A team of Goodwin Procter attorneys recently represented the underwriters in the initial public offering of STAG Industrial, Inc. Priced at $13 per share, the transaction resulted in total gross proceeds to the company of $178.8 million.
Goodwin advised the underwriters, led by BofA Merrill Lynch and J.P. Morgan, throughout the lengthy process that led to STAG’s IPO and its formation transactions. STAG was initially conceived in late 2009 as a roll-up of three funds managed by Ben Butcher, who will be STAG’s CEO, and New England Development. Ultimately, the roll-up included two of these funds, plus all of the properties acquired by a new joint venture created with GI Partners in contemplation of the IPO.
Following the IPO, STAG will own 91 industrial properties, including 15 properties acquired for over $150 million by the joint venture with GI Partners since its formation in 2010. STAG’s IPO is scheduled to close on April 20, 2011.
The deal team was led by Goodwin partners Gil Menna and Daniel P. Adams, with assistance from Andrew C. Sucoff on formation transactions and real estate due diligence, Karen F. Turk on REIT tax matters, and Yoel Kranz, who led the initial stage of the transaction.