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Latham & Watkins Advises Riverstone Holdings in Connection wWth Enviva Partners’ Simplification Transaction and Corporate Conversion

October 20, 2021
A multidisciplinary team represents the private equity firm in the transactions.

Enviva Partners, LP (NYSE: EVA) has announced a definitive agreement with Enviva Holdings, LP (Holdings) pursuant to which it acquired all of the ownership interests in Holdings and eliminated its incentive distribution rights, or IDRs (the Simplification and, together with the GP Buy-in, the Simplification Transaction) in exchange for 16 million EVA common units, representing total consideration of approximately US$870 million based on EVA’s 20-day volume-weighted average price ending on October 13, 2021. Enviva concurrently announced that it intends to convert its organizational structure from a master limited partnership (MLP) to a corporation (C-Corp) under the name of Enviva Inc. (the Conversion).

Riverstone Holdings LLC was the former financial sponsor of Holdings, which was acquired by Enviva as part of the GP Buy-in.

Latham & Watkins represents 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.