The Work

August 2, 2011 6:54 PM

Four Firms Advise as Fresenius Spends $2 Billion on Dialysis Centers

Posted by Dan Kaplan

Fresenius Medical Care announced Tuesday that it has agreed to pay more than $2 billion to acquire a pair of U.S. dialysis chains in two separate deals.

Germany-based Fresenius will pay $1.7 billion to acquire Liberty Dialysis Holdings of Mercer Island, Washington, and $385 million for Glen Rock, Pennslyvania-based American Access Care. The acquisitions will add roughly 19,000 U.S. patients and $1 billion in annual revenue to Fresenius’s existing U.S. business, the company said.

The American Access Care acquisition is expected to close in the fourth quarter of the year, with the Liberty Dialysis purchase to be finalized in early 2012.

Baker & McKenzie represented Fresenius in the Liberty Dialysis deal. The firm's team on the transaction was led by New York corporate partner Alan Zoccolillo and counsel Charles Niemeth. New York tax partner Jonathan Stevens and Washington, D.C., antitrust partners Katie Funk and Brian Burke also advised on the matter. The firm has represented Fresenius for more than 20 years, according to a Baker spokeswoman.

Fresenius's in-house team included chief legal officer Ronald Kuerbitz and deputy general counsel Douglas Kott.

Liberty Dialysis and its private equity owners, KRG Capital Partners and Bain Capital, were represented by a Ropes & Gray led by private equity partner Gregory Metz in Chicago.

Other Ropes & Gray attorneys working on the deal included health care partner Timothy McCrystal, private equity partner Patrick Diaz, tax and benefits partners Amanda Holt and Loretta Richard, and securities/public companies partner Joel Freedman, all in Boston. Business litigation partner Jeffrey Bushofsky in Chicago also advised. The firm has represented Liberty Dialysis for more than a decade, and advised on the sale of a controlling interest to KRG Capital in 2010, according to a Ropes spokesman.

Liberty Dialysis's general counsel is Ryan Pardo.

Robinson Bradshaw & Hinson, in Charlotte, North Carolina, represented Fresenius in the American Access Care deal. The firm's team included corporate/M&A partners Karen Gledhill, Scott Dove, and Laura Budzichowski, real estate partner Thomas Gates, tax partner Herman Spence III, and antitrust partners Everett Bowman and Lawrence Moore. 

Fresenius's Douglas Kott led the in-house team on this deal, with assistance from associate general counsel Jessica Stewart and David Roder.

Paul Hastings represented American Access Care in its sale to Fresenius. Corporate practice partner William Simpson led the firm's team and was supported by counsel Jeffrey Terry. The firm previously represented American Access Care in obtaining private equity funding from TA Associates, Inc., in 2006, according to a Paul Hastings spokeswoman.

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