Goodwin Procter attorneys advised a consortium of venture investors in Nest Labs in the company’s recently announced $3.2 billion sale to Google, Inc. The group of investors, which includes lead investor Kleiner Perkins, owns a majority equity stake in Nest. Other terms of the transaction were not disclosed.
Nest Labs, based in Palo Alto, Calif., reinvents unloved but important home products, like the thermostat and smoke alarm. The company focuses on simple, beautiful and thoughtful hardware, software and services. Nest products are sold in the U.S., U.K. and Canada, and are installed in more than 90 countries. The Nest Learning Thermostat has helped save more than 1,000,000,000 kWh of energy to date.
Kleiner Perkins Caufield & Byers, a Menlo Park, Calif.-based venture capital firm, has backed entrepreneurs in more than 700 ventures leading to nearly 200 IPOs. The firm has helped build pioneering companies like Amazon, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Symantec, VeriSign and WebMD. Kleiner Perkins partners serve on the boards of Amazon, Apple, Bloom Energy, Flipboard, Foundation Medicine, Google, Hewlett-Packard, Nest, Square, Tesaro and Zynga, among others. The firm invests in all stages from seed and incubation to growth companies.
The Goodwin team advising the investor group was led by partner Larry Chu, and included partners Jim Riley, Kelsey Lemaster and Steve Poss, and associate Jeff Cheng.
Media coverage of the transaction included articles in The Wall Street Journal, San Jose Mercury News, Forbes, Reuters, and TechCrunch.com. More information about the sale of Nest Labs can be found in the press release.