Kohlberg Kravis Roberts
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16 hours ago · A new documentary released on Netflix today tells the story of a catfishing case that lasted nearly 10 years with a shock admission about who was behind it all
Jan 5, 2021 · Testifying Tuesday in a Delaware Chancery Court Zoom trial, a partner from the private equity fund Snow Phipps accused counterparts at Kohlberg & Company of telling him “a lie” last April ...
In 1987, Kohlberg left KKR to found a new private equity firm, Kohlberg & Company, which resumed the investment style that Kohlberg had practiced at Bear Stearns and in KKR's earlier years, acquiring smaller, middle-market companies.
May 28, 2021 · In April 2020, Kohlberg sought to terminate the agreement, saying it had not been able to secure debt financing for the deal and claiming a breach of the material adverse effect clause.
- Jody Godoy
- Background
- The Decision
- Takeaways
The plaintiffs in the litigation were Snow Phipps Group, LLC, a private equity firm, and DecoPac Holdings Inc., the parent company of a supplier and marketer of cake decorating products to supermarkets for use in their in-store bakeries (together “DecoPac” or the “sellers”). In the early months of 2020, as the COVID-19 pandemic began to worsen, Dec...
Material Adverse Effect Provision. In its memorandum opinion, the court first rejected Kohlberg’s argument that an MAE had occurred or was reasonably likely to occur. The court noted that while DecoPac’s sales initially dropped precipitously its sales had rebounded in the two weeks leading up to Kohlberg’s termination of the deal and that DecoPac w...
The decision reinforces the high bar that Delaware courts typically impose on buyers who seek to invoke an MAE. In order to constitute an MAE, a financial decline must be durationally significant,...The decision also provides some guidance to sellers in complying with their obligations to operate in the ordinary course of business, holding that since DecoPac’s cost-cutting measures did not mat...Most financial sponsor-backed LBOs (including the DecoPac transaction) are structured using the same carefully crafted remedies package: The private equity sponsor forms an acquisition vehicle to e...- James Langston
Kohlberg & Company, L.L.C. is an American private equity firm that focuses on leveraged buyout transactions. Founded by investor Jerome Kohlberg, Jr., the firm invests in a variety of transactions including leveraged carveout, take-private transactions, and acquisitions of privately held companies.
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Jun 2, 2021 · In Snow Phipps Group, LLC v. KCake Acquisition, Inc., 1 the Delaware Court of Chancery ordered Kohlberg & Co., LLC (Kohlberg) to acquire DecoPac Holdings Inc. (DecoPac), a cake decoration supplier, for $550 million.
