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The firm represents Sageview Capital and KKR in their acquisition of the maintenance, repair and overhaul operations of ACTS LP, an affiliate of ACE Aviation Holdings, Inc. and Air Canada. The transaction is structured as a sale of all of the assets of ACTS LP to a newly formed entity owned by an affiliate of Sageview Capital LLC and an affiliate of KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE), the publicly traded fund of KKR.  ACE will acquire a 30% equity interest in the purchasing entity as part of the consideration and Air Canada will remain the largest customer of the business.  The transaction implies an enterprise value of approximately $975 million (CAD) for 100% of ACTS on a cash and debt free basis.

The transaction represents the first buy-out transaction by Sageview Capital, which was founded in 2006 by Edward A. (“Ned”) Gilhuly and Scott M. Stuart, both former partners of KKR.  KKR Private Equity Investors, L.P. is a Guernsey limited partnership that seeks to create long-term value by participating in private equity and opportunistic investments identified by KKR.

The attorneys working on the transaction include David Sorkin, Jeff DeMartino, Patricia Ruvalcaba, Steve Todrys, Alvin Brown, Aimee Adler, Marissa Wesely and Herbert Huang.