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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 12 Deals, 8 Firms, 137 Lawyers, $5.7B

June 25, 2024 Claire Poole

Thomas Laughlin has his work cut out lately counseling Trinity Hunt Partners on deals.

Last year, the Kirkland & Ellis partner in Dallas advised on the private equity firm’s investment in the advisory business of MarksNelson, a Kansas City-based accounting, tax and advisory firm. MarksNelson was the initial investment of Trinity Hunt’s advisory services platform Springline, which led to another investment in Indianapolis-based BGBC Partners (he also advised on that deal).

This past March, he also counseled on Trinity Hunt’s investment in Coker Group, a healthcare advisory firm serving hospitals, private and health system-affiliated physician groups, private equity-backed platforms and ancillary healthcare entities. Coker also represented the foundational investment of the private equity firm’s healthcare advisory services platform, working with its team to help it grow organically and through acquisitions.

In addition, Laughlin was part of the team in 2022 that aided on the closing of Trinity Hunt’s first Continuation Fund. It raised $618 million in commitments to support the acquisitions of Argano and Improving, two technology services companies, from Trinity Hunt Partners V as well as a pool of capital for follow-on investments to support the continued growth of the companies.

Now comes another deal this past week, with Laughlin representing Trinity Hunt’s HVAC service platform NexCore on its expansion into upstate New York with its partnership with Kennedy Mechanical and Ryan Plumbing & Heating (see below). The investment, for undisclosed terms, continues NexCore’s expansion, which began with Alliance Group and then with Pratt & Smith and Sylvester and Cockrum.

Dallas-based Trinity Hunt reloaded its gun in February, announcing the closing of Trinity Hunt Partners VII at its hard cap of $700 million in capital commitments – also with the aid of Kirkland and its fund investment attorneys Ian Jelsma and Matt Nadworny in Texas, who advised on the firm’s continuation fund.

Trinity Hunt said Fund VII will further its buy-and-build strategy with a continued focus on growing small-cap companies within business services, healthcare services and consumer services into market leaders. The firm said it completed more than 30 transactions last year, including five platforms and over 25 add-ons, despite a difficult debt financing market. That’s a lot of deals, however you slice it. More deal work for Laughlin.

The week ending June 22 saw 12 deals valued at $5.7 billion. The week prior we saw 13 deals valued at $9.9 billion, and the week last year we reported 13 deals for $10.9 billion.

But that’s deceptive. Last week’s totals include only five M&A transactions with a reported aggregate value of $210 million (yes, “million”). It’s not the lowest aggregate ever for a week of M&A. That occurred during Thanksgiving Week in 2022 ($76 million). Last week’s M&A values were the lowest for a non-holiday week since the week ending Jan. 14, 2023, when we reported eight deals valued at $421 million.

Two things to take from that: first, only one in the five M&A deals attached a publicly reported value; and second, some weeks are simply like that.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Expro pays $210M for Buckthorn Partners-backed Coretrax

Deal Description: Gibson, Dunn & Crutcher said June 21 it was the U.S. counsel for Houston-based wellsite services provider Expro on its $210 million acquisition of Buckthorn Partners-backed Coretrax, an Aberdeen-based company focused on performance drilling tools and wellbore cleanup, well integrity and production optimization solutions. Expro announced it closed the deal May 15 for $75 million of cash and 6.75 million newly issued Expro common shares. Data and analysis firm Enverus said the acquisition is Expro’s third in about a year.

From Gibson Dunn: The corporate team was led by partner Tull Florey and included of counsel Robbie Hopkins.

Expro’s Financial Advisor: Wells Fargo Securities

Expro’s Main Counsel: CMS Cameron McKenna Nabarro Olswang

Coretrax’s Financial Advisor: Evercore

Coretrax’s Outside Counsel: Blackwoods

Buckthorn’s Outside Counsel: Sidley Austin with mostly a U.K. team

Kennedy Mechanical, Ryan Plumbing join Trinity Hunt-backed NexCore

Deal Description: NexCore, a commercial HVAC service platform backed by Dallas-based private equity firm Trinity Hunt Partners, announced June 20 its partnership with Kennedy Mechanical and Ryan Plumbing & Heating in Rochester, N.Y. Terms weren’t disclosed. The addition of Kennedy and Ryan continues NexCore’s expansion in the CHVAC services space, which began with the platform’s initial investment in Alliance Group and subsequent partnerships with Pratt & Smith and Sylvester and Cockrum. Founded in 1979, Kennedy is a mechanical contractor specializing in HVAC, plumbing, and fire protection installation and service for commercial and residential customers. Ryan, started in 1999, is a provider of HVAC, plumbing and fire protection service and maintenance to commercial and residential customers. Together, Kennedy and Ryan provide services across upstate New York, including medical centers, manufacturing, industrial, warehouses, grocery, higher education, multi-family residential, retail centers, automotive dealerships, hotels and general contractors.

NextCore’s Outside Counsel: Kirkland & Ellis with a team led by corporate partner Thomas Laughlin and associates Bridget Hamway and Sarah Walden. Others included debt finance partners Lucas Spivey and James Bedotto and associates Daniel Kirksey and Aaron Shubert; tax partners David Wheat and Jon Nelsen; real estate partners Andrew Van Noord and John Thomas Goldman; investment funds partner Ian Jelsma; employment and labor partner Christie Alcala; employee benefits partner Justin Coddington; executive compensation partner Stephen Jacobson; environmental transactions partner Jonathan Kidwell; and technology and IP transactions partner Matt Lovell.

Global Energy Capital, White Deer form Flowco via merger of Flowco, Estis, Flogistix

Deal Description: Vinson & Elkins said June 21 it represented White Deer Energy-backed Flogistix Holdings in negotiating and executing a combination agreement in which Flogistix and GEC Estis Holdings and Flowco Production Solutions, portfolio companies of Global Energy Capital, agreed to integrate their production optimization and related oilfield services business lines under Flowco MergeCo, a newly formed Delaware limited liability company. Flogistix, Estis and Flowco Production each contributed 100% of the equity interests in their operating subsidiaries to Flowco in exchange for membership interests in Flowco. 

From V&E: The team was led by partner Mike Marek with assistance from associates Chandler Jones, Patrick Reintjes and Alex Riddle. Other key team members include partners Robert Seber and Jackson O’Maley (corporate); partner David Peck, counsel Allyson Seger and associate Katie Dillard (tax); partner Caitlin Turner and associates Taylor Daily and Sydni Daniels (finance); partner Becky Baker and associates Peter Goetschel and Jordan Peck (employment/labor); partner Joo Lee and associate Cassandra Zarate (benefits); partner Matthew Dobbins, senior associate Grant Tolley and associate Alyssa Sieja (environmental); counsel Scot Dixon and senior associate Tyler Hokanson (real estate); partner Hill Wellford and counsel Ryan Will (antitrust); and counsel Rajesh Patel and associate Haley Titcomb (intellectual property).

Trive Capital invests in JF Fitness

Deal Description: Trive Capital, a Dallas-based private equity firm, and 808 Capital Partners announced June 21 their investment into JF Fitness of North America , a Crunch Fitness franchisee serving the Mid-Atlantic and Southeastern U.S. Headquartered in Richmond, VA, and founded in 2014 by CEO John Freeland, JF Fitness operates 16 gyms across Virginia, Maryland and the Carolinas. In connection with Trive and 808’s investment, JF Fitness acquired Team Roldan, a rapidly growing Crunch franchisee operating eight gyms across Alabama, Georgia and South Carolina. As a result of the acquisition, JF Fitness has become one of the five largest Crunch Fitness franchisees with 24 combined gym locations. Trive and 808’s investment will also support the company’s continued footprint expansion in the southeastern U.S. via new gym openings and select acquisitions. Jared Reyes, managing director at Trive, said he looks forward to supporting the team as they expand the company’s club footprint. Trive has more than $7 billion of regulatory assets under management.

Trive’s Outside Counsel: King & Spalding

JF Fitness’ Outside Counsel: Roth Jackson Gibbons Condlin

Team Roldan’s Financial Advisor: MOK Advisors

Crescentia-funded Synsus Private Label buys AmegA Sciences and React

Deal Description: Willkie said June 7 it advised Houston-based Synsus Private Label Partners, a chemical manufacturer and portfolio company of Crescentia Capital, on the acquisition of AmegA Sciences and React Industries of Lakeland, Florida. Terms weren’t disclosed. The deal was announced May 24. The acquired companies are affiliated private label manufacturers serving the agricultural, horticultural, turf and ornamental industries and the wider plant health sectors, both domestically and internationally. Willkie also advised Synsus and Crescentia on the related debt and equity financing. Crescentia, the equity buyout business of Calvert Street Investment Partners, focuses primarily on control investments in companies providing critical or essential services to the industrial and infrastructure end markets.

From Willkie: The team was led by partners Neil Townsend in New York and Aaron Savella in Houston and included partners Daniel Durschlag, Russell Pinilis, Mark Holdsworth, Eugene Chang and Matthew Makover and associates Brenton Clarke, Shay Moyal and Lorenc Bujaj and Rachel Hudson. 

CAPITAL MARKETS/FINANCINGS

NextEra Energy launches $2B equity unit offering

Deal Description: Hunton Andrews Kurth said June 20 it advised the underwriters on the sale of $2 billion of equity units of NextEra Energy Inc. Each equity unit consists of a contract to purchase NEE common stock in the future and a 5 percent undivided beneficial ownership interest in a NextEra Energy Capital Holdings Inc. debenture due June 1, 2029. The debentures are guaranteed by NEE Capital’s parent company NEE. NEE is one of the largest electric power and energy infrastructure companies in North America and a leader in the renewable energy industry. NEE has two principal businesses: Florida Power & Light Company and NextEra Energy Resources, the world’s largest generator of renewable energy from the wind and sun as well as a world leader in battery storage.

From Hunton: The team included Steven C. Friend, Jingyi “Alice” Yao, Monika M. Dziewa and Gabrielle Kraushaar. Robert McNamara, William Freeman, Caitlin Scipioni and Katherine Gallagher provided tax advice and Leslie Okinaka aided on ERISA issues.

AEP closes $1B offering of junior subordinated debentures

Deal Description: Hunton Andrews Kurth said June 20 it counseled the underwriters in connection with American Electric Power Co. Inc.’s SEC-registered offering of $1 billion in junior subordinated debentures consisting of $400 million in 7.050% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures, Series A due 2054, and $600 million in 6.950% Fixed-to-Fixed Reset Rate Junior Subordinated Debentures, Series B due 2054. The transaction closed on June 20. AEP, based in Columbus, Ohio, is one of the largest investor-owned electric public utility holding companies in the U.S. and its electric utility operating companies provide generation, transmission and distribution services to 5.6 million customers in 11 states. AEP’s companies include AEP Texas Inc.

From Hunton: Steven C. Friend, Jingyi “Alice” Yao and Gabrielle Kraushaar. Robert McNamara, William Freeman, Caitlin Scipioni and Katherine Gallagher provided tax advice.

Plains All American prices $650M senior notes offering

Deal Description: On June 17, Plains All American Pipeline and PAA Finance Corp., a wholly owned Plains subsidiary, commenced and priced a public offering of $650 million in 5.700% senior unsecured notes due 2034. The company intends to use the net proceeds to repay a portion of its $750 million 3.600% senior notes due 2024 on or prior to the maturity date in November 2024 and, pending such repayment, for general partnership purposes, which may include intra-group lending and related transactions, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital. The offering is expected to close June 27. Plains is a publicly traded master limited partnership that owns and operates midstream energy infrastructure systems and provides logistics services for crude oil and natural gas liquids (“NGL”). Houston-based Plains owns a network of pipeline gathering and transportation systems, terminalling, storage, processing, fractionation and other infrastructure assets serving producing basins, transportation corridors and at major market hubs in the U.S. and Canada. On average, Plains handles more than 8 million barrels per day of crude oil and NGL.

Book-Running Managers: Citigroup Global Markets Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America Inc. and Truist Securities Inc.

Underwriters’ Outside Counsel: Baker Botts with all-Houston team including, from corporate: partners Josh Davidson and Doug Getten supported by Parker Hinman, Edmund Gyasi and Blake Vick; on tax: T. Chuck Campbell; and on environmental: Elizabeth Singleton

Howard Midstream offers $600M in senior notes

Deal Description: Sidley Austin said June 18 it represented Howard Midstream Energy Partners in connection with its high-yield rule 144A offering of $600 million in 7.375% senior notes due 2032 and its concurrent cash tender offer to purchase any and all of its outstanding 6.75% senior notes due 2027. The closing was June 17.

From Sidley: Partners George Vlahakos in Houston and Johnny Skumpija in New York supported by Tanner Groce and John Stribling in Houston, Gabriella Tang in New York and Amanda Ibrahim in Houston

Initial Purchasers/Deal Manager’s Outside Counsel: From Baker Botts, including from corporate Doug Getten (Partner, Houston), Will Cozzens (Associate, Austin), Sarah Dyer (Associate, Houston), Cade Luedde (Associate, Houston) and Maddie Boezinger (Associate, Dallas). On finance Clint Culpepper (Partner, Austin) and Dela Peimani (Senior Associate, Austin). On tax Jon Lobb (Partner, Houston), Jared Meier (Senior Associate; Houston) and Nick A. Frey (Associate, San Francisco). On environmental Elizabeth Singleton (Special Counsel, Houston). On litigation Dominic Cruciani (Associate, Houston)

EUSHI Finance launches $500M junior subordinated notes offering

Deal Description: Hunton Andrews Kurth said June 18 it represented the initial purchasers in connection with EUSHI Finance Inc.’s issuance of $500 million in 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054 in a private placement to eligible purchasers. The notes are fully and unconditionally guaranteed on a subordinated basis by Emera Inc. and Emera US Holdings Inc. The issuer is owned directly by Emera through EUSHI. The issuer was formed for the purpose of Emera’s intercompany financings and doesn’t have any operations or assets other than interests in other financing-related entities and doesn’t have any operating revenues. Based in Halifax, Nova Scotia, Emera owns and operates cost-of-service rate-regulated electric and gas utilities in Canada, the U.S.and the Caribbean.

From Hunton: Peter K. O’Brien, Patrick C. Jamieson, Josh Van Kirk, Jingyi “Alice” Yao, Gabrielle Kraushaar and Jack Chatas. Robert McNamara, William Freeman, Caitlin Scipioni and Katherine Gallagher provided tax advice.

CenterPoint closes $400M offering of senior notes

Deal Description: CenterPoint Energy Resources Corp., an indirect, wholly-owned subsidiary of CenterPoint Energy Inc., announced June 20 the closing of its offering and sale of $400 million in 5.40% senior notes due 2034. The net proceeds will be used for general corporate purposes, including the repayment of all or a portion of its outstanding commercial paper. CenterPoint directly owns and operates natural gas distribution systems in Louisiana, Minnesota, Mississippi and Texas and indirectly owns and operates natural gas distribution facilities in Indiana and Ohio through Indiana Gas Company Inc. and Vectren Energy Delivery of Ohio. CenterPoint also owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through its subsidiary CenterPoint Energy Intrastate Pipelines.

Bookrunners: BNY Mellon Capital Markets, US Bancorp and Wells Fargo Securities; R. Seelaus & Co. was co-manager.

CenterPoint’s Outside Counsel: An all-Texas team from Baker Botts including, from corporate: Tim Taylor and Clint Rancher in Houston supported by Rob Cowan and Sarah Dyer; and on tax: Mike Bresson and Jared Meier

Underwriters‘ Outside Counsel: Hunton Andrews Kurth

Houston’s LandBridge to introduce IPO valued up to $319M

Deal Description: LandBridge Co., a Houston-based upstream formed by Five Point Energy, is going public. In a June 17 announcement, the company said it plans to execute an initial public offering of about 14.5 million Class A shares — priced between $19 and $22 per share and sold on the NYSE under the ticker “LB” — beginning this week. The pricing implies an offering valued between $275.5 million and $319 million. Underwriters have a 30-day option to purchase up to an additional 2.175 million Class A shares. According to the company’s filings with the SEC, the Class A shares, excluding the underwriters’ option, offered would represent 20.1 percent of the company’s voting power, with the remaining 79.9 percent residing in Class B shares to be held by subsidiaries of Five Point. Harrison Bolling is general counsel.

Book-Running Managers: Goldman Sachs and Barclays are lead. Additional book-running managers include Wells Fargo Securities, Citigroup, Piper Sandler and Raymond James. 

Co-managers: Janney Montgomery Scott, Johnson Rice & Company, Pickering Energy Partners, Texas Capital Securities, and Roberts & Ryan.

LandBridge’s Outside Counsel: Vinson & Elkins led from Houston by David Oelman and Michael Telle in Houston, along with associates Nate Richards, Cole Leveque, Rivers Stephens and Rylie Goldwait. Other key team members included partners Scott Rubinsky and Ramey Layne, senior associate Ximena Kuri and associates Chase Browndorf and Josh Rutenberg (Corporate); partner Ryan Carney, counsel Allyson Seger and associate Ryan Dolmanet (Tax); partner David D’Alessandro, counsel Missy Spohn and associate Kenneth Strain (Executive Compensation and Benefits); partner Matt Dobbins and associate Kelly Rondinelli (Environmental); partner Mark Holmes and associates Taylor Daily and Sydni Daniels (Finance); and counsel Rajesh Patel and associate Haley Titcomb (Intellectual Property).

Underwriters’ Outside Counsel: Gibson, Dunn & Crutcher led from Houston by Hillary Holmes and Harrison Tucker. The team also included partner Cynthia Mabry, counsel Robbie Hopkins and associates Malakeh Hijazi and Matthew Goldstein. Partner Brian Kniesly is advising on tax aspects. Partner Kimberly Schlanger and of counsel Sara Brazao Ferreira are advising on real estate aspects. Associate Graham Valenta is advising on oil and gas aspects.

Note: GC of Five Point is Frank Bayouth, former managing partner for the Houston office of Skadden Arps.

OTHER MATTERS

O’Melveny said June 21 it advised global petrochemicals manufacturer INEOS on its agreement with Capricorn Partners-backed Trillium Renewable Chemicals to establish INEOS Nitriles’ Green Lake facility in Port Lavaca, Texas. The team was led by partners Phillip Oldham in Austin and Adit Khorana in Silicon Valley and counsel Alex Witschey in Houston. Named “Project Falcon,” it’s the world’s first demonstration plant for converting plant-based glycerol into acrylonitrile. Announced on June 4, the project is set to commence operations in early 2025 and will run through early 2026. INEOS is made up of 36 individual businesses and operates 194 facilities in 29 countries throughout the world.

Claire Poole

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

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