McGuireWoods lawyers in London and the United States are advising longtime client Essentra PLC in the $77 million sale of its Duraco specialty tapes business to OpenGate Capital Partners. OpenGate Capital is a Los Angeles-based private equity firm focused on investments in lower and middle markets.
New York partner Jeffrey L. Rothschild, a member of McGuireWoods’ Securities & Capital Markets Department, led the firm’s deal team, which included partners James Gelman and Mike Wilson and associates Daniel Bidwell and Adir Paner.
Proceeds from the sale will strengthen the balance sheet of Essentra, a UK-based global provider of essential components and solutions. This is the second major deal McGuireWoods has closed for the company this year. The firm advised Essentra in the $48 million cross-border sale of its Pipe Protection Technologies business to National Oilwell Varco Inc., which closed in January.
“We are proud of our long relationship with Essentra and grateful for the opportunity to put our comprehensive deal capabilities to work for a valued client,” Rothschild said.
McGuireWoods consistently ranks among the top law firms in league tables for M&A and private equity deals. The firm ranked fourth for the number of U.S. mergers and acquisitions it handled for clients in the first quarter of 2019 in league tables published by Bloomberg and Refinitiv. The firm also ranked 10th for global private equity deals up to $500 million and eighth for transactions up to $250 million in Bloomberg’s tables.