619 million acquisition of Webroot
DCP Midstream $600 million 5.125% bond issue
Duke Energy Renewables acquisition of 60MW Palmer solar project
Gibson Dunn & Crutcher was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington DC. Its greatest presence is in California, where it has five offices throughout the state.
Focusses / specialisms
The firm maintains a strong presence in California, where it is has top tier M&A practices in Southern California. Additionally, its Denver, DC, Dallas and Houston offices are standouts in their respective states in corporate practice areas.
The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters.
In financial services regulatory the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters.
The firm also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances.
On the equity capital markets side the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist.
The majority of the investment funds team is based in New York, where it assists private equity and asset management firms in fund formations. There is frequent crossover between the investment funds and private equity practices due to the clientele. The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion. The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington DC, Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.
The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects.
In restructuring and insolvency, the firm advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 proceedings.
Key clients
Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.
Research period review: 30th edition (2019/2020)
Throughout the research period the banking team acted for borrowers in a credit facility and loan agreements. A large portion of the agreements went towards refinancing or acquisition financing.
In capital markets the team represented a combination of issuers and underwriters mostly on debt related transactions such as investment grade and high yield bond issuances. It did also work on a couple of IPOs as well as swap and futures regulatory matters.
The investment funds team represented private equity, banks and financial institutions in high value fund formations. Many of these funds were related to the real estate industry.
In M&A, the practice acted on both the buy and sell side for high value strategic acquisitions. It had a high number of transactions in the oil and gas and technology industries.
The private equity practice advised private equity firms in multimillion and billion-dollar acquisitions both on the buy and sell side.
The project development team continued to act for developers and sponsors in the infrastructure industry.
The restructuring and insolvency team represented mostly creditors in Chapter 11 proceedings. It did also represent a fair number of debtors and worked on out of court financial restructurings.
Regarding lateral moves, the capital markets team in New York recruited partner Boris Dolgonos from Jones Day. In M&A, partner Charles “Chuck” Walker joined the Houston team from Orrick Herrington & Sutcliffe. The Denver M&A team brought over partner Gerald Farano from Jones Day. Partner William Sorabella joined the New York M&A and private equity practices from Kirkland & Ellis. The California offices recruited M&A and private equity partners Chris Harding and Abtin Jalali from Kirkland & Ellis and partner David Lee from Latham & Watkins. Partner Ed Batts also joined Palo Alto’s M&A practice from Orrick Herrington & Sutcliffe. Around the same time, partner Russell Hansen retired. Former co-lead of Debevoise & Plimpton’s banking industry practice Matthew Biben joined the New York office to serve as the co-chair of the financial institutions practice. His practice focuses on regulatory financial services. Partner Edward Nelson left the investment funds practice to join Latham & Watkins. In restructuring and insolvency, Los Angeles partner Samuel Newman left to join Sidley Austin. In the New York office, restructuring and insolvency partners Scott Greenberg, Steven Domanowski and Michael Cohen were brought over from Jones Day, with Greenberg serving as the co-chair of the restructuring practice.
Deal highlights: 30th edition (2019/2020)
Fox Corporation $6.8 billion 3.666%, 4.03%, 4.709%, 5.476% and 5.576% bond issue
Green Equity Investors VIII
Marriott International $4 billion revolving credit refinancing
Newark Liberty International Airport consolidated rent-a-car center and public parking facility
Parsons Corporation NYSE IPO
PG&E Chapter 11 restructuring
Platinum Equity $2.74 billion acquisition of Cision
VMWare $2.7 billion acquisition of PivotalSoftware
Targa Resources Partners dual tranche 6.5% and 6.875% high yield bond issue
Client feedback: 30th edition (2019/2020)
Investment funds
“Skilled in all areas of investment management.”
“They know the market and are very thoughtful and responsive.”
Brownstein Hyatt Farber Schreck was founded in 1968. Since then, it has expanded to 13 offices in in seven states.
Focusses / specialisms
The firm is top tier in Nevada in M&A and also highly regard in Colorado for its work in the financial and corporate practice areas. Key partners include Nicole Ament who is the chair of the real estate practice.
Though the firm does outstanding work in Nevada and Colorado, it also maintains teams in Washington DC, California, Wyoming, New Jersey and New Mexico.
In Colorado, the firm does great work in banking and finance, real estate and M&A. The banking and finance team represents borrowers in project financing, capital markets investments and securitizations.
The real estate team represents property developers and investors in commercial and residential real estate development and acquisition transactions.
The M&A team represents private equity and strategic buyers and sellers in acquisition and joint venture related acquisitions.
Key clients
Key clients for the firm include Blue & Silver, Etkin Johnson Real Estate Partners, Brue Capital, the Colorado Rockies, Bow River Capital Partners, Nexus Technologies, Caesars Entertainment, AmTrans Expedite and Encore Consumer Capital.
Research period review: 30th edition (2019/2020)
Over the research period the banking team advised borrowers, many of whom were private equity clients in confidential financing matters.
The M&A team continued to represent mostly strategic buyers and sellers in acquisition related matters. It also worked with private equity firms on M&A agreements.
The real estate team continued to represent developers and investors regarding commercial and residential real estate development projects in Colorado, largely in Denver.
In terms of lateral movements, real estate partner Ana Tenzer left for Hogan Lovells, real estate partner Noelle Riccardella left for Williams Weese Pepple & Ferguson and real estate of counsel left for Otten Johnson. In the corporate practice area, partner Darryl Landahl was brought over after serving in-house. Partner Christopher Reiss left for Polsinelli. In banking and finance, of counsel Jason Larkin was brought over from Bryan Cave Leighton Paisner and partner Mark Oveson left to become a software engineer.
Deal highlights: 30th edition (2019/2020)
Colorado Rockies $300 million mixed use entertainment district project
Nexus Technologies acquisition of Notonsite
Since its founding in 1919, Ballard Spahr has grown to 15 offices nationwide. The firm launched in Philadelphia and this remains its largest office, closely followed in scale by Baltimore and Washington DC. Ballard Spahr is experienced in many practice areas across its offices, including M&A, banking, capital markets, project development and real estate. The banking team represents borrowers in credit facilities, loan agreements, project financing and acquisition financing. Most recently the firm tackled a wide variety of debt restructuring transactions and issues pertaining to defaulting loans on behalf of their client AFCU.
Since its founding in Minneapolis in 1912, Dorsey & Whitney has expanded to 19 locations across the United States, Canada, the UK and China. In the United States the firm has 13 offices spread throughout the country, including in Alaska, Colorado, Minnesota, Montana, New York and Utah.
Focusses / specialisms
Though the firm is international, it has a stronghold on the Minnesota market with their top tier Minneapolis office. The office does market leading work in banking, capital markets and M&A.
The Minneapolis office’s M&A practice represents strategic acquirers and sellers in middle market transactions, where it maintains a stronghold.
The office also has a dedicated real estate practice, showing the firm’s expertise in the real estate industry. The team represents REITs, property owners, investors and developers in all aspects related to commercial, industrial and residential real estate. This includes acquisitions, development and financing.
The New York M&A team is also known for its middle market transactions, as well as cross border transactions between the US and China. The office has a US-China practice group focusing on these transactions. The M&A team represents private equity and strategic acquirers and sellers in acquisition related matters. It also advises private equity firms on investments.
The Salt Lake City office is one of the largest corporate practices in Utah. The M&A team represents private equity and strategic clients on the buy and sell side in acquisitions and mergers. It also conducts banking and capital markets work, advising private equity firms on equity investments and issuers on public offerings.
Key clients
Key clients for the firm include UnitedHealth Group, Medtronic, US Bancorp, Land O’Lakes, United Properties Development, US Bank National Association, Fairview Health Services, Virtus Real Estate Capital, Dope Media, High Street Capital Partners, Airspan Networks, Verano Holdings, Tower Arch Capital, NaviMed Capital, Nu Skin Enterprises and Zions Bank.
Research period review: 30th edition (2019/2020)
Within the research period, the Minneapolis M&A practice represented both strategic buyers and sellers in acquisitions. Most of its acquisitions were in the healthcare, agribusiness and consumer goods and services industry. The real estate practice represented REITs, property developers, owners and investors in mostly real estate development and financing projects. The New York M&A team represented a mix of strategic and private equity clients on both the buy and sell side of acquisitions. It worked on numerous deals in the cannabis, healthcare and technology industries. The Salt Lake City office represented companies in strategic acquisitions and sales, with many of the deals occurring in the healthcare industry. It also advised numerous private equity firms in acquisitions and equity investments.
In terms of lateral movements, the real estate practice in Minneapolis added partners Michele Thurnblom, who moved from an in-house position at Honeywell International and Bradley Williams, who joined from Best & Flanagan. The New York corporate and M&A practice brought over partner Edward Davis from Brown Rudnick.
Deal highlights: 30th edition (2019/2020)
Best Buy $125 million acquisition of Critical Signal Technologies
EDP $375 million acquisition of Eli Lilly and Company rights
Pentagan South mixed-use urban redevelopment
New Age Beverages $85 million acquisition of Morinda Holdings
Gibson Dunn & Crutcher was founded in Los Angeles in 1890. It has since grown to 20 offices throughout four continents. In the United States, the firm has 10 offices in California, Texas, Colorado, New York and Washington DC. Its greatest presence is in California, where it has five offices throughout the state.
Focusses / specialisms
The firm maintains a strong presence in California, where it is has top tier M&A practices in Southern California. Additionally, its Denver, DC, Dallas and Houston offices are standouts in their respective states in corporate practice areas.
The banking team acts on the borrower side of financing transactions such as multicurrency credit agreements, term credit facilities, ABLs and construction loan facilities. These transactions are part of larger acquisition finance, project finance, construction finance or refinancing matters.
In financial services regulatory the team represents banks and financial institutions in regulatory advice regarding Federal Reserve policy compliance, derivatives and corporate governance matters.
The firm also has a depth of experience in capital markets on all sides. In debt capital markets, the firm acts for issuers and underwriters in investment grade, high yield, convertible, fixed rate and floating rate bond issuances.
On the equity capital markets side the firm also represents issuers and underwriters in IPOs, common share offerings, convertible preferred stock offerings and at-the-market equity programs. The capital markets team also frequently advises clients in the banking and financial services industry about derivatives issuances, specifically swaps and futures. These transactions also usually have a regulatory component with which the regulatory financial services team will assist.
The majority of the investment funds team is based in New York, where it assists private equity and asset management firms in fund formations. There is frequent crossover between the investment funds and private equity practices due to the clientele. The private equity practice is based in California, New York, Washington and Dallas. It advises private equity firms on both the buy and sell side in high value acquisitions and joint ventures, ranging from $100 million to $5 billion. The M&A practice deals with public and private strategic acquisitions and joint ventures on the buy and sell side. It has large pockets of partners in the practice in the New York, Los Angeles, Washington DC, Dallas, Houston, San Francisco, Palo Alto and Denver offices, who frequently involve each other in cross border matters.
The project development team is highly skilled in the infrastructure industry, where it represents sponsors and developers in project acquisitions, financing, bidding and construction. Additionally, the team has a lot of experience working on PPP projects.
In restructuring and insolvency, the firm advises creditors and debtors in out of court financial restructurings, Chapter 11 and 15 proceedings.
Key clients
Key clients for the firm include Marriott International, Berkshire Hathaway Energy, Fox, Wells Fargo Securities, Goldman Sachs, Bank of America, US Chamber of Commerce, Capital One, Leonard Green & Partners, JP Morgan Asset Management, WndrCo, RedBird Capital Partners, The Williams Companies, PepsiCo, NTE Mobility Partners Segments 3, Denver Great Hall, AIG and Aetna.
Research period review: 30th edition (2019/2020)
Throughout the research period the banking team acted for borrowers in a credit facility and loan agreements. A large portion of the agreements went towards refinancing or acquisition financing.
In capital markets the team represented a combination of issuers and underwriters mostly on debt related transactions such as investment grade and high yield bond issuances. It did also work on a couple of IPOs as well as swap and futures regulatory matters.
The investment funds team represented private equity, banks and financial institutions in high value fund formations. Many of these funds were related to the real estate industry.
In M&A, the practice acted on both the buy and sell side for high value strategic acquisitions. It had a high number of transactions in the oil and gas and technology industries.
The private equity practice advised private equity firms in multimillion and billion-dollar acquisitions both on the buy and sell side.
The project development team continued to act for developers and sponsors in the infrastructure industry.
The restructuring and insolvency team represented mostly creditors in Chapter 11 proceedings. It did also represent a fair number of debtors and worked on out of court financial restructurings.
Regarding lateral moves, the capital markets team in New York recruited partner Boris Dolgonos from Jones Day. In M&A, partner Charles “Chuck” Walker joined the Houston team from Orrick Herrington & Sutcliffe. The Denver M&A team brought over partner Gerald Farano from Jones Day. Partner William Sorabella joined the New York M&A and private equity practices from Kirkland & Ellis. The California offices recruited M&A and private equity partners Chris Harding and Abtin Jalali from Kirkland & Ellis and partner David Lee from Latham & Watkins. Partner Ed Batts also joined Palo Alto’s M&A practice from Orrick Herrington & Sutcliffe. Around the same time, partner Russell Hansen retired. Former co-lead of Debevoise & Plimpton’s banking industry practice Matthew Biben joined the New York office to serve as the co-chair of the financial institutions practice. His practice focuses on regulatory financial services. Partner Edward Nelson left the investment funds practice to join Latham & Watkins. In restructuring and insolvency, Los Angeles partner Samuel Newman left to join Sidley Austin. In the New York office, restructuring and insolvency partners Scott Greenberg, Steven Domanowski and Michael Cohen were brought over from Jones Day, with Greenberg serving as the co-chair of the restructuring practice.
Deal highlights: 30th edition (2019/2020)
Fox Corporation $6.8 billion 3.666%, 4.03%, 4.709%, 5.476% and 5.576% bond issue
Green Equity Investors VIII
Marriott International $4 billion revolving credit refinancing
Newark Liberty International Airport consolidated rent-a-car center and public parking facility
Parsons Corporation NYSE IPO
PG&E Chapter 11 restructuring
Platinum Equity $2.74 billion acquisition of Cision
VMWare $2.7 billion acquisition of PivotalSoftware
Targa Resources Partners dual tranche 6.5% and 6.875% high yield bond issue
Client feedback: 30th edition (2019/2020)
Investment funds
“Skilled in all areas of investment management.”
“They know the market and are very thoughtful and responsive.”
With 13 offices spread through Alaska, Colorado, Wyoming, Nevada, Idaho, Montana, Utah, New Mexico and Washington DC, Holland & Hart is a highly regarded business firm.
The firm was founded in 1947 in Denver, which remains the firm’s largest office. It is the largest Colorado-based firm as well as the largest firm in Wyoming.
Focusses / specialisms
The firm does exceptional work in financial and corporate practice areas, as well as in project development.
The firm has experience in capital markets, representing issuers in bond issuances, equity funding and recapitalizations.
In the M&A practice, the firm represents strategic sellers and acquirers in company acquisitions, asset acquisitions and strategic partnerships.
The firm’s project development and finance practice largely work on project financing. It represents developers in power purchase agreements, project acquisitions, acquisition financing and project funding. It is well known within the energy industry.
within the corporate practice firm-wide, 50% of partners are women.
Key clients
Key clients for the firm include Roaring Fork Wind, Flying Cow Wind, MGM Resorts International, Duke Energy Renewables, Summit Turquoise, Webroot, DCP Midstream, Caliber Midstream Partners, Jalex Holdings and Bow River Capital.
Research period review: 30th edition (2019/2020)
During the research period the Colorado offices engaged in a couple of capital markets transactions, specifically bond issuances, Series D funding and recapitalizations.
The M&A team acted mostly on the sell side in acquisitions.
The projects teams represented developers mostly in power purchase agreements and project sales. Renewable energy was a big industry for the team, especially wind and solar energy.
In the M&A practice the Colorado office hired partners Chuck Cotter and Finity Jernigan from Polsinelli. The Utah office saw partner Kristy Kimball join from Kimball Law. The Idaho office saw the departure of partner Tom Chandler.
Deal highlights: 30th edition (2019/2020)
Carbonite $619 million acquisition of Webroot
DCP Midstream $600 million 5.125% bond issue
Duke Energy Renewables acquisition of 60MW Palmer solar project
Husch Blackwell is a national law firm with over 800 lawyers and 25 offices across the United States. The firm advises on a variety of corporate matters in the banking and M&A practice areas and has strong regional real estate practices. They also have a strength in the project development practice, particularly in the energy industry. Most recently, Husch Blackwell, as lead counsel, advised on several complex matters in the real estate practice area.
