Kirkland & Ellis advised MSD Partners, L.P. (MSD), a leading investment firm focused on maximizing long-term capital appreciation, on its entry into a definitive business combination agreement with BDT & Company Holdings, L.P. (BDT), a merchant bank that provides advice and long-term capital through its affiliated funds. Under the terms of the agreement, the firms will combine to create the preeminent advisory and investment firm serving the distinct needs of family- and founder-led business owners and strategic, long-term investors. The combination will unite BDT, founded in 2009 by Byron Trott, and MSD, a premier, long-term-oriented investment firm that invests on behalf of like-minded investors, including Dell Technologies Founder Michael Dell and his family. Upon completion of the combination, Byron Trott and Gregg Lemkau will serve the combined firm as co-Chief Executive Officers, and Michael Dell will be appointed as chairman of the combined firm’s advisory board. The transaction is expected to be completed in early 2023. Financial terms were not disclosed.
The Kirkland team was led by corporate partners Christopher Gandia, Florence Zhang, Jai Agrawal and Robert Blaustein and associate Max Reibman, and tax partners David Grenker and Philip Cooke.