Kirkland Represents Federal Street Acquisition Corp. in Business Combination with Universal Hospital Services

Kirkland & Ellis LLP represented Federal Street Acquisition Corp. (NASDAQ: FSACU, FSAC, FSACW), a special purpose acquisition company sponsored by an affiliate of Thomas H. Lee Partners, L.P., which announced today it has entered into a definitive merger agreement with the holding company of Universal Hospital Services, Inc., a leading, nationwide provider of healthcare technology management and service solutions and a portfolio company of Irving Place Capital Management, L.P. FSAC and UHS will combine under a new holding company to be named Agiliti, Inc., which intends to apply to have its common stock and warrants listed on the Nasdaq Stock Market under the ticker symbols “AGTI” and “AGTIW,” respectively. The purchase price for the acquisition implies an initial enterprise value for the combined company of approximately $1.74 billion. More information on the transaction is available in UHS and FSAC’s press release.

The Kirkland team was led by corporate partners Richard Campbell and Christopher Elder, as well as Jon Ballis and associate Kevin Humphries, capital markets partners Carol Anne Huff and Ana Sempertegui, debt finance partners Eric Wedel and Rachel Gray and tax partner Russell Light.