Nikolaus Caro
Represents private equity firms and their portfolio companies, public and private companies, and other borrowers and investors in a wide range of financings.
Nick represents a wide range of clients, including private equity firms and their portfolio companies, public and private companies, family offices, private wealth funds, and other issuers, borrowers and investors in U.S. and international financing transactions.
His practice focuses on leveraged finance, including broadly syndicated facilities and private credit; acquisition finance, buyouts and minority recapitalizations; holdco PIK facilities, PIK preferred equity, back leverage facilities and other hybrid capital solutions; recurring revenue loans; venture capital and early-stage company debt facilities; asset-based transactions; and complex debt restructurings and liability management transactions.
In 2025, Law360 named Nick a “Rising Star” in private equity.
Experience
- Sycamore Partners on its $23.7 billion acquisition of Walgreens Boots Alliance that included financing over $18 billion consisting of: a $2.5 billion first-in-last-out term loan facility, a $4.5 billion asset-based loan facility and a $1.2 billion receivables facility for Walgreens; a $1 billion preferred equity investment, €650 million and £375 million notes offerings, a $3.25 billion term loan facility, a £680 million asset-based loan facility, a £250 million U.K. receivables facility and an €800 million German receivables facility for The Boots Group; a $545 million real estate facility for a newly-formed real estate company; and a $2.6 billion private credit facility for Shields Health Solutions
- One Call, a portfolio company of Blackstone, KKR and Chatham Asset Management, in connection with a $760 million credit facility
- Battery Ventures in connection with the financing for the merger of CrunchTime Information Systems and QSR Automations
- Endo on $900 million in financing commitments for its $6.7 billion merger with Mallinckrodt and $1.35 billion private credit financing for the spinout of its generics and sterile injectables businesses
- OMNIA Partners, a portfolio company of TA Associates and Leonard Green, in connection with repricings and ongoing financing transactions
- Closure Systems, a portfolio company of Cerberus, in connection with repricings and ongoing financing transactions
- Marsh McLennan on $7.25 billion in financing commitments for its acquisition of McGriff Insurance Services
- Big Lots on its $707.5 million DIP financing and subsequent sale transaction
- Pamplona Capital Management on multiple financing transactions, including for its acquisitions of BFG Supply and Latham Group and a cross-border uptier exchange liability management transaction for Loparex*
- TA Associates on multiple financing transactions, including for its acquisitions, recapitalizations and/or refinancings of Accion Labs, Advantice Health, AffiniPay, AGA Benefit Solutions, Arxan, BluePay, Cliffwater, Death Wish Coffee, Fintech, Kinective, MAV Beauty Brands, Netwrix, OMNIA Partners, Petcurean, PMA, Power Line Systems, Radixx International, Rectangle Health, Stonewall Kitchen, Technosylva, Thermacell and Wealth Enhancement Group*
- Nautic Partners on multiple financing transactions*
- Charlesbank Capital Partners on multiple financing transactions*
- Ridgemont Equity Partners on multiple financing transactions*
*Representations prior to joining Davis Polk
News
Recognition
Law360 – “Rising Star: Private Equity,” 2025
Education
- magna cum laude
- cum laude
Prior experience
- Partner, Goodwin Procter, 2019-2024
- Associate, Goodwin Procter, 2016-2019
- Associate, Blank Rome, 2012-2016
Qualifications and admissions
- State of New York