Pillsbury's Insolvency & Restructuring Practice Earns Four M&A Advisor Deal of the Year Awards

The firm’s work for Berger Group Holdings, Inc. was recognized as both the Professional Services (B-to-B) (Over $100MM) Deal of the Year and the Restructuring Deal of the Year (Over $100MM to $1 Billion) at the 14th Annual M&A Advisor Awards in November. Pillsbury was again honored at the magazine’s Turnaround Awards in January, where the Berger restructuring was identified as the Professional Services Deal of the Year and another representation on behalf of the Virginia Conservation Legacy Fund won Distressed M&A Deal of the Year (Over $100MM to $1B).

The groundbreaking restructuring of Berger, one of the world’s largest engineering services firms, took 27 months to develop and entailed a complete reorganization of business lines and legal entities worldwide to realize management, operating, financing and tax efficiencies. The effort culminated in a first-of-its kind reciprocal investment structure between outside investor Abrams Capital and senior firm management that maintained Louis Berger’s employee ownership model and ensured that it can continue to function as a partnership. The team involved was led by counsel David Forsh. Partners Dereck Palmer, Nate Cartmell, Bob Robbins, Richard Kirkpatrick, Richard Epling, Susan Serota and Bill Sullivan also played key roles in the project.

A separate team of Pillsbury lawyers counseled the Virginia Conservation Legacy Fund in the $860 million sale of the bankrupt Patriot Coal Corp.’s assets to VCLF affiliate ERP Compliant Fuels LLC. The innovative deal — in which ERP acquired two of Patriot’s West Virginia mines; took on more than $400 million in workers’ compensation, state black lung and environment obligations; and assumed or replaced bonds financing reclamation and other liabilities — creatively paired subterranean coal mining with carbon credits generated by tree planting and other reclamation efforts. Partners Patrick Potter, Andrew Troop and Matthew Swartz advised VCLF on the transaction, with significant input from partners Sheila Harvey and David Baxter.

"We are thrilled to be recognized for our pioneering work on these matters," said Palmer, who spearheaded the Louis Berger matter. "These awards are a testament to the depth and breadth of our platform and our ability to provide clients with outside-the-box but highly effective solutions."