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On April 30, 2021, the Delaware Chancery Court (the
“Court”) issued a decision in
Snow Phipps Group,
LLC v. KCake Acquisition, Inc., ordering an affiliate of
private equity buyer Kohlberg & Co. (“Kohlberg”) to
acquire cake decoration supplier, DecoPac Holdings Inc.
(“DecoPac”), for $550 million. In the opinion, newly
sworn-in Chancellor Kathaleen McCormick affirmed prior case law on
several common contractual provisions that bear on deal certainty
in the time of COVID-19 (including material adverse effect, or
“MAE,” conditions; interim operating covenants; and the
reasonable best efforts standard). Most notably, however, the Court
said it had “chalked up a victory for deal certainty”
by granting DecoPac s request to force Kohlberg to
Press release content from Business Wire. The AP news staff was not involved in its creation.
Kohlberg & Company Closes $3.4 Billion for Kohlberg Investors IX
February 2, 2021 GMT
MT. KISCO, N.Y. (BUSINESS WIRE) Feb 2, 2021
Kohlberg & Company, L.L.C. (“Kohlberg”), a private equity firm specializing in middle market investing, announced today the final closing of its ninth private equity fund, Kohlberg Investors IX, L.P. (“Fund IX”) with $3.4 billion in total commitments.
(Graphic: Business Wire)
“We are grateful to our longtime investors for their continued support, and are pleased to welcome an august group of new investors into the Kohlberg community,” said Sam Frieder, Managing Partner at Kohlberg. “We are humbled and gratified by the enthusiasm expressed towards the Firm as experienced stewards of capital and view that responsibility as a privilege and an honor.”
Kohlberg closes latest private equity fund at $3.4 billion
Getty Images/iStockphoto
Kohlberg & Co., a middle-market private equity firm, closed its latest fund, Kohlberg Investors IX, at $3.4 billion.
Kohlberg Investors IX is above its fundraising target of $3 billion, hitting its hard cap, said sources with knowledge of the fundraising. The fund also is 54.5% larger than its predecessor, $2.2 billion Kohlberg Investors VIII, which closed in 2016, a news release Tuesday said. Kohlberg is delighted to have received such strong support from our existing limited partners and to have been able to secure commitments from several new investors, many through entirely virtual diligence, said Shant Mardirossian, Kohlberg chief operating officer, in the release.