Enviva Partners’ Acquisition of Enviva Holdings’ Ownership Interests

Vinson & Elkins advised Enviva Holdings on the deal while Baker Botts represented Enviva’s Conflicts Committee. Latham & Watkins represented Riverstone Holdings.

Enviva Holdings, LP announced a definitive agreement pursuant to which all of Enviva Holdings’ ownership interests were acquired by Enviva Partners, LP (“EVA”) and EVA’s incentive distribution rights were eliminated, all in exchange for 16 million EVA common units, representing total consideration of approximately $870 million based on EVA’s 20-day volume-weighted average price ending on October 13, 2021.

EVA concurrently announced that it intends to convert its organizational structure from a master limited partnership to a corporation under the name of Enviva Inc.

The V&E team was led by partners Caroline Blitzer Phillips (Picture), Ramey Layne and Ryan Carney, senior associate Jessica Lewis and associates Heather Brocksmith Pearce, Tara Tegeleci, Alice Zhang, Carmen Guidry and Chandler Spinks. Other team members include partner Jim Meyer and associates Dan Henderson and Jeff Slusher; partner Shane Tucker, senior associate Missy Spohn and associate Maddison Riddick; partner Tzvi Werzberger, senior associates Carter Olson and Maya Bobbitt and associate Jeremy Gopin; partner Sean Becker and counsel Christie Alcalá; counsel Scot Dixon; counsel Sarah Fortt; and partners Darren Tucker and Jeff Johnston and senior associate Ryan Will.

The Baker Botts team included: Michael Swidler (Partner; New York), Mike Rosenwasser (Senior Counsel; New York), Jon Kovacs (Associate; New York), Charlie Gili (Associate; New York), Mike Bresson (Partner; Houston), Jared Meier (Senior Associate; Houston), Laura Williams (Associate; Houston).

Latham & Watkins represented Riverstone Holdings in the transaction with a corporate deal team led by Houston partner Kevin Richardson and Washington, D.C. partner Nicholas Luongo, with Houston associates Ziyad Barghouthy and Joshua Blankenship. Advice was also provide on tax matters by Washington, D.C. partner Cheryl Coe, with associate Pierce Pandolph; on funds matters by Washington, D.C. partner Barton Clark; and on SEC matters by Washington, D.C. partner Brian Miller.

Involved fees earner: Michael Bresson – Baker Botts LLP; Charlie Gili – Baker Botts LLP; Jonathan Kovacs – Baker Botts LLP; Jared Meier – Baker Botts LLP; Michael Rosenwasser – Baker Botts LLP; Michael Swidler – Baker Botts LLP; Laura Williams – Baker Botts LLP; Ziyad Barghouthy – Latham & Watkins; Joshua Blankenship – Latham & Watkins; Barton Clark – Latham & Watkins; Cheryl Coe – Latham & Watkins; Nicholas Luongo – Latham & Watkins; Brian Miller – Latham & Watkins; Pierce Pandolph – Latham & Watkins; Kevin Richardson – Latham & Watkins; Christie Alcalá – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; Caroline Blitzer Phillips – Vinson & Elkins LLP; Maya Bobbitt – Vinson & Elkins LLP; Heather Brocksmith – Vinson & Elkins LLP; Ryan Carney – Vinson & Elkins LLP; Scot Dixon – Vinson & Elkins LLP; Sarah Fortt – Vinson & Elkins LLP; Jeremy Gopin – Vinson & Elkins LLP; Carmen Guidry – Vinson & Elkins LLP; Daniel Henderson – Vinson & Elkins LLP; Melissa Jester Spohn – Vinson & Elkins LLP; Jeffrey Johnston – Vinson & Elkins LLP; Ramey Layne – Vinson & Elkins LLP; Jessica Lewis – Vinson & Elkins LLP; James Meyer – Vinson & Elkins LLP; Carter Olson – Vinson & Elkins LLP; Maddison Riddick – Vinson & Elkins LLP; Jeff Slusher – Vinson & Elkins LLP; Chandler Spinks – Vinson & Elkins LLP; Tara Tegeleci – Vinson & Elkins LLP; Shane Tucker – Vinson & Elkins LLP; Darren Tucker – Vinson & Elkins LLP; Tzvi Werzberger – Vinson & Elkins LLP; Ryan Will – Vinson & Elkins LLP; Alice Zhang – Vinson & Elkins LLP;

Law Firms: Baker Botts LLP; Latham & Watkins; Vinson & Elkins LLP;

Clients: Enviva Holdings LP; Enviva Partners, LP (Conflicts Committee); Riverstone Holdings LLC;

Martina Bellini

Author: Martina Bellini