A few interesting data points came out on private equity and venture capital this past week as dealmakers settled into the year, giving some perspective on where we’ve been – and where we might be headed.
Private equity funds continue to get bigger, with the average size raised last year reaching $662 million, up 12% over 2018 and the highest since at least 2014, according to Private Equity International.
Private equity firms also raised the highest total sum since the financial crisis – $537.2 billion, up 16 percent over 2018, the data provider said.
But PE Hub, which reported the data, noted that the actual number of funds closed grew modestly, with the biggest firms taking up more limited partner capital as investors look to outfits “they trust,” making it harder for new shops to attract capital.
There also were big numbers on the venture capital front, with the Austin Business Journal reporting that its hometown companies raised more venture capital last year – $2.2 billion across 263 deals – than any year since the dot-com bubble burst in 2000 (citing stats from PitchBook and the National Venture Capital Association).
The state capitol’s jump was happy news given the 9% dip for venture capital investments in the U.S. overall last year to $108 billion, although 2019 was still the third highest ever (2018 was the top year, followed by 2000).
RigUp attracted the most capital in Austin, bringing in $300 million, giving it a $1.5 billion pre-money valuation and $1.8 billion post-money valuation. SparkCognition came in second with $100 million and Lung Therapeutics was third with $39 million. The Texas Lawbook reported on all three deals, as they involved Texas lawyers.
The other top 10 venture capital deals were Zebra ($39 million), Shipwell ($35 million), Jask ($33 million; Sumo Logic later acquired it), Triller ($28 million), Tethr ($15 million), LeanDNA ($15 million) and Ambiq Micro ($13 million).
Non-Austin companies raising large sums in the state included Houston’s GoExpedi ($25 million), San Antonio’s AirStrip ($21 million) and Houston’s Thrasio ($20 million).
Meanwhile, this past week, Texas lawyers were a busy bunch, racking up 23 deals valued at $9.58 billion. That compared with 21 deals worth $14.2 billion the previous week and 15 transactions worth $3.8 billion at this time last year.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 23-Nov-24 | 15 | $4,553 | 15 | 145 | 11 | $3,379 | 4 | $1,174 |
| 16-Nov-24 | 17 | $11,488 | 11 | 245 | 13 | $10,186 | 4 | $1,303 |
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
Fifteen firms and 120 Texas lawyers were involved in the activity, which included 19 M&A/private equity/venture capital deals valued at $6.58 billion and four capital markets transactions worth $3 billion.
M&A/PRIVATE EQUITY/VENTURE CAPITAL
Sidley advises Anixter on $4.5B sale to Wesco
Sidley Austin said Jan. 13 it advised Glenview, Ill.-based Anixter International Inc. on its sale to Wesco International Inc. of Pittsburgh for $4.5 billion.
The team was led by partner Irving Rotter, co-head of the firm’s energy practice with offices in New York and Houston, and included Houston partner David Buck. Wachtell, Lipton, Rosen & Katz counseled Wesco out of New York.
Each share of Anixter common stock will be converted into the right to receive $70 in cash, 0.2397 of a share of Wesco common stock and preferred stock consideration valued at $15.89, or about $100 per Anixter share.
Wesco expects to offer debt, equity and equity-content securities between signing and closing to fund the cash part of the deal.
Barclays is Wesco’s financial advisor and providing the debt financing while Centerview Partners assisted Anixter.
Anixter’s previous agreement to be acquired by Clayton, Dubilier & Rice was terminated.
Wesco stockholders will end up with 84% of the company while Anixter shareholders will get 16%.
The deal has to clear regulators and Anixter shareholders but is expected to close in the second or third quarter. Billionaire Sam Zell, chairman of Anixter’s board who owns around 10.8% of its common stock, agreed to vote in favor of the transaction.
Wesco chairman and CEO John J. Engel said in a statement that the deal will create a premier electrical and data communications distribution and supply chain services company.
“With increased scale and complementary capabilities, we will be ideally positioned to digitize our business, expand our extensive services portfolio and supply chain offerings and deliver solutions to our customers,” he said.
Wesco said the acquisition offers significant growth and cross-selling opportunities and should generate more than $200 million of annual run-rate cost synergies by the end of the third year.
Anixter CEO and president Bill Galvin said the deal is the result of a thorough process to determine the value of the company.
Kirkland counsels Blackstone’s GSO on $850M Altus Power recap
Kirkland & Ellis said Jan. 16 it represented Blackstone through affiliates GSO Capital Partners and Blackstone Insurance Solutions on the recapitalization of renewable energy provider Altus Power America Inc. valued at $850 million.
The Kirkland team was led by corporate partners John Pitts and David Thompson and associates Josh Abbotoy, Gordon Cranner and Brittany Scheier, all of Houston.
Other Texas lawyers on the team were debt finance partners Roald Nashi and Andy Veit and associates Angela Hagerman, Charles Martin, Claire Rokita and Kristy Moawad and tax partners David Wheat, Stephen Butler and associate Ryan Phelps.
Robert Horn led the deal from Blackstone, where he is a senior managing director and co-head of GSO’s energy group.
The deal included a preferred and common equity investment, an investment-grade term loan facility and a construction-to-term loan facility.
Altus plans to use the capital to refinance its capital structure and fund future development, which could boost its portfolio to more than $1 billion in commercial and industrial solar assets.
Led by managing partner Gregg Felton, Greenwich, Conn.-based Altus is a solar power company that provides clean electricity to commercial, industrial and municipal clients across the U.S. Since its founding in 2009, Altus has developed or acquired more than 130 distributed generation solar facilities totaling more than 180 megawatts from Vermont to Hawaii.
The company said it’s experiencing significant growth in demand from private and public clients for locally sited solar arrays – in many cases combined with battery storage – that are capable of producing energy savings for off-takers, creating rent payments for real estate owners and helping clients meet corporate sustainability goals.
Jones Day aids Global Oryx on Joby Aviation investment
Jones Day said Jan. 16 that Houston partner Stephen Olson advised Global Oryx Co. Ltd., a unit of Saudi Arabia’s Abdul Latif Jameel Cos., on the acquisition of a minority stake in Joby Aviation, which raised $590 million from it and other investors.
Joby is a Santa Cruz, Calif.-based air taxi company that makes electric aircrafts that can travel up to 200 miles per hour and more than 150 miles on a single charge and more quietly than a traditional plane.
Toyota led the Series C round of funding, its first investment in air transportation. The deal brings Joby’s total haul to $720 million.
The company raised $30 million in a Series A round in 2016 led by Capricorn Investment Group and $100 million in Series B early last year led by Intel Capital. Sparx Group and JetBlue Technology Ventures also are investors.
Weil advises Montagu on its $490M purchase of RTI Surgical’s OEM unit
Weil, Gotshal & Manges said it advised Europe’s Montagu Private Equity on its acquisition of the original equipment manufacturing, or OEM, business of surgical implant company RTI Surgical Holdings Inc. for $490 million in cash and other considerations.
The team was co-led out of Paris and Boston but included banking and finance partner Vynessa Nemunaitis in Dallas.
Sidley Austin and Holland & Knight counseled Deerfield, Ill.-based RTI, which used Piper Sandler as its financial advisor. Guillaume Jabalot led the deal from Montagu.
The parties expect to complete the transaction in the first half of this year if it clears RTI shareholders and regulators.
When the deal closes, RTI Surgical Holdings said it will be a global pure play spine business. It plans to use the proceeds to repay indebtedness and to capitalize the company for continued investment in its global spine portfolio.
“The sale of the OEM business to Montagu completes the first phase of our strategic transformation to reduce complexity, drive operational excellence and accelerate the growth of RTI Surgical,” RTI CEO and president Camille Farhat said in a statement.
Farhat estimates the spine business generated revenues of $118 million to $119 million with gross margins of 75% last year. He expects the continuing business to be debt-free and have $175 million to $200 million in cash to support its growth.
Olivier Visa, president of the OEM business, said the company has built a world-class design, development and manufacturing competency with expertise across tissue, biologics and hardware.
“We look forward to working with Montagu in driving the growth of the business and deepening the significant expertise and core competencies we have developed to serve more patients,” he said.
V&E advises Clovis on $70M second fund
Vinson & Elkins said Jan. 16 it advised Clovis Point Capital on the closing of its $70 million Clovis Point II fund.
Partner Chris Rowley, senior associate Carson Dimick and associates Cameron Land, Elizabeth Janicki and Luke Strieber led the deal team.
Specialists included partner David Peck and associate Lauren Meyers on tax; partner Ramey Layne on corporate; partners David D’Alessandro and Shane Tucker and senior associates Heather Johnson and Missy Spohn on executive compensation/benefits; and counsel Christie Alcalá on labor/employment.
The firm said that its second fund is its first institutional one and had strong demand from new investors and investors in Clovis Point I.
Before the fund’s closing, Clovis Point completed two new platform investments, which the firm didn’t name.
According to its website, its portfolio includes aviation training provider CPAT Global, e-learning content company MediaPro, productivity platform Cirrus Insight and recruiting software company InterviewStream.
In March Clovis Point invested an undisclosed sum in Chicago-based talent acquisition software developer RIVS.com and in October it sold mobile expense management provider Mobile Solutions to Periscope Equity at a 5.1 multiple of invested capital and a 77% internal rate of return.
Led by former Main Street Capital executives Chris Joseph and Robert Shuford, Clovis Point is a Houston private equity firm that invests in enterprise software and technology-enabled businesses.
The firm focuses on lower middle-market companies with recurring revenue of between $3 million and $15 million, providing growth capital as well as doing recapitalizations and buyouts.
DLA Piper aids Tritium on $33M ToursByLocals investment
ToursByLocals, a Vancouver, Canada-based online marketplace for private tours, raised $33 million from Austin-based Tritium Partners.
Tritium partner Brett Shobe said the firm tapped DLA Piper as outside counsel, including partners Joseph Fore and Sam Zabaneh.
ToursByLocals plans to use the investment to accelerate its growth, including by focusing on enhancements in user experience, technology and marketing and hiring more talent.
Tritium also is an investor in RVshare, whose founders previously led investments in vacation rental giant HomeAway and other online marketplaces, including RetailMeNot and CreditCards.com.
Started in 2008 and led by co-founder and CEO Paul Melhus, ToursByLocals provides travelers with curated and customizable private tour experiences globally, with 4,100 tour guides in more than 160 countries. It claims the tours and activities market is the fastest growing segment of the global tourism and travel industry.
Founded in 2013, Tritium is led by co-founder and managing partner Phil Siegel, who, with other founders, has deployed more than $850 million in equity capital at the firm and through other vehicles.
Egan Nelson assists Locale on $11M funding
Austin-based aparthotel brand Locale said Jan. 13 it raised $11 million in Series A funding, bringing its total to $14 million.
CEO and founder Nitesh Gandhi, who spent several years in the hotel and vacation rental industry, told The Texas Lawbook he tapped Egan Nelson for outside counsel, including lead partners José Ancer and Jeremy Raphael.
Amplo Ventures led the funding, joined by Susa Ventures, Malkin Holdings, Rogue Insight Capital and Metropolis Capital Partners. Sheel Tyle led the investment from Spring, Texas-based Amplo, which raised a $100 million fund three years ago.
Founded in 2016, the company has transformed hundreds of apartments into high quality accommodations for business, leisure and extended stay travelers, with sales growing 200% year-over-year.
It operates in Austin, Houston, Dallas, San Francisco, Nashville and Minneapolis and employs more than 30 full-time team members. It partners with multifamily groups like Greystar, the Dinerstein Cos. and AMLI on multiple projects.
Locale plans to use the new funding to further invest in digital product innovation, enhanced in-room offerings, executive-level hiring and move forward with its pipeline of projects in markets like Denver, Nashville and Charleston.
Shearman aids Spotio on $4.5M in funding, 3 deals worth $26M
Dallas-based Spotio, a provider of sales acceleration and performance management solutions for field sales personnel, said last week it secured $4.5 million in Series A funding.
Shearman & Sterling represented Spotio, including partners Brian Dillavou and associate Don Song. Investor Ballast Point Ventures was represented by Bradley Arant in Birmingham, Ala.
Led by founder and CEO Trey Gibson, Spotio claims its mobile-first feature set enables sales teams to manage territories, execute face-to-face meetings and optimize sales pipelines and performance across the outside sales organization.
The company plans to use the investment to accelerate development of its technology pipeline, add to its sales team and intensify its marketing efforts.
Shearman’s Dillavou told The Texas Lawbook that he and partner Alan Bickerstaff worked on three other deals that were announced in the fourth quarter.
They included advising Houston-based Empyrean Benefit Solutions Inc. on its sale to Securian for an undisclosed sum (with associates Cassandra Cuellar, Jae Kim and Don Song); Dallas-based Theatro Labs Inc. on its $20 million Series C financing led by Sageview (with associate Montana Ware); and Houston-based Decisio Health Inc. on its $11.7 million Series B financing led by GE Health (with Cuellar).
T&K counsels TestFit on $2M fundraise from Parkway
TestFit Inc., a Dallas developer of building configuration software, said Jan. 16 it raised $2 million in seed funding from New York- and Boston-based Parkway Venture Capital.
Thompson & Knight partner Jeremiah Mayfield in Dallas represented TestFit on the deal, co-founder and CEO Clifton Harness told The Texas Lawbook.
The startup, which claims to be an expert in real estate prototyping, architectural site analysis and feasibility simulation and automation, said it plans to expand its multifamily housing customer base into architectural, real estate developer and general contractor markets with a solution that eliminates the need for knowledge of generative design programming.
Spearheading the seed round is Parkway managing partner Jesse Coors-Blankenship, who previously worked at Autodesk and later at his own generative design startup Frustum, which was acquired by PTC in 2018 for $70 million.
TestFit said the generative design market size is expected to expand from $111 million in 2018 to $275 million by 2023 at a compound annual growth rate of 19.9%. Driving the growth are the rising need for advanced design software for product innovation, demand for environment-friendly architecture and enhanced production efficiency.
TestFit said its technology has been used to complete thousands of feasibility studies, saving an estimated $20 million in opportunity cost. Among its customers is the Cuningham Group.
Foley advises Sales Benchmark owners on sale to CIP Capital
Foley said it advised the equity owners of Sales Benchmark Index, or SBI, on its sale to private equity firm CIP Capital. Terms weren’t disclosed.
Partners Alan Perkins and Robert Sarfatis led the deal team with assistance from partners Stephen Good, Kenneth Broodo, Stephen Gilles and Michael Dubner; special counsel Nick Peters; and associate Ave Sutton. All are based in Foley’s Dallas office.
Willkie, Farr & Gallagher assisted CIP out of New York. Raymond James & Associates Inc. was SBI’s financial advisor. Mike Grady led the deal at New York-based CIP Capital.
Founded in 2006 and led by Matt Sharrers, SBI is a Dallas-based management consulting firm focused on revenue growth.
The company said the transaction will help it to accelerate the expansion of its capabilities; invest in its team, specialty practice areas and benchmarking solutions; and explore acquisitions to enhance its practice areas.
JW aids InstarAGF-backed OWL on saltwater well purchase
Jackson Walker said it advised InstarAGF-backed Oilfield Water Logistics, or OWL, on its purchase of saltwater disposal wells on the New Mexico side of the Permian Basin.
The seller and terms weren’t disclosed, but the Houston Chronicle reported Jan. 8 that the seller was EOG Resources. Michael Donaldson, general counsel of EOG Resources, didn’t respond to queries as to who counseled him on the transaction.
The JW team included partners Mario Perez Dolan, Larry E. Glasgow and Jeffrey M. Sone, senior counsel Carl E. Glaze, partners Kirk Tucker, Ronald D. Kerridge, Steven D. Moore, Peter K. Wahl and Jonathan M. Bull and associates W. Bowman Givhan Jr. and Zachary S. Fedorko.
The assets include 23 saltwater disposal wells and 300 miles of oilfield wastewater gathering pipelines in southeastern New Mexico. EOG entered into a long-term contract with OWL for wastewater disposal services.
OWL CEO Chris Cooper said in a statement that the acquisition complements its existing operations in the northern Delaware Basin, doubling its footprint.
“E&P companies increasingly face operational and logistical challenges related to the transportation, re-use and disposal of produced water,” he said. “We … deliver safe, reliable and sustainable solutions that help our customers to achieve new efficiencies and best practices.”
Founded in 2014, OWL also owns a water infrastructure platform in the Powder River Basin.
Giles Aseron advises ePayPolicy on Serent investment
Serent Capital invested an undisclosed sum in ePayPolicy, an Austin provider of electronic payments software for the excess and surplus insurance market.
Outside counsel for ePayPolicy was Rogan Giles at Giles Aseron in Austin. Representation for San Francisco- and Austin-based Serent couldn’t be determined by press time. New York-based Leonis Partners advises ePayPolicy on the investment.
The target claims to be a leading integrated electronic payments solutions in the market. It plans to use the capital to accelerate growth by making it even easier for agencies, managing general agents/wholesale brokers and finance companies to accept electronic payments.
Since its founding in 2014, ePayPolicy has served more than 2,300 customers and processed $2 billion in payments per year. The company is led by co-founder Todd Sorrel.
Kevin Frick led the investment from Serent, which said ePayPolicy is the firm’s ninth payments investment and tenth investment in the insurance market. The firm has invested in such companies as Diamond Mind, Real Green Systems, KEV Group, Payliance, Intygral, Next Gear Solutions, Senior Dental Care and Aftermath.
V&E assists Apollo-backed Takkion on TP&L acquisition
Vinson & Elkins said Jan. 13 it advised Apollo Global Management-backed Takkion Holdings of Fort Worth on its acquisition of a majority stake in Transportation Partners & Logistics, known as TP&L, including unit Global Specialized Services, or GSS. Terms weren’t disclosed.
Casper, Wyo.-based TP&L provides logistics, transportation and supply chain management solutions to companies in the renewable energy and industrial markets.
The V&E M&A team was co-led by Danielle Patterson and Jason McIntosh with a partner in New York (Dan Komarek) with help from Luke Thomas, Sara Bloom, Vaughn Miller and Andrew Mandelbaum.
Other key team members were Sean Becker, Alex Bluebond, Stephen Jacobson, Shane Tucker, Austin Light, Sarah Mitchell, Russell Oshman, Patrick Tatum, Catherine Parsley, Larry Nettles and Matthew Dobbins.
Scudder Law Firm in Lincoln, Neb., counseled TP&L, which used Stifel as its financial advisor.
Scott Browning led the investment from Apollo, which made it out of Apollo Natural Resources Partners II.
Takkion said the acquisition represents a significant investment to support renewable energy logistics and its continued commitment to ESG, or environmental, social and governance.
Since its founding in 2011, TP&L has expanded to become one of the country’s top specialized logistics and transportation management companies with an international customer base. It opened the largest North American wind energy logistics site in Garden City, Kan., and expanded service offerings across rail, port, and trucking assets.
The TP&L and GSS brands will remain intact and TP&L president Jim Orr and vice presidents Billy Brenton and Justin Orr will continue to lead the company. Takkion is led by Scott Prince.
Takkion aims to become the U.S. leader for multi-modal renewable energy and infrastructure logistics.
Apollo had assets under management of around $323 billion as of Sept. 30 in credit, private equity and real assets funds across nine industries.
Winston reps MJE-Loop on Greenskies Renewable acquisition
Winston & Strawn said Jan. 16 it represented MJE-Loop Capital Partners on JLC Infrastructure’s acquisition of solar power developer Greenskies Renewable Energy for undisclosed terms.
The team was based out of New York but included Houston partner Doug Yeager and associates Victoria Acuff in Dallas and David Thaxton in Houston.
KeyBanc Capital Markets provided Greenskies with financial advice.
Greenskies Renewable will now be known as Greenskies Clean Energy and focus on clean-energy solutions, such as solar power, energy storage and emerging technologies in the commercial and industrial and municipal sectors. It’s led by CEO Stanley Chin.
It has a 100 megawatt-plus portfolio with contracted solar projects due for completion over the next 18 months and a pipeline of more than 500 megawatts in different stages of development.
JLC Infrastructure is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the U.S. It was formed in 2015 by Loop Capital and Magic Johnson Enterprises with offices in Chicago, New York City and Los Angeles.
Jackson Walker advises Coltala on two acquisitions
Coltala Holdings said Jan. 15 it acquired 35-year-old Metro Energy Savers through its heating and air conditioning/home services acquisition platform Trudela Partners.
This deal is Trudela’s second purchase this year. The other is Walker Heating and Air Conditioning Inc. on Jan. 9.
Jackson Walker partner Mike Taten in Dallas counseled Coltala on both deals, executive VP of investments Melanie Barton told The Texas Lawbook.
Founded by Darrell Murphy in Arlington, Texas, Metro Energy provides service to customers in 28 locations in Trudela’s key geographic area of Dallas-Fort Worth. It has a book of more than 6,000 service contracts.
The Metro Energy purchase extends Trudela’s service coverage to north, west and southwest DFW.
Founded by Ricky Walker in 1963, Walker Heating and Air Conditioning is headquartered in Mesquite, Texas, and serves Carrollton, Farmers Branch, Garland, Mesquite, Plano, Richardson, Rockwall, Rowlett, Sachse and the Park Cities.
Coltala Holdings’ CEO is Ralph Manning and Trudela’s CEO is Paul Adams.
Coltala focuses on investments in family businesses and privately held companies in the manufacturing and consumer and business services sector, including those with $3 million to $10 million in EBITDA.
CAPITAL MARKETS/FINANCINGS
V&E advises purchasers on Nabors’ $1B in offerings
Vinson & Elkins said Jan. 13 it served as initial purchasers’ counsel in connection with Nabors Industries Ltd.’s private placement offering of $600 million in senior guaranteed notes due 2026 and $400 million in senior guaranteed notes due 2028.
The offering closed Jan. 10, 2020. V&E also represented the dealer managers on Nabors’ concurrent tender offers and consent solicitations to purchase up to $800 million of its outstanding senior notes and amend certain related indentures.
Partner Mike Telle and counsel Dan Spelkin led the deal team with assistance from associates Audrey Bartosh and Elisie Lee and counsel Doug Lionberger.
Also advising were partner Wendy Salinas and senior associate Mary Alexander on tax; counsel Larry Pechacek on environmental; and partner Cristopher Dewar and associates Caitlin Snelson and Arthur Munoz on finance.
The 2026 notes bear interest at an annual rate of 7.25% and the 2028 notes bear interest at an annual rate of 7.50%. The notes will be fully and unconditionally guaranteed by some of Nabors’ indirect wholly-owned subsidiaries.
Analysts at Tudor, Pickering, Holt said Jan. 10 it’s encouraging to see the high-yield market open up for oilfield companies like Nabors (also noting Transocean), “somewhat assuaging investors’ existential/liquidity concerns” for certain over-levered stocks in the sector.
Nabors owns and operates one of the world’s largest land-based drilling rig fleets and provides offshore platform rigs in the U.S. and several international markets. It also provides directional drilling services, performance tools and innovative technologies for its own rig fleet and those of third parties.
V&E represents Quantum Minerals on $750M more in senior notes
Vinson & Elkins said Jan. 13 it represented First Quantum Minerals Ltd. in connection with its Rule 144A/Regulation S offering of an additional $500 million in 7.25% senior notes due 2023 and an additional $250 million in 7.50% senior notes due 2025.
The Vinson & Elkins team was led by a team out of London but included Dallas tax partner Wendy Salinas.
The notes were issued on Jan. 13 and the issuer intends to use the net proceeds from the sale to redeem in full its existing $300 million in 7% senior notes due 2021 and repay $450 million of amounts outstanding under its revolver.
The initial purchasers included J.P. Morgan, Goldman Sachs, Absa, BNP Paribas, ING, Société Générale and Standard Chartered Bank.
First Quantum Minerals is a Toronto Stock Exchange-traded mining and metals company whose principal activities include mineral exploration, development and mining, mostly copper, gold, nickel and zinc.
Akin Gump advises Genesis Energy on $750M notes offering
Akin Gump Strauss Hauer & Feld said Jan. 13 it advised Genesis Energy on a public offering of $750 million in 7.750% senior unsecured notes due 2028 and a concurrent cash tender offer for $750 million of its 6.750% senior unsecured notes due 2022.
Partners Chris Centrich and Patrick Hurley led the deal team, which included partners Chip Cowell and Eric Muñoz and associates Jacob Johnson, Jiha Ko, Travis Earp and Allyson Li. Partners Alison Chen and Jocelyn Tau provided tax advice.
Hunton Andrews Kurth said Jan. 22 it counseled the underwriters, including Houston partners Mike O’Leary, Henry Havre and Robert McNamara in Houston, partner Lisa Shelton in Austin and associates Chris Adcock, Tim Strother, Garrett Hughey and Marshall Heins, all of Houston.
The notes will be co-issued with Genesis’ unit, Genesis Energy Finance Corp., and will be guaranteed by almost all of its existing and future subsidiaries other than its unrestricted ones.
The joint book-running managers were BMO Capital Markets Corp., SMBC Nikko Securities America Inc., Wells Fargo Securities, ABN AMRO Securities (USA), BBVA Securities Inc., BNP Paribas Securities Corp., BofA Securities, Capital One Securities, Inc., Citigroup Global Markets Inc., DNB Markets, Inc., Fifth Third Securities Inc., RBC Capital Markets, Regions Securities and Scotia Capital (USA) Inc.
Genesis Energy is a midstream energy master limited partnership headquartered in Houston. Its operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation and are primarily located in the Gulf Coast region of the U.S., Wyoming and the Gulf of Mexico.
V&E aids Range Resources on $500M offering of senior notes
Vinson & Elkins said Jan. 13 that it aided Fort Worth-based Range Resources Corp. on its offering of $550 million in senior notes due 2026.
The offering was upsized from a original $500 million. The notes will carry an interest rate of 9.25%.
Partners David Stone and Thomas Zentner led the team with assistance from senior associate Raleigh Wolfe and associates Kate Rainey and Ann Stehling.
Range expects to close the note sale on Jan. 24. It plans to use the net proceeds of $541.6 million to purchase target notes in the tender offers with the rest going toward repaying borrowings under its revolver.
Analysts at Tudor, Pickering, Holt said it was good to see the deal get done. But the yield is pointing to a growing trend of explorers and producers seeing “dichotomous results” in the market, with levered companies settling for higher rates to court investors and lower levered companies finding “plenty of cheap liquidity” with rates between 3% to 4.5%.
“Over time, the interest burden on levered producers should prioritize debt reduction over drill bit acceleration and may continue to pull forward industry consolidation, as large cap and integrated buyers are not only supporting higher multiples but could see significant cost advantages on combinations,” they said.
UPDATE/OTHER
Fort Worth-based Lilis Energy Inc. said Jan. 13 it received a take-private offer from large shareholder Värde Partners for 25 cents per share. Lilis general counsel Christa Garrett didn’t respond to a request for who is counseling her on the offer. The company explores for and produces oil and gas in West Texas’ and New Mexico’s Permian Basin on 20,000 acres. The Värde offer is subject to obtaining customary financing, the recommendation of Lilis’ special committee, approval by its board and investment committee, entering into a definitive merger agreement and shareholder approval. The offer is expected to expire on Feb. 17 and may be withdrawn at any time. Barclays is Lilis’ financial advisor. Värde holds around 23.6 million of the company’s 91.7 million outstanding shares and all of its outstanding preferred stock, including its Series E convertible participating preferred stock. The Series E preferred stock currently votes as a single class with the common stock as 25.7 million converted shares.
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Private equity firm Bayou City Energy Management and energy company Mach Resources won the bankruptcy auction for Alta Mesa Resources with a $10 million sweetened bid of $320 million. The deal would include the oil and gas driller as well as its bankrupt pipeline and storage unit Kingfisher Midstream. Alta Mesa filed for bankruptcy protection in September amid collapsing finances and a Securities and Exchange Commission investigation into possible fraud. It is led by former Anadarko Petroleum chief Jim Hackett, who had backing from Riverstone Holdings. Latham & Watkins and Porter Hedges have been advising Alta Mesa in the bankruptcy, including Catherine Ozdogan, Michael Dillard, John Greer and Mike King from LW and John Higgins, Eric English and Aaron Power from PH, all of Houston. Kirkland & Ellis counseled Bayou City/Mach with the Houston lawyers including partners David Castro, Cy Jones and Chris Heasley along with litigation partner Anna Rotman. Tudor, Pickering, Holt was Alta Mesa’s financial advisor.
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American Infrastructure Partners is exploring a sale of Dallas-based Safe Harbor Marinas that could fetch more than $2 billion, Bloomberg reported Jan. 13. None of the parties commented. Latham & Watkins advised Safe Harbor on an investment from Koch Real Estate Investments in 2018 (including partner Jesse Myers in Houston). Guggenheim Partners and Weatherford Partners also are investors. Safe Harbor competitor Suntex Marinas also is exploring strategic options, Bloomberg said citing unnamed sources. Safe Harbor acquired Newport Shipyard in Rhode Island last year and Hideaway Bay Marina in Georgia in November, expanding it to 90 facilities across 20 states including Florida and California. Safe Harbor considered an initial public offering in 2017 that would have valued it at $500 million to $1 billion, Reuters previously reported.
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Saudi Aramco, the Saudi state oil giant, brought in an additional $3.8 billion through its initial public offering by exercising its greenshoe option, bringing the total raised to a record $29.4 billion, according to various reports last week. Latham & Watkins partner Ryan Maierson in Houston was part of the team that worked on the IPO for the underwriters.
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Houston-based EIV Capital launched its fourth fund to invest in the energy sector, according to a filing with the Securities and Exchange Commission. The firm aims to raise $750 million. EIV’s third fund raised $450 million, surpassing its original $350 million target (Latham & Watkins advised it on that fund). Patricia Melcher leads EIV, which has used Sidley Austin, Locke Lord and Porter Hedges on deals in the past.
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Fort Worth- and San Francisco-based TPG Capital has made plans to raise a fund that invests in public companies, according to Bloomberg. The Strategic Capital Fund will buy minority stakes of at least 5% in large companies with the hope of gaining board seats and providing strategic advice, the report said.