Corporate

On May 9, 2022, Kramer Levin client Atlantic Street Capital announced that it has entered into an agreement to sell Advancing Eyecare, a  leading provider of ophthalmic instruments, to Cornell Capital. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2022.

On July 28, 2022, Kramer Levin client Sentinel Capital Partners announced that it has acquired Bandon Holdings, headquartered in Austin, Texas, the largest franchisee in the Anytime Fitness family. Anytime Fitness, headquartered in Woodbury, Minnesota, is the largest fitness company in the United States and the fastest growing gym franchise in the world. Terms of the deal were not disclosed.

On April 29, 2022, Kramer Levin client VICI Properties Inc. announced that it acquired MGM Growth Properties for a total consideration of $17.2 billion, adding 15 Class A entertainment resort properties to the VICI portfolio. Simultaneous with the closing of the transaction, VICI entered into an amended and restated triple-net master lease with MGM Resorts for an initial annual rent of $860 million. Upon completion of the merger, VICI had an estimated enterprise value of $45 billion, solidifying VICI’s position as the largest experiential net lease REIT.

On Feb. 24, 2022, Kramer Levin client BlackRock announced that funds managed by BlackRock Alternative Investors, along with Warner Music Group, have invested $750 million to purchase the music catalogs of “modern evergreen” artists, with a focus on female and diverse songwriters. The investment is part of a strategic alliance with Influence Media Partners.