Cormac McGrady

Cormac has significant experience across the private capital landscape, advising private equity sponsors, institutional investors and corporates on a broad spectrum of sophisticated private capital transactions, including complex, cross-border acquisitions, leveraged buyouts, disposals, and minority investments. He also has extensive experience advising on alternative and structured liquidity solutions, including GP-led continuation fund transactions, preferred equity, co-investments, and joint ventures with complex capital structures.

He has also advised on take private transactions and corporate restructurings for private equity portfolio companies and major corporates.

Prior to joining William Fry Cormac worked in the private equity team at Weil, Gotshal & Manges in London.

Deals/ Cases

Private Equity/ M&A

• Permira
  • on its definitive agreement to acquire Mimecast in a transaction valuing Mimecast at $5.8 billion.
  • on its investment (alongside New York growth fund Stripes) in GWI, the leading global market research and audience rights software platform.
• Bain Capital
  • on the sale of the entire issued share capital of its portfolio company, Zellis Topco Limited, to Apax Partners in a transaction valuing Zellis at c.$1.25 billion.
  • on general corporate and management equity arrangements in respect of the Zellis Group
• Francisco Partners on the sale of the entire issued share capital of LiveU to Carlyle Group and re-investment by Francisco Partners in a transaction valuing LiveU at approximately $450m.
• AEA Investors:
  • on the sale of Scan Global Logistics to CVC Capital Partners in a transaction valuing Scan Global at approximately $1.7 billion.
  • on the acquisition of Lascar Electronics and Corintech Limited by CIMSense, an AEA portfolio company.
  • on its acquisition of B&C Internation by Springs Window Fashions, an AEA portfolio Company.
  • on its acquisition of Meater, a manufacturer of smart wireless meat thermometers
• CVC and its portfolio companies, System C Healthcare Limited and Liquidlogic Limited, on the add-on acquisitions of Clevermed Limited and Oxford Computer Consultants Limited, including associated equity arrangements and subsequent reorganization transactions in respect of the System C Healthcare group following a sustained period of buy and build acquisitions.
• Catalent Pharma, Inc on the acquisition of substantially all of the business and assets of The Vaccine Manufacturing and Innovation Centre Limited, mainly consisting of a part constructed state-of-the-art biologics and vaccine development facility.
• advising Zoovu, an A.I. content discovery company on its sale to funds managed by FTV Capital in a transaction valued at approximately £450m.
• advising Clayton, Dubilier & Rice on its recommended takeover of UDG Healthcare in a transaction valued at approximately £2.8bn.
• advising Fenergo on its sale to Astorg and Bridgepoint
• advising Advent International and its portfolio company, Circet on the acquisition of KN Group.

 GP-Led Continuation Fund Transactions

• advising a prominent secondaries investor
  • on its investment in Exponent’s €750m single asset continuation fund in respect of a transaction valuing its portfolio company, H&MV Engineering at approximately €1.4bn.
  • on its significant investment in CapVest’s c. €3.6bn single-asset continuation vehicle in respect of a transaction valuing its portfolio company, Curium at approximately €7bn.
  • as lead investor on CVC’s c. €2.5bn single-asset continuation vehicle in respect of a transaction valuing its portfolio company, Ahlsell at approximately €4bn.
  • on its significant investment in Waterland Private Equity’s £600m multi-asset continuation vehicle in respect of its portfolio companies, Asteria and MTM Engineering.
• advising HarbourVest as lead investor on Inflexion’s £2.5bn multi-asset continuation vehicle.
• advising HarbourVest as lead investor on Norvestor’s €2.5bn multi-asset continuation vehicle in respect of its portfolio companies, PHM and Sperre.
• advising Sun Capital Partners in respect of its continuation fund transaction in respect of its portfolio company, Anderson Global.

Co-Invest/ Minority Investments

• Abu Dhabi Investment Council
  • on its GP stake investment into 26North, an asset management business founded by Josh Harris, former founding partner of Apollo (c. $150m).
  • on its co-investment alongside CVC Fund IX on CVC and CD&R’s consortium to acquire Epicor, Inc as part of a transaction valuing Epicor at approximately $4.7bn.
• APG, a Dutch pension fund manager, on its co-investment alongside CD&R Fund XII in connection with the carve out of Opella from Sanofi’s healthcare division as part of a transaction valuing Opella at approximately €16bn.
• GIC
  • on its co-investment alongside Ares Management to subscribe for bonds issued by Air Asia in connection with its refinancing arrangements.
  • Advising GIC on its co-investment arrangements in respect of 26North Partners’ acquisition of ArchKey Solutions.
• Park Square Capital on its investment for a significant minority stake in Cleanova (a Px3 Partners portfolio company) in connection with the acquisition of the filtration business of Celeros Flow Technology (a company owned by Apollo Global Management) and its participation in multiple subsequent acquisitions by Cleanova, including the transformative $1.3bn acquisition of Micronics.
• a prominent private equity investor
  • as seller and preferred equity holder on the sale of the entire issued share capital of CorpAcq to TDR Capital in a transaction valued at approximately £1.6bn and its subsequent reinvestment.
  • on its acquisition of a significant minority interest in Ageras A/S as part of a transaction valuing Ageras at approximately €500m and on the subsequent sale of Ageras as part of a transaction valued at approximately €1.3bn.

Preferred Equity/ Structured Liquidity Solutions

• a prominent private equity investor
  • on its significant preferred equity investment in respect of the acquisition of a portfolio of LP interests by a vehicle managed by Ares.
  • on its significant preferred equity investment into PAI Partners portfolio companies, Froneri and Marcolin.
  • on its preferred equity investment in Simplicity, a financial product distribution group owned by Lee Equity Partners.
• a prominent private equity and GP stakes investor on GP financing and co-investment arrangements in respect of a Permira Credit Fund strategy comprising of strategic, direct lending and US CLO strategies.
• a consortium of prominent private equity investors on a joint preferred equity investment into Burger King France (and other fast casual restaurant assets).
• a prominent private equity investor and a global strategic insurance business on their joint preferred equity investment into McLarens, a global claims service provider owned by Lee Equity.

Infrastructure/ Real Estate Investment Transactions

• a prominent real estate investor
  • on joint venture arrangements in respect of the acquisition of CALA Homes by Sixth Street and Patron Capital in a transaction valuing the group at approximately £1.35bn.
  • on joint venture arrangements and preferred equity investment into a Thylander real estate investment structure, in connection with a multi-asset Danish residential real estate portfolio acquisition.
  • as lead investor in a single asset continuation fund transaction involving Slättö, a prominent Swedish real estate investor, to acquire a portfolio of light industrial real estate assets.
  • on co-investment arrangements with Greykite Real Estate Funds in connection with a multi-asset Polish real estate acquisition.
• a prominent infrastructure investor
  • on its investment into an Offshore Merchants Partners holding vehicle to acquire an upside sharing interest in an LNG Tanker commissioned by OMP.
  • on its joint venture arrangements with Bestinver ES and joint acquisition of a majority stake in EV Asset Holdings from Macquarie Asset Management to support the development and rollout of EV vehicle charging stations across Italy.
• Liberty Global on its joint venture with French infrastructure fund, InfraVia to build and operate fibre-to-the-home network infrastructure in underserved areas of Germany.

 Restructuring

• Arrival SA (a NASDAQ listed EV manufacturing company with a prior market capitalization of $15bn), and subsequently EY as Administrator, on corporate aspects of its distressed situation and restructuring including refinancing, various asset disposals and a subsequent strategic sale transaction.
• Skillsoft Group on its restructuring through US Chapter 11 proceedings
• Nordic Aviation Capital on all Irish corporate aspects of its restructuring through US Chapter 11 proceedings.

*includes experience gained prior to joining William Fry