Media Mentions
2011
“Vision Capital Completes Purchase of Speyside-backed Companies”
Deal Pipeline, November 2, 2011
Thomas Sauermilch, Joel Rubinstein, Christian von Sydow and Carsten Böhm were noted as McDermott lawyers advising Philadelphia private equity firm Speyside Equity in selling stakes in two portfolio companies to a private equity firm in London.
Carsten Boehm, Joel L. Rubinstein, Thomas Sauermilch, Christian von Sydow, Corporate
2010
Joel Rubenstein is quoted in a September 9 Smart Money story about transactional strategies to invest in privately owned companies. Mr. Rubenstein addressed an option available to all investors, the special-purpose acquisition company (SPAC), which he called “essentially a one-shot private equity fund.” Because investors buy into the SPAC before they know what deal it will be used for, Mr. Rubenstein advised them to investigate such factors involving the SPAC team as their past investments by business sector, how many shares of the SPAC they own, and whether they get a bigger payout for meeting specific targets.
Joel L. Rubinstein, Corporate, Private Equity
Joel Rubenstein discussed for Buyouts (June 9) the creation of a new special purpose acquisition company (SPAC) intended to be better received by investors and target companies. Mr. Rubenstein helped structure the terms of the investment vehicle, and said, “I think the market is going to be looking at this to see how it plays out. It hopefully will lead to higher quality transactions, because higher quality companies will feel comfortable going forward with the process.” Noting that the terms of the new vehicle were designed to appeal more to potential sellers than those of past SPACs, Mr. Rubenstein added that, “In the end, you want the SPAC to be something that target companies want to sell to.”
2008
Joel Rubinstein was quoted in a May 29 article published by Dow Jones Financial News regarding the postponement of the Goldman Sachs sponsored Liberty Lane SPAC IPO due to flat market conditions. Rubinstein stated that besides flat market conditions, the SPAC unsuccessfully appealed to long-term investors and typical SPAC audience. "They were trying to do something different. Every SPAC would love for [long-term] buyers to buy shares from the beginning," he said. He further added that the market continues to be focused on the SPACs which have priced but have yet to complete deals.
Joel Rubinstein was quoted in a May 22 article published by The SPAC Report regarding SPAC market conditions, in particular the increase in liquidations and issues relating to shareholder approval. Mr. Rubinstein commented on recent SPAC filings which have proposed to offer units with less than a single warrant per unit and a promote of less than 20 percent. "People have to feel confident that dilution can be overcome," Mr. Rubinstein said. "And to the extent you have a deal structure where there's less dilution in the form of fewer warrants and a lower promote, then those people who would be buying at the time of the deal potentially feel more comfortable about not suffering the dilution."
Joel Rubinstein was featured in the in the May 2008 issue of Financier Worldwide in a roundtable style article entitled, "Alternative Public Offerings." The article discusses the growth in the APO market in recent years, in particular the SPAC IPO market.
2007
Den White and Joel Rubinstein co-authored an article entitled "SPAC 2.0" that appeared in the October 1 issue of The Deal. The article focuses on the recent rapid growth for initial public offerings by special purpose acquisition companies.
2006
Joel Rubinstein was quoted by Investment News on May 22 regarding hedge funds possibly testing the waters in the public equity markets.
Joel Rubinstein was quoted by Business Week on May 3 in regard to Kohlberg Kravis Roberts & Co. (KKR) listing KKR Private Equity Investors on the Euronext exchange in Amsterdam.
Joel L. Rubinstein, Corporate, Private Equity
2005
Joel Rubinstein was quoted in the November 30 issue of The Wall Street Journal on the Janus Capital Group, Inc. looking at adding a dose of private-equity to pull off a buy-out by its executives and portfolio managers. "There's a general feeling that it's a good time to get into the industry," " The mutual-fund scandals are behind us, hedge funds and all types of investors are looking to invest in the sector. It makes sense for private-equity firms to be there." commented Mr. Rubinstein.
Joel L. Rubinstein, Corporate, Private Equity
2004
Joel Rubinstein was quoted in the December 24, 2004 issue of Mass High Tech on Atlas' sale of six life-sciences companies in its portfolio to a Swiss private equity firm. The question being asked: Was this move an example of shrewd dealing, an act of frustration or a little bit of both? The transaction " is not necessarily an indication that these companies are dogs" then commented "They're sitting there with these companies and they need to do something with them." " I can't imagine this is a 'great' event from the limited partners' perspective.", commented Mr. Rubinstein.
