How Kaye Scholer Helped Restructure IAP Worldwide

In 2014, Kaye Scholer represented Deutsche Bank Trust Company Americas together with a group of lenders including Eaton Vance, Credit Suisse, Invesco and Oppenheimer Funds in the massive restructuring of the IAP Worldwide Services. These IAP Worldwide Services’ restructuring are the first of their kind for a defense contractor.

IAP owed around $354 million to its customers, the first lien and second lenders about $125 million. The immense restructuring featured the conversion of 80% of the first lien debt into new equity of the IAP. A buy-out of the second lien debt involved the formation of a $50-million revolving loan together with a letter of credit facility, amendment, and restatement of the existing loan terms.

The restructuring affected five of the lenders’ offices and more than 45 Kaye Scholer’s lawyers. Being part of the reorganization, the new ownership group rebranded to IAP Global Services, LLC and became the holding company of IAP. It also appointed a new board of management that possesses a long and illustrious track record in IAP Worldwide Services’ principal US government services.

Admiral (Ret.) William Flanagan admitted that he was pleased to lead a great firm with a fulfilling history of service to the US government. Flanagan looked forward to cooperating with a strong board constitution to maintain the confidence as well as the long-term support of their clients, employees, and investors. The main aim was to offer excellent services to the Energy, Departments of Defense, State and allied clients like NATO, NASA, NOAA as well as the entire intelligence community.

Read more: IAP Worldwide Services Division Develops Afghanistan’s Air Traffic Control System

About IAP Worldwide Services

The IAP Worldwide is a leading global contractor that offers a broad range of services and solutions to the US government together with other multi-national government organizations. IAP Worldwide is a world-class leader in providing seasoned program management services. IAP weighs and combines its potential to offer safe, innovative and reliable solutions to meet its client’s varied and complex needs.

The IAP Worldwide Services headquarters are situated in Cape Canaveral, Florida though it operates in over 120 locations worldwide. The mega company also has offices located in Panama City. IAP Worldwide Services usually offers world-scale facility management services, contingency support, technical services and other support solutions to the US military, humanitarian organizations, governmental agencies, and other commercial enterprises. The mega company was previously owned by the Cerberus and offered support to the US Military during the Operation Iraqi Freedom as well as Operation Enduring Freedom in Afghanistan.

Contact IAP Worldwide on
Read more about IAP Worldwide on Hoovers

From Market Provider to #58, OSI Group Grows Internationally

When thinking of the largest privately held companies in the United States, many big names may come to your mind. You may be fervently monitoring gains in your Fidelity investment portfolio through the screen of a Dell computer. Would eating a Mars candy bar from Wegmans sweeten the deal? Or what about a hamburger? In 1955, Otto Kolschowsky, who in 1909 began his business as a butcher, made the sweet deal to be a provider for a small but ambitious hamburger restaurant located in Des Plaines, Illinois.

Ray Kroc’s fast food chain quickly flourished and the Kolschowsky business eventually became an exclusive provider to McDonald’s for meat products. Otto Kolschowsky probably did not conceive in 1928, when he and his family founded Otto & Sons, that his business would be the 58th largest privately held company within the United States in 2016.

Today OSI Group, located in Aurora, Illinois, provides a variety of product lines to an increasingly international client base. At the behest of Chairman and CEO Sheldon Lavin, the company has moved away from its McDonald’s-centric business model.

“Expanding and diversifying the business was probably the single most exciting part,” said Lavin of moving into European and Southeast Asian markets.

He attributes much of the success of OSI Group to a family-oriented culture, workforce longevity and diversified offerings. In 1970, then employed at a bank, Lavin extended financing to Otto & Sons to open the firms first meat processing plant. When father Otto decided to retire, Lavin became a business partner with his two sons. During the 1970’s Lavin spearheaded investments in South America and Taiwan, and gained half of the controlling interest in the company.

Sheldon Lavin, 81, is also a trustee for Ronald McDonald House, a board member of Rush University Medical Center, and heads a number of notable charities such as The Sheba Foundation. Today, he owns 100% of the controlling interest in the company.

With over 20,000 employees and more than 60 processing plants, OSI Group has moved far from its humble beginnings in a single butchers shop. In August of 2016, OSI Group finalized their acquisition of Baho Food, a manufacturer of convenience foods based in Emmerich am Rhein, Germany. With five subsidiaries located throughout Germany and the Netherlands, Baho Food expands the group further into new markets in over 18 countries. In 2016, the company saw revenues in excess of $6 billion, bringing evidence to the success of OSI Group’s “World of Food Solutions” motto.

Keep Reading: OSI buys former Tyson Foods plant on South Side for $7.4M