The Work

July 20, 2010 1:16 PM

Carlyle Keeping Everyone Busy, Especially Latham

Posted by Zach Lowe

Latham & Watkins nabbed the work on yet another deal for the Carlyle Group, this time advising the private equity giant on its $1.3 billion acquisition of the Brazilian health services fund Grupo Qualicorp, according to lawyers on the deal and this company statement. That makes three billion-dollar-plus Carlyle Group deals Latham has nailed in the last two weeks, according to our archives. 

Davis Polk & Wardwell advised Qualicorp, which manages private health insurance plans in Brazil and provides consulting and brokerage services in the broader health insurance industry there, according to Bloomberg. Carlyle sees an opportunity to capitalize on Brazil's growing middle class, according to The New York Times

Daniel Lennon, the lead Latham partner on the matter, declined to comment. John Amorosi, the lead Davis Polk partner on the deal, was not immediately available for comment. The deal comes less than a week after a Latham team advised Carlyle on its $3.8 billion all-cash acquisition of NBTY, a producer of vitamins and supplements, according to our prior reporting. And on July 9, Latham advised Carlyle and a consortium of sellers in their deal to sell MultiPlan Inc., a preferred provider organization, to a group of private equity buyers that scooped up MultiPlan in a so-called secondary buyout. And to think: There were some who wondered if Latham's private equity practice might take a significant dip when R. Ronald Hopkinson, the former chair of Latham's PE practice and a go-to lawyer for Carlyle during his time at Latham, left for Cadwalader, Wickersham & Taft in 2008

One note on the Carlyle-Qualicorp deal in Brazil: A team from Paul, Weiss, Rifkind, Wharton & Garrison represented General Atlantic, a minority shareholder in Qualicorp that agreed to sell all of its shares to Carlyle, according to the firm.

But Latham doesn't have a monopoly on Carlyle's deal work. The firm is not involved in yet another Carlyle deal struck this week--the proposed $2.3 billion takeover of the Australian hospital operator Healthscope by Carlyle and the private equity firm TPG Capital, according to lawyers familiar with the matter. The Carlyle-TPG team beat out several other high-profile bidders for Healthscope, which is Australia's second-largest private hospital operator, according to the Associated Press. Lawyers from Sullivan & Cromwell's Melbourne and New York offices advised HealthScope on the matter. Duncan McCurrach, the lead U.S.-based partner on the matter for S&C, was not immediately available for comment. 

Jennifer Perkins, an M&A partner at Latham, joined Lennon on the firm's team in the Carlyle-Qualicorp deal. Joining Amorosi on the Davis Polk team were corporate partners Marc Williams, Manuel Garciadiaz, and Joseph Hadley; intellectual property partner Frank Azzopardi; environmental partner Gail Flesher; and tax partner Kathleen Ferrell. 

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