Cohen & Gresser advised Investcorp, a leading global alternative investment firm, on its secondary buyout of Stowe Family Law, the largest specialist family law firm in the United Kingdom, from private equity firm Livingbridge. Cohen & Gresser acted as deal counsel to its client Investcorp. The Cohen & Gresser team was led by Daniel H. Mathias, and included Tom Shortland and James Mossetto. Terms of the transaction were not disclosed.

Read Investcorp’s press release here.

Cohen & Gresser represented Sierra Holding Corporation, the primary parent of Sierra Space Corporation, a commercial space company that is building and delivering the infrastructure and systems required for the future of space travel, in its $290 million Series B financing round. The firm represented Sierra Space in its record-breaking $1.4 billion Series A financing in November 2021.

This latest financing brings Sierra Space’s total capital raised to $1.7 billion, which is the largest ever capital raise by a commercial space company and brings Sierra Space’s valuation to $5.3 billion.

MUFG, Japan’s largest bank, trading company Kanematsu Corporation, and Tokio Marine & Nichido Fire Insurance, Japan’s largest property and casualty insurer, led the Series B round, which also included participation from Sierra Space’s existing investors, including General Atlantic, Coatue, Moore Strategic Ventures, and funds and accounts managed by BlackRock Private Equity Partners and others.

Cohen & Gresser served as counsel to our client Sierra Holding on all aspects of the transaction. “We are proud of the opportunity to assist Sierra Holding in this follow-on transaction to support the future of space travel,” said Jeffrey M. Bronheim, lead partner on the engagement for Cohen & Gresser.

The Cohen & Gresser team was led by Jeffrey M. Bronheim, Daniel H. Mathias, and Bonnie J. Roe, with assistance from associate Myia Williams.

Read Sierra Space Corporation’s press release here.

Cohen & Gresser advised Procuritas, a mid-market private equity firm with the longest track record in the Nordics, and its portfolio company Nature Planet, in its cross-border acquisition of American company Phillips International, known under the brand name Cool Jewels. Cool Jewels is a leading sustainability-focused provider of jewelry for the attractions industry in the United States.

Nature Planet was founded with a clear focus on building strong long-term relationships with its customers in the attractions industry, particularly focused on the zoo and aquarium segment. Today the company supplies more than 5,000 customers in Europe and the United States. The acquisition of Phillips International adds jewelry as a new product category, making Nature Planet a one-stop-shop for the attractions industry.

Cohen & Gresser served as counsel to our client Procuritas and its portfolio company Nature Planet on all aspects of the transaction. The Cohen & Gresser team was led by Daniel H. Mathias and Robert Gavigan, with assistance from associates Myia Williams and James Mossetto. C&G partners Karen Bromberg (Employment and Intellectual Property), Bonnie Roe (Corporate) and Nicholas J. Kaiser (Tax) provided additional deal support. The terms of the transactions were not disclosed.

Cohen & Gresser advised Sierra Nevada Corporation (SNC) and its subsidiary Deutsche Aircraft Holdings (DAH) as lead counsel in connection with an important minority equity investment in DAH. The investment comes from a joint venture formed between OHB SE, a leading European space technology corporation, and AFK Enterprise AG, a Swiss-based family office, and will propel the development of new green aviation technologies including the D328eco®, an environmentally friendly version of the acclaimed Do328 short-haul passenger aircraft manufactured by Deutsche Aircraft GmbH. With new propulsion systems, latest-generation avionics and more seats, the D328eco is anticipated to set new standards for environmentally friendly short-haul flying.

The equity stake in DAH is subject to approval from the German Government which is currently supporting development of the D328eco with a high-volume development cost loan which, supports development of clean aviation initiatives at Deutsche Aircraft. The transaction is anticipated to close during the first quarter of 2023 following regulatory approvals and other customary closing conditions. The terms of the transactions were not disclosed.

The Cohen & Gresser team was led by Jeffrey M. Bronheim and Daniel H. Mathias, with assistance from C&G associates James Mossetto and Georgia Moorhouse.

International law firm Cohen & Gresser is pleased to announce that Daniel H Mathias and Matthew V Povolny have been promoted to partner, and Sharon L Barbour and Tim Harris have been promoted to counsel.

“Congratulations to Daniel, Matt, Sharon and Tim on their well-deserved promotions,” said Lawrence T Gresser, global managing partner of Cohen & Gresser. “All four exemplify our core values of excellence, integrity and respect, and we are fortunate to have them on our team.”

Click here for announcement.

International law firm Cohen & Gresser represented Sierra Space Corporation, a commercial space company that is building and delivering the infrastructure and systems required for the future of space travel, in its record-breaking $1.4 billion Series A financing round. The private funding round represents the largest aerospace and defense capital raise in the world in 2021 and the second-largest private capital raise of all time in the aerospace and defense sector. Leading global investors including General Atlantic, Coatue, and Moore Strategic Ventures, along with private equity funds managed by firms including Black Rock and AE Industrial Partners and various family offices, all participated in the transaction. Cohen & Gresser served as counsel to our client Sierra Space on all aspects of the transaction. “We are proud of the opportunity to assist Sierra Space in this groundbreaking transaction to support the future of space travel,” said Jeffrey M. Bronheim, lead partner on the engagement for Cohen & Gresser. The Cohen & Gresser team was led by Jeffrey M. Bronheim, Bonnie J. Roe, and Daniel H. Mathias, with assistance from associates Winnifred A Lewis and Georgia Moorhouse. C&G partners Nicholas J. Kaiser (tax), Ronald F. Wick (antitrust), and David F. Lisner (litigation) provided additional support. Read Sierra Space Corporation’s press release here.

Daniel H Mathias spoke with S&P Global about London’s efforts to pry away listings of special purpose acquisition companies (SPACs) from other financial hubs by easing some of its rules.

“Timing is certainly relevant and, indeed some people in the market have questioned the UK changes coming months after the most recent U.S. listings peak,” said Mathias. “But the new rules have merit from a long-term perspective, given that SPACs will remain a capital-raising option and, prior to the amendments, the U.K. was "out of step" with other jurisdictions”, he said. The presumption of suspension and the lack of redemption option, which allows SPAC investors to exit their shareholding before an acquisition is completed, were key deterrents before the change, according to Mathias.

“As the U.S. is a huge market with lots of knowledge around SPACs, there will be a need to create a compelling story as to why these vehicles should be listed in London”, Cohen & Gresser's Mathias said.

Daniel H Mathias spoke with Law360 about the UK’s adoption of friendlier rules governing special purpose acquisition companies (SPACs) – an alternative vehicle to public markets. Dan spoke about the historically low level of SPACs in the UK and noted that "it wouldn't take much for a significant increase.”

As SPACs appear to get a stronger foothold in the U.K. and Europe, Mathias said regulators appear to be taking a “wait and see” approach in terms of next steps. The FCA said it will monitor how its rules play out, observing market trends, evidence of misconduct, or other indicators to decide whether more stringent rules are needed.”

“There’s a realization by everybody that SPACs are likely to stay as an option in the M&A and capital markets world,”  Mathias said. “I think all the regulators in Europe are realizing that and trying to navigate their way through that.”

International law firm Cohen & Gresser is pleased to announce that Jeffrey I Lang, David F Lisner, and Reggie Schafer have been promoted to Partner, and Sri Kuehnlenz and Daniel H Mathias have been promoted to Counsel.

Cohen & Gresser advised private equity firm Limerston Capital in its acquisition of Forensis Group Limited and Forensic Axis Limited (trading respectively as Forensic Access and Axiom International), specialists in forensics science services and premier providers of international institutional reform and capacity building. The combined acquisition will form the basis of a new, comprehensive international criminal justice services provider. Management and founders, led by Professor Angela Gallop, will retain a significant minority shareholding as part of the transaction and will work with Limerston Capital to expand the businesses through organic growth and strategic acquisitions. The terms of the transactions were not disclosed.

Cohen & Gresser announces the expansion of its corporate group with the appointment of Daniel H Mathias as a senior associate in the firm’s London office. Daniel has extensive experience advising on sophisticated cross-border transactions for U.S. and international clients, including private equity firms, family offices, and other alternative asset managers. He has advised investors and businesses in the health care, technology, industrial, and consumer sectors, among others.

In a private equity article published in Law360, Daniel Mathias discusses flexible and hybrid capital investment strategies, which have become a solution for business owners considering capital fundraising but whose plans may not fit into the typical private equity or private credit options. He examines the features and nuances of flexible capital investments, which potentially offer numerous benefits for some.

Jeffrey Bronheim and Daniel Mathias recently authored a bylined article for Private Equity International about the opportunities and considerations of growth equity. The article discusses the upward trend that’s been seen over the last decade in growth equity as a distinct asset class, exit issues, shareholder rights and protections, and more. (Subscription Required)

On the 27^th of July this year, the UK Financial Conduct Authority (the “FCA”) published a policy statement setting out its final rules and changes to its listing rules for certain special purpose acquisition companies, or ‘SPACs’. These follow the government’s review of the UK listing regulations led by Lord Johnathan Hill earlier in the year, discussed in Cohen & Gresser’s 7 May 2021 client alert. In its announcement accompanying the policy statement, the FCA explained that the new rules and associated guidance, which will come into force on 10 August 2021, are intended to “provide more flexibility to larger SPACs, provided they embed certain features that promote investor protection and the smooth operation of the UK’s markets.” This client alert details the key changes introduced in the FCA’s policy statement.

In this C&G client alert, lawyers from our New York, London, and Paris offices discuss the evolution of SPAC investment in the U.S., UK, and French financial markets and provide an in-depth analysis of the position taken by the regulatory authority in each of these prominent financial hubs to help potential sponsors, investors, and target companies determine the right market for their needs.

In this client alert, Jeffrey M Bronheim, Daniel H Mathias, and James R Mossetto detail key documentation considerations in where conflicts of interest may potentially arise, and why this trend is likely to continue. This article was first published on the-drawdown.com (subscription required).

Jeffrey M Bronheim, Daniel H Mathias, and James R Mossetto discuss the impact of the COVID-19 pandemic on private equity funds, noting that investor uncertainty and the need to preserve cash may drive limited partners (“LPs”) to question their obligations to fund capital calls.

Jeffrey M Bronheim, Daniel H Mathias, and James R Mossetto discuss the impact of the COVID-19 pandemic on private equity funds, noting that investor uncertainty and the need to preserve cash may drive limited partners (“LPs”) to question their obligations to fund capital calls.

London team members Jeffrey M Bronheim, Jumana Rahman, Charlotte Ritchie, and Daniel H Mathias discuss the English law contractual provisions which may impact businesses and investors in light of the coronavirus epidemic.