A pair of Am Law 100 firms known for their private equity expertise are advising on the sale of Peak 10, an information technology infrastructure and cloud services provider valued at roughly $900 million.
Terms of the sale of Charlotte-based Peak 10 by Welsh, Carson, Anderson & Stowe to GI Partners were not disclosed. Welsh Carson paid $410 million back in 2010 for a majority stake in Peak 10, whose general counsel is Megan Fine.
Kirkland & Ellis is advising Welsh Carson on its sale of Peak 10, which GI Partners won in an auction and hopes to close upon in the second quarter. Corporate partner Jeffrey Symons, associates Keri Schick and Adele Maloney Thomas and visiting attorney Svetlana Popova are leading a Kirkland team working on the matter.
Symons, named a Dealmaker of the Year by The American Lawyer in 2011 for his role representing Israeli-based Teva Pharmaceutical Industries on its $6.8 billion buy of rival drugmaker Cephalon, previously advised Welsh Carson on its purchase of Peak 10 four years ago from majority owners Seaport Capital and McCarthy Capital.
Kirkland has been a longtime legal adviser to Welsh Carson, counseling the New York-based buyout shop in recent years on its acquisitions of Alert Logic and Service Repair Solutions. (Welsh Carson turned to Ropes & Gray for counsel in January on its $570 million sale of portfolio company Solstas Lab Partners Group to Quest Diagnostics.)
Thomas Scully, a former Patton Boggs partner and ex-Bush administration health care official who is now senior counsel with Alston & Bird, serves as a general partner at Welsh Carson, along with Harvard Law School graduate Sanjay Swani.
Paul Hastings private equity partner William Sampson, real estate partner John Simonis and associates John Kang and Jeremy Rocklage are advising Menlo Park, Calif.-based GI Partners on its acquisition of Peak 10. The firm has been a longtime legal adviser to GI Partners, whose general counsel and chief compliance officer is David Smolen.
GI’s acquisition of Peak 10 wasn’t the only middle-market private equity deal in the technology space announced this week. Weil, Gotshal & Manges is advising longtime client Genstar Capital on its acquisition of ConvergeOne, a Minnesota-based provider of enterprise communication solutions and services, from Clearlake Capital Group for an undisclosed sum.