Law360 Profiles Akin Gump’s Representation of Vision Capital in Fund Buyout
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In the latest installment of its “Sealing The Deal” series, Law360 profiled Akin Gump’s representation of Vision Capital Partners in its acquisition of a fund owned by Willis Stein & Partners.
Willis Stein’s third buyout fund from 2000 was worth much more on paper than it could obtain by selling its three portfolio companies. Trey Muldrow, a partner in Akin Gump’s corporate practice, helped develop a deal that offered cash to investors who wanted to get out and interest in a new fund to those who wanted to stay.
Muldrow stated that he wanted to “give the LPs the opportunity to make a new investment decision, whether that was accepting cash or rolling over into a new fund structure.” It was an idea that had not been tried previously, but one that could provide a roadmap for funds in a similar situation in the future.
In the end, Vision Capital teamed up with two co-investors to become the preferred bidders.
For the full article, please click here.
To read more about the deal, you may view the original Akin Gump news release by clicking here.