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Freeman Spogli, originally known as Riordan, Freeman & Spogli, was founded in 1983 by Richard Riordan, Bradford M. Freeman, and Ronald P. Spogli. [1]Co-founder Richard Riordan, who would later go on to serve as Mayor of Los Angeles, had been an attorney and had made substantial personal investments in technology companies.
Freshfields LLP (formerly Freshfields Bruckhaus Deringer, or FBD) is a British multinational law firm headquartered in London, England, [4] and a member of the so-called "Magic Circle". [ 5 ] [ 6 ] The firm has 28 offices in 17 jurisdictions across Asia , Europe , the Middle East and North America . [ 7 ]
In 2019, Wilkins was selected to lead a global team at Freshfields focusing on sustainability, [8] environmental and social issues. [9] Their first assignment focused on ways to solve New York City’s sustainability issues, [ 10 ] such as waste, resources, climate change, and job creation. [ 11 ]
Because of the high leverage on many of the transactions of the 1980s, failed deals occurred regularly, however the promise of attractive returns on successful investments attracted more capital. With the increased leveraged buyout activity and investor interest, the mid-1980s saw a major proliferation of private equity firms.
Leveraged transactions fund a number of purposes. They provide support for general corporate purposes, including capital expenditures, working capital, and expansion. They refinance the existing capital structure or support a full recapitalization including, not infrequently, the payment of a dividend to the equity holders.
As with other leveraged transactions, if a firm cannot make its debt payments, meet its loan covenants or rollover its debt it enters financial distress which often leads to bankruptcy. Therefore, the additional debt burden of a leveraged recapitalization makes a firm more vulnerable to unexpected business problems including recessions and ...
Another example is a leveraged buyout, essentially a leveraged recapitalization initiated by an outside party. Usually, incumbent equity holders cede control. The reasons for this transaction may include: Getting control over the company via a friendly or hostile takeover; Disciplining the company with excessive cash
Leveraged buyout (LBO) refers to a strategy of making equity investments as part of a transaction in which a company, business unit, or business asset is acquired from the current shareholders typically with the use of financial leverage. [13] The companies involved in these transactions are typically mature and generate operating cash flows. [14]