DLA Piper advises Kian Capital Partners in the closing of its US$230 million single-asset continuation fund

DLA Piper advised Kian Capital Partners (Kian), a lower-middle-market-focused private investment firm, in the closing of a single-asset continuation fund restructuring of an SBIC fund to reinvest in SPATCO Energy Solutions, a fueling infrastructure services provider, for US$230 million.

The transaction provides liquidity to existing investors seeking to monetize performance to date while providing new continuation fund investors the opportunity to invest into SPATCO.

SPATCO is a leading fueling infrastructure services provider in the Southeast, Mid-Atlantic and Southwest, offering forward-thinking, turnkey solutions for America’s petroleum and EV-charging infrastructure operators. The company serves full-service convenience stores, fueling centers, electric vehicle charging locations, local and state municipalities and commercial fleet operators with a broad portfolio of services.

“It was a pleasure to advise Kian and support them in expanding the scope of their investment efforts and to advise Kian on their first GP-led restructuring transaction,” said Adam Tope, the DLA Piper partner who led the deal team.

The DLA Piper corporate deal team was led by partner Tope (New York) and included partner Aalok Virmani (Chicago) and of counsel Rachel Myung (Chicago).

The firm’s global secondaries funds team provides comprehensive solutions to sponsors and lead investors with respect to GP-led restructurings, continuation funds, NAV financing, tender offers and preferred equity transactions. In 2023, the DLA secondaries team advised on over 236 transactions for a total of $22 billion in deal volume.