Cerberus Capital Management has called upon longtime outside counsel Schulte Roth & Zabel to advise on an initial public offering for portfolio company Albertsons. The New York-based private equity firm combined Albertsons with fellow grocery giant Safeway through a $9.4 billion merger just last year.
The future Albertsons float was disclosed Wednesday in a securities filing, while Cerberus and another of its many outside legal advisers, Brown Rudnick, were embroiled in an unfolding scandal in Ireland involving an alleged political payoff tied to the April 2014 acquisition of a Northern Ireland loan portfolio from the National Asset Management Agency (NAMA), an Irish state-controlled “bad bank” created to unwind assets caught up in the country’s economic collapse five years ago.
