CDT Roundup: 17 Deals, 13 Firms, 202 Lawyers, $12.2B

As Texans are all too aware, power is in short supply – again.

Last Thursday, the state called for its citizenry to cut its electricity usage between 3 p.m. and 10 p.m. by turning up their thermostats, refraining from using large appliances and turning off pool pumps. It repeated the request over the weekend.

Lack of breezes might have been the culprit this time, with forecasts calling for relatively low wind power generation before and after sundown, according to ERCOT. Texas has more wind capacity than any other state and the power source often is credited for getting through the brutally hot summer months, along with recently completed solar farms.

So it doesn’t surprise us that deals for utility-scale power storage are all the rage. EnCap has been particularly active. It invested in battery storage company Jupiter Power, which developed a large portfolio of assets in Texas, and last year sold it to BlackRock for undisclosed terms. And now comes news last week that EnCap sold another storage company Broad Reach Power to Engie for well over $1 billion (see below).

Lots of Texas lawyers have taken part. Simpson Thacher & Bartlett partner Chris May in Houston advised BlackRock on its purchase of Jupiter (White & Case’s Michael Shenberg was the lead counsel for EnCap in New York). In-state attorneys from Kirkland & Ellis, White & Case and Baker Botts worked on the Broad Reach deal, with Mayer Brown advising Engie from New York.

There’s a lot more development going on. This past May, Miami-based Spearmint Energy announced that it acquired a 900 megawatt portfolio of battery energy storage assets, known as Nomadic, from an unnamed developer and operator of clean energy projects that the buyer said was among the largest in the U.S.

The move followed Spearmint’s acquisition of Revolution, a 150 megawatt battery energy storage project in West Texas, from a unit of Con Edison (a Houston team from Paul Hastings led by Luis Gomar advised Spearmint). Revolution was expected to begin operation in mid-2023 and in July confirmed the start of the commissioning process. It can’t come soon enough.

The ending Aug. 26 produced another active seven days for Texas lawyers with 17 deals valued at nearly $12.2 billion. That includes 15 M&A and funding transactions worth $6.6 billion and only two capital markets transactions valued at $5.6 billion. This compares to last week’s 19 deals for $11.5 billion and a 16-deal, $31 billion week this time last year. Let it be noted that $30 billion of the $31 billion last year was a single transaction: an extraordinary $30 billion commitment to a complex joint venture between Brookfield and Intel to create new computer chip production facilities in Arizona.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
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

M&A/FUNDINGS

Blackstone Tactical Opportunities Fund IV raises record $5.2B

Deal Description: Blackstone announced Aug. 21 that it closed the Blackstone Tactical Opportunities Fund IV, raising a record $5.2 billion of capital commitments. Including other single-investor vehicles pursuing the same strategy, the combined platform is expected to have nearly $10 billion of new capital, higher than the BTO III platform and the largest-ever vintage of its kind. Blackstone launched its Tac Opps platform, a strategy the firm claims it pioneered, in 2012 to invest across the landscape of private investment opportunities outside of traditional private equity and private credit. The fund has $34 billion of assets under management and represents the largest opportunistic investment platform in the world. BTO IV has made several investments, including CoreWeave, a provider of cloud infrastructure using AI, and New Tradition, an out-of-home media business that operates advertising assets nationwide such as One Times Square in New York City and The Reef in Los Angeles.

Blackstone’s Outside Counsel: Simpson Thacher with a team that included private funds partners Michael Wolitzer and Peter Gilman in New York, Linda Tieh in Houston and Matthew Leighton in New York as well as associates Jeannette Figg, Javier Rivera-Alvarado, Kara Krakower, Manas Kumar, Gilbert Cheng, Siwei Yang, Analilia Gomez, Samuel Boissard, Avalee Hagerty, Enzo Salamone, Lena Dennington, Emily Friedman, Christopher Haughey, Sophie Sujin Kim and John Charles. Partners Jonathan Goldstein and Jodi Schneider and associates Adam Hersch, Tova Pfeffer and Mohanad Salaimi assisted on tax; partner Jennifer Levitt and associates Thomas Howland, Jackson Sullivan and Eszter Boldis on credit; and senior counsel Jeanne Annarumma on ERISA.

Permian Resources buys Earthstone for $4.5B

Deal Description: Permian Resources Corp. announced Aug. 21 that it plans to acquire The Woodlands-based Earthstone Energy Inc. in an all-stock transaction valued at about $4.5 billion, including net debt. The companies said the combination would create a $14 billion independent exploration and production company with operations in Texas’ and New Mexico’s Delaware Basin. Each share of Earthstone common stock will be exchanged at a fixed ratio of 1.446 shares of Permian Resources common stock. The purchase implies $18.64 per share, which represents an 8 percent premium based on a 20-day volume weighted average share prices and a 15 percent premium compared with Earthstone’s recent closing price. Kirkland & Ellis counseled Permian Resources while Vinson & Elkins advised Earthstone. For more on the deal, click here.

Engie buys Broad Reach Power from Apollo, EnCap for $1.6B

Deal Description: Engie announced Aug. 24 it agreed to buy Houston-based power storage company Broad Reach Power from Apollo Global Management and EnCap. The French utility didn’t disclose terms but said it will take a $1.6 billion hit to net debt from the deal, according to Bloomberg. EnCap said in a separate release that the deal values the company at more than $1 billion. EnCap managing partner Shawn Cumberland told the Houston Chronicle that the transaction includes the assumption of $435 million in debt. The deal involves 350 megawatts of operating assets, 880 megawatts under construction with commissioning expected before the end of 2024, 1.7 gigawatts of advanced stage projects and a pipeline of early stage projects. The projects are in Texas, California and the central U.S. The acquisition will support Engie’s goal of having 10 gigawatts of battery capacity globally by 2030. Engie already had 5 gigawatts of U.S. renewable assets in operation at the end of 2022 as well as battery storage and its energy management platform. The transaction doesn’t include Broad Reach’s portfolio of 1.8 gigawatts of solar and wind power projects or its 4 gigawatt-hour of battery storage in the Mountain West region of the U.S., according to EnCap. EnCap is in discussions for those assets as well, Cumberland told the Chron. Broad Reach was founded in 2019 with backing from EnCap. Apollo acquired a 50 percent interest in the company and joined the board in December 2021.

Expected Closing: Q4 2023 if it clears regulators

Apollo’s Outside Counsel: Kirkland & Ellis led by corporate partners Adam Larson and Cyril Jones and associate Fern Langa and tax partner Mark Dundon

EnCap’s Outside Counsel: White & Case led by Houston-based partners Mingda Zhao and Emery Choi and including New York co-leads Michael Shenberg and Ipek Candan Snyder. The team in Houston also included partners Fern Han and Taylor Pullins and associates Kabir Phaguda, Luis Leos, Helen Xiang, Leslie Lin and Amrita Mohan.

Broad Reach Management’s Outside Counsel: Baker Botts including corporate partners Clay Brett and Travis Wofford and associates Catherine Ellis, Chelsea Johnson and Sarah Dyer; also, on advisory, Danny David; on labor and employment Jennifer Trulock and Jason Loden; on tax Steve Marcus; and on global projects Elaine Walsh

Engie’s Outside Counsel: Mayer Brown led by Elena Rubinov and Eric Pogue in New York

Axiom Space secures $350M from Aljazira Capital, Boryung

Deal Description: Axiom Space announced Aug. 21 that it secured $350 million in its Series-C round of growth funding, lifting the funds raised to over $505 million from investors and achieving more than $2.2 billion in customer contracts. Aljazira Capital and Boryung Co. Ltd. anchored the round, paired with support from backers that include venture capital funds and strategic brand partners. The funding positioned Axiom Space as second to SpaceX for the most amount of money raised by a private space company in 2023 based on available PitchBook data. Aljazira, one of the major financial powerhouses in Saudi Arabia, has invested in startup companies across various sectors. Boryung is a healthcare investment company and multi-round lead investor in Axiom. Founded in 2016 by Michael Suffredini and Kam Ghaffarian, the company won NASA’s port award as the only space company with attaching its first commercial space station module to the International Space Station and securing a long-term NASA contract worth $1.26 billion to provide Exploration Extravehicular Activity Services spacesuits for the Moon and LEO. Guaranteed payments from the orders total about $370 million. Axiom Station’s first module is under construction and is scheduled to launch to the ISS by 2026.

Note: Axiom’s outside counsel was not disclosed, but Cooley Los Angeles partner Steven Dunst advised Axiom on its $130 million Series B financing led by C5 Capital.

SpyCloud raises $110M round led by Riverwood Capital

Deal Description: SpyCloud, an Austin provider of analytics to automate the protection of digital identities, announced Aug. 23 it closed a $110 million growth round commitment of primary and secondary capital led by Riverwood Capital, an investor in technology companies. Silverton Partners, a long-time SpyCloud investor, was an additional participant in the funding round. More than 500 organizations across every industry – including half of the Fortune 10 – use SpyCloud to thwart cybercrimes, including ransomware, account takeover, session hijacking and online fraud. SpyCloud’s platform identifies and remediates stolen employee and consumer session cookies, credentials and emerging forms of authentication data being used by criminals to target enterprises, their customers and their supply chains. SpyCloud plans to use the funding for expansion. After a $30 million Series C funding round in 2020, SpyCloud tripled its revenue.

SpyCloud’s In-house Counsel: Lisa Salinas Schneider, VP of legal & compliance

SpyCloud’s Outside Counsel: Kastner Gravelle in Austin (Evan Kastner) and Pillsbury Winthrop Shaw Pittman (Brian Finch in Washington, D.C.)

Sapphire Technologies raises $10M

Deal Description: Sapphire Technologies, a Cerritos, Calif., developer and manufacturer of energy recovery systems for hydrogen and natural gas applications, announced Aug. 16 it closed its $10 million Series B funding round. The investment, led by Energy Capital Ventures and joined by Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures and Cooper and Co., will bolster resources and expertise to support Sapphire’s mission to reduce global carbon emissions.

Sapphire’s Outside Counsel: Porter Hedges led by Joe Morrel and Megan Luh with support from Brian Rose and Nico Kroeker

Notes: Porter Hedges represented Sapphire in its Series A funding round in October 2021 led by Morrel.

Goose, Artemis invests $3.25M in P6 Technologies

Deal Description: Artemis Energy Partners announced Aug. 16 a minority seed round investment in Austin-based P6 Technologies with Artemis CEO and Goose Capital investor Bobby Tudor joining P6’s board. Goose was the lead investor of the $3.25 million round. Paal Kibsgaard, former chairman and CEO of Schlumberger and managing partner at Veritec Ventures, another P6 investor, also joined P6’s board. Tupper Lake Partners was another participant in the round. P6 is a provider of product life cycle assessment software that supports businesses in achieving their sustainability goals. The P6 SAAS solution measures carbon intensity and GHG emissions for products in the energy sector, transportation fuel and petrochemical industries. Tudor, onetime investment banker at Goldman Sachs and founder of TPH, said P6 is going to make a step-change improvement to how product-level carbon intensity and GHG emissions are tracked. P6 plans to use the investment to accelerate the development and go-to-market of its life cycle assessment enterprise software platform. Artemis is an energy transition investment and advisory platform formed by Tudor in 2022 to invest across the energy industry.

Goose/Artemis/Veritec’s Outside Counsel: Hunton Andrews Kurth led by partner Jeff Dodd and counsel Lee Davis

P6’s Outside Counsel: Kirkland & Ellis partner Brittany Sakowitz

Apollo picks up CATEC

Deal Description: Apollo announced Aug. 22 that Apollo-managed funds acquired a majority interest in Composite Advanced Technologies Inc., a provider of compressed natural gas, renewable natural gas and hydrogen transportation and storage solutions in the U.S. Terms weren’t disclosed. CATEC’s products and services help customers transition away from carbon-intensive fossil fuels toward cleaner alternatives. Founded in 2014 and based in Houston, CATEC makes large format Type IV cylinders that facilitate the use of natural gas and hydrogen across industries when mounted on mobile trailers or used in stationary applications. Last year, Apollo launched its sustainable investing platform, which aims to deploy $50 billion in clean energy and climate capital by 2027 and $100 billion by 2030. Over the last five years, Apollo has invested more than $23 billion into energy transition and sustainability-related investments.

CATEC’s Financial Advisor: TerraNova Capital 

CATEC’s Outside Counsel: Baker Botts led by corporate partner Clint Rancher assisted by Josh Gonzales, Michael Mazidi and Chandler Block, tax partner Steve Marcus and employee benefits partner Jason Loden

Apollo’s Outside Counsel: Vinson & Elkins led by partners Dan Komarek and Abby Branigan with assistance from Alexander Baker, Tara Tegeleci and Omri Ambalo. Other key team members included Jason McIntosh and Sean Becker.

Storable buys CallPotential

Deal Description: Storable, an Austin provider of technology solutions for the self-storage industry, announced Aug. 16 its agreement to acquire CallPotential, a provider of tenant engagement and performance management solutions for self-storage operators. Terms weren’t disclosed on the deal, which was finalized on Aug. 4. The acquisition further strengthens Storable’s commitment to delivering solutions that empower self-storage operators to streamline their operations and enhance the tenant experience. The integration will enable self-storage operators access to a unified platform seamlessly integrating operational, marketing and tenant management functions.

Storable’s Outside Counsel: Porter Hedges led by Adam Nalley and Allison Pearce, with assistance from Tripp Hise, Geoff Schultz, Kelly Ferrell, Beverly Young and Derek Forinash

CallPotential’s Outside Counsel: Croke Fairchild Duarte & Beres with a deal team that included Patrick Croke, Jason Arnold, Phillip Acevedo, Lin Ye, Cameron Robinson, Andrew Szymulanski, Tracey Wolfe, Maggie McTigue and Cecilia Hanlin

Hypergiant partners with Trive Capital

Deal Description: Trive Capital, a Dallas-based private equity firm, announced Aug. 22 the acquisition of artificial intelligence defense platform and solutions company Hypergiant Industries to complement its portfolio company, Forward Slope. Terms were not disclosed. Mike Betzer, the CEO of Hypergiant, will continue leading the company into its next phase of accelerated growth. Hypergiant has won innovation awards for its AI-enabled defense solutions and is now focused on scaling its joint all-domain spatial intelligence and actionable CommandCenter software package. The company’s customers include the U.S. Air Force, U.S. Space Force, the Department of Homeland Security, National Aeronautics and Space Administration, the U.S. Army, the National Reconnaissance Office, Boeing and Booz Allen Hamilton. Hypergiant was founded in 2018 by Ben Lamm, now CEO of Colossal Biosciences, with a goal to bring an AI-enabled approach to a visual multimodal to help organizations across space, defense and critical infrastructure. Hypergiant has more than 150 employees and contractors. Its investors include Align Capital along with GPG, Perot Jain, Beringer Capital and Capital Factory.

Hypergiant’s Outside Counsel: Egan Nelson partner Jason Howard

Trive’s Outside Counsel: Haynes Boone partner Brandon McCoy

SmartBear acquires Stoplight

Deal Description: SmartBear, a Somerville, Mass.-based provider of software development and visibility tools, announced Aug. 22 it entered into a definitive agreement to acquire Stoplight, an Austin application programming interface (API) company. Terms weren’t disclosed. SmartBear claims the combination would create the most comprehensive API development platform in the industry, providing enhanced visibility, automation and productivity for development teams looking to modernize API practices. SmartBear’s open source communities, including Swagger, SoapUI and Pact, are joined with Stoplight’s Prism, Spectral and Elements global communities for a collaborative network of operating systems developers totaling in the tens of millions. According to a report by MarketsandMarkets, the API management market is expected to expand from $4.5 billion in 2022 to $13.7 billion by 2027 at a compound annual growth rate of 25.1 percent. SmartBear is used by more than 16 million developers, testers and software engineers at 32,000-plus organizations such as Adobe, JetBlue, FedEx and Microsoft.

Morgan Stanley Infrastructure Partners, Crowley create JV

Deal Description: Morgan Stanley Investment Management, through Morgan Stanley Infrastructure Partners, and U.S. maritime, energy and logistics solutions provider Crowley announced Aug. 24 the creation of a new joint venture to advance offshore wind energy solutions for the U.S. Financial terms weren’t disclosed. The JV will combine Crowley’s maritime and logistics capabilities through the newly created Crowley Wind Services Holdings and the financial strength of MSIP, which will will hold a majority stake while Crowley will operate the business. The partnership will focus on repurposing and operating existing U.S. port facilities and leasing them under long-term contracts to offshore wind developers. MSIP managing director Daniel Sailors said that the U.S. offshore wind industry is in its early stages with ambitious goals to develop 30 gigawatts of capacity from offshore wind by 2030 and eventually to 110 gigawatts by 2050 and that port infrastructure is essential to the build-out and long-term maintenance of such projects. Crowley plans to begin construction this fall on the Salem Wind Services Terminal, is pursuing the development of a U.S. West Coast terminal in Eureka, Calif., in a public-private partnership and has a right-of-first refusal agreement to lease and potentially develop a wind services terminal at Port Fourchon, Louisiana. Founded in 2006, MSIP has $16 billion in assets under management and has 35 investments across transport, digital infrastructure, energy transition and utilities. 

MSIP’s Financial Advisor: Crédit Agricole Corporate and Investment Bank

MSIP’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners Kevin Crews and Tony Johnston with support from associates Jessica Berkowitz, Garrett Engel, Rizwan Popatia and Curtis French. The group included tax partners David Wheat, Mike Masri, Sophia Han and Ryan Phelps; real asset partner Pat Corrigan and associate Jonathan Strom; real estate partner Josh Faulkner and associate TJ Kuban; energy regulatory partner Marcia Hook and associate Duncan Grimm; executive compensation partners Stephen Jacobson and Stephanie Jeane and associate Mei Wang; employee benefits partner Alex Mihalas and associate Iris Grossman; labor and employment partner Christie Alcala; environmental transactions partner Jon Kidwell and associate Courtney Tibbetts; and technology and intellectual property transactions partner Shellie Freedman and associate Cordelia Mikita.

Crowley’s Financial Advisor: DNB Markets

Crowley’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Matt Falcone and John Michael and senior associate Jordan Fossee with assistance from associates Carli Gish and Melissa Sanchez. Also advising were partner Todd Way and associate Adam Bateman (tax); counsel Rajesh Patel and associate Warner Scott, with assistance from Alexa Chally (technology transactions/IP); partner Matt Dobbins and associate Kelly Rondinelli (environmental); senior associate Tyler Hokanson (real estate); counsel Elizabeth McIntyre (litigation); and partner Nettie Downs (corporate).

Telyon snares investment from Greenbacker

Deal Description: Telyon, a Connecticut renewable energy development firm, announced Aug. 22 that sold a significant minority stake to a New York City-based private equity fund affiliated with Greenbacker Capital Management. Terms weren’t disclosed. Telyon, which was launched in early 2020 by renewable energy industry executives, specializes in the origination, financing, construction and operations and maintenance of onsite solar, community solar, battery storage and electric vehicle charging infrastructure projects across the U.S. With activity across 21 states and a focus on Fortune 500 companies and MUSH market offtakers (buildings owned by municipal and state governments, universities, schools and hospitals), the company has more than 400 megawatts of near-term development opportunities and 1.2 gigawatts of pipeline.  

Telyon’s Financial Advisor: Canadian Imperial Bank of Commerce

Telyon’s Outside Counsel: Hogan Lovells including partner Niki Roberts in Houston

Greenbacker’s Outside Counsel: Locke Lord led by Mike Malfettone in New York and Mike Serra in Providence assisted by Buddy Sanders and Jeffrey Wallace in Houston, William Foley in New York and Heather Stone and Gene Schlack in Boston 

Eva-Last acquires Fortress Deck Products

Deal Description: International composite building materials manufacturer Eva-Last announced Aug. 22 its acquisition of Fortress Deck Products for undisclosed terms. The deal marks the official opening of Eva-Last Americas in Plano, Texas. Under CEO and co-founder Marc Minne, Eva-Last wants to expand its market share with its advanced composite building materials, including decking, cladding, fencing, screening and fasteners. The acquisition, which benefits from seven years of effort by Fortress, expands the Eva-Last brand’s international footprint and provides direct access to the world’s largest composite decking market, the U.S., estimated at almost $7.5 billion, according to Allied Market Research. The global advanced building materials market – construction components that are more sustainable compared with conventional building materials – was valued at $56.7 billion in 2022 and is projected to top $111.7 billion by 2031 at an estimated 6.8 percent cumulative annual growth rate.

Eva-Last’s Outside Counsel: A Locke Lord team led by Henry Benton and Marc Lipscomb in Dallas with assistance by Elizabeth Mack, Mark Backofen, Jack Dougherty and Floy Gaidarski in Dallas, Buddy Sanders in Houston and Gene Schlack in Boston 

WellSky buys Experience Care

Deal Description: WellSky, a health and community care technology company, announced Aug. 23 that it acquired Experience Care, an Austin technology company offering software solutions for post-acute and long-term care providers. Terms weren’t disclosed. With the addition, WellSky said it expands its commitment and investment in the long-term care market. Experience Care owns electronic health record platform NetSolutions serving 150 long-term care clients with 850 facilities. The combination of the two firms will enable more providers to increase operational efficiencies, improve financial performance and turn data into meaningful information that advances resident care, WellSky said.

Experience Care’s Financial Advisor: Healthcare Growth Partners

WellSky’s Outside Counsel: Barack Ferrazzano Kirschbaum & Nagelberg including Alexander Lourie, Jeremy Heckman and Jim Montelongo in Chicago

Experience Care’s Outside Counsel: Nixon Peabody led by Adam Gwaltney in Providence/Boston and Jacalyn Smith in Chicago

CAPITAL MARKETS/FINANCINGS

Oneok issues $5.25B in notes

Deal Description: Oneok Inc. announced Aug. 10 that it priced an offering to sell $5.25 billion worth of senior notes. They consisted of $750 million of three-year senior notes at a coupon of 5.55 percent, $750 million of five-year senior notes at 5.65 percent, $500 million of seven-year senior notes at 5.800 percent, $1.50 billion of 10-year senior notes at 6.05 percent and $1.75 billion of 30-year senior notes at of 6.625 percent. The net proceeds, after deducting underwriting discounts, commissions and offering expenses, are expected to be about $5.2 billion. Oneok intends to use the proceeds to fund the cash consideration for the merger with Magellan Midstream Partners and other merger-related costs. Oneok expected the notes offering to close by Aug. 24.

Lead Book-Running Managers: Goldman Sachs & Co., Barclays Capital Inc., BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities

Oneok’s Outside Counsel: Kirkland & Ellis with a team led by capital markets partners Julian Seiguer, Anne Peetz and Bryan Flannery and associates Michael Wright, Brooke Curry and Savannah Soto. They had assistance from tax partners David Wheat and Bill Dong and associate David Gilbert, debt finance partner Rachael Lichman and associates Purun Cheong, Brittany Taylor and Annie Crea and corporate partners Sean Wheeler, Debbie Yee and Camille Walker.

Promerica Financial launches tender offer, senior notes offerings for $337M

Deal Description: Hunton Andrews Kurth said Aug. 16 it advised Promerica Financial Corp. in the $225 million sale of its 10.750 percent senior secured notes due 2028 and the $112 million tender offer to purchase for cash any and all of the outstanding 9.7 percent senior notes due 2024. Promerica is a Panamanian bank holding company that owns majority interests in commercial banks in nine different countries in Central America, the Caribbean and South America. The company has assets of more than $20 billion and 15,000 employees.

From HAK: Fernando C. Alonso in Miami, Jim Davidson in Houston, Gabriel Lopez in Miami, Erin Jennings in Houston and Jessica Rivero in Miami