Ashley Thurman

Ashley brings extensive experience advising public and private company clients on a wide range of transactional and commercial matters across a variety of industries, including health care, life sciences, manufacturing, retail, hospitality, commercial services, entertainment, and information technology.

Ashley’s practice primarily focuses on mergers and acquisitions and investment transactions; this includes joint ventures, split-offs, equity financings, restructurings, stock and asset acquisitions, take-private transactions, add-on acquisitions, and other strategic transactions. In addition, Ashley advises clients on routine corporate and governance matters, including SEC reporting.

Ashley joined Calfee in 2026 from the Dallas office of an international law firm.

Honors & Recognitions

• The Best Lawyers in America^®, Mergers and Acquisitions Law (2027)
• Super Lawyers, Texas Rising Stars (2023-2024)
• D Magazine, Best Lawyers in Dallas (2023, 2025)
• The National Black Lawyers Top 40 Under 40 (2019-2021)

Education

J.D., cum laude, University of Tennessee College of Law, R. B. J. Campbell Leadership Award, 2014

B.A., Political Science, Vanderbilt University, 2011

Experience

Ashley’s experience includes the following representative transactions completed during her tenure at former firms:

Mergers and Acquisitions

• Represented an AI agentic platform in the merger with and into a subsidiary of a publicly traded cloud computing software company.
• Represented a New Jersey insurance company in the acquisition of a third-party administrator.
• Represented a private equity-backed health care remote care management and consulting company in selling its assets to an Australian-listed health SaaS company.
• Represented a publicly traded automotive and smart infrastructure company in the take-private merger transaction with a subsidiary of a Japanese aircraft lighting and railway equipment manufacturer.
• Represented an asset management company in a new fund formation for management of royalty interests valued over $1.3 billion.
• Represented a publicly traded airline in the acquisition of another airline.
• Represented a publicly traded semiconductor, IoT systems and cloud connectivity service provider in the acquisition of a Canadian multinational wireless communications equipment designer and manufacturer.
• Represented a private equity-backed car wash service company in a minority investment transaction and restructuring of 30 subsidiaries through separate mergers across three states.
• Represented a manufacturer of secure identity products in the acquisition of the assets of a private RFID tag company and a private automated background screening and verification company.
• Represented a SaaS company in its merger with a subsidiary of an enterprise software delivery company.
• Represented four affiliated real estate investment companies in the sale of four senior housing facilities.
• Represented a leading genetic testing and precision medicine company in the acquisition of a personal genomics company.
• Represented a private equity-backed service company in the acquisition of over 25 add-on acquisitions of elevator service and manufacturing companies.
• Represented a private equity-backed premium resin supplier in its Series B financing round and ultimate sale to a public technology company that designs and markets 3D printing systems.
• Represented a prosthetics and orthotics manufacturer in the acquisition of two prosthetic health care companies.
• Represented a provider of solutions to basic and advanced chemical applications in its sale to a specialty chemicals, gases and material technologies company.
• Represented a manufacturer of piping isolation products in a sale to a private equity-backed acquiror in Texas.
• Represented a private equity fund in the acquisition of several dermatological and cosmetic practices in several states across the U.S.
• Represented a Texas health care company in its joint venture buyout transaction.
• Represented a Tennessee-based risk management and insurance company in the sale of certain of its assets to a leading global insurance brokerage.
• Represented a private equity fund in an add-on acquisition of an urgent care facility.
• Represented a hospital system in its asset acquisition of a diagnostics center and formation of its practice management company.
• Represented a public company in the acquisition of a private equity-backed medical device manufacturer for $375 million.
• Represented a private equity fund in its acquisition of a leading manufacturer of heavy-duty forestry mulching equipment and related accessories.
• Represented a private equity fund in its acquisition of three child psychology and behavior specialist facilities in several states across the U.S.
• Represented a venture capital fund in its formation of a new venture and investment vehicle.
• Represented a private company in a merger with a data analytics and technology company.
• Represented a public retail company in the sale of certain assets held by its subsidiary to a leading designer and marketer of slip-resistant footwear worldwide.

Capital Markets

• Represented a mass media company in the spin-off and public listing of a Major League Baseball team.
• Represented a publicly traded natural gas producer in a $965 million senior notes offering, a $1.25 billion senior notes private placement and an underwritten public offering of common stock with net proceeds of approximately $196.7 million
• Represented publicly traded business development companies registered under the Investment Company Act of 1940 in a series of underwritten public offerings of common and preferred stock and debt securities in an aggregate amount of approximately $400 million, as well as a series of redemptions of capital stock.
• Represented publicly traded REITs in a series of underwritten public offerings of common and preferred stock in an aggregate amount of approximately $265 million, as well as a series of redemptions of capital stock.
• Represented a publicly traded hospitality company in several private placements of debt securities and in its joint venture transaction for the development and construction of a new resort under its nationally recognized brand.
• Represented a publicly traded hospital system in the spin-off of a 38-hospital portfolio and hospital management and consulting services business, including the related financing in connection with the spin-off for aggregate proceeds of $1.2 billion. Awarded “Corporate & Strategic Deal of the Year (over $500MM)” at the 2016 M&A Advisor Awards 15th Annual Gala.
• Represented a provider of integrated payment and software solutions in its initial public offering, with total net proceeds of $92.5 million.

Professional & Community

• National Bar Association, Member
• American Health Lawyers Association, Member
• Texas Bar Association Business Law Section, Member
• L. Turner Legal Association, Member
• Dallas Association of Young Lawyers, Member
• Dallas Women Lawyers Association, Member
• Southern Word, Inc., Director