A former Dallas office leader of Thompson & Knight is taking his talents to Sidley Austin’s energy and infrastructure group.
Holt Foster has joined the Chicago-founded global law firm, which recently tapped another North Texan, Yvette Ostolaza, as chair-elect of its management committee.
Over the past 26 years at TK, Foster built a practice focused on energy transactions, representing private equity firms and their portfolio companies in buying and selling assets. He also has experience with venture capital, high-tech, and video games and entertainment development, among other areas.
For Foster, who will serve as a practice area team co-leader of the energy practice, the move comes as he looks to fast-changing industry trends and client concerns. When he took those into account, he said Sidley immediately jumped to mind.
“Politically, socially, economically – things are changing rapidly both domestically and abroad, and those two things are getting narrower and narrower as to what’s domestic and what’s abroad,” said Foster in an interview with The Texas Lawbook.
“This dynamic environment is having a massive impact on all aspects of business, including core areas of my legal practice, specifically private equity and energy. That made me realize that I was at somewhat of an inflection point in my career,” he said.
Foster, a graduate of Davidson College and The University of Texas Law School, said he expects the current climate to continue to become more complicated and more dynamic. Sidley’s global platform hit every point on his checklist in preparing for that future, he said.
Beyond expertise in private equity, capital markets and M&A, Foster required “not only a broad bench, but a deep bench” for his clients, including colleagues with experience working with complex, cutting-edge deals in energy, technology and finance, among other industries.
Ostolaza’s appointment to the chair-elect role was an added attraction, Foster said, since he could have a direct relationship with one of the firm’s key leaders.
“It’s nice to have a personal relationship with a number of people involved in the firm’s leadership, having known them for a long period of time. They’re solid people that have their feet on the ground, are fun to hang out with, and they really care about the firm’s culture,” he said.
Cliff Vrielink, global leader of Sidley’s energy and infrastructure practice, said Foster will help the firm to continue to grow its practice in Texas and globally.
“Having known Holt for over 15 years, I have always had great respect for his insights, his expertise, and the value he brings to his clients,” said Vrielink.
Some of Foster’s recent transactions include working with Tailwater Capital on the acquisitions of EnCap Flatrock-backed Oklahoma midstream operators Tall Oak Midstream II and III earlier this year, in addition to counseling the Dallas private equity firm on its Energy Fund IV that closed with $1.1 billion in capital commitments in 2020.
Additionally, Foster co-led the teams that advised Dallas’ Alchemist Energy in its partnership with Fort Worth private equity group Vortus Investment Advisors in 2020 and TEAK Midstream in its $1 billion sale to Atlas Pipeline Partners in 2013.
He has also aided energy-focused private equity firm NGP in a variety of transactions, such as capitalizations and equity financings and commitments.