Benjamin P. Stoyenko

Financings

• Investment management firm and various of its commingled funds in the workout of a $1.1 billion first mortgage construction loan.

Joint Ventures

• Realterm Asset Management, LLC on the formation of its first co-investment fund, capitalized by certain investors of its open-end Realterm Income Logistics Fund (RLIF) and other new third party investors, the acquisition by RLIF and the co-investment fund of a 49% ownership interest in a portfolio owned by JPMorgan Investment Management, and on the terms of the new joint venture arrangement between Realterm and JPMorgan. The joint venture owns a portfolio of 61 industrial logistics assets located throughout the U.S. and is valued at $1.17 billion. Realterm assembled and has managed the portfolio since its inception and will continue to manage the portfolio as an RLIF investment pursuant to the new joint venture arrangement.

Sales

• $230 million sale of three multifamily properties (two located in Texas and one located in Tennessee).
• $145 million sale of three multifamily assets located in Georgia and Texas.

Mergers & Acquisitions and Restructurings

• Hg in its investment in CINC Systems, a software provider to the community association management industry.
• I Squared Capital in its acquisition of a controlling interest in Whistler Pipeline, a natural gas infrastructure asset connecting the Permian Basin’s growing natural gas supply to LNG, Mexico and Gulf Stream demand, from First Infrastructure Capital, Ridgemont Equity Partners, West Texas Gas, Stonepeak Partners and WhiteWater.
• The Jordan Company-backed Odyssey Logistics & Technology Corp. in the sale of Linden Bulk Transportation, its bulk tank truck transport subsidiary, to Boasso Global.
• Transom Capital in its acquisition of Galleher, a distributor of flooring and flooring supplies, from Quad-C Management.
• Brightstar Capital Partners in its acquisition of Douglas Products, a provider of agricultural production and structural pest control products, from Altamont Capital Partners.
• Madison Dearborn Partners and Thoma Bravo in their $1.4 billion sale of Syntellis Performance Solutions, a provider of enterprise performance management (EPM) software, data and intelligence solutions, to Roper Technologies (NASDAQ: ROP) where it will be combined with Roper’s Strata Decision Technology business.
• GTCR in its $1.6 billion acquisition of ADT’s Commercial fire and security segment (ADTC) from ADT Inc. (NYSE: ADT).
• TCV-backed Perceptyx in its acquisition of Humu, a provider of technology that uses science based ‘nudges’ to influence positive behavior change and improve business performance, from IVP.
• Abry Partners-backed Millennium Trust Company in its acquisition of Benefit Resource, a provider of FSAs, HRAs, HSAs, commuter plans and COBRA administration services, from CIP Capital.
• Blackstone Energy Partners in its $750 million sale of Ulterra Drilling Technologies, a provider of specialized drill bit solutions, to Patterson-UTI (NASDAQ: PTEN).
• Mohari Hospitality in its $550 million acquisition of Tao Group Hospitality, a provider of restaurants, nightlife and entertainment, from Madison Square Garden Entertainment Corp.
• Actis in its acquisition of a co-control stake in Catalyze, a distributed solar and battery storage infrastructure developer.
• I Squared Capital in its acquisition of a majority interest in the Whistler Pipeline.
• Cineworld Group plc and 104 of its debtor affiliates—in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Publicly traded on the London Stock Exchange, Cineworld, the parent company of Regal Entertainment Group, is the second-largest cinema chain in the world, operating over 9,100 screens at nearly 750 cinemas in 10 countries worldwide. Cineworld commenced its Chapter 11 cases with approximately $5.1 billion in funded debt and commitments from an ad hoc group of prepetition lenders to provide nearly $2 billion in debtor-in-possession financing.
• Intelsat S.A. and its debtor-affiliates—operator of the world’s largest satellite fleet and connectivity infrastructure—in connection with their Chapter 11 cases in the United States Bankruptcy Court for the Eastern District of Virginia. With approximately $15 billion in liabilities at the time of filing, and posing complex intercompany issues and novel issues of regulatory and foreign law, Intelsat was one of the largest and most complex restructurings of 2020 and 2021. Intelsat filed with $1 billion in committed DIP financing, which it subsequently refinanced and expanded up to $1.5 billion during its Chapter 11 cases. During their Chapter 11 cases, Intelsat purchased Gogo Inc.’s commercial aviation business, including its software platform and network management infrastructure, for approximately $400 million in a relatively unprecedented transaction for a Chapter 11 debtor. After extensive multiparty and cross-silo negotiations and successful mediation efforts, Intelsat obtained confirmation of its plan of reorganization on a fully-consensual basis and emerged from Chapter 11 with nearly $7 billion in new exit financing and a deleveraged capital structure.

Secondment, Cerberus Capital Management, Jan–July 2022

Gilbertville Trinitarian Congregational Church (GTCC) with the transfer of the Stone Church to the Friends of the Stone Church (FOSC). Provided the GTCC with pro bono legal services to transfer the Stone Church to the FOSC, ensuring the historic church will be restored for future generations to appreciate.