Toby Merchant counsels public and privately held companies and focuses his practice on business and finance transactions including mergers and acquisitions, Section 363 transactions, securities offerings, debt financings, private equity investment, general corporate governance matters, antitakeover and shareholder relations matters.

    Toby is a corporate and securities lawyer and member of Squire Patton Boggs’ global Corporate and Financial Services practice groups. He regularly advises public and private companies, specialty finance companies and other financial institutions in both domestic and cross-border mergers, acquisitions and divestitures. Toby also counsels a variety of private equity funds and closely held businesses with respect to various investment opportunities and related transactions. In the area of securities law, Toby regularly counsels public companies with respect to public and private offerings, corporate governance, federal and state securities laws and stock exchange rules compliance, and serves as the primary outside securities, compliance and corporate governance counsel to several publicly held companies.

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    • Advising Compass Diversified Holdings (NYSE: CODI) on its US$253 million acquisition of Clean Earth Holdings, Inc., a processor of contaminated soil, dredge sediments, hazardous and non-hazardous soil, from Littlejohn & Co., LLC, a middle-market private-equity firm.  
    • Advising Kimball International, Inc. (NASDAQ: KBALB), industry leader in the manufacturing and distributing office and hospitality furniture, in connection with the US$368 million spin-off of its subsidiary, Kimball Electronics, Inc.(NASDAQ: KE), a leading global provider of electronic manufacturing services to a vast range of industries, as an Independent Publicly Traded Company.
    • Advising CECO (NASDAQ GM: CECE) Environmental Corp., a leading global environment, energy and fluid handling company, on the acquisition of PMFG Inc, a pollution abatement and contamination filtration equipment maker. The transaction is valued at approximately US$138 million. 
    • Advising Fox Factory Holding Corp. (NASDAQ: FOXF), designer and manufacturer of high-performance suspension products for vehicles, on its asset purchase of the Race Face and Easton Cycling businesses comprised of designing, manufacturing and distribution of mountain and road bike wheels and high-performance cycling components.
    • Advising Fox Factory Holding Corp. (NASDAQ: FOXF), designer and manufacturer of high-performance suspension products for vehicles, on its US$44 million asset purchase of Sport Truck USA, Inc., a distributor of aftermarket suspension solutions.
    • Representing a publicly held company on its US$124 million acquisition of Arnold Magnetic Technologies Holdings Corporation, a manufacturer of permanent magnets and precision magnetic assemblies with facilities in China, Switzerland, the UK and the US. 
    • Advising on the US$295 million divestiture of Staffmark Holdings, Inc., a leading, national provider of light industrial, clerical and specialty staffing solutions. 
    • Advising Horizon Technology Finance Corporation, a business development company, on its organization and US$100 million initial public offering and listing on the NASDAQ Stock Market. 
    • Advising Limoneira Company (NASDAQ: LMNR) on its registration under the Securities Exchange Act of 1934 and listing on the NASDAQ Stock Market. 
    • Advising Compass Diversified Holdings (NYSE: CODI) on the transfer of the listing of its shares from the NASDAQ Stock Market to the New York Stock Exchange. 
    • Advising a regional bank in acquiring two failed banks in FDIC-assisted transactions. 
    • Advising the US Department of Treasury in connection with its TARP Capital Purchase Program and in making several hundred investments in US financial institutions from October 2008 until 2011.  
    • Representing CNG Holdings, Inc., a consumer financial service provider, in connection with its joint venture in, and subsequent acquisition of, Tempoe, LLC, a specialty finance company.
    • Representing Tempoe, LLC in its acquisition of SmartPay Leasing, Inc., a provider of lease-to-own services.

    Education

    • Case Western Reserve University, J.D., cum laude, executive articles editor, Case Western Reserve Journal of International Law, 2004
    • Cornell University, B.S., 2001

    Admissions

    • Ohio, 2004
    • New York, 2015
    • Recognized in Ohio Super Lawyers – Rising Stars, a listing of the top up-and-coming lawyers in Ohio


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    • Author, Chapter 7.4: “Structuring Executive Compensation Plans,” Director’s Handbook: The Field Guide to 101 Situations Commonly Encountered in the Boardroom, 2017.
    • Author, Chapter 7.10: “Loans to Directors and Executive Officers,” Director’s Handbook: The Field Guide to 101 Situations Commonly Encountered in the Boardroom, 2017.
    • Author, Chapter 12.5: “Deregistration and Stock Exchange Delisting, or “Going Dark”,” Director’s Handbook: The Field Guide to 101 Situations Commonly Encountered in the Boardroom, 2017.
    • Speaker, “US and Brazilian Anticorruption Laws Roundtable: Navigating Through Turbulent Waters,” Miami, November 14, 2013. 
    • Author, “Recognizing ILO Rights to Organize and Bargain Collectively: Grease in China’s Transition to a Socialist Market Economy,” Case Western Reserve Journal of International Law, Volume 36, Winter 2004.

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