Davis Polk has announced that David Schnabel has joined the firm as a partner in New York. He was previously at Debevoise & Plimpton LLP, where he had been a partner since 2000.
Mr. Schnabel’s tax practice focuses on M&A transactions for private equity and corporate clients, as well as acquisition financing and private fund formation.
Mr. Schnabel is the former Chair of the Tax Section of the New York State Bar Association and former co-chair of the Investment Funds Committee, the Consolidated Returns Committee and the Partnership Committee; a member of the planning committee for the University of Chicago Law School Tax Conference; and a fellow of the American College of Tax Counsel.
“David is one of the premier tax lawyers in New York,” said Avishai Shachar, co-head of Davis Polk’s Tax Department. “We have known David for many years and he complements perfectly our talented bench of Davis Polk tax lawyers. His arrival will make our leading practice even stronger.”
“Davis Polk’s tax practice has a terrific reputation and is well-known for its sophisticated and innovative work,” said Mr. Schnabel. “The team’s collegiality, entrepreneurial spirit and dedication to clients make it the ideal environment to further develop my practice.”
A frequent speaker and author on the tax aspects of M&A and private equity, Mr. Schnabel is ranked as a leading corporate tax lawyer by Chambers USA (2013-2015), where clients call him “absolutely outstanding: levelheaded and extremely intelligent.” He is also recommended by The Legal 500 US (2011-2015), where he is noted as “one of the real experts in partnership tax – who can integrate technical tax answers with actionable and commercial solutions.”
Before joining Davis Polk, Mr. Schnabel’s representations included:
- Amazon.com in its acquisition of Elemental Technologies, pioneers in software-defined video solutions for multiscreen content delivery
- Clayton, Dubilier & Rice in the:
- $910 million acquisition of Healogics, the largest advanced wound care services provider in the United States
- $1.8 billion acquisition of Ashland Water Technologies
- Acquisitions of Brand Energy and Harsco Infrastructure in a combined transaction valued at $2.5 billion
- $1.5 billion acquisition of a majority ownership stake in WilsonArt International Holdings, the decorative surfaces unit of Illinois Tool Works
- $3.2 billion acquisition of Emergency Medical Services Corporation
- 46% investment in JohnsonDiversey, a transaction valued at $2.6 billion
- Acquisition of PharMEDium, a provider of sterile compounding services to hospital pharmacies
- $5.5 billion going-private acquisition of ServiceMaster
- “Sponsored spinoff” investment in 47.5% of Sally Beauty, the beauty supplies business spun off by Alberto-Culver, valued at $3 billion
- $4.3 billion sale of Diversey Holdings to Sealed Air
- Clayton, Dubilier & Rice and GS Capital Partners in their acquisition of HGI Holdings, a distributor of medical products to chronic disease patients
- Envision Healthcare in its $620 million acquisition of Rural/Metro Corporation
- International Paper in the combination of its xpedx distribution solutions business with Unisource (a Bain portfolio company) in a “Reverse Morris Trust” transaction
- Truck-Lite, a Kelso & Company portfolio company, in its sale to Koch Equity Development and BDT Capital Partners
- ServiceMaster (a portfolio company of Clayton, Dubilier & Rice) in its spinoff of TruGreen
- Morgan Stanley Private Equity in its acquisition of:
- Access Cash, a Canadian independent service organization that manages the country’s second-largest network of automated teller machines
- EmployBridge, a provider of outsourced human resource and specialty-branded temporary staffing services
- AssuraMed, a Clayton, Dubilier & Rice portfolio company, in its $2 billion sale to Cardinal Health
- EIG Global Energy Partners in:
- Its sale of a minority interest to a sovereign wealth fund
- The formation of EIG Energy Fund XVI, a $6 billion energy and energy-related infrastructure fund
- Kelso & Company in its:
- Acquisition of Nivel Holdings, a distributor of golf car aftermarket parts and accessories
- Acquisition of Augusta Sportswear, a manufacturer of sports team uniforms
- Acquisition of Logan’s Roadhouse, a casual dining restaurant chain, from an investor group led by Bruckmann, Rosser, Sherrill & Co.
- Investment in Wilton Re, a Bermuda-based life reinsurance company
- PSAV, a Kelso & Company portfolio company, in its acquisition by affiliates of Goldman Sachs
- Access Industries, as part of a consortium with Apollo Global Management and Riverstone Holdings, in its $7.15 billion acquisition of the oil and gas exploration and production assets of El Paso, which were sold in connection with Kinder Morgan’s $38 billion acquisition of El Paso. This transaction was named “Private Equity Deal of the Year” by International Financial Law Review.
- Bain Capital, The Carlyle Group and Clayton, Dubilier & Rice in their $8.5 billion acquisition of HD Supply from The Home Depot
- FLAG Capital Management in its acquisition of Squadron Capital, a Hong Kong-based private equity investment firm
- OEP Capital Advisors in its spinout from JPMorgan Chase, formation of One Equity Partners Secondary Fund, a $1.5 billion U.S. private equity fund, investment management arrangements with JPMorgan Chase and certain related matters
- Diamond Castle in the restructuring of, and secondary sale of interests in, Diamond Castle Partners IV. In the transaction, Goldman Sachs, Intermediate Capital Group and other syndicate investors committed capital to a newly formed Diamond Castle-managed fund that acquired most of the portfolio of Fund IV, and Fund IV limited partners elected either to participate in the longer term potential of the portfolio by rolling their interests into the new fund or to effectively sell their interests to the buying syndicate.
- A consortium that includes CAI Capital Partners, Goldman Sachs Capital Partners, Kelso & Company and Vestar Capital Partners, in its $3.3 billion going-private acquisition of CCS Income Trust, a Canadian company providing waste management services to the oil industry
- Ripplewood Holdings in its $3.4 billion acquisition of RSC Equipment Rental from Atlas Copco and in its purchase of a substantial interest in The Commercial Bank of Egypt
- Warner Music Group in its $765 million acquisition of Parlophone Label Group from Universal Music Group
- Reynolds Group (formerly known as Rank Group Holdings Limited) in its:
- $4.5 billion acquisition of Graham Packaging Company
- Acquisition of Dopaco, a food service packaging company
- $3 billion acquisition of Reynolds Consumer Products and Closure Systems International
- Access Industries in its $3.3 billion acquisition of Warner Music Group
- Schneider Electric in its acquisition of:
- Lee Technologies, a U.S.-based service provider specializing in large-scale data centers in the North American market
- Summit Energy Services, a leader in outsourced energy procurement and sustainability services to industrial, commercial and institutional enterprises
- The Rank Group in its:
- $950 million acquisition of Honeywell’s automotive consumer products group
- $2.7 billion purchase of Alcoa’s packaging and consumer businesses
- Verizon Wireless in its $2.67 billion acquisition of Rural Cellular
- The special committee of eSpeed in eSpeed’s $1.3 billion merger with BGC Partners
- Energy Brands, also known as Glacéau, the maker of VitaminWater, in its $4.1 billion acquisition by The Coca-Cola Company.
Thomas Butler has resigned from Grassi & Co. Mr Butler has lead the tax service line at Grassi & Co in Jericho/NYC since July 2013. He joined Janover last month as Senior Tax Partner.
Mr Butler has had extensive and broad-ranging tax experience, having worked as a consultant and in-house. He left KPMG Peat Marwick in 1986 as a Senior Tax Manager to move in-house, joining Reliance Group Holdings as VP Tax, where he stayed for the next 14 years. In 2000 he returned to the accountancy profession, joining Grant Thornton as a Tax Partner and head of the Long Island Tax Practice. After almost 12 years at Grant Thornton he moved to Grassi & Co.
Global law firm K&L Gates LLP has added Giles Bavister as a tax partner in the London office. Bavister joins K&L Gates from King & Wood Mallesons, where he was also a partner.
Bavister advises domestic and international companies, individuals, and real estate trusts on a wide range of property matters, including the structuring and implementation of tax-efficient acquisitions and disposals; the structuring of portfolios and fund investments; commercial and residential property developments; and investment in alternative asset classes, including renewable energy and student housing. He also advises on value-added tax (VAT) matters, such as those relating to cross-border products, financial services, and e-commerce.
“Giles is an experienced, commercial, and well-regarded tax lawyer,” said Tony Griffiths, administrative partner of K&L Gates’ London office. “He will play a particularly important role in the integrated services that we provide to our real estate and financial services clients. We are delighted to welcome him to the firm.”
Bavister stated: “With its strength in real estate, both in the UK and internationally, K&L Gates provides an ideal platform to further develop my practice as well as to support the firm’s existing client base.”
Gibson, Dunn & Crutcher has announced that Eric Sloan has joined the New York office as a partner.
Previously a principal at Deloitte Tax LLP, Sloan will continue to provide tax planning advice with an emphasis on federal income taxation, partnership taxation, and the taxation of private equity firms and funds in their mergers and acquisitions.
Ken Doran, Chairman and Managing Partner of Gibson Dunn said “Eric is nationally recognized as one of the few leading tax lawyers who combine this high level of technical expertise in partnership taxation with the depth and breadth of his M&A experience. His addition will enhance not only our tax practice, but also our M&A and investment funds capabilities.”
“Having worked at a Big Four accounting firm at the highest level for 18 years, Eric is widely regarded as one of the nation’s foremost partnership tax experts and has close ties at the highest level with the IRS and industry groups,” said Art Pasternak, Co-Chair of the firm’s Tax Practice Group.
“As a partnership tax lawyer, joining Gibson Dunn is a unique opportunity to be part of one of the premier law firms in the world,” Sloan said. “I look forward to integrating my practice with Gibson Dunn’s international platform.”
About Eric Sloan
With 25 years of broad transactional and structuring experience, Sloan focuses his tax practice on the use of partnerships and limited liability companies in domestic and cross-border mergers and acquisitions, financing transactions, and restructurings. He also has developed substantial expertise in initial public offerings, including advising on many “UP-C” IPOs in a range of industries.
Sloan has represented four of the largest private equity firms and the two largest privately held companies in the United States, as well as many publicly traded companies. He advised on the first publicly traded “permanent capital fund” launched by a major U.S.-based private equity firm and the first pass through portfolio company investments made by four of the largest U.S.-based private equity firms.
He has substantial experience in the formation of domestic and cross-border joint ventures and acquisitions and dispositions of businesses and interests in joint ventures, including the largest joint venture in the United States and a complex multi-billion dollar cross-border commodities joint venture. He has also handled restructurings of partnerships, as well as private equity fund structuring and leveraged recapitalizations of private equity portfolio companies.
Sloan started his legal career as an associate with Irell & Manella in Los Angeles and practiced law in Washington, D.C. before joining Deloitte as a principal, where he was asked to establish and lead Deloitte’s National Office Partnership Taxation group in 1997.
Sloan currently serves as Co-Chair of the Committee on Partnerships and as an Executive Committee Member of the New York State Bar Association Tax Section. He also is Conference Co-Chair of Practising Law Institute’s Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances conference. He has also been active with the Section of Taxation of the American Bar Association, having served as a Chair of its Committee on Partnerships and as a Council Director. In addition, Sloan is an adjunct professor at Georgetown University Law Center and a frequent guest lecturer at the Wharton School of the University of Pennsylvania.
US law firm Quarles & Brady announced last week that Dawn Gabel has re-joined the firm’s Phoenix office as a partner in its Tax Law Practice Group. She was formerly with the Firm from 1989 to 2002, leaving as a partner to join Steptoe & Johnson, where she has worked for the past 13 years.
Gabel focuses her practice on sales and use tax advice and litigation, property tax advice and litigation, and multistate income tax advice and litigation. She represents clients across a broad range of industries, including energy, construction, retail, manufacturing, low-income housing, remote vending, and development of golf courses and resorts.
Gabel has been recognized by her peers inThe Best Lawyers in America, The Legal 500 US andSouthwest Super Lawyers.
She received her law degree, cum laude, from the University of Arizona College of Law and her bachelor’s degree from Arizona State University.
EY announced today that John Staples, managing partner of Burt, Staples & Maner, LLP (BSM), and the professionals from BSM have joined Ernst & Young LLP in the US. Staples and his team focus on Information Reporting and Withholding (IRW) and join the EY global network of professionals committed to addressing the rapidly changing tax reporting demands on international companies.
“John Staples and his team at BSM are widely recognized as leaders in information reporting and withholding,” said Kate Barton, EY Americas Vice Chair of Tax Services. “Staying current on global withholding tax developments and what it means to the overall business is critically important – today more than ever. The addition of this group and the appointment of John Staples as EY Global IRW Markets Leader is part of EY’s ongoing commitment to investing heavily in our global tax reporting services so we can help our clients address complex reporting issues wherever they operate.”
Staples noted that IRW has become an increasingly complex area with the worldwide implementation of the U.S. Foreign Account Tax Compliance Act (FATCA) regime through country specific Intergovernmental Agreements (IGAs), the overhaul of the U.S. withholding and reporting rules that apply to U.S. source payments to non-U.S. persons, and the rapid evolution of the Organisation for Economic Co-operation and Development’s (OECD’s) Common Reporting Standard (CRS) and its automatic exchange of information (AEOI) requirements. Monitoring the global implementation of FATCA and CRS and identifying in-country variations has become critical for businesses and individuals to remain compliant with increasingly complex withholding and reporting requirements.
EY’s tax technical, business process and IT professionals help clients effectively and efficiently implement, monitor and remediate IRW issues across the enterprise. The range of services the IRW team delivers includes large integration projects, targeted evaluation of compliance programs in any global jurisdiction, data analysis, business line compliance, assessment and remediation. Staples and his team will play a key role in the coordination of these services to help organizations review and analyze their global needs, systems and policies, and address specific regulations in each market in which they operate.
Staples has been a partner at BSM for 13 years, focused primarily on IRW. His clients include major financial institutions, multinational corporations headquartered in the United States and Europe, banking and business associations, foreign governments, and high net worth individuals. Previously, Staples spent eight years with the US Internal Revenue Service (IRS), holding a variety of high level executive positions including Associate Chief Council (International) and Assistant to Commissioner Margaret Milner Richardson.
“By joining EY, the former BSM professionals together with EY’s IRW team will be able to deliver a suite of globally integrated IRW services that are not available anywhere else in the marketplace,” said Staples, now a Principal in the Financial Services Organization of Ernst & Young LLP. “There is no one-size-fits-all reporting and compliance solution, but we have the global capabilities, knowledge, technology and resources to help organizations navigate the tax reporting challenges, whether large or small, that they may face anywhere in the world.”
In addition to John Staples, the following individuals have joined EY from BSM:
Philip Garlett joined BSM in 2006 from the IRS, where he rose to Special Counsel to the Deputy Associate Chief Counsel (Strategic International Programs) and the Deputy Associate Chief Counsel (International Field Service and Litigation) in the Office of Associate Chief Counsel (International). He was a key drafter of the U.S. withholding and information reporting regulations, as well as the Qualified Intermediary Agreement. From 2001 to 2005, Garlett headed the Harmful Tax Practices Unit at the OECD in Paris.
Jonathan Jackel has been an advocate for government and private clients, litigating tax cases and planning international financial structures. His expertise includes the implementation of cost basis reporting issues for debt instruments, options, wash sales, short sales, and securities lending. He has advised on FATCA compliance for both domestic and foreign clients and helps financial institutions and individual clients with foreign bank account reporting (FBAR) issues, including disclosures of past noncompliance to the IRS. Jackel writes the “Eye on FATCA” column for Tax Notes International.
Forbes Maner has been a partner with BSM since its founding. He has focused primarily on controversy issues, including tax audits and litigation. He has handled tax and non-tax controversies since 1978, with approximately half of his experience on tax cases. His experience includes oil and gas pricing cases, environmental compliance cases, and Freedom of Information Act issues in state and federal agencies and courts.
Evan Wamsley joined BSM in 2010. He advises foreign and domestic clients on a variety of withholding tax and international tax matters, particularly FATCA implementation. Previously, he spent eight years with Gibson, Dunn & Crutcher LLP.
In addition to the above, Dan Burt will be engaged as a consultant. Burt previously served as Attorney-Advisor to the International Tax Counsel to the US Treasury and then to the Under Secretary of the Treasury for International Tax. He supervised the development of legislation, regulations and IRS revenue rulings and negotiated on behalf of the US with foreign tax authorities. He advises clients on complex international tax issues.
“I want to welcome the former Grant Thornton partners and staff to BDO Austria,” said Hans Peter Hoffmann, Managing Partner of BDO Austria. “This is a major step that enhances our service offerings in the Austrian market. This expansion means that our firm is gaining not only leading industry experts with a strong reputation across the region for excellence, but also a number of prominent clients nationwide. With a new headcount of 500 staff and 40 partners, BDO is well placed to provide exceptional client service to family-owned businesses and leading middle market companies throughout Austria.”
Stradley Ronon has announced that it has recruited tax lawyer Roger S. Wise from K&L Gates. He joins the Washington office.
Wise counsels clients on tax issues affecting the investment management and financial services industries, as well as the federal income tax ramifications of business transactions. His experience includes structuring open-end and closed-end mutual funds, hedge funds, real estate funds (including REITs) and private equity funds, insurance products and financial transactions. Wise advises clients on qualification issues for registered investment companies (RICs) and on the tax consequences of swaps and other derivative instruments, information reporting requirements and penalties, and in-kind redemptions by ETFs.
In addition, Roger counsels clients on the federal income tax aspects of business transactions, including inbound and outbound investments, joint ventures, corporate restructuring and complex partnership transactions. He regularly handles private letter ruling requests with the IRS, works on contested matters at the IRS Audit and Appeals level and counsels clients on the tax consequences of settlements with private litigants and governmental entities.
Roger has written numerous articles and client alerts, is a frequent speaker at industry and in-house conferences on tax and investment management topics, and has served as an adjunct professor in the Georgetown University School of Law LL.M. tax program.
“Roger’s experience aligns well with our client base and our expanding roster of legal talent, and we are excited to add someone of his caliber to our growing investment management group, corporate practice and Washington office,” said Stradley Ronon Chairman William R. Sasso. “A strategic, forward-thinking adviser like Roger can be critical to a business’s growth, and I am excited for our clients to leverage his skills and experience.”
“Stradley Ronon has long had a stellar reputation within the tax and investment management industries, and I am thrilled to be able to grow my practice at such a well-respected firm,” said Wise. “I was drawn to Stradley Ronon because of the sophistication of its work, combined with its collegial culture, close-knit partnership and strong leadership.”