Private Equity Firm Milestone Partners Completes Complex Cross-Border Sale

Private equity firm Milestone Partners completed the sale of its Canada-based portfolio company Precision Partners Holding Company LLC (PPHC) and related subsidiaries in a merger with a wholly owned subsidiary of AK Steel, a public company and strategic buyer. PPHC merged with and into the AK Steel subsidiary, with PPHC continuing as the surviving entity of the merger. Our firm acted as deal counsel for Milestone Partners in the highly complicated transaction, which involved an unusual and innovative exit structure to minimize client risk and maximize the ability to achieve closing and also necessitated the coordination of multiple legal teams across multiple jurisdictions. The deal represented an enormous success for Milestone and was critical to achieving its long-term institutional business plan.