Private Equity and M&A
Built for the needs of middle market private equity funds and their portfolio companies.
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A focused practice with deep industry specialization.
Choate launched one of the first private equity funds in 1983, and today we represent many of the country’s best known and most active private equity sponsors and their portfolio companies. Decades of experience—paired with teams who focus on the middle market—allows us to understand our clients’ business objectives and provide the strategic advice they need to meet their goals. Today, our private equity and M&A team is the largest group in the Firm, with more than 40 lawyers focused on helping our clients execute their most important transactions.
While we have deep bench strength to support large, complex transactions, we staff matters efficiently and do not add unnecessary members to a deal team. The lead partners on our transactions pride themselves on being heavily involved in the important details and execution.
We work seamlessly with the other related areas in the firm, such as tax, finance, intellectual property, healthcare, employment, benefits, real estate, antitrust and litigation, to support our fund clients in all their investment activities. This integrated team has the experience needed to guide private equity funds and their companies through all stages of a transaction—and their efforts have earned us a reputation for being commercially-focused and working effectively with all parties to a transaction.
What We Do Best
Buyouts and Growth Equity
The largest part of our practice involves handling important transactions for our fund clients and their portfolio companies. We regularly lead buyouts, growth equity investments, “add-on” acquisitions, and exit transactions on behalf of private equity sponsors and their portfolio companies. For portfolio company transactions, Choate ranks as one of the most active law firms in the country.
Healthcare Transactions
Since 2018, we have served as deal counsel in healthcare private equity related transactions with an aggregate value of more than $9 billion. In particular, private equity firms and their healthcare portfolio companies rely on our experience in structuring, negotiating and executing acquisitions and financings, and in dispositions of healthcare investments. By seamlessly integrating our transactional and healthcare regulatory teams, we are able to identify key due diligence issues and assess potential regulatory and compliance risks associated with an investment, as well as potential regulatory consent or notification requirements. We maintain significant expertise in the areas of healthcare practice management models (e.g., DSOs/MSOs in dental, ophthalmology, dermatology, general internal medicine); representation of fertility providers, women’s health, telemedicine, revenue cycle management and health IT providers; and in negotiating credit facilities on behalf of sponsors.
Fund Formation
For fund clients, our work often begins at the fund formation stage. We advise buy-out, growth equity, venture capital, and other private equity funds of all sizes as they raise capital to invest. Knowing what terms investors will accept is critical to a fund's success. Our team’s experience representing sophisticated funds as they go to market gives our clients an edge.
Real Estate
We serve as real estate counsel to public and private corporations and funds by advising on real estate purchases and sales, investigating real property assets involving mergers, acquisitions and divestitures and advising on leases.
Key Support Areas
- Finance – We help private equity clients and their portfolio companies structure and negotiate acquisition loans, leveraged and mezzanine financings, term and revolving credit facilities, working capital loans, and senior and subordinated debt instruments.
- Tax – Our tax attorneys specialize in the complexity of middle-market transactions and provide practical tax advice to support our clients’ deals.
- Antitrust – We advise our clients regarding their antitrust needs, including in connection with M&A deals, joint ventures, and IP licensing.
- Benefits, Labor & Executive Compensation – We help clients address the particulars of compensation agreements, employment and consulting agreements, executive employment packages, officer and director responsibilities and termination agreements.
- Cybersecurity & Data Privacy - With decades of government and private practice experience dealing with increasingly complex cybersecurity incidents and data privacy laws, Choate’s cybersecurity and data privacy practice counsels a wide range of businesses and organizations on compliance with U.S. data privacy laws, responding to cybersecurity incidents, conducting and evaluating risk assessments, and handling cybersecurity and privacy litigation.
Recent Accolades
Ranked among “Most Active Law Firms” Worldwide for Private Equity & Venture Capital in “PE Deal League Tables”
Ranked nationally in Middle-Market M&A, Private Equity Buyouts and Venture Capital/Emerging Companies by The Legal 500
Ranked nationally as a Tier 1 firm in Middle-Market M&A by The Legal 500
Majority of practice areas recognized for excellence
Majority of equity partners named Best in America
“Stand-out lawyers” recognized in the Acritas Stars Stellar Performance program
Meet the Team
Jeff Sarasohn
Senior Corporate Counsel
Adam M. Zaiger
Partner
Alison F. Reif
Chair, Labor & Employment
Alyson Bagley Stewart
Partner
Andrew J. Hickey
Partner
Andrew K. Norkiewicz
Senior Associate
Andrew P. Erdmann
Partner
Aspen Schneider
Associate
Benjamin Owens
Senior Associate
Brian D. Goldstein
Senior Counsel
Brian J. King
Of Counsel
Brian P. Lenihan
Partner
Charles E. Lyon, DPhil
Chair, Intellectual Property
Chris Henry
Partner
Dallas Cruz
Partner
Dana W. Spigelman
Principal
Daniel P. Riley
Partner
David M. Olio
Associate
David Mollo-Christensen
Co-Chair, Tax
Ed Saad
Partner
Elizabeth Pion
Senior Corporate Counsel
Elizabeth Powers
Of Counsel
Ellen Baker
Associate
Eric J. Marandett
Co-Chair, Intellectual Property Litigation
Frank Pustorino
Principal
Gregg B. Cosimi
Partner
Howard S. Rosenblum
Retired Partner
James A. McDaniel
Senior Counsel
J.P. Jaillet
Department Co-Chair, Litigation
Johanna B. Moody
Associate
John Marshall Chambers
Partner
Charles A. Cheever
Managing Partner
John R. Pitfield
Partner
John F. Ventola
Department Chair, Finance & Restructuring
Julia Zabriskie
Associate
Kevin J. Connolly
Senior Associate
Kevin M. Sarro
Principal
Kevin T. Jarboe
Partner
Kevin M. Tormey
Partner
Kiera McManus
Associate
Kimberley J. Kaplan-Gross
Partner
Lee S. Feldman
Department Chair, Private Equity and Business & Technology
Louis J. Marett
Senior Counsel
Lyndsey M. Kruzer
Partner
Marianna Marques
Associate
Mark A. DeFeo
Co-Chair, Private Equity and M&A
Matt Mortensen
Senior Associate
Melissa W. Gaied
Principal
Michael T. Gass
Co-Chair, Business & Financial Litigation
Michael J. Stick
Partner
Nicholas Venora
Associate
Olivier A. Léger
Co-Chair, Tax
Orion Berwanger
Associate
Paul C. Laudano
Chair, Real Estate
Peter Ernst
Associate
Peter M. Palladino
Partner
Rees M. Hawkins
Partner
Robert M. Buchanan, Jr.
Partner
Robert V. Jahrling III
Senior Counsel
Sabrina Cua
Partner
Sarah Hunt Broughel
Partner
Sarah N. A. Camougis
Co-Chair, Private Equity and M&A
Scott Hefferman
Associate
Sean M. Small
Partner
Sean M. Monahan
Partner
Serge C. Doucet III
Associate
Shaina Wamsley London
Co-Chair, Finance & Restructuring
Shaun Barnes
Partner
Silvia Faria
Associate
Stefano A. Sharma
Counsel
Stephen Fleury
Associate
Steve Meredith
Senior Counsel
Stephen J. Tonkovich
Partner
Sydney Sullivan Nicklas
Associate
Tanner Jeffrey Kramp
Associate
Thomas E. Shirley
Senior Counsel
T.J. Murphy
Partner
Tobin P. Sullivan
Partner
William P. Gelnaw, Jr.
Co-Managing Partner
Zachary Rosen
Senior Corporate Counsel