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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
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CDT Roundup: 14 Deals, 6 Firms, 92 Lawyers, $2.5B

September 6, 2023 Claire Poole

Clay Brett has been busy since he arrived at Baker Botts’ Houston office this past May.

The onetime partner and general counsel at private investment firm Millennial Energy Partners (and Willkie and Bracewell alum) counseled Broad Reach’s management team on its sale to French utility Engie for well over $1 billion (see below). And last week, he advised Peak 10 Energy and Legacy Star Capital Partners on Peak 10’s initial capitalization by Legacy and debt financing from Prudential Private Capital, Prudential Energy Capital Partners and Production Lending that are estimated to exceed $500 million in balance sheet resources (see below). 

The Corporate Deal Tracker caught up with Brett to ask him how he became involved in both transactions and what he’s seeing on the deal/private equity horizon. Edited excerpts from our email exchange are below.

Q: How did you come to advise on the Peak 10 deal?

A: It’s an amazing story actually. In my prior position, I led the investment team at Millennial, where we sponsored an energy credit strategy. Legacy Star contacted us in connection with the acquisition financing opportunity for their Eastern Shelf acquisition. Through Millennial’s evaluation of the opportunity, I built a relationship with Legacy Star and Peak 10 principals over 10 months. When it became clear that Peak 10 would select an alternative capital provider and that I would accept the new role at Baker Botts, it provided a unique opportunity to immediately transition to representing the Legacy Star and Peak 10 organizations on transactions with which I had a very deep business and financial-based level of familiarity. I was onboarding their ongoing financing, acquisition and fund work, applying perspectives developed as an investor at Millennial, before I had a Baker Botts parking pass.

Q: What role did you play and what role did Holland & Knight play?

A: We immediately took leadership of the acquisition financing for the Eastern Shelf transaction and joined as co-counsel to Holland & Knight on Legacy Star’s fund matters and the underlying Eastern Shelf acquisition. We have since taken leadership of Legacy Star’s fund matters, Peak 10’s portfolio company acquisitions, Peak 10’s management team incentives and closed a second financing transaction involving the Peak 10 portfolio.

Q: You also counseled management on the Broad Reach sale. How did you come to advise on that?

A: Broad Reach’s Chief Commercial Officer [Narsimha Misra] and General Counsel [Sally Shaw] have deep relationships with senior Baker Botts attorneys that led to the representation. I took leadership of the Houston private equity practice at the time that the Broad Reach sale transaction gained momentum and it naturally led to me taking charge of the engagement. Over the course of my career, I have not only represented sponsors and management teams as outside counsel, but have been a member of a management team negotiating incentives for ourselves and a sponsor negotiating incentives opposite a management team.

Q: What does the transaction say about dealmaking right now?

A: Dealmaking in the battery storage space is vibrant and presents novel issues to seasoned energy sponsors. Unlike most of the traditional hydrocarbon space, long-term management team retention can play a critical role in the enterprise value of some energy transition firms, and the involvement of the Broad Reach team was critical to the success of the post-transaction company. These issues are pervasive in energy transition dealmaking and require experienced advisors to handle carefully while ultimately supporting the overall transaction.

Q: How did you come to join Baker Botts? What is your mandate at the firm, if any?

A: I had spent four years on the investment team at Millennial and felt I had developed a deep level of expertise and relationships in the energy and the private funds spaces. With background as an energy private equity lawyer, I felt I could maximize my professional assets in a  leadership role at a leading law firm. Baker Botts has a storied history as the leading advisor to the global energy industry and presented an exciting opportunity to build their private equity presence in Houston. The firm has been incredibly supportive in offering its very deep energy bench as support for this practice, building on a very firm foundation of corporate, finance and energy projects work for private equity clients across its global footprint.

Q: What else are you seeing on the deal front as well as private equity?

A: In traditional energy, non-operated oil and gas assets are a very hot asset class that are now widely financeable and an overweight target to new fund flows into the sector. These trends manifest themselves as new entries into the energy private credit and non-op-focused energy private equity spaces, and we have been busy with financings, new fund mandates and A&D [acquisition and divestiture]. Within energy private credit, capital providers are bifurcated into long- and short-duration strategies that present borrowers a wider variety of financing options than the market has seen in the past five years. In energy transition assets, valuations of high-growth or high-potential assets drive dealmaking that resembles the heyday of traditional energy, where M&A valuations allocate significant value to undeveloped assets. This leads to a very strong dealmaking and fundraising environment for those energy transition assets that can perform in the current interest rate and macro contexts.

The week before Labor Day ending Sept. 2, proved a weak one, with only six firms reporting on 14 deals publicly valued at $2.5 billion — and that includes a single capital markets transaction valued at $1.2 billion. There was a lot of dead space in that reporting.

Eight of the 13 deals reported in the M&A/Funding space were fund raises. In six of those neither the law firms nor the lawyers were disclosed. Only six different firms identified their involvement in deals and only 92 mostly Texas lawyers. Last week 13 firms reported 13 transactions valued at $12.2 billion.

Before fretting about the numbers, let’s note that the week before Labor Day last year yielded only nine deals valued at $2.3 billion from nine firms and only 62 lawyers.

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 CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

AB CarVal invests $700M in Peregrine

Deal Description: Global alternative investment manager AB CarVal announced Aug. 29 a $700 million equity investment and debt financing for Boulder-based Peregrine Energy Solutions, a clean energy platform with a focus on utility-scale energy storage. The transaction will allow Peregrine to fund its pipeline of more than seven gigawatts of projects, including standalone battery, solar and wind technologies. Peregrine focuses on utility-scale energy storage that was established in 2022 through a partnership between Peregrine Energy Management and Castlelake, a global alternative investment manager with $20 billion in assets. Since 1987, AB CarVal has invested $143 billion in 5,680 transactions across 82 countries and deployed over $4 billion in clean energy investments. It has $17 billion in assets under management.

AB CarVal’s Outside Counsel: Latham & Watkins with a team led by partners Justin Stolte and Edmond Parhami with associates Ashley Nguyen, Greg Sorensen, Jase Burner, Gabi Hasson, and Cooper Shear. Advice was also provided on debt financing matters by counsel Bryce Kaufman and partner Trevor Wommack, with associate Jack Gillen; on tax matters by partners Eli Katz and Eric Kamerman, with associate Andrea Herman; on employment matters by partner Adam Kestenbaum, with associate Andrea Herman; on employment matters by partner Adam Kestenbaum, with associate Dane Rebkowec; on energy regulatory matters by partner Natasha Gianvecchio, with associate Richard Griffin; on antitrust matters by partner Jason Cruise, and counsels Peter Todaro and Philipp Studt; on intellectual property matters by counsel Kieran Dickinson, with associate Kellye Quirk; on data privacy matters by counsel Robert Brown; on insurance matters by partner Drew Levin, with associate Hannah Cary; on real estate matters by partner Robert Frances and counsel Aaron Friberg, with associate David Rao; on project development matters by counsel Seth Richardson, with associates Kailash Gupta and Georgia Bellett; and on environmental matters by partner Joshua Marnitz, with associate Bruce Johnson.

Peregrine’s Outside Counsel: McGuireWoods led by partners Heather Welch Arbogast in Baltimore and Durham McCormick in Houston and including partners Adam Greene and Clare Lewis and associates William Bradbury, Paul Harris, Caitlin Maloney Haus, Marc Nickel, Andrew Seward and John Yates.

Peak 10 Energy launches with $500M

Deal Description: Peak 10 Energy announced Aug. 30 its launch as an oil and gas investment platform focused on acquiring long-life oil and gas assets throughout the continental U.S. Peak 10’s assets consist of non-operated oil and gas properties in Reeves, Fisher, Scurry, Gaines, Dawson and Andrews Counties, including more than 100 producing wells and a multi-year drilling program of tier 1 undeveloped drilling opportunities. Peak 10’s inaugural platform acquisition is its purchase of non-operated upstream oil and gas and associated water handling and recycling assets in the Eastern Shelf of the Permian Basin in Fisher and Scurry Counties, Texas, which closed with an unnamed private seller on Aug. 23. Peak 10’s capitalization consists of cash, contributed assets and commitments from Texas asset management firm Legacy Star Capital Partners and debt financing from Prudential Private Capital, Prudential Energy Capital Partners and Production Lending that are estimated to exceed $500 million in balance sheet resources. 

Legacy Star’s/Peak 10’s Outside Counsel: (On the Acquisition) Holland & Knight led by partners Robert Dougherty and Brooke Sizer as well as Jeremiah Mayfield, Nathan Stone and Leslie Mahre. Also corporate associates Anna Boyer, Cooper Overcash, Emily Smith and Samson Goriola, tax partner Todd Keator, environmental partner Ashley Phillips and tax associate Jessica Kirk.

Peak 10 Energy Co-Counsel: (On Debt Financing) Baker Botts led by partner Clay Brett, along with Sarah Dodson, Josh Gonzales, Michael Donnellan, Chelsea Johnson, Talha Chaudhry and Jenna Kabrich (corporate); Caitlin Lawrence, Richard Sitton, Lyman Paden, Morgan Copher and Delaram Peimani (finance); Jon Lobb (tax); and Megan Young and Andrew Crayden (global projects).

Pantogran buys autism centers for $48.5M

Deal Description: Locke Lord said Aug. 29 it represented Pantogran and Center for Autism and Related Disorders (CARD) founder Doreen Granpeesheh as bankruptcy and restructuring counsel on their acquisition of the majority of CARD’s assets following a sale process and a competitive auction conducted under Section 363 of the U.S. Bankruptcy Code. In July, U.S. Bankruptcy Judge David Jones approved the center’s sale to Pantogran’s principals, Granpeesheh and her business partner Sangam Pant and asset manager Audax Group for $48.5 million. Pantogran acquired 112 centers across the country, including intellectual property, longitudinal data and CARD’s clinical database. CARD is a provider of evidence-based applied behavior analysis for individuals of all ages diagnosed with autism spectrum disorder.

From Locke Lord: The team was led by David Kupetz (Los Angeles) with assistance from Sean Feener (New York), Simon Mayer (Houston), Denise Hanna (Washington, D.C.), David Szabo (Boston), Ashley Wheelock (Austin), Nina Huerta and Eve Tilley-Coulson (both of Los Angeles) and Jaremi Chilton (San Francisco).

TeleVet announces $43 Million Series B, rebranding as Otto

Deal Description: Otto, once known as TeleVet, an Austin-based customer engagement platform for veterinary clinics, announced Aug. 31 a $43 million Series B round of equity financing by existing investors Mercury Fund and Boehringer Ingelheim and joined by new investor Hill’s Pet Nutrition. As part of the transaction, Heath Butler, venture partner at Mercury, will join Otto’s board, and Nicki Baty, president and GM of Hill’s Pet Nutrition US, will join as a board observer. The new funding comes on the heels of record growth for the company, to more than 8,000 veterinary professionals over the last two years. Over the past year, Otto has evolved to its core communication platform, Flow, including adding a modern payments solution. In April, Otto launched its Care membership plans.

Qase raises $7.2M to enhance software testing

Deal Description: Austin-based Qase announced Aug. 25 the company raised $7.2 million in Series A and seed funding rounds led by Chrome Capital with participation from Finsight Ventures and S16VC. The funds will be used to scale its team and launch the first Jira-like marketplace for test management tools. Since 2019, Qase processed more than 27 million test results for over 100,000 developers. Its customers include Wolt (acquired by DoorDash), Asana and SeatGeek. The company was founded by Nikita Fedorov.

ControlRooms attracts $10M

Deal Description: ControlRooms.ai, an Austin-based industrial manufacturing troubleshooting platform, announced Aug. 29 it raised $10 million in Series A funding led Origin Ventures. Amity Ventures, Tokio Marine Future Fund, S3 Ventures, GTM Fund, Alpha Square Group and FJ Labs also participated. ControlRooms.ai was co-founded in 2021 by Monte Zweben and Omar Talib, who previously worked for a company that delivers AI solutions to energy producers. ControlRoom.ai launched its first product last year and has five customers using it, according to TechCrunch.

Kinjo raises $10M

Deal Description: Kinjo, an edtech startup focused on improving the value of children’s screen time, raised a $6.5 million seed round on Aug. 21 led by LiveOak Venture Partners, Silverton Partners, Breyer Capital, Roble Ventures and others to further scale access and expand monetization. Its CEO Charles Thornburgh founded Civitas Learning, which uses machine learning and artificial intelligence to improve graduation rates across Higher Ed.

Kinjo’a Outside Counsel: Evan Kastner at Kastner Gravelle

Aircon attracts $3.3M from Underscore

Deal Description: Aircon, a Dallas-based provider of a gateway-as-a-service in the air cargo industry, raised $3.3 million in seed funding on Aug. 22 led by Underscore VC. The company plans to use the funds to invest in partnerships across the air cargo and freight markets, global gateway expansion, growing its AI tech infrastructure and hiring talent. Aircon is by founder Chris Condon, former CEO of TriCon Logistics, which was sold to Visible Supply Chain Management in 2020 for undisclosed terms.

Clearlake-backed Discovery Education buys DreamBox Learning

Deal Description: Discovery Education, a global education technology company backed by Clearlake Capital Group, announced Aug. 29 it has agreed to acquire DreamBox Learning, a Bellevue, Wash.-based PK-12 education technology provider serving more than 6 million students and 600,000 educators in the U.S. Financial terms were not disclosed. DreamBox Learning’s current investors Elliott Investment Management and TPG’s The Rise Fund will keep minority stakes in the company. Clearlake, headquartered in Santa Monica with an affiliate in Dallas, currently has more than $70 billion of assets under management.

Expected Closing: Q4 2023

Discovery Education’s Outside Counsel: Sidley Austin including M&A and private equity partners Mehdi Khodadad (Century City), S. Scott Parel (Dallas) and Mark Castiglia (Century City)

DreamBox’ Financial Advisor: Moelis & Co.

DreamBox’ Outside Counsel: Gibson, Dunn & Crutcher

Gulf & Atlantic Railways buys assets from Pinsly

Deal Description: Gulf & Atlantic Railways announced Aug. 29 its proposed acquisition of the rail assets of Pinsly Railroad Co. Terms weren’t disclosed. The assets include the 18-mile Pioneer Valley Railroad short line and Railroad Distribution Services Inc. Pioneer Valley, with access to railroads CSX and Pan Am Southern that runs from Westfield to Holyoke, Mass., serves more than 30 customers. Railroad Distribution includes two rail-served warehouses with 140,000 square feet of indoor storage and three and a half acres of outdoor storage. The purchase has to clear regulators.

Gulf & Atlantic Railways’ Outside Counsel: Sidley Austin including Chris Folmsbee, Cliff Vrielink, Rachel Kleinberg and Terry Hynes

Opposing Counsel: Michael Sweet at Bulkley Richardson and Gelinas

Pratexo snares funding from ABB

Deal Description: Pratexo, an Austin edge computing and distributed cloud platform, raised an undisclosed sum of funding from ABB Technology Ventures, part of ABB, a provider of electrification and automation technology. ABB announced the deal on Aug. 22. The company previously raised $3.5 million from Raiven Capital and Northscaler, according to Crunchbase. Pratexo was one of three winners of the ABB Electrification’s 2022 Startup Challenge. The partnership is ABB’s sixth venture capital investment this year and helps expand the company’s ecosystem of partners developing solutions that support decarbonization. Since forming in 2009, ATV has invested $300 million into startups that are aligned with its electrification, robotics, automation and motion portfolio.

CAI Software snaps up Alerity

Deal Description: STG-backed CAI Software announced Aug. 23 that it purchased Dallas-based Alterity Inc. for undisclosed terms. The addition of Alerity’s Acctivate to the CAI portfolio adds inventory management software and capabilities to drive additional value for customers, CAI said. Together CAI Software and Acctivate will serve 1,600-plus customers across manufacturing, specialty food processing, building materials, wholesalers/distributors, metals and mining and automotive industries.

HC Private Investments acquires QEI

Deal Description: HC Private Investments, a Chicago-based family office private equity firm, announced July 27 that it acquired QEI Inc. in partnership with the company’s former owner and CEO, Normand Lavoie. Terms were not disclosed. As part of the transaction, Erik VanLaningham and CJ Kearney of Eagle Marsh Holdings will join the company’s board. Lavoie, who originally acquired the company in 1992 and sold it in 2011, will continue to serve as CEO and board member with a significant investment in the company. Based in Springfield, N.J., QEI offers automation products, supervisory control and data acquisition software solution, distribution management systems and related services to its customers in the mass transit, utility and water/wastewater industries. Signature Bank of Chicago provided debt financing for the transaction.

HCPI’s Outside Counsel: Winston & Strawn with a team led by partner Nick Golem in Chicago that included Dallas partner Andrew Betaque on tax

QEI’s Financial Advisors: England & Co.

CAPITAL MARKETS/FINANCINGS

Preylock closes $1.2B financing

Deal Description: Akin said Aug. 28 it advised Preylock Holdings, as borrower, on the closing of a $1.2 billion, commercial mortgage-backed securities financing secured by 12 distribution warehouses totaling 8.9 million square feet across 10 states.

From Akin: The team was led by real estate partner John Bain, real estate counsel Wes Smith, real estate associates Payne Roberts and Brielle Rowe and corporate associates Penelope Shumway and Hannah Bush and included investment management partner Adam Hilkemann and investment management counsel Marc Lombardi.

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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