Fried, Frank, Harris, Shriver & Jacobson LLP

07/23/2021 | Press release | Archived content

Conversant Capital Invests in Capital Senior Living

Fried Frank acted as counsel to Conversant Capital LLC in its PIPE investment of US$82.5 million in the form of convertible preferred stock in Capital Senior Living Corporation (Capital Senior Living), with the agreement to backstop up to US$42.5 million of Capital Senior Living's intended rights offering through the purchase of additional shares of preferred stock, and to provide an incremental US$25 million accordion for future investments. Dallas-based Capital Senior Living is one of the nation's leading operators of independent living, assisted living, and memory care communities for senior adults across the United States, and operates 75 communities that are home to nearly 7,000 residents across 18 states. In aggregate, the minimal initial gross proceeds from the transaction will total up to US$152.5 million, inclusive of the accordion.

The Fried Frank team was led by corporate partner John M. Bibona and included corporate partners Gerald H. Brown Jr., Joshua Thomas Coleman, Michael T. Gershberg, and Ariel Zell; antitrust and competition partner Nathaniel L. Asker; executive compensation & ERISA partner Donald P. Carleen; tax partner Christopher Roman; real estate partner Meyer Last; litigation partner Joshua D. Roth; intellectual property and technology partner Amir R. Ghavi; corporate special counsel John Lawrence, David M. McDonald, and Stewart R. Ross; litigation special counsel Michael A. Kleinman; environmental special counsel Donna Mussio; corporate associates Thomas C. Katsiotas, Juliette N. Rafael, Andrew J. Malakoff, Jonathan W. Rash, and David Ruttenberg; executive compensation & ERISA associates Adam P. Cohen and P. Ryan Davis; real estate associate Brian Helweil; litigation associate Patrick J. Albergo; intellectual property and technology associate Kimberly Mihovics; antitrust and competition associate Summer K. Quintana; and corporate law clerk Hilary Lee.