CDT Roundup: 27 Deals, 23 Firms, 353 Lawyers, $24B

Middle market M&A might be in for a rebound.

According to Boston-based Capstone Partners, which claims to be a leading middle market investment banking firm, these deals –– worth between $100 million and $500 million –– probably hit a trough in the second quarter.

Middle market deal volume in the second quarter declined 15.9 percent year-over-year, Capstone reports. Still, middle market dealmaking has continued to remain more resilient than broader M&A markets, as total transaction volume across all deal sizes sank by 24.8 percent over the same period.

What are the reasons for Capstone’s comeback predictions? Anecdotally, the bankers say dealmakers are noting a buildup in transaction inventory, with the expectation for a rebound toward the first quarter of next year. In addition, the market has entered a more normalized EBITDA environment for many private businesses following recent years of COVID “bumps” to revenue.

Strategics have continued to pursue quality companies, Capstone continued, and while sponsors have largely held off on exits, they have continued to actively evaluate investment opportunities.

After a historic 2021 for M&A, recessionary fears coupled with rising interest rates and challenging credit markets created a wait-and-see mentality for business owners regarding the M&A market for the past year, as per Peter Asiaf, Capstone’s head of business development.

“However, Q3 2023 has shown a steady increase in business owner response and owners’ willingness to transact in 2024,” he said. “From the conversations we have had in Q3 2023, there is an appearing latent interest in dealmaking and accessing capital and we anticipate those businesses that are best prepared will be in a prime position to capture opportunities as the fog lifts.”

Others think also that the middle market might be in comeback mode.

According to a recent report by PitchBook, dealmaking in middle markets is still down dramatically from its late-2021 peak, just less so than the overall decline in private equity buyout volumes. But short of a big move down in interest rates (the Federal Reserve is expected to keep the status quo when it meets this week), “Conditions favor the middle market for the foreseeable future,” the data firm said.

By our own CDT count, there have been 74 Texas-related middle market deals ($100 million to $499 million) so far this year versus 180 for the full year last year, 191 for all of 2021 and 91 in 2020. Certainly it’s a segment to watch.

The week closing on Sept. 16 ended with some eye-popping figures. Buoyed by 18 M&A/fundings transactions and nine CapM/credit deals, the week’s 27 reported transactions brought work for 353 mostly Texas lawyers. That’s more than double last week’s 12-deal count and nearly four times week’s $6.4 billion value. And more, even, than the 21-deal, $8.4 billion week this time last year.

For those who keep track of such things, the 353 mostly Texas lawyers from 23 different firms called out by name this week is the most since November of last year when we named 509 lawyers at 16 different firms.

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

Smurfit Kappa, WestRock merge in $11B deal

Deal Description: In an $11 billion combination that will create the world’s largest packaging manufacturer, Atlanta-based WestRock Co. and Ireland-headquartered Smurfit Kappa announced Sept. 12 that they agreed to a merger of equals. The newly combined company, to be known as Smurfit WestRock, will be domiciled in Ireland with an enterprise value of $22 billion and be traded on the New York Stock Exchange. The company’s North and South American operations will be based in Atlanta. The new company will be headed by current Smurfit CEO Tony Smurfit. Under terms of the agreement, Smurfit and WestRock shareholders will receive a single share of the combined company for each share they hold. WestRock shareholders will also receive an additional $5 bonus for each share converted to a share in SmurfitWestRock, creating an effective per share price of $43.51 (or $11.15 billion) for WestRock. Once the transaction has closed, likely in Q2 of 2024, Smurfit shareholders will own about 50.4 percent of the new company, while current WestRock stockholders will control the remaining 49.6 percent.

Smurfit Kappa’s Financial Advisors: Citi and PJT Partners (UK) Ltd.

Smurfit Kappa’s Outside Counsel: Matheson, Wachtell, Lipton, Rosen & Katz and Freshfields Bruckhaus Deringer

WestRock’s Financial Advisors: Evercore Group to the board, Lazard Frères & Co. and Goldman, Sachs & Co. to the company

WestRock’s Outside Counsel: Paul, Weiss, Rifkind, Wharton & Garrison, Cravath, Swaine & Moore and Clifford Chance. The Clifford Chance team was co-led from Houston by partner Enoch Varner as well as partners David Brinton in New York and Stephen Fox in London. Other members of the CC team, all based in London, included partners Simon Thomas (capital markets), Greg Olsen (antitrust) and Nick Kinnersley along with associates Harriet Martin, Yuli Adagun and Greg Hayes and senior associate Katherine Sinclair.

Avantax signs $1.2B take-private deal with Cetera

Deal Description: Publicly traded Avantax Inc., a tax-focused financial planning and wealth management provider in Dallas, announced Sept. 11 that it agreed to be taken private by Aretec Group Inc., the holding company of Genstar Capital-backed Cetera Financial Group, in an all-cash transaction worth $1.2 billion, including net debt. Shareholders of Avantax common stock will receive $26 per share in cash, a 30 percent premium but lower than expectations. The transaction is expected to close by year-end if it’s approved by stockholders and regulators. Sidley Austin and Haynes Boone advised Avantax and Willkie Farr & Gallagher assisted Cetera. For more on the deal, click here.

Vital buys oil & gas assets for $1.16B

Deal Description: Tulsa-based Vital Energy Inc. announced Sept. 13 three acquisitions for $1.165 billion that promise to add scale in the Permian Basin, increase free cash flow, enhance capital efficiency and reduce leverage. The deals involved lawyers from the Texas offices of six different firms, including Akin, Baker Botts, Jackson Walker, Kirkland & Ellis, Latham & Watkins and Vinson & Elkins.. For more, click here.

Optimal Blue closes $700M purchase by Constellation Software’s Perseus

Deal Description: Black Knight Inc.’s Optimal Blue announced Sept. 15 the completion of its acquisition by the Perseus Operating Group, a unit of Constellation Software Inc. Constellation announced July 14 it agreed to acquire Plano-based Optimal Blue for $700 million in an all-cash deal, which was seen as a way to help win regulatory approval for Intercontinental Exchange’s previously announced acquisition of Black Knight. Optimal Blue offers software and services to market participants as they price, lock, hedge and trade mortgages. The company’s product, pricing and eligibility engine, the Optimal Blue PPE, is used by thousands of originators to lock roughly 40 percent of mortgages in the U.S.

Black Knight’s Outside Counsel: Wachtell, Lipton, Rosen & Katz led by Edward Herlihy and Jacob Kling and Shearman & Sterling led by Rory O’Halloran and Cody Wright

Constellation Software’s Outside Counsel: Womble Bond Dickinson (US) led by Shari Bacsardi and Laura Wiley

Trinity Gas Storage attracts $189M in funding

Deal Description: Dallas-based Trinity Gas Storage announced Sept. 8 it attracted equity funding from Chicago private equity firm Transition Equity Partners along with debt financing led by Investec, which acted as joint lead arranger and administrative agent. The equity consortium includes Pan Capital Management, Abrdn, SailingStone Capital Partners and Rice Investment Group. The funding marks a milestone in the development of Trinity’s natural gas storage facility, which is set to play a role in fortifying energy security across the region, the company said. The new natural gas storage facility in East Texas will offer 24 billion cubic feet of natural gas storage capacity in the initial phase of the project. Construction begins immediately and operations are slated to start in mid-2024. The Trinity storage facility will provide a buffer to balance supply and demand for natural gas, allowing continued service even during times of peak electricity demand.

Transition’s Outside Counsel: Kirkland & Ellis led by corporate partners Richard Campbell and Adam Garmezy and associates James Long, Thomas Matteson and Brandon King and debt finance partner Brian Greene and associates Rafael Breves de Toledo and Meng Ding

SailingStone’s Outside Counsel: Latham & Watkins led by Houston partner James Garrett with associates John Daywalt and Vera Bespalova. Advice was also provided on tax matters by Houston partner Jared Grimley.

Pan Capital’s Outside Counsel: Willkie Farr & Gallagher led by Kris Agarwal and assisted by Brad Honeycutt, Archie Fallon and Tan Lu

Trinity Gas Storage’s Outside Counsel: Locke Lord with a team led by Kevin Peter, Jennie Simmons, Eric Larson and Case Towslee (all of Houston), along with John Arnold, Ben Cowan, Sara Longtain, Buddy Sanders, Jeremy Petersen, Andrew Nelson, and  Emily Howard (all also of Houston), as well as Jeffrey Escobar and Brennan Gumerove (both of New York).

Heliene raises $170M from Orion Infrastructure 

Deal Description: Heliene Inc, a provider of North American-made solar PV modules, announced Sept. 12 it closed $170 million in funding led by a group of key partners and customers. The funding includes $20 million in equity and $150 million in debt to be used for Heliene’s expansion. The $150 million credit facility was provided by Orion Infrastructure Capital, a North American infrastructure investment firm. The $20 million equity round included participation from OIC and 2Shores Capital, an Ontario-based private investment company. Two existing Heliene customers – Valta Energy and Bullrock Renewables – also joined the round. The news follows an August announcement that Nexamp has executed a supply agreement for 1.5 gigawatts to be delivered by Heliene over five years, the largest community solar module order in U.S. history, Heliene said. It will support the development and construction of 400 new community solar projects. Heliene has production facilities in Minnesota and Ontario, Canada. OIC has $3.5 billion in assets under management.

OIC’s Outside Counsel: Kirkland & Ellis led by debt finance partners Kelann Stirling and Layton Bell and associate Sharaf Islam, corporate partner Shubi Arora and associates Emma Balls and Andrew Daniels and tax partners Mark Dundon and Mike Masri and associates Nicole Martin and Griffin Peeples.

Learfield attracts $150M in recap

Deal Description: Plano-based Learfield, a media and technology company powering college athletics, announced Sept. 13 that it closed on a comprehensive deleveraging transaction with its lenders and equity partners. Through this transaction, Learfield reduced its outstanding debt by more than $600 million and secured $150 million in new equity investment, strengthening its financial position and providing additional capital to fuel innovation and growth across its five operating divisions. The company’s majority ownership is now made up of its lead capital providers, including Clearlake Capital Group, Charlesbank Capital Partners and funds managed by affiliates of Fortress Investment Group. Learfield’s previous equity holders will keep an equity stake in the company.

Learfield’s Outside Counsel: Kirkland & Ellis and Simpson Thacher & Bartlett

Learfield’s Financial Advisors: Moelis & Co. and Alvarez & Marsal

Learfield Lenders’ Outside Counsel: Paul, Weiss, Rifkind, Wharton & Garrison

Learfield Lenders’ Financial Advisors: Centerview Partners

Clearlake’s Outside Counsel: Sidley Austin including partners Mehdi Khodadad and Stephen Hessler in New York and Mark Castiglia in Century City

Current Equity Holders’ Outside Counsel: Latham & Watkins and Davis Polk & Wardwell

Revolving Lenders’ Outside Counsel: White & Case

Revolving Lenders’ Financial Advisor: BRG

GCM Grosvenor to partner with Vesper committing $100M

Deal Description: Vesper Energy, a Dallas developer, owner and operator of utility-scale renewable energy assets, announced Sept. 13 that publicly traded GCM Grosvenor Inc. committed to invest up to $100 million in Vesper over the next 12 months and acquire a minority ownership stake in the company. GCM Grosvenor, a global alternative asset management solutions provider, joins the existing investor group for Vesper led by Magnetar Capital, another alternative asset manager. GCM Grosvenor’s investment is part of its “Infrastructure Advantage Strategy,” which focuses on unlocking value in infrastructure through close partnership between labor, government and private capital. The investment will advance Vesper Energy’s portfolio of utility-scale solar, solar and energy storage and standalone energy storage projects. Vesper has a 17 gigawatt pipeline of solar and energy storage projects in North America.

GCM Grosvenor’s Financial Advisor: Thorndike Landing

GCM Grosvenor’s Outside Counsel: Allen & Overy

Vesper/Magnetar’s Financial Advisors: BofA Securities and Marathon Capital

Vesper/Magnetar’s Outside Counsel: Eversheds Sutherland led by partners Thomas Warren and Michael Gurion and associate Katie Wymer Clarke in Atlanta assisted by partner Wes Sheumaker, counsel Frank Comparetto and associate Jeremy Andreades

CertifID secures $20M in series B funding

Deal Description: CertifID, an Austin-based wire fraud protection company, announced Sept. 12 $20 million in new funding. CertifID’s series B raise was led by Minneapolis-based Arthur Ventures, which also invested in CertifID’s $12.5 million series A in May 2022. CertifID’s funding comes on the heels of strong adoption of its wire fraud protection software, insurance and recovery services, the company said. In the past year, CertifID claims that it has launched its most successful new product yet, PayoffProtect, doubled its customer base and forged new enterprise partnerships such as with global fin-tech company Acrisure.

CertifID’s Outside Counsel: Honigman

Bradford Airport Logistics snares investment from Bregal Sagemount

Deal Description: Bradford Airport Logistics, a provider of logistics services to airports and other transportation hubs, announced Sept. 12 that it received a significant growth equity investment from Bregal Sagemount, a private equity platform with a focus on growth investments in the U.S. and Europe. Terms weren’t disclosed, although Bregal Sagemount typically invests $20 million to $400 million for equity transactions. The investment will help Bradford pursue domestic growth opportunities, deploy a new global-growth initiative and support capabilities in design-build-finance-operate-manage models for centralized receiving and distribution centers. The partnership with Sagemount will also allow for capital to be deployed as opportunities materialize. Bregal Sagemount, with offices in New York, Palo Alto and Dallas, has raised more than $6.8 billion of capital.

Financial Advisor to Bradford: Imperial Capital led by John E. Mack III

Bradford’s Outside Counsel: Sidley Austin led by Atman Shukla (energy and infrastructure), Zackary Pullin (tax), Chris Folmsbee (energy and infrastructure), and John Brannan III (energy and infrastructure). The team also included Walter Deere, Kevin Hess, Austin Jacobs (energy andiInfrastructure); Aaron Mitchell (tax); Valerie Truong (technology and life sciences transactions); Lauren Gallagher and Greg Matisoff (employee benefits and executive compensation); Heather Palmer (environmental); and Ash Nagdev (privacy and cybersecurity).

Bregal Sagemount’s Outside Counsel: Goodwin Proctor led by Jared Spitalnick, Gregory Cage, Victoria Woodward, Kirill Kovalenko and Dylan Roth in New York and Allen & Overy

Additional Financing Providers: MUFG, ING and Barings

CenterOak Partners buys Guardian Access Solutions

Deal Description: CenterOak Partners, a Dallas-based private equity firm, announced Sept. 12 that it completed a majority recapitalization of Guardian Access Solutions. Terms weren’t disclosed, but CenterOak typically invests $30 million to $150 million in equity. Based in Nashville, Guardian provides maintenance, repair and installation of exterior access control equipment in the southeast U.S., including automatic gates, parking equipment, closed-circuit television and door access control systems and overhead doors. The current management team will continue to lead Guardian following CenterOak’s investment. CenterOak and its partners have managed more than $2.4 billion of equity capital commitments and completed over 150 transactions representing over $8 billion in value.

CenterOak’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Robert Little and including partner Joe Orien and associates Kiel Sauerman, Cody Wilson and Hayden McGovern. Partner Cromwell Montgomery and associates Matt Flores and Abby Joens-Witherow advised on financing, partner Michael Cannon and associate Blake Hoerster on tax and partner Krista Hanvey and associate Lucy Hong on benefits.  Partner Michael Murphy and associate Taylor Cathleen Amato advised on environmental aspects, partner Daniel Angel and associate Jacqueline Malzone on intellectual property and associate Zane Clark on investment funds.

Chevron acquires Haddington-backed Magnum Development

Deal Description: Chevron U.S.A. Inc., through its Chevron New Energies division, announced Sept. 12 it closed a transaction with Haddington Ventures to acquire Magnum Development and thus a majority interest in ACES Delta, a joint venture between Mitsubishi Power Americas Inc. and Magnum Development. Terms weren’t disclosed. ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah. The project plans to use electrolysis to convert renewable energy into hydrogen and will utilize solution-mined salt caverns for seasonal, dispatchable storage of the energy. The first project, designed to convert and store up to 100 metric tons per day of hydrogen, is under construction and expected to enter commercial-scale operations in mid-2025.

Chevron’s Financial Advisor: Citigroup Global Markets Inc.

Chevron’s Outside Counsel: Inosi Nyatta at Sullivan & Cromwell in New York

Chevron’s In-House Counsel: Brian Martin

Haddington’s Financial Advisor: Jefferies

Haddington’s Outside Counsel: Willkie Farr & Gallagher led by partner Archie Fallon. The team also included partner Robert Jacobson, counsel Jonathan Konoff and associates Joe Laurel, Sidney Nunez, Hayden Kursh and Tyler Kuhn.

Notes: In 2022, Haddington formed Haddington ESP I to provide construction equity for projects developed by ACES Delta, attracting a $650 million equity commitment from Alberta Investment Management Corp., GIC, Manulife Financial Corp. and Ontario Teachers’ Pension Plan Board with rights to increase the investment to $1.5 billion. Willkie’s Fallon advised Haddington and Sidley Austin partner Tim Chandler the investor group.

Lime Rock New Energy buys Power TakeOff

Deal Description: Power TakeOff, a software-enabled energy efficiency services company, announced Sept. 5 that funds managed by Lime Rock New Energy acquired a controlling interest in Power TakeOff from the company’s founding shareholder group. Terms weren’t disclosed. The Power TakeOff and Lime Rock New Energy teams will work closely to accelerate Power TakeOff’s growth and service offerings for utilities nationwide. Kevin Martin and Peter Widmer, co-CEOs of Power TakeOff, have also invested alongside Lime Rock New Energy and will to continue to lead the company.

Lime Rock’s Outside Counsel: Locke Lord led by DeLaina Mulcahy and Bill Swanstrom in Houston and David Ruediger in Boston. Additional assistance was provided by Chris Schrauff (Dallas) and Andrew Truong (Boston). 

Versatile Credit attracts investment from PSG

Deal Description: Versatile Credit, a provider of software connecting merchants, lenders and consumers to facilitate loans at points-of-sale, announced Sept. 13 an investment from PSG, a growth equity firm partnering with software and technology-enabled services companies. PSG’s Marco Ferrari and Chris Nesbitt will join Versatile’s board. Financial terms were not disclosed.

Versatile’s Financial Advisor: Vista Point Advisors

PSG’s Outside Counsel: Weil, Gotshal & Manges including partner David Gail and associates Niko Lane and Carson Parks

Bernhard-backed Allied Power acquires Dominion Engineering

Deal Description: Allied Group Holdings, a purveyor of power plant services backed by Bernhard Capital Partners, announced Sept. 14 that it acquired Dominion Engineering Inc., which provides field service equipment, technology and engineering services to the nuclear power industry. Financial terms were not disclosed. Baton Rouge- and Brentwood, Tenn.-based Bernhard is a services and infrastructure-focused private equity management firm established in 2013. It has deployed capital in four funds across several strategies with $3.4 billion of gross assets under management.

Allied’s Outside Counsel: Kirkland & Ellis led by corporate partner Bill Benitez and associates Michael Bassi and Brennon Nelson; and tax partners Mark Dundon and Ryan Phelps and associate Matthew Wahlquist.

DEI’s Financial Advisor: Baird

DEI’s Outside Counsel: Greenberg Traurig

Diamondback, Five Point Energy form Deep Blue Midland Basin

Deal Description: Diamondback Energy Inc. and Five Point Energy announced Sept. 11 the formation of a new joint venture entity Deep Blue Midland Basin. Terms weren’t disclosed. The joint venture claims to create the largest independent water infrastructure platform in the Midland Basin with substantial excess capacity in place to pursue third-party growth.

Deep Blue’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom and Winston & Strawn. From Skadden: The team includes M&A partner Eric Otness and associates Brittney Brescia and Libby Rudolf (Houston); tax partner Paul Schockett (Washington, D.C.) and associates Jeff Romero (Houston) and Caitlin Hird (Washington, D.C.); labor and employment partner David Schwartz and associate Emily Safko (New York); and executive compensation and benefits partner Erica Schohn and associate Loren Koles (New York).

Diamondback’s Financial Advisor: Piper Sandler

Diamondback’s Outside Counsel: Akin Gump Strauss Hauer & Feld led by corporate partner John Goodgame with support from U.S. oil & gas practice leader Stephen Boone. The team also included tax partner Alison Chen; labor and employment partner Desiree Busching; antitrust/competition partner Corey Roush; corporate counsel Leana Garipova and associates Courtney Beloin, Mary Day Royston and Madeline Sullivan; tax counsel Aaron Farovitch and Aaron Vera; antitrust/competition counsel Brian Rafkin; and environment & natural resources practice head David Quigley and senior counsel Andrew Oelz.

Sumitomo’s Perennial Power JV’s with Advantage to start Perennial Renewables 

Deal Description: Perennial Power Holdings Inc., a wholly owned unit of Sumitomo Corp. of Americas, inked a joint venture transaction with Advantage Capital to establish Perennial Renewables, a new limited liability company that develops renewable energy projects with a focus on solar power generation. Terms weren’t disclosed on the JV, which was announced Sept. 11. PR will focus on completing the development of AC’s portfolio, consisting of 2-plus gigawatts of solar generation across six states, and later will add new renewable energy projects. Located mainly in the Midwest and northeastern U.S., the projects are expected to be operational by the second half of 2024. Founded in 2002, Perennial Power maintains five renewable energy projects in the U.S. mostly made up of onshore wind power generation.

Perennial Power Holdings’ Outside Counsel: Norton Rose Fulbright led by Becky Diffen (Austin) and Erin Mitchell (Houston) and also included Shaileen Berlas (New York), Justin Lee (Los Angeles) and Lauryn Robinson (Austin). Additional support was provided by Julie Searle (Austin), Christine Fernandez Owen, Emily Beckman and Kayce Borders (Chicago), Bob Greenslade (Denver), Jamila Mensah and Kevin Gieseke (Houston), Marjorie Glover and Gabrielle Jacques (New York) and Hilary Lefko and Stefan Reisinger (Washington, D.C.).

Crowley, Seacor to create JV

Deal Description: Global maritime and logistics providers Crowley and Seacor Holdings, through its subsidiary Seabulk Tankers Inc., announced Sept. 13 an agreement to form a joint venture that will integrate their liquid energy and chemical transportation vessels, operations and related services into a new, independent U.S. Jones Act service provider, Fairwater Holdings. Terms weren’t disclosed. Fairwater will leverage and scale both entities’ operational and safety-focused capabilities to serve the U.S. domestic market with vessels and marine transportation solutions across the petroleum and chemical trades and related third-party ship management services. It will include 20 ocean-going, articulated tug-barges and 11 tankers, many under long-term charter. The JV will provide crewing and technical management for an additional 21 third-party owned vessels.

Expected Closing: Q1 2024 if it clears regulators

Crowley’s Outside Counsel: Vinson & Elkins led by partners Creighton Smith, Nettie Downs and John Michael and senior associate Jordan Fossee, with assistance from associates Tushar Parashar and Patrick Reintjes. Also advising were partner Todd Way and associate Dan Henderson (tax); partner Becky Baker and associate Peter Goetschel (employment/labor); partners Patricia Adams and David D’Alessandro, senior associate Brian DeShannon and associate Cassandra Zarate (executive compensation/benefits); partners Darren Tucker and Kara Kuritz, counsel David Smith and associate Adam Thomas (HSR); associates Ryan Bullard and Hunter Michielson (energy transactions/projects); partner Brett Santoli and senior associates Maya Bobbitt and Jen Bassett (finance); counsel Rajesh Patel and associate Haley Titcomb (technology transactions/IP); partner Matt Dobbins and associate Kelly Rondinelli (environmental); counsels Brian Howard and Elizabeth McIntyre and associates Pete Thomas and Connor Wilson (litigation); and associate David Smith (corporate).

Seacor’s Outside Counsel: Milbank and Watson Farley & Williams

CAPITAL MARKETS/FINANCINGS

Enbridge closes $3.4B share offering

Deal Description: Calgary-based Enbridge Inc. announced Sept. 8 that it closed its public offering of common shares by a syndicate of underwriters led by RBC Capital Markets and Morgan Stanley, together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets, Scotiabank and TD Securities as joint bookrunners. Enbridge issued 102.9 million common shares, including 13.4 million common shares issued to the full exercise of the underwriters’ over-allotment option. Gross proceeds from the offering are C$4.6 billion ($3.4 billion). Enbridge intends to use the net proceeds to finance a portion of the cash consideration payable for the purchase of local distribution company gas utilities in the U.S. from Dominion Energy Inc. announced Sept. 5.

Underwriters’ U.S. Outside Counsel: Baker Botts including corporate partners Joshua Davidson and Natasha Khan with help from senior associate Garrett Hughey and associates Marshall B. Heins II and Chelsea Johnson.

Ovintiv prices $684.8M offering of shares by selling stockholder

Deal Description: Ovintiv Inc. announced Sept. 11 the pricing of an underwritten public offering of 15 million shares of its common stock by NMB Stock Trust for gross proceeds of $684.8 million. The company won’t sell any shares in the offering and won’t receive any proceeds. The offering was expected to close on Sept. 13. J.P. Morgan is acting as underwriter. The company agreed to purchase from the underwriter 1 million out of the 15 million shares in the offering at a price per share equal to the price at which the underwriter will purchase the shares from the selling stockholder.

Ovintiv’s Outside Counsel: Gibson, Dunn & Crutcher with a corporate team that included partners Cynthia Mabry and Hillary Holmes and associates Justine Robinson, William Bald and Matthew Goldstein.  Partner Pamela Lawrence Endreny and of counsel Jennifer Sabin advised on tax.

Diamond Offshore Drilling units launch upsized $550M private placement of notes

Deal Description: Diamond Foreign Asset Co. and Diamond Finance, wholly owned subsidiaries of Diamond Offshore Drilling Inc., announced Sept. 12 they priced their upsized offering of $550 million in 8.5 percent senior secured second lien notes due 2030. The offering was expected to close on Sept. 21. The company intends to use the net proceeds to fully repay and terminate its term loan credit facility, redeem in full its senior secured first lien PIK toggle notes due 2027 and repay all of the borrowings outstanding under its senior secured revolving credit agreement. The company intends to use any remaining net proceeds for general corporate purposes.

Initial Purchasers’ Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Ryan Maierson and Austin partner David Miller with associates Om Pandya, Zainab Hashmi, Wole Oluborode, Natasha Kalaouze and Dalyn Dessaure. Advice was provided on finance matters by Houston partner Pamela Kellet with associate Kirby Swartz; on tax by Houston partner Jim Cole with associate Dylan White; on executive compensation, employment and benefits by Houston counsel Krisa Benskin; on environmental by Houston/Los Angeles partner Joshua Marnitz; and on sanctions by Washington, D.C. partner Eric Volkman, with associate Julie Shin.

Diamond’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Mark Kelly, David Stone and Mike Telle with assistance from senior associate Alex Lewis and associates Cole Leveque, Alex Riddle and Hope Kaady. The finance team was led by partner Brett Santoli with assistance from counsel Noelle Alix, senior associates Jen Bassett and Maya Bobbitt and associates Hayley Johnson and Lary Yau. Other key team members included partner Wendy Salinas and associate Tyler Underwood (tax); counsel Corinne Snow and associate Alyssa Sieja (environmental); counsels Elizabeth McIntyre and Brian Howard and associate Pete Thomas (sanctions); partner John Michael and associates Ryan Bullard and Hunter Michielson (energy transactions/projects).

Sunoco prices $500M private offering of senior notes

Deal Description: Sunoco announced Sept. 13 that it priced a $500 million private offering of 7 percent in senior notes due 2028. Sunoco Finance Corp., a wholly owned direct subsidiary of Sunoco, will serve as co-issuer of the notes. The sale is expected to settle on Sept. 20. Sunoco intends to use the net proceeds to repay a portion of the outstanding borrowings under its existing $1.5 billion revolving credit facility.

Initial Purchasers’ Outside Counsel: Sidley Austin including partners Jon Daly and Johnny Skumpija assisted by Tanner Groce and Alan Williams

Issuer’s Outside Counsel: Vinson & Elkins with a team led by partners Jackson O’Maley and David Stone with assistance from associates Markeya Brown, Nate Richards, Ryan Polk, Jacqueline Cummings and Patience Li. Also advising were partner Lande Spottswood (corporate); partners Wendy Salinas, Ryan Carney, Jim Meyer and associate Tyler Underwood (tax); partner James Longhofer and associate Joe Kmak (finance); counsel Rajesh Patel and associate Warner Scott (technology/IP); partner Damien Lyster and associate Ryan Hoeffner (energy regulatory); partner Matt Dobbins and associate Simon Willis (environmental); and counsel Missy Spohn (executive compensation/benefits).

Patterson-UTI Energy launches $400M offering of senior notes

Deal Description: Patterson-UTI Energy Inc. priced Sept. 11 a registered underwritten public offering of $400 million in 7.15 percent senior notes due 2033. The company intends to use the net proceeds to repay outstanding borrowings under its revolving credit facility and for general corporate purposes. Goldman Sachs Group, U.S. Bank and Wells Fargo Securities are the underwriters.

Patterson-UTI Energy’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Tull Florey and included associates Justine Robinson and Caitlyn Fiebrich.  Partner Michael Cannon and associate Blake Hoerster advised on tax.

Underwriters’ Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partners Ryan Lynch and Ryan Maierson with associates Clayton Heery, Sydney Verner and Molly Elkins. Advice was also provided on tax matters by Houston partner Jim Cole with associate Christine Mainguy and on environmental matters by Houston/Los Angeles partner Josh Marnitz, with associate Cody Kermanian.

Crescent Energy prices upsized $154.9M public offering of Class A common stock

Deal Description: Houston-based Crescent Energy Co. announced Sept. 6 the pricing of an underwritten, upsized public offering of 11 million shares of its Class A common stock at a price to the public of $12.25 per share, or $154.9 million. The offering represents a 1 million share upsize to the originally proposed 10 million share offering. The company intends to use the net proceeds to fund a portion of the purchase price for the recently announced acquisition of interests in oil and gas properties, rights and related assets primarily in Dimmit and Webb Counties, Texas, a deal that is expected to close this month. If the acquisition is not completed, proceeds of the offering will be used for general corporate purposes. The company granted the underwriters a 30-day option to purchase up to an additional 1.65 million shares of Class A common stock at the public offering price, less the underwriting discounts and commissions. The offering was expected to close on Sept. 11.

Managers: Wells Fargo Securities, KKR Capital Markets, Evercore Group, Raymond James & Associates Inc., Mizuho Securities USA and Truist Securities Inc. as book-running managers; Stephens Inc. and TPH&Co., the energy business of Perella Weinberg Partners, are co-managers.

Underwriters’ Counsel: Simpson Thacher including David Azarkh, Brian Rosenzweig, Richie Ragusa, Maggie Selbe and Luke Riel (capital markets); Michael Mann and Scott Grundei (tax); Mark Natividad (IP); Pasco Struhs (compensation/benefits); Michael Isby and Deepa Sarkar (environmental); Abram Ellis and Christine Tillema (regulatory); and Jennie Getsin (Blue Sky).

Crescent’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Doug McWilliams and Jackson O’Maley with assistance from senior associate Alex Lewis and associates Nate Richards, Chase Browndorf, Autumn Simpson and Kylie Paradowski. Also advising were partner Lina Dimachkieh and associate Jeff Slusher (tax); and partners David D’Alessandro and Dario Mendoza and associates Maddison Riddick and Cassandra Zarate (executive compensation/benefits).

Crescent Energy prices upsized $150M private placement of more senior notes

Deal Description: Crescent Energy Co. announced Sept. 7 that its indirect subsidiary Crescent Energy Finance priced its previously announced private placement pursuant of $150 million in 9.25 percent senior notes due 2028. The size of the offering was increased from the previously announced $125 million to $150 million. The notes mature on Feb. 15, 2028. The issuer intends to use the net proceeds to fund a portion of the purchase price for the recently announced acquisition of interests in oil and gas properties, rights and related assets primarily in Dimmit and Webb Counties, Texas, a deal expected to close this month, and the remaining net proceeds will be used to repay a portion of the amounts outstanding under its revolving credit facility. The offering is expected to close on Sept. 12.

Crescent’s Outside Counsel: Vinson & Elkins with a corporate team led by partners Doug McWilliams, Jackson O’Maley and David Wicklund with assistance from senior associate Alex Lewis and associates Nate Richards, Chase Browndorf, Autumn Simpson and Kylie Paradowski. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax) and partners David D’Alessandro and Dario Mendoza and associates Maddison Riddick and Cassandra Zarate (executive compensation/benefits).

Initial Purchasers’ Counsel: Simpson Thacher including David Azarkh, Brian Rosenzweig, Richie Ragusa, Maggie Selbe and Luke Riel (capital markets); Michael Mann and Scott Grundei (tax); Mark Natividad (IP); Pasco Struhs (compensation/benefits); Michael Isby and Deepa Sarkar (environmental); Abram Ellis and Christine Tillema (regulatory); and Jennie Getsin (Blue Sky).

SilverBow Resources launches $148M secondary

Deal Description: SilverBow Resources Inc. announced Sept. 13 the upsize and pricing of its previously announced underwritten public offering of its common stock. The size of the offering increased from the previously announced 3 million shares to 4 million shares, which includes 2.8 million shares offered by the company and 1.189 million shares offered by an affiliate of Strategic Value Partners at a price to the public of $37 per share. The company and the selling stockholder granted the underwriters a 30-day option to purchase up to an additional 600,000 shares, upsized from the previously announced 450,000 shares. The offering is expected to close on or about Sept. 18. The company intends to use the net proceeds to repay a portion of the amounts outstanding under its senior secured revolving credit facility and for general corporate purposes. It will subsequently use borrowings under its credit facility and proceeds from its amended second lien notes to fund the purchase price for the company’s pending acquisition of Chesapeake Energy Corp.’s oil and gas assets in South Texas.

Managers: Citigroup, Mizuho and Johnson Rice & Co.; Truist Securities, BofA Securities, KeyBanc Capital Markets, Capital One Securities and Barclays; PNC Capital Markets and CIBC Capital Markets; and Fifth Third Securities, Northland Capital Markets, Tuohy Brothers and Regions Securities

SilverBow’s Outside Counsel: Gibson, Dunn & Crutcher led by partners Hillary Holmes and Cynthia Mabry and including associates Justine Robinson, Malakeh Hijazi, and Mason Gauch

Underwriters’ Outside Counsel: Shearman & Sterling including Texas attorneys Bill Nelson and Emily Leitch

Recoil Resources attracts financing from Valor Upstream Credit Partners

Deal Description: Recoil Resources, a privately held oil and gas company focused in the oil window of the Eagle Ford shale, announced Sept. 14 that it closed a senior secured term loan with Valor Upstream Credit Partners. Terms weren’t disclosed. VCP is a dedicated upstream credit fund formed by Riverstone Credit Partners and energy trader Vitol. Charles Cusack, CEO of Recoil, said in a release that the company chose VCP due to its long-term view and alignment with its objective of continuing to develop its position in the Eagle Ford oil window and generate high returns for its equity owners. Daniel Flannery, managing director at Riverstone Credit, said Recoil is VCP’s first transaction, having formed in June. Recoil was founded in 2018 with an initial acquisition in Wilson County and since then has drilled and completed 44 Eagle Ford wells.

Valor’s Outside Counsel: Kirkland & Ellis led by debt finance partners Lucas Spivey and James Bedotto and associates Purun Cheong and Brock Baker with support from corporate partner Shubi Arora and tax partner David Wheat.