July 27, 2007

Faegre & Benson at Forefront of Venture Capital Surge

A recent national report confirms that Faegre & Benson LLP served as counsel on the largest venture capital deal in the United States during the second quarter of 2007, reinforcing the firm's position at the forefront of private investment in emerging growth companies.

In June, Faegre & Benson represented Boulder-based FreeWave Technologies in a $113 million private equity financing deal. The transaction was the largest of its kind in the country and more than four times greater than the next largest deal in Colorado during that quarter, according to the latest Quarterly Venture Capital Report released by Ernst & Young LLP and Dow Jones VentureOne.

The FreeWave deal—which accounts for nearly 40 percent of the total venture capital investment in Colorado companies during the second quarter—was a major contributor to the recent surge in the Colorado venture capital market. According to the report, during the second quarter of 2007, companies in Colorado received a total of $285 million in venture capital investment, more than three times the amount invested in the same quarter of 2006.

In May, Faegre & Benson represented Englewood-based Adam Aircraft in obtaining a $105 million secured credit and private equity financing, marking the second private equity financing of more than $100 million handled by the firm within a month.

Douglas R. Wright, a partner in the firm's corporate practice, led the Faegre & Benson team on the FreeWave deal.

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