Twin Brook Capital Partners’ senior-level team has been serving the middle market for over 20 years. We’ve established long-term relationships with over 300 PE sponsors and closed transactions with over 220 middle market PE rms. For a complete list of transactions, visit twincp.com. An Angelo, Gordon Company $392.2M $58M $44M $5.6+ Billion $5.1 Billion 164 of committed capital commitments issued to date closed transactions Joint Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Documentation Agent Administrative Agent Administrative Agent Administrative Agent Add-On Acquisition Leveraged Buyout Leveraged Buyout Recapitalization & Since 4th Quarter 2014 inception Add-On Acquisition FEBRUARY 2018 FEBRUARY 2018 JANUARY 2018 JANUARY 2018 Experience matters. 111 South Wacker Drive, 36th Floor | Chicago, IL 60606 | (312) 763-5100 | twincp.com 001_MAJ000 1 7/30/2018 1:52:06 PM $50M $40M Sole Lead Arranger & Sole Lead Arranger & Administrative Agent Sole Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Administrative Agent Sole Lead Arranger & Administrative Agent Administrative Agent Recapitalization Administrative Agent Administrative Agent Administrative Agent Leveraged Buyout Administrative Agent Recapitalization Leveraged Buyout Leveraged Buyout Add-On Acquisition Leveraged Buyout Re nance & Add-On Acquisition JANUARY 2018 DECEMBER 2017 DECEMBER 2017 NOVEMBER 2017 NOVEMBER 2017 NOVEMBER 2017 OCTOBER 2017 SEPTEMBER 2017 $52.2M $350M $77M $61M $124M $72M Sole Lead Arranger & Joint Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Administrative Agent Documentation Agent Sole Lead Arranger & Administrative Agent Co-Syndication Agent Administrative Agent Administrative Agent Administrative Agent Control Recapitalization Recapitalization Administrative Agent Add-On Acquisition Add-On Acquisition Growth Investment Leveraged Buyout Acquisition In Support of Investment by NOVEMBER 2017 NOVEMBER 2017 NOVEMBER 2017 NOVEMBER 2017 SEPTEMBER 2017 SEPTEMBER 2017 SEPTEMBER 2017 SEPTEMBER 2017 002_MAJ000 2 7/30/2018 1:52:07 PM SEPTEMBER 2018 TED KOENIG Monroe Capital BRIAN KERWIN JOHN CORVINO Duane Morris Chicago White Sox HOLLEB & COFF ALUMNI WHERE ARE THEY NOW? The Chicago law fi rm shut its doors nearly 20 years ago, but not before launching the careers of many M&A pros. TheMiddleMarket.com PUBLISHED IN PARTNERSHIP WITH CV1_MAJ090118.indd 1 8/7/18 6:17 PM You arrange the deal. We’ll arrange the escrow. When establishing an escrow account, Southern California James George, Director you want a solid and reliable inancial partner. 2132367150 With over 90 years of corporate trust Northern California experience, we understand and do everything & Paciic Northwest possible to make transactions worry-free. Dean Levitt, Director 4157055020 Our corporate trust managers have nearly Midwest & Texas Julie B. Good, Director 20 years of industry experience handling 7143364230 our clients’ needs. We can open your Eastern U.S., escrow account in days, and provide timely Europe, Middle East, payments and accurate reporting. And you’ll Africa & Australia Nils S. Dahl, Director have online access to account information. 6464522115 To put our escrow services to work for you, Asia & Latin America Rafael Diaz, Director we invite you to call one of our specialists. 6464522014 mufgamericas.com/corporatetrust MUFG Union Bank, N.A. A member of MUFG, a global inancial group Winner of “Best Corporate Trust Bank USA” 2012, 2013, 2014, 2016, and 2018 Global Banking and Finance Review ©2018 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc., and is used by MUFG Union Bank, N.A., with permission. Member FDIC. 0C2_MAJ0918 2 8/8/2018 9:50:17 AM Contents September 2018 | VOL. 53 | NO. 8 Cover Story 16 Holleb & Coff Alumni: Where are they now?, The Chicago law firm shut its doors nearly 20 years ago, but not before launching the careers of many M&A pros. Private Equity Perspective 12 Inclusion investing In the middle market, a growing movement is nurturing women-led companies. The Buyside 14 P&G’s new M&A course Two years after completing its restructuring plan, P&G is ready to make acquisitions. M&A Scene 30 Athletes who invest in eateries From left to right: Duane Morris global corporate chair Brian Kerwin; Monroe Capital founder From LeBron James to Danica Patrick, Theodore Koenig; Chicago White Sox general counsel John Corvino. many celebrity athletes are also entrepreneurs. Watercooler Guest Article 36 6 34 Exponent Exchange Madison Capital, Houlihan Lokey, Investing in marijuana Banker-turned-entrepreneur Sallie True Food Kitchen With Canada legalizing cannabis in Krawcheck delivered the keynote, and Christopher Taylor becomes Madison the fall, now is the time to invest, says Mergers & Acquisitions’ Mary Kathleen Capital’s CEO. Oprah invests in Salveo’s Jeffrey Howard. Flynn moderated a panel. restaurant chain True Food Kitchen. Houlihan Lokey forms HL Finance. Q&A Feature People Moves 32 28 38 Auto revolution Smart energy New hires and promotions Many car dealerships lack succession Companies throughout the energy AEI-backed Applied Composites plans and the resources to adapt industry are focused on improving names new CEO. Cowen hires vice to the changing industry, making operational efficiencies and analytical chairman of investment banking. PJ them ripe targets for M&A, says capabilities, generating a lot of Solomon hires two MDs. Holland & Knight’s Stephen Dietrich. middle-market M&A activity. TheMiddleMarket.com September 2018 Mergers & Acquisitions 1 001_MAJ0918 1 8/8/2018 12:11:17 PM Inside Word September 2018 | VOL. 53 | NO. 8 What’s past is prologue TheMiddleMarket.com 1 STATE STREET PLAZA, 27TH FLOOR NEW YORK, NY 10004-1505 • (212) 803-8200 EDITOR-IN-CHIEF Firms that soared in the 1980s and 1990s and then shut Mary Kathleen Flynn ASSISTANT MANAGING EDITOR up shop paved the path to today’s middle market. Demitri Diakantonis CONTRIBUTING EDITORS Keith Button, Danielle Fugazy GROUP EDITORIAL DIRECTOR, BANKING AND CAPITAL MARKETS Our July/August issue, which featured 11 Rising Stars Richard Melville VP, RESEARCH of Private Equity, focused on the future of the middle Dana Jackson market. This issue takes something of a look back. EXECUTIVE DIRECTOR, CONTENT OPERATIONS Holleb & Coff, founded by Marshall Holleb and Mor- AND CREATIVE SERVICES Michael Chu ris Coff in 1951, was an influential law firm that enjoyed SR. ART DIRECTOR Nick Perkins its heyday in the 1980s and 1990s. It was the law firm to work for in the Midwest. Drawn to the supportive VICE PRESIDENT, CAPITAL MARKETS Harry Nikpour (212) 803-8638 culture, new associates and seasoned partners alike SENIOR SALES MANAGER enjoyed working at the venerated firm. At its peak, Hol- Richard Grant (212) 803-8634 ASSOCIATE MARKETING MANAGER leb & Coff employed 130-plus attorneys and advised prestigious clients, includ- Leatha Jones ing American National Bank, Hollinger International Inc. and LaSalle Bank. The firm shut its doors in 2000, but not before helping to shape the careers of many successful M&A pros today, including: John Corvino is enjoying his dream job today as the general counsel to the CHIEF EXECUTIVE OFFICER ........................... Gemma Postlethwaite CHIEF FINANCIAL OFFICER ..................................................Sean Kron Chicago White Sox. EVP & CHIEF CONTENT OFFICER ........................David Longobardi Brian Kerwin chairs Duane Morris’ global corporate practice and serves on CHIEF MARKETING OFFICER ....................................... Matthew Yorke CHIEF SUBSCRIPTION OFFICER ...................................Allison Adams the executive committee. SVP, CONFERENCES & EVENTS .................................. John DelMauro SVP, HUMAN RESOURCES .....................................................Ying Wong Theodore (Ted) Koenig is the founder and CEO of Monroe Capital, the Chicago-based lending firm that works with many well-known private equity firms today. REPRINTS AND LICENSING CONTENT Kenneth Serota is president of Hu-Friedy Manufacturing Co., a global leader For more information about reprints and licensing content from Mergers & Acquisitions, please visit sourcemediareprints. in dental instrument manufacturing. com or contact pars international at (212) 221-9595. Michelle Warner serves as senior vice president, general counsel and cor- CUSTOMER SERVICE porate secretary at USG Corp. (NYSE: USG), a publicly-traded Fortune 1000 [email protected] or (212) 803-8500 company that makes sheetrock and is currently being acquired by German Mergers & Acquisitions Vol. 53/No. 8 (ISSN 0026-0010) is published monthly with combined issues in July/August manufacturer Gebr. Knauf KG for $7 billion. Warren Buffet’s Berkshire Hathaway and November/December by SourceMedia, One State Street Plaza, 27th Floor, New York, NY 10004-1505. Yearly Inc. (NYSE: BRK.A) is USG’s largest shareholder. subscription is $1,995; $2035 for one year in all other Holleb & Coff “started off with a bunch of attorneys who co-invested in the countries. Periodical postage paid at New York, NY and U.S. additional mailing offices. POSTMASTER: Send address real estate deals they were putting together,” Serota recalls. “Our client base changes to Mergers & Acquisitions / SourceMedia, One State Street Plaza, New York, NY 10004. For subscriptions, was primarily entrepreneurial owner-operated companies, as opposed to the renewals, address changes and delivery service