Benesch Successfully Completes $354 Million IPO, Taking Client Loar Holdings Public

Benesch, one of the fastest-growing law firms in the country, is pleased to announce the closing of client Loar Holdings Inc.’s (“Loar”) initial public offering (“IPO”) of 12.65 million shares of its common stock at $28 per share—which was above the previously disclosed price range of between $24 and $26 per share. Loar, a diversified manufacturer and supplier of niche aerospace and defense components, began trading on the New York Stock Exchange on April 25 under the ticker symbol “LOAR.” Loar’s per share price closed at $48.16 on May 3, up approximately 72% from the IPO price.

The IPO involved complex governance arrangements among members of Loar’s management team, affiliates of Abrams Capital Management, L.P., affiliates of Blackstone Alternative Credit Advisors LP and GPV Loar LLC and its sole manager Paul S. Levy, who founded JLL Partners and currently serves as its Managing Director.

The Benesch team was led by Aslam Rawoof and Sean Peppard, partners in the firm’s Corporate & Securities Practice Group. Others on the team included Dylan Rosenfield, Samantha Barbara, Julius Zavala, Richard Tracanna, Jennifer Hoover, Leah Beitner, Corey Sparks, Molly Carroll, Ester Khaykin, Brian Mielcusny, Anthony Rossi, Julia Rolniak and Jennifer Garberich. Benesch’s relationship with Loar dates back to 2017, when the firm was first engaged to do a small transaction for Loar. Since then, Benesch has advised Loar on a management-led buyout, nine acquisitions, and various financing and corporate matters, culminating in the IPO.

“We are thrilled to be a part of Loar’s remarkable growth story and to have helped them achieve this milestone,” said Peppard. “This IPO is a testament to Loar’s vision, strategy and execution, as well as to the dedication and expertise of our Benesch team.”

“We are grateful for the trust and confidence that Loar has placed in us over the years, and for the opportunity to work with such a talented and dynamic management team,” added Rawoof. “We look forward to continuing to support Loar as they enter this exciting new chapter as a public company.”

About Benesch

Benesch is an AmLaw 200 business law firm with more than 400 attorneys and offices in Chicago, Cleveland, Columbus, New York, San Francisco, Shanghai and Wilmington. The firm serves national and international clients that include public and private, middle market and emerging companies as well as private equity funds, entrepreneurs, not-for-profit organizations, trusts and estates. Among the firm’s recent accolades, 36 Benesch attorneys and 15 practice areas were ranked in the 2023 edition of Chambers USA, and the firm was named a 2024 Recommended Firm by Benchmark Litigation. Benesch also continues to receive numerous Best Law Firm® awards, including national first-tier rankings in Health Care Law, Transportation Law and Litigation-Construction, and being named Transportation Law Firm of the Year six times. Additionally, Benesch’s revenue growth in 2022 ranked 21st among all AmLaw 200 firms. The firm was recognized by Chicago Lawyer as the fastest-growing law firm in the city and has quickly risen to the second-largest law firm in Cleveland. For more information, visit beneschlaw.com.

About Loar

Loar is a diversified manufacturer and supplier of niche aerospace and defense components that are essential for today’s aircraft and aerospace and defense systems. Loar has established relationships across leading aerospace and defense original equipment manufacturers and Tier Ones worldwide. For more information, visit loargroup.com.