Fred Tannenbaum is recognized by the Illinois Venture Capital Association as a leading expert on private equity and venture capital, by a national bar association organization as a leading authority on mergers and acquisitions, and by the leading business publication, Crain's Chicago Business, as a top expert on family-owned businesses.  Fred has been reconized as an Illinois Super Lawyer from 2005 through 2010.  Fred also serves on the firm's Management Committee. 

Fred has represented over 250 middle market businesses, private equity or venture capital funds, sophisticated entrepreneurs, wealthy family businesses, and senior key executives in over 500 mergers/acquisitions/divestitures/strategic alliance transactions and over 250 venture capital transactions over 20 years.  He also serves as de facto general counsel for over 70 small and medium sized businesses throughout the U.S.

He has a wide range of experience throughout the world in advising entrepreneurs, early stage emerging businesses, strategic investors, middle market businesses, private equity funds, and wealthy families form businesses, raise capital (both private equity capital and debt), grow (through acquisitions, mergers, strategic alliances, joint ventures, and licensing), operate (buy-sell agreements, employment and other agreements), attract management talent(employee incentive plans and executive compensation) and transfer operations (sales, redemptions, new management, partnerships, new generation transfers).  His clients thrive in 60 or so industries throughout the world including many diversified manufacturing and distribution companies, as well as telecommunications and technology.  Fred combines his broad ranged legal skills and experiences with common sense and practical business judgment and insights. 

Fred has written extensively on business and legal topics, writing 1 book, 5 law review articles, and over 55 articles on topics of practical importance to investors, entrepreneurs, lawyers, and family businesses.  He frequently speaks worldwide on these topics.  Fred is also the Past President of LawExchange International, a network, together with Law Firm of the Americas, of 30 law firms in Europe, Australia, China, India, and South and North America. 

Fred is also a leader in many charitable and not-for-profit organizations.

Recent Representative Matters

Although we strive to build long-term relationships, here are examples of some recent transactions which Fred led: 

General:

• A prominent private equity fund purchase of a package of several construction and circuit board manufacturing businesses in the Midwest and Southeast. 
• A leading commercial bank make a $40 million loan to a real estate developer in several states.
• Purchase of leading novelty consumer products company after significant debt restructure and other work-outs and equity infusion.
• Acting as an expert witness in a venture capital case involving the standard of care of a lawyer representing an entity seeking private equity funds.
• A leading senior care financier raise $100 million of debt and equity for an equity fund.
• A private equity fund make several mezzanine loans and work-outs totalling $150 million
• An investor group purchase a garbage bag manufacturer in a $5 million acquisition and then subsequently sold to a Candian public company for a considerably higher price.  

Telecommunications:

• Private equity funds and management team in a roll-up of cellular licenses in the southeast in multiple acquisitions worth several hundred million dollars and then an ultimate sale to a public company for close to $900 million.
• Sale of a CLEC in the mid-Atlantic region for over $120 million.
• A PCS entrepreneur joint venture with a major cellular carrier to buy, build, and operate a cellular company across the country with initial debt and equity capital of close to $500 million.
• A public company and several regional companies sell their cellular telephone company in Texas for $28 million.
• A New York based venture capital fund invest in a large mobile telephone retail store chain.
• A start-up CLEC in New York grow its business and receive a private equity infusion of over $40 million with partial and full redemptions of certain stockholders.
• A management team in Texas in a management buy-out of a division of a public company concentrating in the development of VoIP software, as well as raise several rounds of equity financing.
• A regional wireless and wireline company consider many strategic alternatives and resolve internal family issues.
• A communications tower owner attempt to sell and ultimately recapitalize its operations in 17 states.
• An entrepreneur raise capital to purchase and then operate a call center equipment manufacturing business in Florida.

Media / Entertainment:

• A radio station operator in Chicago buy several properties in the Midwest and receive private equity and debt financing for over $50 million.
• An outdoor advertising company sell its operations in California, Nevada, and Illinois for $30 million.
• Sale of a subscription based news and information service for over $25 million. 
• Two private equity funds finance and take control of a new media company based in Chicago and New York in several rounds of financing.
• A leading nationwide golf course owner purchase many golf courses across the country and enter in various management agreements.
• A private equity fund and management group purchase minor league professional baseball teams in Texas, Missouri and New Jersey.
• A major insurance company sell one of the world's most prestigious golf courses.
• Two theatrical producers (including a multiple Tony-Award winner) create a closed end fund for the production of several Broadway plays and events.
• A movie theatre operator purchase movie theatres in Connecticut and the mid-Atlantic.

Technology:

• An inventor of over 150 medical device patents structure and negotiate several complex licensing transactions with major medical device manufacturers.
• A robotics software company raise various rounds of capital and then sell to a public company.
• A company with patents on several cancer fighting therapies receive equity infusions from a public company.
• A Texas based residential service software company receive multiple rounds of private debt and equity financing.
• A venture capital fund make several investments in early stage software, biotech and telecommunication service companies.

Food and Beverage:

• A private equity fund purchase of two seed manufacturing and distribution businesses in the upper Midwest for $30 million each.
• A leading branded food company receive a venture capital infusion, refinance bank debt, and incentivize management.
• A leading national food products distribution company purchase separate businesses in New Jersey, Minnesota, Iowa, and California and establish operations in Canada and Mexico.
• A Chicago based consumer branded caramel apple manufacturer obtrain venture capital financing.
• A private equity fund purchase a southeasern based "soil to oil" supply chain manufacturing business with operations throughout the world.
• A Chicago based consumer branded gourmet pretzel manufacturer handle many equity, distribution, and other strategic transactions.

General Counsel:

Fred acts as day-to-day de facto general counsel for over 75 companies across the U.S. ranging in size from start-up to $500 million in revenues and in industries including manufacturing, distribution, food, service, minor league baseball, telecom, media, and technology. 

Professional and Civic Affiliations

• Board of Directors of the Association for Corporate Growth and Co-Chair of the Marketing Committee
• Executive Committee and past President of Law Exchange International, a network of 20 law firms in Europe, India, China, Australia and North America with over 50 other correspondent firms throughout the world.
• Treasurer, member of Executive Committee, Board of Directors, and Co-Chairman of the Investment Committee of Temple Sholom, Chicago
• Advisory Board of the Corporate/Commercial Section of ALI-ABA publications
• Leadership roles in many charities, political and civic groups.

Books

• A Lawyer's Guide to Forming, Financing, Operating and Growing a Business, American Bar Association, 2003; Second Edition 2006

Articles

Over 55 business and legal articles including:

• Earnouts: How to Structure to Minimize Litigation Risks, The Practical Lawyer, December 2009
• Venture Capital Transactions in The United States and China, The Practical Lawyer, December 2008
• Advising Chinese Businesses on Establishing and Operating Successful Businesses in the United States, The Practical Lawyer, October 2008
• How Small and Medium-Sized Businesses Can Deal With Banks, The Practical Lawyer, February 2008
• Europe: King Canute Trying to Halt Tide of Private Equity Investment, GR Review, Fall 2007
• Venture Capital Transactions in the United States and India, The Practical Lawyer, August 2007
• Venture Capital Financing in the United States and Canada, Part 2, The Practical Lawyer, April 2007
• Venture Capital Financing in the United States and Canada, Part 1, The Practical Lawyer, February 2007
• All in the Family: Corporate Governance Issues Facing Family-Owned Businesses, The Practical Lawyer (American Bar Association), March 2002
• Venture Capital Financing, West Publishing, Fall 2001
• Restricted Stock and Stock Options: Tax and Other Consequences to the Family Business, Family Business Journal, Summer 2001
• It's Time to Talk Turkey: Seller Strategies to Prevent a Buyer from Wriggling Away, Business Law Today, January 2001
• All Dressed Up With Somewhere to Go: How to Succeed in Selling Your Business Without Really Trying (Too Hard), The Practical Lawyer (American Bar Association), December 2000
• Do You Really Want a Partner? Suggestions to Avoid Litigation and Improve Inter-Owner Harmony Upon Selling Minority Interests in a Business, The Practical Lawyer (American Bar Association), March 1, 2000
• Slicing it Up: Should a Majority Owner Sell a Piece of the Pie, Business Law Today, November 1999
• What Every Business Lawyer and Business Owner Should Know About Buy-Sell Agreements, The Practical Lawyer (American Bar Association), November 1999
• Major Battlegrounds in Venture Capital Transactions, The Practical Lawyer (American Bar Association), March 1999
• Going with the Cash Flow: Get to Know this Crucial Factor in Communications Deals, Businss Law Today, November 1998
• International Contracts: Practical Considerations to Maximize Efficiency, The Practical Lawyer (American Bar Association), October 1998
• The Twelve Most Important Questions to Ask in a Franchisor-Franchisee Relationship, The Practical Lawyer (American Bar Association), September 1990

News

• Six Gould & Ratner Attorneys Named 2010 "Illinois Super Lawyers"
• Fred Tannenbaum spoke on Earnouts at the Chicago Bar Association
• Fred Tannenbaum Spoke at the Recent LawExchange Conference in Shanghai
• Fred Tannenbaum Spoke on Financing Theatrical Productions for the Chicago Bar Association
• Fred Tannenbaum Spoke on US M&A and Venture Capital Activity at LawExchange International Conference in Cambridge, UK
• Gould & Ratner Hosts Seminar on Doing Business with China: Guidelines for U.S. Companies and Entrepreneurs
• Fred Tannenbaum Spoke on Governance and Family Business Issues in Milan, Italy
• Fred Tannenbaum Spoke in Germany on Contingent Sale Prices