David Solomon is a partner in the Corporate Practice Group. David has extensive experience in transactions involving the use of an Employee Stock Ownership Plans (ESOP) to facilitate the purchase of a business and has formed a new ESOP Services practice at Levenfeld Pearlstein.
David also advises clients in the areas of mergers, acquisitions and divestitures, private and venture capital, financing, employee benefits and executive compensation and represents many companies in a "general counsel" capacity by handling various business law issues.
David has been practicing law since 1994. Prior to joining Levenfeld Pearlstein in 2009, he was a partner with another Chicago law firm where he served as the chair of the firm’s Corporate & Business Counseling Practice Group.
David is a member of the ESOP Association and the National Center For Employee Ownership (NCEO). He has lectured frequently on ESOPs and other employee benefit topics, has authored a treatise discussing the benefits of S corporation ESOPs and was a contributing author of the NCEO's Equity Compensation Update publication.
Recent Transactions
- Served as lead counsel to a group of Chicago-based commodity trading and brokerage firms in connection with the formation of new ESOP. David assisted the owners of the prior companies to restructure their operations into a new S corporation holding company in order to facilitate the ESOP’s acquisition of 100% of the stock of the new holding company. David also assisted the new company to obtain regulatory approval for the ESOP transaction from the Financial Industry Regulatory Authority (FINRA).
- Acted as lead counsel in a multi-step transaction where an ESOP became the 100% owner of a Chicago-based company which designs and manufactures injection molds and a separate company which manufactures thermoplastic injection molded products. David worked with the shareholders of the companies to reorganize their business into a new holding company, assisted the new holding company in forming an ESOP, and negotiated a redemption transaction where the new holding company redeemed all non-voting stock and sold all voting stock of the new holding company to the ESOP. Lastly, David represented the holding company in connection with a new senior credit facility to provide the funds necessary to consummate the stock sale transactions.
- Represented an independent ESOP fiduciary who was engaged as a successor trustee of an ESOP formed by a California-based manufacturer of tire inflation systems used by the U.S. Military in connection with the purchase of 100% of the stock of the company from its founder for $19 million.
- Represented a Chicago-based private equity firm in connection with the divestiture of a Florida-based portfolio company engaged in the private-label personal care products business for $49 million.
- Represented a holding company with direct mail service operations throughout the Midwest in the formation of a new subsidiary to facilitate the strategic acquisition of a direct mail and drug sample fulfillment business and the placement of senior and mezzanine financing to finance the transaction.
- Represented a Florida-based franchisee of a nationally-recognized retail concept in the acquisition of seven corporate owned stores in Texas, including one location at The Ballpark at Arlington, the home of the Texas Rangers baseball club.
- Represented the borrower in obtaining a $161 million credit facility provided by a nationally-recognized pension fund which was used to purchase an office tower in Minneapolis, Minnesota.
- Represented a national banking institution in connection with a $20.5 million revolving and term loan credit facility which was used to finance the acquisition of 100% of the stock of a citrus grower and distributor located in Southern California by an ESOP.