William F. Herrfeldt

Partner
Herrfeldt William
Billy Herrfeldt is a corporate attorney who focuses on investment fund formation and mergers and acquisitions. Billy has completed complex transactions for clients valued in the billions of dollars. His clients include new and established managers of various types of private funds and investment management organizations, large and middle-market companies; start-up and emerging growth companies; institutional investors; real estate investment managers and financial institutions.

Billy advises fund sponsors, investors, and other market participants on the organization, negotiation, structuring and operations of investment funds, as well as ongoing compliance matters. Billy's experience in fund formation matters and operational issues faced by their sponsors includes small first-time funds and newly organized sponsors, through much larger funds and established sponsors.

He also counsels clients in mergers and acquisitions, structured equity, strategic partnering and joint ventures, private equity and venture capital transactions, and general corporate planning. In addition, he regularly advises real estate investment managers in real estate joint ventures.

Experience

Representative Matters

  • Represented Pacific Growth Investors in its structured / growth equity and mezzanine debt-driven recapitalization of Conquest Firespray
  • Represented Alta Growth Capital in the formation of its third fund focused on making investments in middle-market companies in Mexico and other Latin American countries
  • Represented Presidio View Capital Partners in the formation of its flagship venture capital fund focused on making investments in the U.S. cannabis industry
  • Represented experienced real estate asset manager in the formation of its first commingled real estate private equity fund focused on opportunistically acquiring value-add commercial real estate
  • Represented established venture capital fund as borrower under a portfolio-level credit facility secured by a subset of securities and other assets held by the fund
  • Represented Guthy-Renker LLC in the 2016 sale of a majority interest of its worldwide Proactiv business, the world's leading non-prescription acne brand, to Nestlé Skin Health
  • Represented Health Solutions in its sale to Interactive Health
  • Represented investment group in investments and related restructurings of multiple generic pharmaceutical manufacturers
  • Represented a major privately held coal company in the stock acquisitions of two competitors, for a combined purchase price of $66 million
  • Represented a joint venture with a large energy company valued between $400 million and $900 million
  • Represented one of the largest housing products distributors in North America in multiple strategic acquisitions and acquisition financing transactions
  • Represented Bowles Fluidics Corporation in its sale by merger to Morgenthaler Private Equity
  • Represented public pension funds and other institutional investors in private equity and hedge fund investments, ranging in size from $10 million to $200 million
  • Represented real estate private equity funds and investment advisors in numerous joint ventures established to fund and govern the acquisition and development of commercial, industrial, and multifamily properties throughout the United States and the Caribbean
  • Represented a national licensed sporting goods retailer in the sale of its assets to a major publicly held retailer for a total transaction value in excess of $34 million
  • Represented a technology staffing company in its $60 million purchase of an international staffing business with operations in four countries
  • Represented a private equity fund in the purchase of an industrial division of Textron Inc. that included 34 companies located in 17 countries, in a total transaction valued at more than $1.1 billion
  • Represented a distressed debt fund in a $20 million revolving credit facility secured by multiple tranches of healthcare receivables; included complex cash-recycling components and the acquisition of multiple portfolios of credit card, subprime auto, and healthcare receivables
  • Represented investors in more than 30 multi-investor and single-investor federal low-income housing tax credit equity funds with an average investment between $8 million and $50 million
  • Represented a regional petroleum jobber in the acquisition of the assets of a major mid-Atlantic jobber and gas station owner; total transaction was valued at more than $26 million
  • Represented a mortgage loan servicer in the acquisition of multiple portfolios of mortgage servicing rights, including the acquisition of a portfolio of $5.2 billion UPB of mortgage servicing rights related to Ginnie Mae; guaranteed MBS for approximately $24 million

Insights

Credentials
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Education

  • J.D. cum laude University of Maryland School of Law 2006
  • B.A. cum laude Gettysburg College 2002

Bar Admissions

  • Maryland

Recognition
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  • Included in Maryland Super Lawyers Rising Star Edition, 2015 - 2019
  • Recipient, M&A Advisor 6th Annual 40 Under 40 Emerging Leaders Award, 2015

Community
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Volunteerism

  • Serves on the board of directors of the Crohn's and Colitis Foundation of America, Maryland/S. Delaware Chapter