The POWER 30: Neal K. Rasmussen

Ballard Spahr LLP

There were some bumps in the mergers and acquisitions business throughout 2023, according to Neal Rasmussen of Ballard Spahr. But those bumps were the market, not the law, he said. Some financing arrangements didn’t work out.

There also were some performance downturns, he said. Some companies slowed down and some buyers took a step back.

But Ballard Spahr still managed $4 billion in transaction values, Rasmussen said.

“Previously, 2022 was very busy and 2021 was the peak. We’re still above pre-covid level, there’s still a very active market,” he said. The deal volume remains steady.

Private equity still has a lot to be deployed and is looking to invest. There are fewer target entities but that’s starting to improve a little bit, he said.

Rasmussen works in the middle market, where the pace has not slowed as much for larger markets, he said.

Ballard states on its website, “Our clients’ objectives are at the center of every engagement, whether we are advising Fortune 500 companies in implementing strategic growth initiatives through M&A, negotiating an add-on acquisition of a private equity portfolio company or counseling family-owned businesses in executing exit strategies.

“We frequently advise clients on cross-border transactions, collaborating with existing client resources in local jurisdictions or our relationships with a host of international firms that are established leaders in their market.”

Rasmussen does not work in a specific industry, but manufacturing, construction and HVAC companies have been busy, he said.

His clients have not had issues regarding antitrust or competition. However, as other attorneys have said, the Corporate Transparency Act took effect in January, bringing a new set of reporting requirements to smaller businesses. Its purpose is to find money laundering by clearly identifying ownership and the business structure. The U.S. is behind Europe in seeking this information, Rasmussen said.

The results of the coming presidential election are on people’s minds but so far, the election is not a specific problem yet, Rasmussen said. There is a little bit of noise in any election year, but Rasmussen has not seen it personally raised as a concern, he said.