CarVal’s Stake Acquisition in Verogy

Baker Botts represented Verogy on the deal, while Morgan Lewis represented CarVal Investors.

Verogy Holdings, LLC (“Verogy”) sold a minority stake in its business to affiliate funds managed by CarVal Investors, L.P. (“CarVal”).  Verogy’s founding management team will continue in their roles and will also maintain a significant equity stake in Verogy. The transaction is structured as a sale of preferred membership interests in Verogy.

In connection with the minority sale, Verogy and CarVal also entered into a joint venture wherein CarVal agreed to make capital contributions to purchase up to 500 megawatts of solar and battery storage projects throughout the United States.

Verogy, headquartered in Connecticut, is a leading, vertically integrated solar developer focused on the commercial, industrial and small utility-scale segments.

The Baker Botts team included Jon Platt (Picture), Natasha Gandhi, Trevor LaBarge, Trevor Borg, Kyle Hayes, Megan Lawhorne, Kyle Doherty, Steve Marcus, Mike Bresson, Snow Rui, Jason Loden, Aileen Hooks, Emil Barth, Dan Kruger and Taylor Courtade.

The Morgan Lewis team included partners Etienne Shanon, Neeraj Arora and Elizabeth Hanigan and associates Theresa Kalathil, Jonathan Wilcon, Arshak Zakarian, and Lizbeth Sanchez.

Involved fees earner: Emil Barth – Baker Botts LLP; Trevor Borg – Baker Botts LLP; Michael Bresson – Baker Botts LLP; Taylor Courtade – Baker Botts LLP; Kyle Doherty – Baker Botts LLP; Natasha Gandhi – Baker Botts LLP; Kyle Hayes – Baker Botts LLP; Aileen Hooks – Baker Botts LLP; Daniel Kruger – Baker Botts LLP; Trevor LaBarge – Baker Botts LLP; Megan Lawhorne – Baker Botts LLP; Jason Loden – Baker Botts LLP; Stephen Marcus – Baker Botts LLP; Jonathan Platt – Baker Botts LLP; Snow Xue Rui – Baker Botts LLP; Neeraj Arora – Morgan Lewis & Bockius; Elizabeth Hanigan – Morgan Lewis & Bockius; Theresa Kalathi – Morgan Lewis & Bockius; Lizbeth Sanchez – Morgan Lewis & Bockius; Etienne Shanon – Morgan Lewis & Bockius; Jonathan Wilcon – Morgan Lewis & Bockius; Arshak Zakarian – Morgan Lewis & Bockius;

Law Firms: Baker Botts LLP; Morgan Lewis & Bockius;

Clients: CarVal Investors; Verogy;

Martina Bellini

Author: Martina Bellini