Sponsor & Specialty Finance

The Sponsor and Specialty Finance practice team includes finance lawyers with extensive experience representing banks, private credit funds and other non-bank lenders that provide growth and acquisition capital to lower middle market and middle market companies backed by private equity sponsors, search funds, direct lenders, independent sponsors, and other industry specialty lending.

We counsel clients on a broad range of financings and capital structures, including term and revolving credit facilities; delayed draw term loans for platform acquisitions and add-on transactions; unitranche first out and last out facilities; traditional intercreditor arrangements; acquisition financings; working capital facilities; refinancings and recapitalizations; partner buyouts; asset-based loans; equity co-investments; and warrants and other equity kickers. Our approach is sophisticated, efficient, and execution-focused, enabling clients to close transactions with certainty and speed.

Over the past four years, we have represented clients in more than 350 sponsor finance transactions. In 2025, we closed more than 90 new facilities, upsizes, and delayed draw fundings, with an aggregate value exceeding $2.5 billion.

Services

• Secured and Unsecured Loans
• Single Lender Loans
• Syndicated and Club Loans
• Unitranche (First Out/Last Out) Debt Facilities
• Intercreditor Arrangements
• Senior and Mezzanine Loans
• Term Loans
• Delayed-Draw Term Loans
• Asset-Based Lines of Credit
• Non-Formula Lines of Credit
• Acquisition Financing
• Participations
• Security and Collateral Documents
• Refinancings
• Recapitalizations
• Partner Buyouts

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• Represented a lender in connection with $125,000,000 unitranche financings designed to fund current and future acquisitions by a private equity sponsor’s dental services organization and psychiatric and mental health organization platforms.

• Represented a commercial bank in connection with a $11,600,000 financing for the acquisition of a company specializing in risk and security program support in the defense and the space manufacturing industries.
• Represented a senior lender in connection with a $30,000,000 financing for the acquisition of a company specializing in senior living communities.
• Represented a senior lender in connection with a $35,200,000 financing for the acquisition of a company specializing in auto repair services.
• Represented a senior lender in connection with a $27,000,000 financing for the acquisition of an independent insurance agency network.

• Represented a lender in a $60,000,000 term loan and delayed draw term loan credit facility for an investment advisor to refinance existing debt and grow via acquisition financing.
• Advised a bank in connection with a senior credit facility for a private equity–backed wealth management advisory company.
• Represented a bank in a sponsor credit facility financing for a private equity–backed waste management company.
• Represented a bank in a senior credit facility financing for an internet service provider focused on broadband infrastructure expansion.
• Represented a bank in a sponsor credit facility financing for a company providing recruitment and networking platforms to private equity firms and hedge funds.
• Advised a bank on a senior credit facility for a private equity–backed registered investment advisory firm.
• Advised a bank on a senior credit facility for an agricultural services company backed by a private equity firm.