Latham Hybrid Capital Team Advises on Complex Junior Financing for CD&R’s Acquisition of a Controlling Stake in Opella From Sanofi

Latham’s Hybrid Capital team is advising a club of private credit funds on the PIK holdco financing for Clayton, Dubilier & Rice’s (CD&R) acquisition of a 50% controlling stake in Opella, the consumer healthcare business of Sanofi. The parties entered into exclusive discussions in October last year and the deal was formally announced on February 19, 2025. 

The Latham PIK financing team is led by New York private credit partners Stelios Saffos, Peter Sluka, and Andrew Blumenthal and London private credit partners Fergus Wheeler and Paul Yin, with associates Maurice Stewart, Stefan Vujacic, and Danielle Stobie.

Latham’s Hybrid Capital team, the only scaled junior capital practice in the market, advises the broadest range of market participants on a full spectrum of bespoke financing solutions. The team has recently advised on several major transactions within the hybrid capital space, including advising D.E. Shaw Group in investments in Form Technologies; on the financing for Pearce Services’ acquisition of Unified Power; and on the financing for Qualus’ acquisition of PFES.