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Jenner & Block represented client KPS Special Situations Funds and its portfolio company, Hephaestus Holdings, Inc. (HHI), in HHI’s recent acquisition of the North American Bearings Business of Delphi Corporation, the leading supplier of wheel bearings and roller clutches to General Motors Corporation in North America.
The client secured the acquisition through an auction conducted as part of a sale process under Section 363 of the United States Bankruptcy Code.
In addition to the basic acquisition of the Bearings Business, the transaction involved a restructuring of the HHI family of portfolio companies and a related renegotiation of investment documents with a minority investor. The Firm is also providing counsel on the financing of the acquisition; the sale of the Bearing Business real estate in a sale and leaseback transaction; the negotiation of new union agreements and employee benefits arrangements; and the negotiation of new post-bankruptcy commercial agreements with key customers and suppliers.
The Jenner & Block legal team on this matter was led by Partner Edward J. Neveril, and included Partners Adam Petravicius, Steven R. Englund, Donald S. Horvath, Steven R. Meier, S. Tony Ling, Christian E. Kimball, Michael T. Wolf, and Elizabeth A. Davidson; Of Counsel Darren M. Mungerson; and Associates Peter H. Rosenbaum, David K. Anna, Nicola K.B. Joyce, Kris Tina Carlston, Joshua Rafsky, Melissa C. Fogerty, Mercedes M. Davis.
For more details regarding the transaction, please click here to view KPS Capital Partners' press release.