At-a-Glance

• Client: Oxer Capital
• Matter: Outside counsel on 95+ of Oxer’s 100+ financing and acquisition transactions, helping navigate
  lower middle market acquisition financings, and maintaining small business investment company (SBIC) regulations.
• Sector: Private equity and mezzanine investment firm
• Outcome: Ice Miller recently identified and resolved a potential regulatory issue early in a recent transaction, helping keep the deal on track, contributing to the factors that have culminated in a long-lasting relationship.

Oxer Capital is a Small Business Investment Company (SBIC) primarily focused on credit and provides structured credit, minority equity investments primarily to small middle market companies.

The Challenge

As the lower middle market has evolved, Oxer Capital has operated in an increasingly complex transaction environment. The growth of independent sponsor-backed acquisitions has introduced deal structures that require counsel that is not one-size-fits-all, coupled with varied financing agreements and unique negotiation dynamics. Oxer needed counsel that could understand the big picture of the broader market, while being able to niche down into the nuances of individual transactions.

Oftentimes, the transactions they handle involve multiple stakeholders and quick turnarounds. This means they need counsel that could jump in quickly and already be up to speed in what’s needed, in addition to providing guidance and having proven experience in lower middle market financings.

The Solution

Ice Miller has been there since day one. Over 30 years ago, the principals of Oxer Capital collaborated with Ice Miller as a long-term legal advisor. Over the course of more than 95 transactions (out of about 100+ transactions total), the relationship has evolved into an efficient partnership built on trust, responsiveness, and understanding.

Ice Miller serves as more than just strategic counsel, but as a sounding board. Oxer Capital emphasized that having a team like Ice Miller who sees a lot of deal flow in independent sponsor transactions, SBIC financings, and various private credit structures keeping them in the know on what’s happening in the market at any given time, keeps everything moving smoothly.

“Ice Miller brings together a highly capable team of deal and transaction professionals with the depth and breadth of resources that come from a diversified, full-service firm. Their ability to draw on that experience across multiple disciplines adds tremendous value throughout the transaction process,” Blake Sousa, Partner at Oxer Capital said.

As the teams have been connected for nearly 30 years, Ice Miller understands how Oxer likes to work, whether that’s preferred deal structures, documentation standards and business objectives, the second nature of understanding reduces friction and keeps the speed of deals quick.

In a recent transaction, Ice Miller identified a potential SBIC-related structural issue early on in the process. To keep things moving according to schedule, we collaborated with the opposing counsel to iron out the regulatory risk. With the right amount of proactivity and communication, Oxer Capital and Ice Miller maintain compliance within applicable regulatory requirements.

The Results

As Oxer Capital prepares to deploy its fourth fund, the firm continues to rely on Ice Miller’s guidance to support its growth strategy in the lower middle market. The longstanding partnership between Oxer Capital and Ice Miller is built on trust, consistency, and combined experience.

Together, the organizations have achieved:

• More than 95+ successful transactions
• Greater efficiency in deal execution through established processes, documentation standards and experience in lower middle market deals, with some deals closing in as little to 30-40 days.
• Successful navigation of complex SBIC regulatory requirements

The Team

Dan Durocher, Partner

Jim Smolik, Partner

Maria DeGiovanni, Associate

Caroline Pontius-Powers, Associate

Caroline Hoover, Associate

Ryan Schwinghamer, Associate

Kevin Griffin, Associate

Michael Bennett, Associate

Rob Ouellette, Partner

Need an Experienced Counsel for Your Next Transaction?

Successful transactions require more than legal guidance. They require a trusted team that understands your market and goals. Contact us to learn how our team can help you execute transactions efficiently and confidently.