Chancellor McCormick’s opinion in Snow Phipps Group, LLC, et al. v. KCake Acquisition, Inc., et al. (Del. Ch. April 30, 2021) is 125 pages long, but she helpfully digests the holding in.
IN THIS ISSUE
A Win for Deal Certainty, Delaware Court of Chancery Orders Closing of Cake Supplier Acquisition; Under Armour to Pay $9M to Settle SEC Charges Involving Disclosure Failures; First Circuit Upholds Decision Applying Federal Securities Laws to Solicitation of Foreign Investors; Delaware Court of Chancery Applies Business Judgment Rule in Dismissing Buyout Action Against Icahn.
On April 30, 2021, in
Snow Phipps Group, LLC v. KCake Acquisition, Inc. (Del. Ch.), Chancellor Kathaleen S. McCormick issued an order compelling affiliates of Kohlberg & Company, LLC to close their planned $550 million acquisition of DecoPac Holdings Inc., a supplier of cake decorations and technology for use in supermarket bakeries. Opening with a quote from Julia Childs (“A party without cake is just a meeting”), the court describes the decision as a “victory for deal certainty” and offers a detailed analysis of several common contractual provisions, and their operation, during the
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DecoPac, Inc. ( DecoPac ), the world s largest supplier of cake decorations and related products to professional cake decorators and bakeries, announced today that it has been acquired by Kohlberg & Company, L.L.C. ( Kohlberg ), a private equity firm headquartered in Mount Kisco, NY, from Snow Phipps Group, LLC ( Snow Phipps ).
Headquartered in Anoka, Minnesota, DecoPac supplies cake-decorating ingredients and products to in-store bakeries in supermarkets around the world. Its products are used to create decorated cakes for celebrations like birthday parties and graduations. DecoPac offers a variety of edible and non-edible products, including sprinkles, fondant, pastry bags, and various inedible figurines. DecoPac also provides proprietary tech-enabled platforms like PhotoCake, which allows bakeries to print edible, customizable images onto baked goods, and Cakes.com, which allows consumers to personalize and order baked goods online. With approximately 650 employees, DecoP
DecoPac acquired by NY-based private equity firm Kohlberg & Company - Minneapolis / St Paul Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.