Ropes & Gray represented the executives of Spirit Music Group, an independent music publisher, in the USD350 million recapitalisation of the company, announced on 25 January.
The firm’s team, led by asset management partner Sarah Davidoff, advised Spirit executives Jon Singer and Ross Cameron, who secured capital commitments from a consortium of investors to form Lyric Capital Royalty Fund I, LP. The fund was formed to acquire Spirit, and also to make future investments in music-driven intellectual property assets.
A separate Ropes & Gray team led by private equity transactions partner Dan Evans advised on the fund’s purchase of Spirit from its then-owners, which included affiliates of Pegasus Capital Advisors. The team also negotiated the restructuring of the company’s debt in connection with the purchase.
In addition to Davidoff and Evans, the Ropes & Gray team included asset management partners Jason Kolman, Mark Nuccio and Jason Brown, tax partner Jim Brown, benefits partners Josh Lichtenstein and Danna Kivell. Asset management associates Ruth Gao and Youna Kim, private equity transactions associates Patrick Dorime, and tax associate Daniel Greenwald also advised on the matter.
