Snow Phipps Group, LLC v. KCake Acquisition, Inc. that ordered the defendant buyers to specifically perform their agreement to acquire DecoPac Holdings, Inc. (“DecoPac” or the Company), which sells cake decorations and technology for use in supermarket bakeries. The 125-page decision, which opens with a quote from the incomparable Julia Child (“A party without cake is just a meeting”), and is rightly described by the Court as a “victory for deal certainty,” offers a detailed analysis of several common contractual provisions in the time of COVID-19. Despite its length, it is a must-read for those interested in the drafting and negotiation of M&A agreements generally, and their operation during the COVID-19 pandemic specifically.
1 Min Read
Delaware Chancery Court has handed a win to the seller in a $550 million dispute over an agreement to acquire a cake decoration supplier in the early days of the pandemic, saying a dip in sales did not give the buyer reason to renege.
In one of her last rulings as a Vice Chancellor, incoming Chancellor Kathaleen McCormick on Friday ordered private equity firm Kohlberg & Company to close on its March 2020 acquisition of Decopac Holdings from another private equity firm Snow Phipps Group, represented by Quinn Emanuel Urquhart & Sullivan, calling the ruling “a victory for deal certainty.”
To read the full story on Westlaw Today, click here: bit.ly/3nAn7Sh
Brook & Whittle buys California-based label company
Plastics News Report
Brook & Whittle makes shrink sleeve, pressure-sensitive, heat transfer and other labels.
Guilford, Conn. Pressure-sensitive and shrink-sleeve label supplier Brook and Whittle Holding Corp. is expanding to the West Coast through the acquisition of Digital Label Solutions LLC.
DLS, based in Yorba Linda, Calif., specializes in short-run digital printing of pressure-sensitive and shrink-sleeve labels. Terms were not disclosed.
Guilford-based Brook & Whittle is majority owned by private equity firm Snow Phipps Group LLC. DLS is the seventh acquisition for Brook & Whittle since Snow Phipps first invested in the company in October 2017.
DLS was founded by Sandy Petersen, Joel Marks and Susie Dobyns in 2006. The company recently received its sixth Eugene Singer Award for Management Excellence from the Tag & Label Manufacturers Institute. Current DLS employees will continue with Brook & Whittle.