Wed, Dec 7, 2022
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: JAB case highlights more aggressive supervision of private equity deals

Wednesday, June 29, 2022

By: Shylah Alfonso, partner at U.S. law firm Perkins Coie.

The U.S. Federal Trade Commission (FTC) voted 5-0 to issue a complaint and accept a proposed order for public comment regarding private equity fund JAB Consumer Partners SCA SICAR's (JAB) $1.1 billion acquisition of SAGE Veterinary Partners, LLC (SAGE) on June 13, 2022. Despite a unanimous, bipartisan vote to resolve a handful of competitive overlaps, public statements from the FTC's three Democrats and two Republicans highlight a significant schism regarding enforcement of private equity acquisitions and prior notice and approval requirements for future transactions.

FTC Chair Lina M. Khan favors a "muscular" approach to regulating private equity. This perspective largely channels the views of former commissioner and current Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, who previously warned Congress that private equity roll-ups "can quietly increase market power and reduce competition." Assistant Attorney General Jonathan Kanter of the U.S. Department of Justice (DOJ), Antitrust Division has used similar rhetoric, telling the Financial Times that private equity business models can be "very much at odds with the law, and very much at odds with the competition we're trying to protect."

In a joint statement from Chair Khan and commissioners Rebecca Kelly Slaughter and Alvaro M. Bedoya on the JAB/SAGE consent order, the FTC's majority cau......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Marks delves into what really matters[more]

    B. G., Opalesque Geneva: Howard Marks, co-founder and co-chairman of Oaktree Capital Management, weighs what should and should not matter for investors in his latest memo last week. Among the things t

  2. Legal: British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m, DOL slams lawsuit seeking to overturn crypto guidance[more]

    British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m From Offshore Alert: Four days before a trial was due to start in the Cayman Islands, British fund manager Jeremy Leach and eight of his firms settled a fraud complaint by agreeing to pay $11.5 million o

  3. Family offices upbeat on private assets, reduce public assets exposure[more]

    Laxman Pai, Opalesque Asia: Family offices are investing more in private assets and cutting back on investments in public markets, with higher risk-adjusted returns cited as the main driver, said a study. According to the survey findings by German digital private equity firm Moonfare, and the

  4. Opalesque Exclusive: A Swiss managed futures strategy that can offer diversification to any portfolio[more]

    B. G., Opalesque Geneva for New Managers: TARO (R) Diversified is a Swiss algorithmic and systematic investment strategy that offers diversification benefits to almost any professionally managed portfolio through it

  5. Alts manager Medalist Partners acquires a minority stake in Semper Capital to tap opportunities in structured credit[more]

    Laxman Pai, Opalesque Asia: Medalist Partners, which specializes in private credit, has acquired a minority stake in Semper Capital to extend its offerings to the mass market. Medalist currently manages approximately $2.2 billion in assets across strategies in asset-based private credit, struc