Ray is a partner in White & Case's global M&A practice, based in Chicago. Ray focuses his practice on complex business transactions, particularly leveraged buyouts for private equity funds and domestic and cross-border mergers and acquisitions. He has represented some of the largest names in private equity in transactions ranging in size from several million dollars to more than US$5 billion.
Ray also represents public companies, private companies and venture capital firms in negotiating and structuring acquisitions and divestitures, mergers and acquisitions, venture capital investments, equity and debt financings, recapitalizations and restructurings, and executive compensation and incentive equity matters, as well as advising on general corporate governance and compliance.
Ray was named among The M&A Advisor's 2019 "Emerging Leaders" winners.
Ray is also listed as a "Leading Individual" for M&A in the United States by Euromoney (2020).
Ray is the General Counsel and a member of the Board of Directors of the USO of Illinois. He is also a member of UNICEF's Midwest Regional Board of Directors and the Northwestern Gridiron Network.
Ray received both his MA and BA from Northwestern University, and he received his JD from Washington University in St. Louis School of Law.
Recent matters include the representation of:
- Victory Park Capital, a leading private equity firm focused on emerging and established businesses across various industries in the U.S. and abroad, in numerous transactions.
- Monroe Capital, a private credit asset management firm specializing in direct lending and opportunistic private credit investing, in multiple transactions.
- Outbrain Inc., a leading digital advertising platform, in its merger with Taboola, creating a combined company with revenue of more than US$2 billion.
- SoftBank Vision Fund in its investment in Energy Vault, a startup using ground-breaking technology to facilitate long term energy storage based in Switzerland.
- Intermediate Capital Group plc in connection with a second lien credit facility, consisting of initial term loans and delayed draw term loans, in part to finance the acquisition of Utimus Fund Solutions and The Gemini Companies by the sponsor, GTCR.
- Alliant Insurance Services and Stone Point Capital LLC in connection with a preferred equity offering to various co-investors and a preferred equity repurchase from Alliant Insurance Services' majority preferred equity holder.