Michael C. Hardy

Partner

  • Michael C. Hardy
  • Phone: +1 410 949 2947
    Fax: +1 410 949 2975

    Import to Address Book

  • Duane Morris LLP
    100 International Drive, Suite 700
    Baltimore, MD 21202-5184
    USA
  • Duane Morris LLP
    505 9th Street, N.W., Suite 1000
    Washington, DC 20004-2166
    USA

Michael C. Hardy is a partner in Duane Morris' Corporate Practice Group and is a member of the firm's governing Partners Board. Mr. Hardy leads the firm's private equity initiative as Co-Chair of the firm's Private Equity Division and team lead of the firmwide Private Equity Industry Group. He is based in the firm's Washington, D.C. and Baltimore offices.

Mr. Hardy represents clients in connection with complex financings, mergers and acquisitions and other strategic transactions domestically and internationally. He has extensive experience advising private equity sponsors, private credit funds and portfolio companies funded by private capital in a broad range of industries. Mr. Hardy's private capital clients include middle market equity and credit funds, large institutional investors, special situations funds, independent sponsors, SBICs and family offices. Mr. Hardy also regularly advises regulated financial institutions and borrowers in connection with lending transactions.

In addition to his private capital experience, Mr. Hardy has a broad-based multidisciplinary practice providing counsel to growth companies and middle market businesses. He advises management teams and boards of directors regarding strategic transactions, corporate governance and securities matters, business and tax strategy and matters relating to company operations. Mr. Hardy's corporate clients include companies in the technology, financial services, consumer products, telecommunications, education, real estate, healthcare and life sciences industries. Within the technology industry, Mr. Hardy has substantial experience with tech-enabled services, financial technology, cybersecurity, data analytics, healthcare and education technology companies.

Mr. Hardy is nationally recognized by clients and peers as a leader in mergers and acquisitions and private capital transactions.  He has been acknowledged by Chambers and Partners as a leader in Corporate and M&A and is rated as "Highly Regarded" by Euromoney's International Financial Law Review (IFLR). Mr. Hardy was a 2021 finalist for IFLR's National Private Equity Lawyer of the year and is recognized by The Best Lawyers in America in the field of Mergers & Acquisitions for 2022.

Mr. Hardy is a graduate of Vanderbilt University Law School, and holds a business degree from Towson University.

Representative Matters

    Private Equity and Securities

  • Represented private equity firm Camden Partners in the $750 million sale of its portfolio company Ranir Global Holdings, the world's largest private label oral care company, to Perrigo Company PLC (NYSE, TASE: PRGO), a manufacturer of over-the-counter pharmaceuticals.
  • Represented a large multinational institutional investor as lead investor in connection with an $80 million preferred equity investment in a property management software company.
  • Represented a single-family office as lead investor in connection with a $23 million preferred equity investment in an immunotherapy biotechnology company.
  • Advised a middle market private equity fund in connection with the sale of its portfolio company, an international payment and transaction processing services business, for approximately $257 million.
  • Represented an SEC-registered alternative asset manager in the private credit space in connection with the negotiation and implementation of a $75 million construction equipment finance program platform.
  • Represented a multimedia entertainment company in connection with its recapitalization and issuance of $300 million of preferred stock to a private equity firm.
  • Advised a publicly traded investment fund as lead investor in a $115 million private placement of preferred stock by a transportation company.
  • Represented a private equity fund in connection with a series of preferred equity investments in a financial technology company totaling nearly $50 million.
  • Represented a private equity fund in connection with the sale of its interests in a healthcare technology portfolio company to affiliates of Kleiner Perkins for more than $35 million.
  • Advised an SEC-registered special situations investment fund in connection with a $46 million joint venture investment in a power generation facility.
  • Advised a leading global institutional investor in connection with its investment as lead investor in a $100 million private investment in public equity (PIPE) transaction.
  • Represented a biotechnology company in connection with its spinout from its corporate parent, issuance of preferred equity securities and subsequent acquisition and license of intellectual property assets relating to its business from MIT.
  • Represented a cybersecurity company in connection with its corporate restructuring and recapitalization and subsequent issuance of multiple tranches of preferred equity securities.
  • Advised a healthcare technology company in connection with its $110 million IPO.
  • Mergers & Acquisitions

  • Represented a leading natural personal care company in its cross-border sale to Australian conglomerate for total transaction value of more than $95 million; subsequently advised the seller's management team in connection with the treatment of rollover equity upon the acquisition of the buyer by Bain Capital.

  • Represented a Fortune  Global 100 chemical company in connection with its multimillion-dollar cross-border acquisition of a nanomaterials company.
  • Advised a digital marketing company in connection with its corporate reorganization and multimillion-dollar recapitalization by ORIX Corporate Capital, multiple “roll-up” acquisitions and subsequent sale to Baird Capital.
  • Advised a closely held B2B assessment and training services company in connection with its sale to a leading environment, health and safety solutions company owned by CVC Growth Partners.
  • Represented the lead institutional investor in a publicly traded special purpose acquisition company (SPAC) in connection with the SPAC's merger and the surviving company's subsequent listing on the NASDAQ stock exchange at an enterprise value of approximately $850 million.

  • Advised an education software company in connection with its sale to News Corp. for $360 million.
  • Represented an independent private equity sponsor in connection with a platform company acquisition in the government services industry, subsequent "tuck-in" acquisitions and related equity and debt financing transactions in support of the acquisitions.

  • Represented an e-commerce company in connection with the sale of its intellectual property portfolio to Google, Inc.
  • Represented a special committee of the board of directors of a financial institution with respect to its fiduciary duties to stockholders in connection with a proposed sale of the bank holding company.
  • Advised investors and management in connection with the formation of a financial services software company, its venture financing and its acquisition of intellectual property and other assets from a bankrupt entity through a Section 363 sale process.
  • Advised a NASDAQ-listed telemedicine company and its board of directors and management in connection with its sale to a multinational healthcare products and services company for $428 million.
  • Represented a consumer electronics manufacturer in connection with its sale to a publicly traded consumer products company for $136 million.
  • Debt Financings

  • Represented a telecommunications services company in connection with a senior secured syndicated ABL credit facility consisting of revolving and term loans from several large international banks and a subordinated term loan from private investors.
  • Advised one of the nation's leading banks in connection with multiple syndicated lending transactions to large corporate borrowers.

  • Represented an SBIC mezzanine-lending fund in connection with its investment in a manufacturing company through subordinated debt and equity securities.
  • Represented a mezzanine-lending fund in connection with its debt and equity investment in a business services company.
  • Represented a leading national bank in connection with numerous commercial and industrial loans.

Admissions

  • Maryland
  • District of Columbia

Education

  • Vanderbilt University Law School, J.D.
    - Associate Editor, Vanderbilt Journal of Entertainment Law & Practice
  • Towson University, B.S., Economics and Political Science

Experience

  • Duane Morris LLP
    - Partner, 2017-present
  • Prior to joining Duane Morris, Mr. Hardy practiced law as an associate and then partner at several prominent international law firms.

  • During law school, Mr. Hardy worked for Vice Chancellors Stephen Lamb and Leo Strine of the Delaware Court of Chancery, as well as for the Honorable Thomas A Wiseman, of the United States District Court for the Middle District of Tennessee.

  • Before attending law school, Mr. Hardy ran a small business and worked during college as a Congressional intern on Capitol Hill.

Professional Activities

  • Greater Baltimore Committee
    - President's Advisory Council
  • Association for Corporate Growth, Maryland Chapter
    - Board and Executive Committee Member
  • Maryland State Bar Association
    - Business Law Section
    - Chair, Middle Market Committee
  • American Bar Association
  • Bar Association of the District of Columbia

Honors and Awards

  • Listed in The Best Lawyers in America, 2022
  • Listed in Chambers USA, 2016-2017 and 2020-2021
  • Rated as "Highly Regarded" for M&A and Private Equity by IFLR1000, 2020 and 2021
  • Finalist – Private Equity Lawyer of the Year – IFLR United States Awards, 2021
  • 40 Under 40 Award Nominee, Maryland Daily Record
  • 35 Under 35 Award Honoree, Cystic Fibrosis Foundation

Selected Publications

Civic and Charitable Activities

  • Project Opportunity Veterans Program, Mentor and Guest Lecturer
  • Best Buddies International, Maryland Chapter
    - Past Member, Board of Advisors
  • Cystic Fibrosis Foundation
  • Leukemia & Lymphoma Society Light the Night Walk
    - Member, Executive Committee, 2012