Much recognizes that private equity firms view add-on acquisitions differently than platform acquisitions. Accordingly, we have built a practice group dedicated to add-on acquisitions for private equity firms. This team brings a practical approach to add-on deals by having a deep understanding of what is considered market, recognizing a seller’s sensitivities to the length and complexity of deal documents, creating a positive working relationship with any type of opposing counsel, providing synergies through repeat deal teams and having lower deal fees than our competition.
Our clients receive senior-level attention from attorneys who understand the key issues, market terms and trends involved in add-on acquisitions, and our experience working with internal teams of portfolio companies ensures easy and seamless integration of target companies.
With our deep experience with add-on acquisitions, we pride ourselves on our ability to get deals closed, while mitigating risk for our clients. This is what makes us different:
Deep Experience: Private equity firms have called on Much to handle their add-on acquisitions for years. Our clients appreciate our responsiveness, ability to summarize complex issues and practical approach to getting transactions closed.
Dedicated Deal Teams: We work with smaller deal teams than many of our competitors, and we typically keep the same deal teams for all of a portfolio company’s add-on acquisitions. This creates efficient, collaborative relationships between our team, the private equity firm and the portfolio company.
Mindful Negotiations: Much attorneys have experience working with opposing counsel with various levels of sophistication – from Tier 1 international law firms to sole practitioners with limited experience in M&A. We understand that the way we negotiate with sellers and opposing counsel impacts their impressions of our clients.
The Entrepreneurial Seller: The typical target for an add-on deal is the type of company Much has represented for 50+ years. We understand the mindsets of entrepreneurs and how to handle issues of particular importance to them when selling their businesses.
Smooth Integration: Much’s multidisciplinary attorneys work with our client’s management team to integrate the target’s business after closing. We frequently continue to represent the portfolio company in day-to-day legal matters.
Right-Sized Fees: We have flexible fee schedules and consider a rollover of fees on dead deals and flat fees for transactions. Our fees for an add-on deal can be more than 50 percent lower than those of a large firm.
Customized Due Diligence: We customize our approach to diligence based on client needs and can prepare any form of work product from fulsome diligence memos to red flag memos, as well as handle underwriting calls for representations and warranties insurance.
A Practical Approach: We understand a seller’s sensitivities to the length and complexity of a purchase agreement and other deal documents and have the experience necessary to prepare practical agreements that do not intimidate or scare away a seller, while protecting our client.
Representative clients for which Much has handled add-on acquisitions include:
- CIVC Partners
- Water Street Healthcare Partners
- Sun Capital Partners
- New Water Capital Partners
- Providence Equity Partners
- Cold Bore Capital
- Linden Capital Partners
- Kohlberg & Company
- Warburg Pincus