The Week at Ropes & Gray: Client Transactions, Investments and Fundraises; Top Ranking on AmLaw’s A-List; Regulatory Developments; Blockchain; “Retailization” of Private Equity

Below are weekly highlights of what’s happening at Ropes & Gray: 

• Our clients announced a number of strategic transactions, investments and fundraises:
  
  
  • Toast, the fastest-growing restaurant management platform in the U.S., acquired StratEx, a leading provider of HR and payroll software for restaurants. A cross-practice Ropes & Gray team represented Toast in the transaction.
  • Bridgepoint and its portfolio company HKA announced the acquisition by HKA of The Kenrich Group, a business and litigation consulting firm. Ropes & Gray advised Bridgepoint on the acquisition.
  • FirstPort, a residential property management company, was sold to private equity investor Equistone. Ropes & Gray advised certain selling shareholders on the transaction. 
  • Private equity firm Charlesbank Capital Partners has agreed to acquire a stake in Park Place Technologies, a leading global third-party maintenance provider, from GTCR. Ropes & Gray advised Charlesbank on the acquisition. 
  • Quotient Sciences, a provider of outsourced drug development services, was acquired by global private equity firm Permira. Ropes & Gray advised certain selling shareholders on the transaction.
  • Global investment firm Silver Lake announced its strategic investment in service commerce platform EverCommerce. Ropes & Gray represented Silver Lake in the investment.
  • SkyKnight Capital announced the $250 million formation and raise of SkyKnight Capital Fund II, L.P. and SkyKnight Capital Fund II Annex, LLC. Ropes & Gray served as fund counsel to SkyKnight.
  • CBRE Global Investors, a global real asset investment management firm, announced the formation of CBRE U.S. Development Partners 5, a $616 million development club fund. Ropes & Gray represented CBRE Global Investors on the fund.
    
    
• For the third consecutive year, Ropes & Gray ranked in the top three on The American Lawyer’s A-List, an annual ranking of the “best of the best” law firms in the United States. The firm ranked number two for gender equity among the A-List firms.
• In a new episode of Ropes & Gray’s private fund regulatory podcast, asset management partners Laurel FitzPatrick and Joel Wattenbarger discuss a Risk Alert by the SEC’s Office of Compliance Inspections and Examinations that addresses the obligation to safeguard customer records and other information in cloud-based or network storage solutions.
• The U.S. government is expanding its regulatory oversight and enforcement efforts around foreign influence in U.S.-funded research. Health care partner Mark Barnes associate Nick Wallace analyze the governing law in this area in a Bloomberg Law article.
• In June, the SEC solicited public comment on exemptions from registration under the Securities Act. This issue has been of interest to sponsors of private funds because it suggests that the SEC is willing to consider expanding investment opportunities in private equity funds and venture capital funds to retail investors. Asset management partner Michael Doherty and ERISA partner Josh Lichtenstein examined the potential retailization of private equity in an article published by Pensions & Investments. Mr. Lichtenstein also offered insights in The Wall Street Journal Pro Private Equity, ThinkAdvisor and Ignites.
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