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MoFo Advises Rothschild & Co on the Sale of its North American Asset Management Business to Wintrust Financial Corp

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Morrison Foerster advised Rothschild & Co in connection with its agreement to sell two asset management units to Wintrust Financial Corporation’s subsidiary Great Lakes Advisors, LLC. 

 

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Morrison Foerster advised Rothschild & Co in connection with its agreement to sell two asset management units to Wintrust Financial Corporation’s subsidiary Great Lakes Advisors, LLC. The transaction involves the sale of Rothschild & Co Asset Management US Inc. and Rothschild & Co Risk Based Investments LLC (collectively, “Rothschild & Co Asset Management U.S.”), investment managers with approximately $8 billion in assets under management specializing in equity investment strategies for institutional, intermediary and other clients. Upon completion of the transaction, Rothschild & Co Asset Management U.S. will merge into and operate the business as Great Lakes Advisors, LLC. Rothschild & Co is a global, family-controlled, independent group of financial services professionals focusing on global advisory, wealth and asset management, and merchant banking. The MoFo team advising Rothschild & Co was led by partners Erik Knudsen (Denver; M&A/private equity) and Derek Steingarten (New York; Investment Management), with invaluable assistance from Denver corporate of counsel Evan Leitch, Washington, D.C. corporate associate Thomas Good, and San Francisco corporate associate Daniel Irvin. The wider team included San Francisco technology transactions partner Justin Haan, New York executive compensation partner Joshua Lerner, New York tax partner Dave Sturgeon, Washington, D.C. employment + labor partner Andrew Turnbull, and Boston privacy + data security partner Julie O’Neill.Read more about the transaction in the companies’ <a href="https://www.globenewswire.com/news-release/2022/11/14/2555434/11955/en/Wintrust-to-Expand-its-Investment-Management-Business-Enters-into-Agreement-to-Acquire-North-American-Asset-Management-Units-from-Rothschild-Co.html">press release</a>.

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Erik Knudsen is a corporate partner and serves as co-chair of the firm's Transactions Department. He is also a member of the Mergers + Acquisitions and Private Equity Investments + Buyouts practice groups.Erik focuses his practice on complex business transactions, including leveraged buyouts, strategic mergers, acquisitions, investments and joint ventures, reorganizations, growth equity and venture capital investments, and divestitures.With a broad industry reach, Erik has led transactions in diverse sectors such as healthcare, industrial, software, internet, technology, business services, distribution, and manufacturing. His industry‑specific knowledge and comprehensive understanding of the private equity market and corporate counsel requirements position him as a trusted advisor for clients navigating complex business landscapes.

Erik G. Knudsen

Co-Chair of Transactions Department

Daniel Irvin is a corporate associate in the San Francisco office of Morrison Foerster. He represents clients on a broad range of transactional and corporate matters, including the formation of emerging companies, venture capital financings, mergers and acquisitions, corporate governance, and strategies for integrating ESG and impact goals into their businesses. He has represented both sellers and buyers in mergers and acquisitions. Daniel has also advised both sponsors of private funds throughout the fund formation process, as well as LPs in their primary and secondary fund investments. Daniel has particular expertise in working with non-profit organizations on a variety of transactions including investments in for-profit entities, hybrid structuring arrangements, and mergers and acquisitions including “spin-out” transactions.Prior to joining the firm, Daniel was a Summer Law Clerk in the Office of the General Counsel for the San Francisco Bay Area Rapid Transit District (BART).

Daniel J. Irvin

Associate

Justin Haan is the chair of the firm's Technology Transactions Group, advising leading technology industry pioneers to help them navigate their most critical IP and technology needs.Justin’s practice focuses on transactions and counseling involving intellectual property and technology, including licensing arrangements, technology transfers, and joint development activities. Justin structures, drafts, and negotiates a wide range of commercial agreements, including software and content licenses, service agreements, reseller arrangements, and collaboration, manufacturing, supply and distribution agreements. He advises clients on the development, procurement and commercialization of cutting-edge technologies, including artificial intelligence, machine learning, augmented/virtual reality, semiconductors, data centers, cloud computing services, autonomous vehicles, and unmanned aircraft systems.  Justin also counsels clients on open source software, complex patent-related transactions, and the intellectual property aspects of M&A transactions. Justin’s experience includes advising OpenAI, Arm, Autodesk, Meta, Salesforce, SoftBank, Unity, and others on the IP aspects of complex projects involving cutting-edge technologies and fast-evolving areas of law. Justin serves on the firm’s AI industry committee, where he helps to lead and collaborate with attorneys across multiple practices on the rapid advances of generative AI. Justin is also a sought–after speaker and thought leader on artificial intelligence and has spoken at SXSW on the subject of multimodal AI.Before joining the firm, Justin was an intellectual property associate in the New York office of another global law firm.Justin received his J.D., with a certificate in law and technology, from the University of California, Berkeley School of Law, where he won the Prosser Prize in intellectual property in the entertainment industries and was an articles editor for the Berkeley Technology Law Journal. He received his A.B. from Harvard University.

Justin Haan

Chair of Technology Transactions Practice

Josh Lerner is a partner in the Executive Compensation + Benefits Group based in the New York office of Morrison Foerster.Josh advises clients on all matters involving the compensation of senior executives, including employment, change in control, equity compensation, and severance arrangements.He counsels public and private companies on executive compensation issues in a range of corporate transactions, restructurings, and financings. He has experience designing, drafting, and negotiating employment agreements and administering equity incentive plans and awards. He also works regularly with public companies on compensation-related disclosures and corporate governance matters, including Securities Exchange Act of 1934 reports. Josh earned his J.D. from Columbia Law School where he was a senior articles editor of the Columbia Business Law Review.<h4>Representative Matters</h4><ul><li>Snow Software, a technology intelligence platform, on its acquisition by Flexera Software, a data-oriented SaaS solution company.</li><li>U.S. Silica Holdings, a global industrial minerals and logistics leader, in its $1.85 billion sale to entities affiliated with Apollo Global Management.</li><li>Rivian Automotive in the formation of an equally controlled and owned joint venture with Volkswagen Group to create next generation software-defined vehicle (SDV) platforms to be used in both companies’ future electric vehicles.</li><li>Palladium Equity Partners, in the $695 million sale of its majority interest in Trachte, a leading provider of highly engineered protection and control buildings with mission critical applications, to nVent Electric plc, a leading global provider of electrical connection and protection solutions.</li><li>The rock band KISS and its co-founders Gene Simmons and Paul Stanley in the sale of substantially all rights related to KISS to Pophouse Entertainment.</li><li>McGrath RentCorp, leading provider of temporary and permanent space solutions, in its $3.8 billion acquisition by WillScot Mobile Mini Holdings Corp., a leader in innovative temporary space solutions.</li><li>Astellas Pharma in its acquisition of Propella Therapeutics, a biopharmaceutical company that combines medicinal chemistry with lymphatic targeting to create new oncology drugs.</li><li>SoftBank in connection with its $375 million acquisition of Berkshire Grey, a robotic automation company that went public via a SPAC merger in 2021.</li></ul><ul><li>Grant Thornton, one of America’s largest audit, tax, and advisory firms, in the sale of its Public Sector Advisory practice to Guidehouse, a portfolio company of Veritas Capital and leading global provider of consulting services to the public sector and commercial markets.</li><li>MTY Food Group, a leading franchisor in the North American restaurant industry, in its $200 million acquisition of BBQ Holdings, a franchisor and operator of fast casual dining.</li><li>Odevo AB, a Swedish company and a portfolio company of private equity client Fidelio Capital, in connection with its acquisition of KW Property Management & Consulting, LLC, a Florida-based company that provides property management services to homeowner associations, condominium boards, cooperative boards and townhome communities. </li><li>Tinicum and its portfolio company TSL Engineered Products in the sale of Advantek, a leading provider of highly engineered carrier tape and associated protective packaging products, to Cornell Capital.</li></ul>

Joshua Lerner

Partner

David Sturgeon is a partner in Morrison Foerster’s Federal Tax practice.Dave advises clients on a broad range of complex business transactions, including domestic and cross-border mergers and acquisitions, joint ventures, spin-offs and other divestitures, as well as financings, refinancings, restructurings and other business transactions.He earned his J.D. from the University of Chicago Law School, where he was a member of the Chicago Journal of International Law, and received his Master of Laws in taxation from New York University School of Law.Prior to joining Morrison Foerster, Dave was an associate at a law firm in New York, where he represented public companies, financial institutions, private equity clients and other sponsor entities across industries in an extensive range of business transactions.

Dave Sturgeon

Andrew Turnbull is a partner in the firm’s Global Employment + Labor Group and co-leader of the firm’s Anti-Bias Strategy + Defense Task Force. He has extensive experience advising, defending, and investigating high stakes and class discrimination, harassment, and whistleblower claims, including enforcement actions by EEOC, DOL, DOJ Civil Rights, ICE, and similar state agencies.  He is also well versed in defending and pursuing employee mobility and trade secret misappropriation claims, including breach of non-competes, non-solicits, and non-disclosures claims as well as and duty of loyalty and trade secrets claims. Andrew also routinely defends and advises companies, board of directors, and executives on the significant reputational, business, and compensation issues arising from executive disputes.A primary focus of Andrew’s practice involves helping companies handle the unique employment issues and challenges from doing business with the federal government, including:<ul><li>Defending whistleblower qui tam and retaliation claims under the False Claims Act, the National Defense Authorization Act, and other whistleblower laws;</li><li>Advising and defending government investigations and litigation under the Service Contract Act, the Davis-Bacon Act, and other prevailing wage laws;</li><li>Compliance and litigation defense relating to federal and state affirmative action requirements and DEI related risks;</li><li>Advising on unique compliance issues for federal contractors, such as mitigating discrimination risks when screening for export control compliance under ITAR and EAR, conducting E-Verify audits and compliance, and navigating the Drug-Free Workplace Act.</li></ul>Andrew is problem-solver. He routinely provides clients from Fortune 100 companies to startups with practical and business-minded risk mitigation strategies for various employment and labor issues, including:<ul><li>Developing DEI, affirmative action, pay transparency, antidiscrimination, and antiharassment programs and policies;</li><li>Conducting pay equity studies, adverse impact analysis, and bias testing of employment tests and tools, including for artificial intelligence;</li><li>Developing trade secrets protection and restrictive covenants strategies;</li><li>Reductions in force, furloughs, and high-risk terminations;</li><li>Risks related to 1099s and other contingent workers; and</li><li>Risks related to I-9 and E-Verify compliance, audits, and raids.</li></ul>Andrew also advises companies and executives on a wide range of employment agreements, including drafting and negotiating executive employment agreements, separation agreements, non-competes and non-solicits, and commission and bonus plans.Andrew also represents employers in matters involving union avoidance, negotiating and drafting collective bargaining agreements, handling union grievances, and avoiding and defending unfair labor practice charges.Prior to joining private practice, Andrew worked as a human resources manager for a company recognized on the Inc. 500, an annual list of the fastest-growing private companies in the United States.  Andrew received his J.D. with honors from the George Washington University Law School, where he served as a notes editor for The George Washington Law Review.  While in law school, Andrew interned at the Commercial Litigation Branch of the U.S. Department of Justice.Andrew is an active member of the steering committee of the Washington Metro Industry Liaison Group.

Andrew Turnbull

Clients seek out Julie because of her practical advice on cutting-edge issues at the intersection of privacy and consumer protection laws. She provides clients with practical solutions to compliance challenges around a wide variety of both online and offline privacy issues, including tracking, interest-based advertising, geo-targeting and other mobile tracking, personalization, and cross-device tracking. Recognized in The Legal 500 US 2014, 2016, 2019, and 2020 and Chambers USA 2021 for her exceptional legal work, her clients praise her saying, “She is really good at giving practical, targeted advice and taking stock of what the risk profile of the client is, so that the advice is holistic.” (Chambers USA).Julie provides clients with creative and practical advice on meeting the requirements of state and federal privacy laws, including the Federal Trade Commission Act (FTC), the California Consumer Privacy Act (CCPA), Children’s Online Privacy Protection Act (COPPA), and the Family Educational Rights and Privacy Act (FERPA). She crafts guidelines and compliance programs for clients’ collection, use, and disclosure of personal information in diverse contexts and throughout the life cycle of their initiatives, such as for connected products (the Internet of Things) and mobile services. She also drafts privacy and cookies policies, online service terms of use, agreements involving online and offline advertising and marketing practices, and agreements concerning a variety of data uses. In addition, Julie helps clients assess and manage privacy risks, including in connection with mergers, acquisitions, and other strategic transactions.Julie creates compliance programs for clients’ use of a wide variety of channels for communicating with and marketing to consumers, including email, telephone, text message, and fax, both in the United States and around the world. She works with clients to develop their social media strategies and to clear their social media content. She also reviews advertising in both traditional and new media for compliance with applicable laws, including Section 5 of the FTC Act and various FTC rules and guides. In addition, she works with clients to structure, market, and implement their sweepstakes, contests, and other promotions in compliance with applicable laws.As a former FTC staff attorney, Julie regularly defends companies in investigations by the FTC and before data protection authorities around the world.<h4>Representative Experience</h4><ul><li>A company that creates online software used by schools in an FTC investigation of alleged COPPA violations.</li><li>A consumer services company investigated by the Korean data protection authority for alleged privacy violations</li><li>A manufacturer in connection with a challenge of its environmental advertising claims by the FTC </li><li>An advertising services company in an investigation of alleged privacy-related violations of the FTC Act</li><li>An online provider of entertainment services in an FTC investigation of alleged COPPA violations</li><li>A beverage company in an FTC investigation of alleged COPPA violations</li></ul>Before attending law school, Julie was a Peace Corps volunteer in The Gambia, West Africa.