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  1. Professionals

Aaron M. Berlin

Partner

Co-Chair, Sponsor Finance

Chicago

+1 312-558-3220

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  • Overview
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Co-Chair of Winston & Strawn's Sponsor Finance Practice, Aaron focuses on representing private equity sponsors and borrowers in connection with debt financings.

Aaron represents both middle-market and large-cap private equity sponsors and their portfolio companies in all aspects of debt financings, including leveraged buyouts, take-private deals, dividend recapitalizations, out-of-court restructurings, refinancings, and fund financings.  

Key Matters

Some of the experience represented below may have been handled at a previous firm.

  • Acquisition financing in connection with a cross-border $3.9 billion take-private buyout of a technology company by a leading private equity firm.
  • A refinancing transaction in connection with the merger of two private equity sponsor-owned medical practice management organizations.
  • A refinancing in connection with the IPO of an existing private equity sponsor-owned software technology company. 
  • Acted as borrower's counsel to a U.S. private equity firm in connection with the acquisition financing for a produce and specialty food company based in the U.S. The credit facilities consisted of a $212.50 million lien term loan, $25 million revolving credit facility, a $75 million second lien term loan, and $25 million of delayed draw term loan commitments.
  • Represented a private equity firm in connection with credit facilities used to fund its acquisition of a foundational education company. The credit facilities included a $95 million term loan facility, $20 million revolving credit facility and a $20 million delayed draw term loan facility.
  • Represented a private food and beverage company in connection with the refinancing of its $1.16 billion credit facility.
  • Represented a global manufacturer of highly engineered equipment in the clean energy and industrial gas markets in connection with a new $1.53 billion term loan b facility, the proceeds of which were used to fund a portion of the purchase price with respect to the global manufacturer's acquisition of 100% of the equity interests of a group of entities across several jurisdictions.
  • Represented an IT service management company in connection with amending its existing credit agreements to provide for, among other things, $57.5 million in new DDTL commitments and an $89.5 million incremental term loan. The proceeds of the incremental term loan were used in part to fund a portion of the purchase price with respect to an acquisition.
  • Represented a private equity firm in connection with credit facilities used to fund its acquisition of a professional services and technology company. The credit facilities consisted of a $140 million term loan facility, $20 million revolving credit facility and $30 million delayed draw term loan facility.
Recent Experience
Cuadrilla Capital Acquires Gluware, Inc.
Stellex Capital Management's Acquisition of The James Skinner
Winston Represents KeHE Distributors, LLC in a $750.0 Million Senior Secured Notes Offering
Frontenac Acquisition of Integrated Openings Solutions
Chart Industries, Inc. Registered Public Offering of Depository Shares
Chart Industries, Inc.'s Registered Public Offering of Common Stock
Chart Industries Acquisition of Howden

Aaron was recognized in the 2025 edition of Best Lawyers: Ones to Watch® in America in the area of Banking and Finance Law.

Capabilities

Transactions
Finance
Fund Finance
Private Equity
Financial Services
Health Care
Technology, Media & Telecommunications

Key Matters

Some of the experience represented below may have been handled at a previous firm.

  • Acquisition financing in connection with a cross-border $3.9 billion take-private buyout of a technology company by a leading private equity firm.
  • A refinancing transaction in connection with the merger of two private equity sponsor-owned medical practice management organizations.
  • A refinancing in connection with the IPO of an existing private equity sponsor-owned software technology company. 
  • Acted as borrower's counsel to a U.S. private equity firm in connection with the acquisition financing for a produce and specialty food company based in the U.S. The credit facilities consisted of a $212.50 million lien term loan, $25 million revolving credit facility, a $75 million second lien term loan, and $25 million of delayed draw term loan commitments.
  • Represented a private equity firm in connection with credit facilities used to fund its acquisition of a foundational education company. The credit facilities included a $95 million term loan facility, $20 million revolving credit facility and a $20 million delayed draw term loan facility.
  • Represented a private food and beverage company in connection with the refinancing of its $1.16 billion credit facility.
  • Represented a global manufacturer of highly engineered equipment in the clean energy and industrial gas markets in connection with a new $1.53 billion term loan b facility, the proceeds of which were used to fund a portion of the purchase price with respect to the global manufacturer's acquisition of 100% of the equity interests of a group of entities across several jurisdictions.
  • Represented an IT service management company in connection with amending its existing credit agreements to provide for, among other things, $57.5 million in new DDTL commitments and an $89.5 million incremental term loan. The proceeds of the incremental term loan were used in part to fund a portion of the purchase price with respect to an acquisition.
  • Represented a private equity firm in connection with credit facilities used to fund its acquisition of a professional services and technology company. The credit facilities consisted of a $140 million term loan facility, $20 million revolving credit facility and $30 million delayed draw term loan facility.
Recent Experience
Cuadrilla Capital Acquires Gluware, Inc.
Stellex Capital Management's Acquisition of The James Skinner
Winston Represents KeHE Distributors, LLC in a $750.0 Million Senior Secured Notes Offering
Frontenac Acquisition of Integrated Openings Solutions
Chart Industries, Inc. Registered Public Offering of Depository Shares
Chart Industries, Inc.'s Registered Public Offering of Common Stock
Chart Industries Acquisition of Howden

Credentials

Education

Aaron earned his J.D., with honors, from the University of Chicago Law School. He also received his M.A. and B.A., with honors, from the University of Chicago.

    Admissions
    • Illinois

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    Capabilities

    Transactions
    Finance
    Fund Finance
    Private Equity
    Financial Services
    Health Care
    Technology, Media & Telecommunications
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