Private equity continues to be the king of capital.
Last year private equity fundraising surpassed $500 billion for the fourth consecutive year, according to data released last week by Preqin.
While the $595 billion raised came in lower than the previous year, which hit $628 billion, the average buyout fund size grew to $1.567 billion from $1.012 billion in 2018 and the average time spent in market decreased to 13 months, the lowest level ever seen, the firm said. That helped push the industry’s assets under management across the $4 trillion mark, putting private equity on course to reach $5 trillion by the end of 2022.
The asset class is benefiting in part from widespread anticipation of a market downturn among fund managers and investors, the firm said. Almost nine out of 10 investors expect to maintain or increase their allocations in 2020 – and almost half of fund managers think the position of the market cycle will have a big impact on private equity in the months ahead.
Christopher Beales, executive editor of the report, said in the release that private equity’s enormous expansion seems to be accelerating, with the industry on course to add almost $1 trillion a year for the next five years. He added that investor demand remains strong and sustained and fund managers are able to offer robust returns even in a low-interest environment, which has fueled a “virtuous cycle” of growth.
“But it’s not all good news: The fundraising marketplace is more crowded than ever before, making it difficult for fund managers to stand out and for investors to find the right funds for them,” he said. “Dealmaking is equally challenging, as high asset pricing is putting pressure on future returns. The industry is fundamentally strong, but 2020’s waters will be tricky to navigate.”
Meanwhile, among Texas lawyers, dealmaking reached 18 transactions valued at $6.08 billion last week, down from the previous week’s 21 deals worth $20.9 billion but mixed when compared with the 14 transactions valued at $6.4 billion at the same time last year.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 23-Nov-24 | 15 | $4,553 | 15 | 145 | 11 | $3,379 | 4 | $1,174 |
| 16-Nov-24 | 17 | $11,488 | 11 | 245 | 13 | $10,186 | 4 | $1,303 |
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
Fourteen firms and 123 attorneys were involved in the work, which included 14 M&A/private equity/venture capital transactions valued at $2.595 billion and 4 capital markets/financings transactions worth $3.485 billion.
M&A/PRIVATE EQUITY/VENTURE CAPITAL
Shell finalizes sale of Martinez refinery to PBF for $1.2B
Royal Dutch Shell unit Equilon Enterprises, which does business as Shell Oil Products U.S., said Feb. 1 that it completed its previously proposed sale of its refinery and integrated logistics assets in Martinez, Calif., to PBF Energy Inc., a unit of PBF Holding Co., for $1.2 billion.
Shawn Carolan, Shell’s associate general counsel of downstream acquisition and divestments in Houston, led the deal team, sources said. Baker Botts and Alvarado Smith were Shell’s outside counsel, according to a document filed with the Securities and Exchange Commission.
A Baker Botts spokeswoman said the work for the transaction was done at an office outside of Texas but wouldn’t comment further.
Cleary Gottlieb Steen & Hamilton was PBF’s antitrust counsel. The firm also advised PBF on its $537.5 million acquisition of Exxon Mobil’s Torrance, Calif., refinery, in 2016.
Finalized on Feb. 1, the transaction includes the sale of the 157,000 barrel per day dual-coking refinery, adjacent truck rack and terminal, existing refinery inventory, crude oil supply, product offtake agreements and other adjustments, Shell said.
The deal was originally announced on June 11 for $1 billion. The divestment is part of the company’s strategy to reshape its efforts toward a smaller, “smarter” refining portfolio focused on further integration with Shell trading hubs, chemicals and marketing to drive “resilient returns.”
As part of the agreement, Shell and PBF entered into market-based, crude oil supply and product offtake agreements to continue supplying Shell-branded businesses.
In a separate release, PBF said it paid $960 million plus the value of hydrocarbon inventory for the assets, which it financed with cash, proceeds from a $1 billion private debt offering in January and borrowings under its revolver.
“The acquisition of Martinez is a significant strategic step for PBF as we expand our West Coast operations,” PBF chairman and CEO Tom Nimbley said in the statement.
Last month Shell said it could boost its divestments given its sharp earnings decline last year. It had planned to sell $10 billion in assets over the 2019-2020 time period, half of which has been achieved, but CEO Ben van Beurden said the company was working on divestitures that could reach $13 billion.
The oil and gas giant has also been making some acquisitions, including partnering with Equinor to buy 49% of the Bandurria Sur onshore block in Argentina’s Neuquén province from Schlumberger for $177.5 million each. Belinda Senneway, Shell’s legal counsel for upstream unconventionals in Houston, worked on that transaction, according to a source.
Latham advises CenterPoint on $850M sale of pipelines to PowerTeam
Latham & Watkins said Feb. 3 it advised Houston-based CenterPoint Energy Inc. on its sale of Miller Pipeline and Minnesota Ltd. to infrastructure services provider PowerTeam Services for $850 million in cash.
Houston partners Ryan Maierson and Nick Dhesi led the team team, which included associates Blake Berkey, Lexi Udeh, Kate Wang and Jessica Sherman, also of Houston.
Houston partners Tim Fenn and Bryant Lee with associate Jared Grimley advised on tax matters; Houston partner Catherine Ozdogan and associate Michelle Synhorst counseled on finance; and Houston partner Joel Mack assisted on environmental.
CenterPoint’s general counsel is Jason Ryan, who was named to the post in April of last year. He previously was senior VP of regulatory services and government affairs at the company, which he joined in 2009. The University of Texas law grad previously was managing partner at the energy law firm Ryan Glover, a global projects attorney at Baker Botts and an officer in the U.S. Navy.
CenterPoint said it would use the net proceeds to repay part of its outstanding debt.
UBS Securities analysts Aga Zmigrodzka and Shneur Gershuni said in a note that the transaction is positive as it should eliminate CenterPoint’s equity needs this year, which the firm estimates at $600 million. The move also will reduce the dilution of its regulated earnings and lower its exposure to non-regulated assets in its business mix, they said.
“We believe that the asset sale should reduce the overhang related to the unfavorable Houston Electric rate case outcome as many investors feared a large equity block,” they said.
Willkie advises Rocky Creek, RCR Midstream, Delago on $185M asset sale to Marathon
Willkie Farr & Gallagher said Feb. 4 that it represented Rocky Creek Resources, RCR Midstream and Delago Holdings on the sale of $185 million worth of assets in South Texas’ Eagle Ford Shale to Marathon Oil corp.
The transaction was handled by partners Michael Piazza and Cody Carper and associates Will Thanheiser, Lynn Abell and Luisa Davis. Partner Robert Jacobson and associate Yaniv Maman counseled on tax matters. BMO Capital Markets provided financial advice to the sellers.
Marathon general counsel Reggie Hedgebeth didn’t respond to requests for his in-house and outside counsel on the deal.
Rocky Creek is a joint investment between Boomtown Oil, Juniper Capital Advisors and Delago Resources.
Marathon Oil Corp. announced the acquisition – which is a bolt-on to its Shiner development area primarily in Lavaca County -– as part of its third-quarter earnings on Nov. 6. The sellers weren’t named.
The deal included about 7,000 net barrels of oil equivalent per day of production and associated midstream infrastructure and cores up a 70-well, long-lateral development with potential upside.
Capital One Securities Inc. analyst Phillips Johnston said in a Nov. 7 noted that the production is 36% oil, which “may raise some eyebrows” as it’s below Marathon’s 55% to 60% oil average in the Eagle Ford.
Marathon has been picking up other assets, including 40,000 net acres in Ward and Winkler counties in West Texas’ Delaware Basin from an unnamed seller for $106 million, according to the company’s third quarter report.
V&E, Reed Smith advise on Plains’ $155M sale of Saddlehorn pipeline stake to Black Diamond
Vinson & Elkins said Feb. 6 it advised Plains All American Pipeline on the sale of a 20% stake in the Saddlehorn pipeline to Black Diamond Gathering, a joint venture between Noble Energy affiliate Noble Midstream Partners and EnCap Flatrock Midstream-backed Greenfield Midstream, for $155 million.
Saddlehorn is jointly owned by affiliates of Plains as well as Magellan Midstream Partners and Western Midstream Partners.
Partner Doug Bland led the deal team with assistance from associates Yianni Georgeton and Caroline Kuehn.
Other Texas lawyers from the firm were partner Larry Nettles on environmental; partners Stephen Jacobson and David D’Alessandro, senior associate Kristy Fields and associate Mary Daniel Morgan on executive compensation/benefits; partner Todd Way and associate Christine Mainguy on tax; partner Sean Becker on labor/employment; and associate Kallie Gallagher on antitrust along with a partner in the firm’s Washington, D.C., office.
Reed Smith partner Gary C. Johnson advised Greenfield. He previously counseled the company on Black Diamond Gathering’s formation and its purchase of Saddle Butte Rockies Midstream in 2017 for $625 million.
Johnson was assisted by fellow energy and natural resources partners Peggy Heeg in Houston and Jorge Gutierrez in Dallas along with associates Ali Burner in Austin and Jim Pappenfus in Houston. Houston partner Ricky Raven in the firm’s global commercial disputes group is the client relationship lawyer for Greenfield.
Jones Day represented Noble Midstream in connection with the option negotiation and exercise as well as related negotiations with Greenfield.
The transaction team was led by Houston partner Jeff Schlegel and associate Alex Wilde with assistance from Dallas partners John Mazey (finance) and Lindsay Hedrick (labor and employment) and Dallas of-counsel Martha Wach (real estate) and Houston associates Kit Rockhill, Zahra Usmani and Brittany Brescia (energy). The commercial negotiation team was led by Houston partner James Olson (energy) and associate Will Mason (energy) with assistance from associate Duggan Baker (energy).
Plains’ in-house counsel on the deal were senior attorney/VP of law for M&A Carol Sandvick, who has been at the company for 12 years, and corporate attorney Patrick Sanford, who joined last year after working as an associate at Latham. Plains’ general counsel is Richard McGee, who joined from Duke Energy in 2009. He previously practiced at V&E for 12 years.
Christopher Dial is general counsel of The Woodlands-based Western Midstream, which he joined from American Midstream Partners. He previously was general counsel of Susser Holdings II and was in private practice at Andrews Kurth.
Black Diamond previously was granted the option as part of recent volume commitments to the pipeline, which is capable of transporting 190,000 barrels per day of crude oil and condensate from the DJ and Powder River basins to storage facilities in Cushing, Okla. Magellan operates the pipeline while Noble manages Black Diamond.
Saddlehorn is expanding by 100,000 barrels per day to a new total capacity of 290,000, which will be available in late 2020 following the addition of incremental pumping and storage capabilities. Black Diammond doesn’t haven’t to invest any more capital for the expansion.
Black Diamond said the pipeline acquisition provides it entry into high multiple, stable cash flows at a competitive valuation. It expects the acquisition to generate returns above organic capital options and bolster the quality and diversification of its cash flows.
Black Diamond anticipates cash distributions from Saddlehorn in the first quarter. Noble Midstream expects the acquisition to be leverage neutral to 2020 credit metrics and to pay for its share of the acquisition through cash on hand and its revolver.
Noble Midstream president and COO Robin Fielder said in the release that the accretive transaction represents a rare opportunity to buy into a largely contracted pipeline with high-quality producers and midstream operators.
V&E advises Preferred Apartment Advisors on $154M purchase of managers
Vinson & Elkins said Feb. 3 it advised Preferred Apartment Advisors and NMP Advisors on their sale to Preferred Apartment Communities Inc. for $154 million as part of an internalization of functions. The buyer could pay an additional $25 million in additional earn-out consideration.
The V&E corporate team was led out of Washington, D.C., but included senior associate Jing Tong and associates Burke Wendt, Alex Lewis and Chandler Jones.
Other Texas lawyers advising were associate Daniel Henderson on tax; partner Sean Becker on labor/employment; partner Shane Tucker and counsel Dario Mendoza on executive compensation/benefits; and partner Matt Dobbins and senior associate Jennifer Cornejo on environmental.
Others were partner Chris Popov on litigation; partner Devika Kornbacher and senior associate Sean Hill on technology transactions/intellectual property; counsel Scot Dixon on real estate; and senior associate Alex Kamel on finance.
Alston & Bird was legal advisor to Preferred Apartment Communities’ special committee on the transaction and Houlihan Lokey was its financial advisor. Moelis was financial advisor to the sellers.
Howard McLure, chair of the special committee, said the purchase of the manager and submanager will lead to substantial cost savings (an estimated $32 million this year) and a simplified structure with greater alignment between stockholders and management.
Atlanta-based Preferred Apartment Communities is a real estate investment trust that primarily owns and operates Class A multifamily properties, with some investments in grocery anchored shopping centers, Class A office buildings and student housing properties. As of Sept. 30, it owned 101 properties in 15 states, predominantly in the Southeast.
Katten advises Tricolor on securing $30M to expand platform
Dallas-based community development financial institution Tricolor said Feb. 6 that it received a $30 million preferred equity investment from an unnamed global institutional investor to expand its technology for selling and financing the purchase of used vehicles.
Katten partners Mark Solomon and Peter Bogdanow in Dallas counseled the group with associates Ethan Post and special counsel Aaron Pinegar handling tax. Houlihan Lokey was Tricolor’s financial advisor.
Tricolor and affiliate Ganas Auto Group operate 36 retail dealerships across 12 markets in Texas and California as well as a shared services center in Guadalajara, Mexico. The two companies have served nearly 50,000 customers and disbursed nearly $1 billion in auto loans.
The company said financially underserved customers in America spent $48 billion in fees and interest on subprime and “buy here pay here” auto loans in 2018, citing to a recent report from the Financial Health Network.
Led by CEO Daniel Chu, Tricolor said it’s transforming the car buying experience and helping to eliminate unnecessary fees by aligning customer impact with business outcomes and leveraging advanced technologies like artificial intelligence and machine learning.
Katten advises Worlds on $10M funding from Align
Worlds, a Dallas-based spatial artificial intelligence company spun out of Hypergiant Sensory Sciences, said Feb. 6 it raised $10 million in Series A funding led by Align Capital.
The round was joined by investors including Chevron Technology Ventures, PIVA and Hypergiant Industries. Other backers include Capital Factory and GPG Ventures.
Courtney Lynch, senior counsel at Chevron in San Francisco who worked on the deal in-house, said Katten counseled the company, including partner Joe Hoffman in Dallas.
The company plans to use the funds to continue to advance its development efforts.
Worlds is led by CEO Dave Copps and COO Chris Rohde, both former Hypergiant executives who sold their natural language processing startup Brainspace to Cyxtera Technologies in 2017.
The company provides a platform that combines deep learning and internet of things inside of a 4D environment to allow organizations to observe their physical space and then analyze and learn from their surroundings.
Its initial focus is on critical infrastructure, including in the energy industry and for the military. Its customers include Chevron and Petronas.
“Our investment in Worlds reflects our belief that digital innovation plays a critical role in accelerating business value at Chevron,” Chevron Technology Ventures president Barbara Burger said in the release. “CTV evaluates digital technologies that can help Chevron make better and faster decisions to enable us to deliver on our mission to produce reliable, affordable and ever-cleaner energy.”
Wilson Sonsini, Block Garden advise on Pattern’s $6.4M in funding from Omnimed
Austin-based Pattern Bioscience said Feb. 4 it closed a $6.4 million series B funding round with the help of Wilson Sonsini.
Austin partner Scott Craig led the deal team, which included associates Ani Avagyan and Nick Haenel, Pattern’s VP of business development and marketing Kyle Fieleke told The Texas Lawbook.
Lead investor Omnimed Capital of Dallas was represented by Block Garden & McNeill in Dallas led by partner Warren Garden.
Pattern, formerly operating as Klaris Diagnostics, also announced a non-dilutive award of up to $6.8 million from CARB-X, a non-profit partnership dedicated to accelerating early stage antibacterial research and development to address the rising global threat of drug-resistant bacteria. It’s based at Boston University School of Law.
If Pattern achieves certain development milestones, the company will be eligible for up to an additional $15.1 million. Pattern said the total potential award represents one of the largest from CARB-X since it was launched in 2016.
Co-founded in 2016 and led by CEO Nick Arab, Pattern plans to use the funding to expand its team and facilities and advance product development as it works toward FDA clearance of its patented clinical microbiology diagnostics platform.
Physicians must often prescribe antibiotics days before test results are available, leading to up to 50% of such medications in hospitals being inappropriate, Pattern said, citing the Centers for Disease Control and Prevention.
Pattern aims to eliminate the guesswork by providing definitive test results within four hours from a simple test, which combines single cell analysis with artificial intelligence to recognize bacteria and predict drug susceptibility.
Culhane Meadows represents OneDine on $5M funding
OneDine, a Plano-based developer of tableside restaurant technology, raised $5 million in Series A funding, giving it a $95 million pre-money valuation.
The funding came from unidentified private family trust. Austin-based TMW Capital and New York-based Hidden Lake Asset Management also are investors.
Alicia L. Goodrow, a partner at Culhane Meadows, represented OneDine, its founder and CEO Rom Krupp told The Texas Lawbook.
The company plans to use the funding to quadruple its staff to 100 by year-end.
Started in 2017, the OneDine platform allows customers to place orders from their restaurant tables via digital menus on their phone without the need of a server. It began generating subscription sales a few months ago.
Kirkland advises Orix Capital on its acquisition of Specialty Welding
Kirkland & Ellis said Feb. 3 it advised Orix Capital Partners on its acquisition of a majority interest in Specialty Welding and Turnarounds, a provider of such services to the oil and gas refinery, petrochemical and industrial markets.
The seller was Houston-based Hastings Equity Partners, which with management will continue to be investors in the company. Hastings bought Specialty Welding in 2017 for an undisclosed sum.
Orix is part of Orix USA, a unit of publicly traded Japanese financial services giant Orix Corp.
The Kirkland team was led by corporate partners Kevin Crews, Dvir Oren and Dilen Kumar and associates Ben Hardison, Monica Dion, Tess Dennis and Dawson Kirkland. Locke Lord counseled Hastings with a team based in Providence.
Cadence Bank led the financing for the transaction.
President Johnny Holifield and VP Jimmy Quick founded Specialty Welding in 2014 in response to the industry’s growing need for better execution, quality and technical expertise during regularly planned shutdowns.
Orix managing director Craig Kahler said in a release that the company’s focus on specialty welding and turnaround services and its craftsmanship have driven an exceptional performance in what has become a best-in-class provider.
The Gonzales, La.-based company has master service agreements with more than 50 U.S. facilities, including some of the world’s largest oil refineries. It has offices in Louisiana, Texas and California, a coverage area of 14 states and a nationwide database of 4,000 craft professionals.
Founded in 1964, Orix Corp. operates in 38 countries and regions, is investment grade-rated and has $107 billion in assets and $356 billion in assets under management.
Jones Day aids J.F. Lehman on Integrated Global Services acquisition
Jones Day confirmed Feb. 7 that it counseled an affiliate of J.F. Lehman & Co. on its acquisition of Integrated Global Services, which provides surface protection solutions and technologies for energy, power generation and other industrial markets. Financial terms weren’t disclosed.
The lead lawyers were partners Robert Cardone and Alain Dermarkar, who have since announced they are moving to Shearman & Sterling’s new Dallas office.
Kirkland & Ellis provided legal counsel to the selling shareholders and Harris Williams was Integrated Global Services’ financial advisor. Benefit Street Partners provided debt financing for the transaction.
The acquisition is the first platform investment by JFLCO’s latest fund, JFL Equity Investors V.
Headquartered in Richmond, Va., IGS provides technologies and services that solve metal wastage and reliability problems in mission-critical equipment found across energy, power generation and other industrial end markets.
JFLCO partner Alex Harman said IGS will join its growing portfolio of companies in the environmental and technical services sector. CEO Rich Crawford appears to be staying on.
Sidley advises United on purchase of Westwind School of Aeronautics
Sidley Austin said Feb. 5 it represented United Airlines Inc. on its agreement to acquire Westwind School of Aeronautics, a Phoenix flight training academy. Terms weren’t disclosed.
The team included partner E. Anna Ha, associates Angela K. Daniel and Tiffany Van and partner Kevin Lewis, all Houston.
United said the deal expands its Aviate pilot recruitment and development program, which was launched last year, and will make it the only major U.S. carrier to own a flight training academy.
The United Aviate Academy will give the airline more visibility and direction over recruiting, developing and training future pilots and help it boost the percentage of women and minorities who become pilots.
The airline also plans to reduce financial barriers to joining the program by engaging with financial institutions to offer attractive financing terms, such as industry-tailored grace periods and competitive interest rates. It also aims to offer scholarships.
The airline expects around 300 students to graduate from the United Aviate Academy in its first year of operation. United anticipates hiring more than 10,000 pilots by 2029.
Quantum-backed Trace Midstream, Gemini Midstream combine teams
Trace Midstream and Gemini Midstream of Houston—both Quantum Energy Partners-backed companies — combined management teams to focus on growth and expansion of the Gemini Carthage Pipeline, a 50-mile natural gas system in Harrison and Panola Counties, Texas. Terms weren’t disclosed.
Lance Schuler handled the deal in-house for Quantum with assistance from Vinson & Elkins senior associate Robert Hughes, associate Sara Bloom, partner Sean Becker, counsel Christie Alcalá and senior associate Kristy Fields.
Locke Lord said Feb. 14 that it counseled Trace’s management, including partners Kevin Peter and Mitch Tiras and associate Jennie Simmons in Houston.
The system will be capable of delivering more than 1.2 billion cubic feet per day of high pressure, dry natural gas into the Carthage area.
The combined team will operate as Trace Midstream with Trace founder Josh Weber remaining as CEO and Gemini CEO John O’Shea becoming chairman. Gemini’s natural gas assets in the Haynesville region of East Texas will be operated and managed by Trace.
“Since its initial in-service date of May 2019, GCP [the pipeline] has seen a significant ramp in volumes from its two anchor producers, Rockcliff Energy and Tanos Exploration,” Weber said in a statement. “GCP offers its customers access to premium and growing liquified natural gas export and industrial markets along the Texas and Louisiana Gulf Coast.”
Trace also has begun construction of the Gemini Gulf Coast Pipeline, a new 36-inch, 150-mile natural gas pipeline capable of delivering 1.5 billion cubic feet per day of natural gas to downstream markets in the Beaumont area. Phase I of GGCP is expected to be operational in May.
Trace will remain headquartered in Houston and continue to operate its East Texas assets from its field office in Marshall.
Founded in 1998, Houston-based Quantum provides private equity capital to the global energy industry. With its affiliates, it’s managed more than $17 billion in equity commitments since inception.
Jones Walker advises on SRI Energy shareholder buyout
Global advisory firm Stout Risius Ross said Feb. 6 that it advised certain investors in SRI Energy Inc., including the senior management team, on the acquisition of all remaining outstanding shares in SRI Energy Inc. and SRI Energy Valves Pvt. Ltd. from other shareholders for an undisclosed sum.
Jones Walker served as U.S. legal counsel on the transaction, including Houston partner James “Jim” Noe, who joined the firm in 2018 after serving as CEO and executive director of CH Offshore, CEO of Falcon Energy Group, general counsel at Hercules Offshore and chief corporate counsel at BJ Services. Mulla & Mulla & Craigie Blunt & Caroe was Indian legal counsel.
Stout managing director Todd Parsapour, who is head of the firm’s energy investment banking group in Houston, led the transaction with help from Nick Dreps and Conrad Hahne.
SRI, which is based in Houston with additional manufacturing operations in India, provides oilfield equipment and systems used in the drilling and production of oil and gas, including valves, flowheads, choke and kill manifolds and standpipe manifolds. The company has become a leader in engineering high-pressure and high-temperature valves and pressure control equipment used in subsea and other extreme drilling and production applications.
SRI CEO and president Radha Sundararajan said the transaction will enable the firm to streamline its strategic growth initiatives, benefiting its employees, customers and suppliers.
CAPITAL MARKETS/FINANCINGS
Locke Lord advises Lamar Advertising on $2.35B refinancing
Locke Lord said Feb. 7 it advised Lamar Advertising of Baton Rouge, La., on $2.35 billion in refinancing transactions through its unit Lamar Media Corp., strengthening its balance sheet.
Texas-based team members included partners Michelle Earley in Austin and Will Becker and Stephanie McDermott in Dallas. Others in the group worked out of the firm’s Boston and New York offices.
Earley also was part of the team that represented Lamar Advertising on a $400 million at-the-market offering and its $400 million Rule 144A offering of senior notes.
Taken together, the transactions will lower Lamar Media’s cost of debt, extend its debt maturities, improve its liquidity and free cash flow and lower its exposure to floating interest rates.
“These transactions are a testament to the faith that the capital markets have in the outlook for Lamar and the out-of-home sector and they provide valuable flexibility that positions us well for continued growth,” Lamar executive VP and CFO Jay Johnson said in a statement.
The refinancing transactions include the sale, through an institutional private placement, of $1 billion in new senior notes consisting of $600 million in 3 3/4% senior notes due 2028 and $400 million in 4% senior notes due 2030, which closed Feb. 6.
Lamar Media also closed on an amended and restated credit facility consisting of a five-year, $750 million revolving credit facility to replace its existing $550 million revolver and a new seven-year, $600 million Term Loan B. The initial pricing on the revolver and the Term Loan B is 150 basis points over Libor with a 0% floor on the benchmark.
Lamar Media will use the proceeds from the refinancing transactions to repay its existing Term Loan A and Term Loan B, redeem in full all $510 million in outstanding 5 3/8% senior notes due 2024 on Feb. 20, partially repay borrowings under its existing revolver, pay fees and expenses related to the refinancings and for general corporate purposes.
The transactions are expected to increase Lamar’s cash flow by more than $60 million this year as a result of lower cash interest payments and the elimination of amortization payments on Lamar Media’s existing Term Loan A and Term Loan B.
Once the transactions are complete, including the redemption, which are leverage-neutral on a consolidated basis, Lamar Media’s senior secured leverage ratio will be reduced to 1.2x.
Lamar also announced that it expects to make regular quarterly distributions to stockholders this year of $4 per share, a 4.2% increase over distributions paid in 2019 of $3.84 per share.
Sidley advises Stonepeak-backed Kestrel on $540M credit facility
Sidley Austin said Feb. 3 it represented Stonepeak Infrastructure Partners-backed Kestrel New England as borrower in a $540 million credit facility.
The team included partner Daniel Allison and associates Quan Lu, Alex Morgan and Dane Rupley all of Houston.
The facility, which closed Jan. 30, included a $485 million term loan and a $55 million revolving and letter of credit facility led by Investec as administrative agent. Shearman & Sterling represented Investec with attorneys in New York.
V&E counsels Holly Energy on $500M senior notes offering
Vinson & Elkins said Feb. 4 it counseled Holly Energy Partners and unit Holly Energy Finance Corp. on their offering of $500 million in 5% senior notes due 2028.
The Texas team was led by partners Gillian Hobson and David Stone with assistance from of counsel Alan Bogdanow and associates Audrey Bartosh and Breanna Kelly.
Others were partner Jim Meyer and senior associate Brian Russell on tax matters; partner Shane Tucker and senior associate Missy Spohn on executive compensation/benefits; and partner Bailey Pham on finance.
Holly’s general counsel is Vaishali Bhatia, who joined the company in 2011. She previously was an associate at Jones Day.
The notes will be issued at a price equal to 100% of the principal amount. The offering closed on Feb. 4.
Holly plans to use the net proceeds along with borrowings under its revolver to fund its previously announced conditional redemption of all of its outstanding 6% senior notes due 2024 and pay related expenses.
Dallas-based Holly provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the oil and gas industry, including HollyFrontier Corp. units.
The partnership and its affiliates own and/or operate petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas and refinery processing units in Kansas and Utah.
Winston advises NexPoint on $95M IPO
Winston & Strawn said Feb. 7 it represented Dallas-based NexPoint Real Estate Finance Inc. on raising $95 million in an initial public offering of 5 million shares at $19 per share, which came in at the low end of its expected $19 to $21 per share range.
Dallas partners Charlie Haag and Justin Reinus led the deal team, which included Dallas associates Steven Franklin, and Emily Semon along with attorneys in its Chicago office.
Raymond James, Keefe Bruyette Woods and Baird acted as lead managers on the deal. They were counseled by Hunton Andrews Kurth, mostly with lawyers in Richmond, Va., but including Austin partner Anthony Eppert and Houston associate Marshall Heins.
The company granted the underwriters a 30-day option to purchase up to 750,000 more shares of its common stock at the IPO price, less underwriting discounts and commissions.
The shares began trading on the New York Stock Exchange on Feb. 7 under the ticker symbol “NREF.”
NexPoint Real Estatate Finance is a newly formed mortgage real estate investment trust focused on single-family rental and multifamily loans.
UPDATE/OTHER
Houston-based Watson Grinding & Manufacturing filed for Chapter 11 in a Bayou City bankruptcy court on Feb. 6 after a Jan. 24 explosion at its northwest Houston facility killed two workers and damaged structures nearby. U.S. Bankruptcy Judge Marvin Isgur is presiding. The company is represented by senior attorney Kate Harrison Easterling and partner Jarrod B. Martin at McDowell Hetherington in Houston and partners Christopher R. Murray and Erin E. Jones at Jones Murray & Beatty, also of Houston.