May 25, 2017
Sara L. Terheggen
See more on Sara L. TerheggenMorrison & Foerster LLP Palo Alto and San Francisco
Terheggen has advised on many deals that collectively total more than $100 billion. She led one of the most complex aspects of Cherokee Global Brands acquisition of Hi-Tec Sports International Holdings BV, a footwear designer and marketer based in the Netherlands.
Cherokee, a marketing platform that manages a portfolio of fashion and lifestyle brands, agreed to buy all the share capital of Hi-Tec Sports for about $95.8 million. Cherokee opted to pay for the deal with different sources, including funds from the back-to-back sale of assets related to Hi-Tec's wholesale operations along with the net proceeds from selling Cherokee stock in a public equity offering.
Terheggen led the equity financing team advising Cherokee.
"We had to have certainty of funding, which was a critical piece of the deal," Terheggen said. "It was the most high-risk part of the transaction because execution of a public offering involves investors and there is always uncertainty in knowing whether the window for any offering is open.
"The equity offering was the first domino that had to fall, so it set the stage for execution of this entire complicated transaction," she said.
Attorneys worked together to execute all parts of the deal and helped close it earlier this year. Terheggen also helped many companies, including Elevate Credit Inc. and Fulgent Genetics Inc., transition from privately held to publicly traded. Bankers in capital market deals are among her clients.
"The most interesting part of advising clients in an IPO is advising them through the most exciting and most stressful part of the company's history," Terheggen said. "It is fulfilling to help them see issues before they arise and navigate through them."
She also advises clients in the forming private equity funds, including impact funds designed to help generate measurable social, environmental and/or governance changes.
"My favorite part of my practice is building relationships with clients," Terheggen said. "The relationships and the ability to serve as a strategic outside adviser are the best parts of my job."
— Melanie Brisbon
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