Steven Bartz > DLA Piper LLP (US) > San Diego (Downtown), United States > Lawyer Profile
DLA Piper LLP (US) Offices
401 B STREET
SAN DIEGO, CA 92101-4297
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Corporate; Mergers and Acquisitions; Private Equity; Emerging Growth and Venture Capital; Global Investment Funds
Steve Bartz is a partner in the Dallas office of DLA Piper LLP (US) and a member of the firm’s Corporate Group. Steve has extensive experience advising private equity funds, venture capital funds, and privately owned companies in a variety of complex transactions, including private equity and venture capital fund formation transactions, mergers and acquisitions, control and minority investments, private placements of securities, strategic alliances, and joint ventures.
Drawing on his deep experience in capital formation, Steve works with clients to implement transaction structures that meet their strategic business objectives. Those objectives often mandate implementing capital structures that are tailored to client-specific needs while also providing flexibility for the widest array of potential investors globally. Steve routinely works with clients on funds formation, sponsor formation, and strategic alliances/joint ventures. He also counsels clients in private capital markets transactions.
After capital formation, Steve works with his clients to put their capital to work. Steve advises clients in structuring and executing portfolio company joint ventures; investments in private equity funds; and mergers, acquisitions, and dispositions of privately owned securities and other assets. His practice encompasses M&A transactions with both domestic and cross-border elements.
J.D., Vanderbilt University Law School; A.B., Duke University
United States > M&A/corporate and commercial > Legal market overview
Some $3.5tn of M&A deals were closed globally in 2018, the third largest on record since 2001. Notably, Chinese acquisitions of US businesses dropped by 94.6% to $3bn from a high of $55.3bn in 2016 with China turning its attentions to Europe instead where deal activity increased significantly. Trade tensions and political instability have clearly had an effect, though have not significantly dampened transaction activity.
Valuations were pushed up by rival bidding in a number of deals, including in Comcast’s takeover of Sky where it increased its offer in the face of competition from 21st Century Fox. Moreover, the availability of relatively cheap finance, thanks to low interest rates, has also given corporates access to capital to make attractive offers.
Large cap deals remain dominated by Wall Street’s traditional elite law firms, including Cravath, Swaine & Moore LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Wachtell, Lipton, Rosen & Katz. Their ascendancy does not appear to be under threat, though firms such as Kirkland & Ellis LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are becoming increasingly viable competitors, especially as these firms have recruited wisely in recent years.
Other firms that made headway in 2018 include Gibson, Dunn & Crutcher LLP bringing in a four-partner team, including George Stamas, from Kirkland & Ellis LLP. Baker Botts L.L.P. hired a four-partner team from Vinson & Elkins LLP, including Mike Rosenwasser, Michael Swidler and Adorys Velazquez. Moreover, Willkie Farr & Gallagher LLP hired Matthew Rizzo and Jessica Sheridan from Sidley Austin LLP in New York, and Archie Fallon and Steven Torello joined from King & Spalding LLP and DLA Piper LLP (US) respectively. Elsewhere, Allen & Overy LLP recruited experienced partner Stephen Besen from Shearman & Sterling LLP.
The US middle market remained one of the most active areas for M&A deals in 2018; compared to 2017’s third quarter, domestic M&A activity increased by over 30% during the third quarter of 2018. This stream of activity has been largely driven by sector convergence and intense interest in the technology sector. Private equity-backed transactions were especially vibrant, while other sectors of particular note have been healthcare, financial services, manufacturing, consumer products and retail. Indeed, The ever-increasing number of private equity firms illustrates the health of the sector. Private equity fundraising continues at a faster rate that they are able to invest capital, with many funds sitting on significant reserves of dry powder.
That said, it is a competitive market for assets, as private equity firms diversify their investment strategies, and many large-cap focused funds move into the middle market or even into the growth investments and venture capital space. A growth in add-on acquisitions has also resulted from the high asset prices.
Buoyed by the US’ 2018 tax reform (the largest piece of tax reform legislation in over three decades) and corporate liquidity, companies are expected to grow again in 2019 through acquisitions, with a healthy M&A pipeline anticipated across all sectors; this is notwithstanding rising interest rates, increased global protectionism (including trade tensions with China), stormy markets and US companies’ regulatory concerns.
Headline mergers among prominent law firms include Milwaukee-based Foley & Lardner LLP merging with Dallas-based Gardere Wynne Sewell LLP in 2018; and St Louis-based Bryan Cave LLP and UK-headquartered Berwin Leighton Paisner LLP also joining up to form Bryan Cave Leighton Paisner LLP in 2018.
Significant lateral moves included Sheppard, Mullin, Richter & Hampton LLP hiring Jordan Hamburger, who has healthcare and financial services deal experience, and Eric Newsom for the Century City and San Francisco offices, respectively, from Manatt, Phelps & Phillips, LLP, while John Booher was recruited in Silicon Valley from Hogan Lovells US LLP. Meanwhile, at Squire Patton Boggs‘ new Atlanta office, widely respected corporate and M&A lawyer Wayne Bradley and office managing partner Ann-Marie McGaughey were hired from Dentons; and recent growth for DLA Piper LLP (US)‘s Austin corporate practice included the arrival of a team of six Jackson Walker, L.L.P. partners, Steven Bartz joining in Dallas from Thompson & Knight LLP, and Emilio Ragosa and Kevin Grant recruited in New Jersey from Morgan, Lewis & Bockius LLP, where Ragosa formerly headed the corporate group in Princeton.
Other notable moves include Fenwick & West LLP‘s veteran technology dealmaker Gregory Roussel leaving for Latham & Watkins LLP‘s Silicon Valley office and technology group partner Scott Joachim joining Goodwin in its Silicon Valley and New York offices; Jared Hershberg leaving Reed Smith LLP for Greenberg Traurig, LLP‘s New York office; and New York-based M&A technology and life sciences deal specialist David Schwartz leaving Hughes Hubbard & Reed LLP for Orrick, Herrington & Sutcliffe LLP.
Finally, we have introduced a few new rankings this year. Now separated into it’s own category in our guide, shareholder activism continues at a fast clip, with a key market trend being its internationalization – American lawyers are being increasingly called upon to advise on cross-border matters, with activist hedge funds taking this strategy into parts of the world where such campaigns are culturally alien. Turning to more local work, trends have included more asset managers adding activism to their arsenal, as well as a growth in activism around M&A deals, typically concerning pricing.
In traditional governance issues, the #MeToo movement and broader equalities initiatives have been visible, with several high-profile exits on those themes. Thankfully, the conclusion of the government shutdown in late January 2019 gave rise to relief on the public company securities front; in addition to the more visible issue of the shutdown holding up IPOs, the slowdown at the SEC could have led to lengthier and more challenging annual general meetings, as SEC consent to winnow down shareholder proposals would not have been forthcoming.
The brand new section this year is the Delaware law section. Delaware also continues to be without serious competition as a favorable jurisdiction for incorporation in the United States, not just for tax reasons, but also due to the extremely strong reputation of the Delaware Court of Chancery. In the Delaware section, readers will find a cadre of independent firms that provide specialized advice on the company law of the First State.
United States > M&A/corporate and commercial > M&A: middle-market ($500m-999m)
DLA Piper LLP (US)‘s ‘responsive and communicative practice‘ fields lawyers with sector expertise in a range of industries, including technology, life sciences, healthcare and real estate; the practice is also experienced in deals involving franchising and distribution, insurance, manufacturing, and business and financial services. It acts in a variety of complex transactions, including stock-for-stock mergers, management buyouts, tender offers, proxy contests, cross-border acquisitions, and divisional purchases and sales; the team also advises special committees of boards on contests for control, including hostile bids and proxy contests, and assists with diligence and structuring issues, including tax, antitrust and IP. Active key clients include Sodexo, Grand Canyon Education, Rolls-Royce Power Systems and ASB Capital Management. New York-based US M&A chair Jonathan Klein assisted Sodexo, a Paris-based global food services and facilities management company, with its acquisition of Centerplate, a US-based sports and entertainment venue hospitality provider; Phoenix’s US education sector chair David Lewis led advice to Grand Canyon Education on its sale of Grand Canyon University (GCU) to a nonprofit entity, which led to GCU becoming one of the largest nonprofit universities in the country; Chicago partner Andrew Weil acted for Rolls-Royce Power Systems in the sale of its Germany-based fuel injector business, L’Orange, to US-based Woodward; and co-global private equity chair and co-US corporate group chair Joseph Alexander Jr, who divides his time between Dallas, Atlanta, Miami and New York, advised ASB Capital Management, one of the largest institutional investment management firms in the Washington DC area, on the sale of Infomart Data Centers’ Dallas operations to Equinix, which included the Infomart Dallas building. Other key advisers include US corporate co-chair John Gilluly, who divides his time between Houston, Austin and Dallas, San Diego office managing partner Jeff Baglio, and co-chair of the Northern California corporate and finance practice Eric Wang, who is based in both Silicon Valley and San Francisco. Recent growth for the Austin corporate practice saw the firm hire a team of six former Jackson Walker, L.L.P. partners, who advise institutional investors on investments and secondary transactions; Steven Bartz, who is experienced in fund formation, private equity, joint ventures and strategic alliances, joined the Dallas office from Thompson & Knight LLP; and Kevin Grant, who acts for strategic and financial buyers and sellers in both US domestic and cross-border M&A, and Emilio Ragosa were recruited in New Jersey from Morgan, Lewis & Bockius LLP, where Ragosa led the corporate group in the Princeton office. Also of note, Thomas Gaynor and Jinjian Huang joined the San Francisco office in 2019.
United States > M&A/corporate and commercial > M&A: middle-market (sub-$500m)
Thompson & Knight LLP‘s ‘lawyers do a very good job at working together as well as working with management and in-house counsel; what is particularly valuable is the team’s ability to distill a myriad of facts and options down to actionable points‘. The corporate and securities attorneys are experienced in domestic and cross-border M&A, private equity investment transactions, private and public offerings of securities, corporate governance, and board and special committee representation; and the practice is particularly noted for its advice to clients in the oil and gas industry, especially those with a focus on upstream and midstream activities. American Midstream Partners, Chaparral Energy and US Bank National Association are active clients. Recent matters include advising oil and natural gas producer Chaparral Energy on the $170m sale of its North Burbank and Texas Panhandle enhanced oil recovery assets to Perdure Petroleum; acting for Tailwater Capital-backed Pivotal Petroleum Partners in its sale of producing wells in North Dakota to publicly traded Northern Oil and Gas; and assisting Murchison Oil and Gas with its acquisition of assets from a subsidiary of ROXO Energy. Corporate and securities practice leader Wesley Williams divides his time between the Dallas and Fort Worth offices. Also highly rated are Ann Marie Cowdrey, Holt Foster III and Houston’s Timothy Samson. All advisers named are in Dallas unless otherwise mentioned. Michael Pierce and Steven Bartz left for Vinson & Elkins LLP and DLA Piper LLP (US), respectively.
Top Tier Firm Rankings
- M&A/corporate and commercial > Commercial deals and contracts
- Media, technology and telecoms > Cyber law (including data privacy and data protection)
- Real estate > Land use/zoning
- M&A/corporate and commercial > M&A: middle-market ($500m-999m)
- Media, technology and telecoms > Outsourcing
- Intellectual property > Patents: licensing
- Dispute resolution > Product liability, mass tort and class actions: pharmaceuticals and medical devices - defense
- Real estate > Real estate
- Media, technology and telecoms > Telecoms and broadcast: regulatory
- Media, technology and telecoms > Fintech
- Intellectual property > Patents: litigation (full coverage)
- Intellectual property > Patents: litigation (International Trade Commission)
- Real estate > Real estate investment trusts (REITs)
- Media, technology and telecoms > Technology transactions
- Media, technology and telecoms > Telecoms and broadcast: transactional
- Intellectual property > Trademarks: non-contentious (including prosecution, portfolio management and licensing)
- M&A/corporate and commercial > Venture capital and emerging companies
- Media, technology and telecoms > Advertising and marketing: transactional
- Real estate > Construction (including construction litigation)
- Industry focus > Energy: renewable/alternative power
- Industry focus > Healthcare: life sciences
- Industry focus > Healthcare: service providers
- Industry focus > Insurance: advice to insurers
- Industry focus > Insurance: non-contentious
- Tax > International tax
- Labor and employment > Labor-management relations
- Dispute resolution > Product liability, mass tort and class actions: automotive/transport - defense
- Dispute resolution > Product liability, mass tort and class actions: toxic tort - defense
- Dispute resolution > Securities litigation - defense
- Finance > Structured finance: securitization
- Tax > US taxes: contentious
- Finance > Capital markets: debt
- Finance > Capital markets: equity offerings
- Antitrust > Cartel
- Antitrust > Civil litigation/class actions: defense
- Finance > Commercial lending
- Dispute resolution > Corporate investigations and white-collar criminal defense
- Labor and employment > Employee benefits, executive compensation and retirement plans: transactional
- Industry focus > Energy: transactions: oil and gas
- Labor and employment > Labor and employment disputes (including collective actions): defense
- Dispute resolution > M&A litigation: defense
- M&A/corporate and commercial > Private equity buyouts
- Dispute resolution > Product liability, mass tort and class actions: consumer products (including tobacco) - defense
- Intellectual property > Trade secrets (litigation and non-contentious matters)
- Intellectual property > Trademarks: litigation
- Tax > US taxes: non-contentious
- Labor and employment > Employee benefits, executive compensation and retirement plans: design
- Industry focus > Energy: transactions: conventional power
- Investment fund formation and management > Private equity funds (including venture capital)
- Finance > Restructuring (including bankruptcy): corporate
- Finance > Project finance