Sherry Cefali is a managing director in the Transaction Opinions practice and is the head of Duff & Phelps’ Los Angeles office. She is also a member of the firm’s Fairness and Solvency Opinion Senior Review Committee. Sherry has over 25 years of experience of advising companies and boards, including rendering fairness opinions and solvency opinions and determining valuations of companies and securities.
Some of Sherry’s noteworthy engagements include rendering the following opinions:
- Match Group (NASDAQ: MTCH): rendered a solvency opinion to the board in connection with its separation from IAC/InterActiveCorp and cash distribution to Match Group shareholders
- BioMed Realty: rendered a fairness opinion to certain Blackstone funds acquiring an interest in BioMed Realty in connection with a $14.6 billion recapitalization
- NN, Inc. (NASDAQ: NNBR): rendered a fairness opinion to the board in connection with the sale of NN, Inc.'s life sciences division to American Securities LLC
- Zest Finance, Inc.: rendered a fairness opinion and ran a Go-Shop process in connection with Insight Partners $15 million Series E round investment
- Neon Therapeutics, Inc. (Nasdaq: NTGN): rendered a fairness opinion to the board in connection with the sale to BioNTech (Nasdaq: BNTX)
- Yum! Brands (NYSE: YUM): rendered solvency opinions to the board of directors in connection with a $6.2 billion share redemption and the spin-off of Yum! China (NYSE: YUMC)
- Darden Restaurants (NYSE: DRI): rendered a solvency opinion to the board of directors in connection with the spin-off of Four Corners Property Trust (NYSE: FCPT)
- Invitation Homes (NYSE: INVH): served as financial advisor to Invitation Homes in connection with their conversion to a REIT and IPO
- Paramount Group (NYSE: PGRE): rendered a relative fairness opinion on behalf of the investors in the real estate partnerships in connection with the roll-up of its real estate partnerships and management company into a REIT prior to its IPO
- Cobalt Capital Partners: rendered a relative fairness opinion to the boards of directors in connection with sale of three industrial REITs and its management company to Colony Financial (NYSE: CLNY)
- Cogentix Medical (NASDAQ: CGNT): rendered a fairness opinion to the board of directors in connection with its sale to Laborie Medical Technologies
- Xtant Medical Holdings (NYSE: XTNT): rendered a fairness opinion to the special strategic committee of the board of directors in connection with a capital raise and debt conversion transaction
- AeroCentury (NYSE: ACY): served as independent financial advisor to the independent directors and rendered a fairness opinion in connection with the consideration paid to internalize its management company
- Pacific Coast Producers: served as independent financial advisor to Pacific Coast Producers and rendered a fairness opinion in connection with its acquisition of Oregon Cherry Growers
- Spirit Realty (NYSE: SRC): rendered a solvency opinion in connection with its spin-off of Spirit MTA REIT (NYSE: SMTA)
- RLH Properties (BMV: RLHA): rendered a fairness opinion in connection with the internalization of the management team and termination of the management
- IAC/InterActiveCorp (NASDAQ: IACI): rendered a solvency opinion to the board in connection with its separation from Match Group
- Black Creek Industrial REIT IV: rendered a fairness opinion to the special committee of the board in connection with the purchase of interests in two industrial partnerships from Industrial Property Trust
Sherry co-authored the article “REIT Roll-up Transactions: How Much is Your Platform Worth” (GlobeSt.com) and the article “Management Company Values in REIT Roll-ups” (Real Estate Forum). Sherry has also authored articles related to fairness opinions and various corporate finance topics that have appeared in publications, including Mergers & Acquisitions Journal, Directorship, Los Angeles Business Journal, Business Law Today and California Lawyer. She is also a frequent speaker on topics concerning fairness and solvency opinions to attorneys, accountants and board members.
Prior to joining Duff & Phelps in 1990, Sherry was a vice president with Houlihan Lokey.
Sherry received her MBA, with honors, from the University of Southern California and her BA in political science, cum laude, from the University of California at Santa Barbara. She holds the FINRA Series 7 and 63 licenses.
Sherry serves as a director on the board of the RF Industries (NASDAQ: RFIL), chairs the compensation committee and is a member of the audit committee. She is also a member of the National Association of Corporate Directors and Women Corporate Directors.