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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: 11 Deals, 12 Firms, 75 Lawyers, $565.1M

July 15, 2020 Allen Pusey

In late March at Bird, the Santa Monica-based electric scooter maker, 406 workers were laid off in what can properly be described as Coronavirus Style: They were dumped in a two-minute Zoom conference call.

Followed by Lyft and Carta and Uber and other erstwhile “unicorns,” nearly 45,000 employees of venture capital darlings have lost their jobs since March 11, according to a new VC analysis by PitchBook.

The report (“US Venture Capital During Economic Uncertainty”), describes a venture capital space that looks pretty much like everything else: a defensive, shelter-in-place market with money to invest and too few attractive price points to place it.

For their modeling, PitchBook reached back and retraced what they regard as a similar moment in time: the tail of the Great Recession of 2008 (or, in their description, the Great Financial Collapse). M&A off. Valuations down. IPOs holding scant appeal.

But even before the pandemic hit, VC investments were in decline. The Q2 Angel and Seed deal count was the lowest since 2012, bumping its way downhill since early 2019. But the global effects of the pandemic, coupled with historically low interest rates, likely will further alter the ways in which emerging companies and investors will respond.

Here’s what PitchBook expects:

Deals/Values: During the Great Recession VC exit values decreased dramatically (-82%) and early-stage deals dropped by a third in volume and 45% in value. And although they aren’t projecting a similarly dramatic value collapse, they are expecting deal values to decline well into 2021.

Fundraising: Despite strong fundraising in Q1, a slowdown is likely. A pullback by non-traditional investors, mainly corporate venture capital, will depress what had been a growing trend. In the last two years, for instance, such non-traditional venture capital contributions accounted for two-thirds of all venture capital fundraising. As companies constrain their own spending to reconfigure debt loads, that level of investment cash is unlikely to be available.

Decision-making: In a world of declining market valuations, VC investors may become more selective. In fact, like their PE counterparts, they already were. Since 2008, dry powder fund reserves at VC firms have increased 37%. And according to PitchBook, that represents as much as 3.3 years of deal activity potential.

Moreover, constraints on the normal nature of deal-making, like more limited opportunities for face-to-face meetings, are likely to slow down the process meaning even the mostly appealing deals are likely to be spread over time.

Exit Strategies: M&A is likely to remain the most dominant path of exit, but with lower valuations the broader public appeal of IPOs may become more attractive, not to mention an increased role of debt financing to take advantage of those historically lower interest rates.

Now that we’ve all sobered up, there are 11 deals to report this week, 10 M&A/Funding deals and one capital markets transaction. The total reported value was a miserable $565.1 million with $500 million of that coming from the week’s single capital markets offering. This meant work for 75 lawyers at 11 different firms.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
28-Jun-202513$7,77781387$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
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

While the deal count was almost the same, the values were far lower than last week’s $8.9 billion. But maybe it’ll make you feel better to know that this time last year there were also only 10 deals for $775 million.

Perhaps consistency is the hobgoblin of little deals.

M&A/PARTNERSHIPS/FUNDING

Baker Botts Advise on Colonial Acquisition of Refined Products Terminals

A subsidiary of Colonial Enterprises announced that it has agreed to purchase three refined product terminals from Lincoln Terminal Company. The July 1 announcement did not include terms of the deal.

Baker Botts represented Colonial led by corporate partners John Kaercher of Austin and Mike Bengtson of New York. The team also included Dallas partner Eric Windwood on executive compensation and benefits, tax partner Jon Lobb of Houston, partner Paulina Williams of Austin on environmental issues and global projects special Pat Matthews of Dallas.

Bank of America is financial advisor to Lincoln.

The terminals are located Charlotte, North Carolina, Chattanooga, Tennessee and Fredericksburg, Virginia. Two are already connected to Colonial pipelines.

The acquisition marks an entry by Colonial into the terminal business.

Colonial Pipeline Company, founded in 1962, connects refineries ­– primarily located in the Gulf Coast ­– with customers and markets throughout the Southern and Eastern United States through a pipeline system that spans more than 5,500 miles.

Headquartered in Alpharetta, Georgia, the company operates a network of pipelines that stretch from Texas to New Jersey, delivering refined petroleum products such as gasoline, diesel, jet fuel, home heating oil, and fuel for the U.S. military.

Colonial is privately owned by five companies: CDPQ Colonial Partners; IFM Colonial Pipeline 2; KKR-Keats Pipeline Investors; Koch Capital Investments and Shell Midstream Operating. Before joining Colonial in 2017, president and CEO Joe Blount was CEO and co-founder of Houston-based Century Midstream. General Counsel is University of Pittsburg Law School grad David Gray.

Located in Greenville, South Carolina, Lincoln Terminal Company provides terminal services in the Southeast and Mid-Atlantic region for gasoline, diesel, biodiesel and ethanol products. They operate 27 biodiesel blending sites; 4 full-service petroleum terminals; and 3 terminal transload sites.

Willkie Advises on Carnelian-backed Energy Startup Hawthorne Energy

Though it may seem to some an inopportune time to crank up an energy company, Carnelian Energy Capital Management announced June 30 that it is funding startup Hawthorne Energy, a new Austin-based oil and gas investment platform by John Oberg and Marc Shatzer.

Michael De Voe Piazza, a partner in the Houston office of Willkie Farr & Gallagher advised Oberg and Shatzer on the transaction for which no terms were announced.

Hawthorne Energy is an oil and gas company focused on opportunistic acquisitions in select onshore basins in North America. Houston-based Carnelian Energy said the commitment was made through its Carnelian Energy Capital III fund.

Oberg, most recently a partner in Standard Asset Management, will be the CEO of Hawthorne. Shatzer comes to Hawthorne as senior reservoir engineer at Austin-based Three Rivers Operating Co. Oberg and Shatzer met at Three Rivers where Oberg was VP of business development.

“We have known John and Marc for a number of years and have been impressed with their multi-disciplinary expertise and accomplished track record,” said Preston Powell, a Carnelian Managing Director.  “We are eager to start growing Hawthorne with them during this compelling time in the market.”

Jeffrey Gilbert, a former associate at Bracewell, is COO and general counsel for Carnelian and a former legislative reporter for the Houston Chronicle. He received his training, first as a journalist and later as a lawyer, at the University of Texas.

Align Midstream, Sabine Gas Form J/V for TOPS

With the completion of its 30-mile TOPS pipeline, a gas-gathering facility near Carthage, Align Midstream Partners II announced that it has formed a joint/venture with Sabine Gas & Oil, a subsidiary of Osaka Gas USA.

The announcement did not include terms of the transaction, only that it was the first for Sabine since its acquisition by Osaka for $610 million in July 2019.

Tailwater-backed Align Midstream was represented by Porter Hedges with a team led by partner Kevin Poli. He was assisted by energy partner Ben Rajabi, tax partner Geoff Schultz and Aaron Brown.

Latham & Watkins advised Sabine Oil & Gas in the transaction with a Houston-based team led by partners Justin Stolte and Lauren Anderson, with associates Greg Sorensen, Ashley Nguyen and Anthony Tan. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Jared Grimley.

Align Midstream Partners II focuses on servicing producers’ needs in East Texas with gathering, processing and treating assets across the Haynesville and Cotton Valley formations.

Houston-based Sabine Oil & Gas Corporation is a Houston, Texas based oil & natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties in the onshore United States.

The CEO of Align, Fritz Brinkman, said the move made long-term sense for both parties. “The TOPS Pipeline will bolster our existing East Texas footprint and enhance our ability to serve the growing Haynesville production, providing our customers with greater access to a number of attractive markets across the Carthage hub.”

Doug Krenek, CEO of Sabine, echoed that sentiment. “The TOPS investment is another step in vertically integrating Sabine and advancing our strategy of capturing value from the well head to the burner tip for our East Texas assets.”

Tailwater Capital is an energy private equity firm co-founded by Jason Downie and Edward Herring. It currently manages more than $3.7 billion in committed capital.

Providence Strategic Growth Acquires Majority Stake in Jobcase

Jobcase announced July 9 that Providence Strategic Growth has acquired a majority stake in the Massachusetts-based social platform. The purchase includes a $30 million capital investment and a new working partnership with the Workday Software Partner Program.

The investment provides funds for the exit of shareholder Link Ventures in favor of PSG, Workday Ventures and continuing investor Savano Capital Partners

Jobcase was advised on the transaction led by a Boston-based team from Weil, but the team included Dallas-based private equity partner Richard Frye.

The investment is intended to further development of key products on the platform, which characterizes itself as “dedicated to empowering and advocating for workers.” The company’s tools and products recently added are virtual hiring events and unemployment resources.

PSG is a private equity fund located in Providence, Rhode Island. Workday Ventures is a $250 million fund launched in February 2018 by Workday, Inc. founded by David Duffield, the former CEO of PeopleSoft following its hostile takeover by Oracle.

V&E Advise on Internalization of Global Medical REIT

Global Medical REIT announced July 9 that it had internalized its management functions through the purchase of its own management company for $17.6 million in cash.

Global Medical, a net-lease real estate investment trust said it had purchased Inter-American Group Holdings Inc., thereby internalizing the functions of Inter-American Management LLC. The deal was overseen by a special committee that included “independent and disinterested” members of the company’s board of directors.

Vinson & Elkins advised Global Medical with a team led out of Richmond by partner Daniel LeBey.

Stifel acted as financial advisor to the special committee and Saul Ewing Arnstein & Lehr as its legal advisor. BTIG was financial advisor to the manager, IAGH, with King & Spalding as legal advisor.

IAGH was owned 85% by Zensun Enterprises Ltd. and $15% by Jeffrey Busch, CEO of Global Medical REIT. Zensun Enterprises is a Hong Kong-based real estate development company headed by Zhang Jingguo who, according to the Global Medical website is the company’s board chairman ex officio.

In December V&E advised Global Medical on the pricing of a $78 million public offering.

TK Pro Bono Team Advises SPCA Texas on Ellis County Acquisition

Thompson & Knight assisted nonprofit SPCA of Texas with its acquisition of the assets of the Ellis County SPCA.

SPCA of Texas, the leading animal welfare organization in North Texas, acquired the Ellis County SPCA property (including its animal shelter and related assets) and assumed responsibilities for the provision of animal sheltering services, including returns to owner and adoptions, caring for 1,500 loose and stray animals in Ellis County each year.

The Dallas-based TK pro bono team included associates Angela Herrington, Lindsay Kirton, and John Phair, and partner Amy R. Curtis.

Four Firms Advise on Rosehill Resources Restructuring Agreement

Rosehill Resources announced July 2 that it has reached a restructuring support agreement with its creditors and will file bankruptcy by July 15.

The creditors include the company’s major shareholder, Tema Oil and Gas, as well as first lien lenders to its credit facility and holders of Rosehill’s second lien notes. The agreement includes a $17.5 million DIP loan, described as a junior convertible delayed draw facility.

Gibson Dunn advised Rosehill in the transaction, led from New York by the firm’s co-chair of restructuring David Feldman and partner Matthew Kelsey.

Bracewell and White & Case represented JPMorgan Chase, agents for the revolving credit lenders: Bracewell’s Houston credit partner Jason Cohen and Houston banking partner Mark D. Holmes for White & Case.

The Houston office of Kirkland & Ellis represent EIG Management, agent for the secured noteholders. The Kirkland team is headed by partners Chad Husnick, Mary Kogut Brawley and Christopher Koenig.

The prepackaged bankruptcy will include Rosehill Resources, Rosehill Operating and their subsidiary companies. The company said it expects to emerge from bankruptcy within 75 days of filing, after which equity in the company will be held by lenders and existing stockholders with the claims of unsecured creditors either unimpaired or paid in full. And because the company will be so closely held, it intends to remove itself from its current listing on NASDAQ.

Rosehill CEO David French said that because of the agreement, the company expects to move through bankruptcy with minimal impact on operations.

“We believe that the restructuring will result in a significantly deleveraged company that will provide us with the liquidity to more effectively navigate the macro oil and gas environment,” French said.

Kirkland, Thompson & Knight Advise on Alchemist, Vortus Partnership

Dallas-based Alchemist Energy announced July 6 that it had aligned itself in a partnership with Vortus Investment Advisors, a private equity group headquartered in Fort Worth.

Alchemist intends to focus on forward looking operational expertise and well-structured capital funding more in tune with the current oil and gas market. No terms were disclosed.

Kirkland & Ellis advised Vortus with a Houston-based team led by corporate partners Jhett Nelson and Shubi Arora, assisted by corporate associates Erik Shoemaker, Dustin Davis and Meghan Dupre. Partner Mark Dundon handled tax advice; Partner Stephen Jacobson, compensation.

Thompson & Knight advised Alchemist with a team led by Dallas corporate and securities partners Jesse E. Betts and J. Holt Foster, III and associate Courtney Jamison Roane. The team also included tax partner Brandon L. Bloom, tax associate Jessica L. Kirk, employee benefits partner Jason Patrick Loden, and labor and employment partner Anthony J. Campiti.

Alchemist is led by Morgan Hinchcliffe and Scott Nelson, both oil patch veterans with Pioneer Natural Resources in the Permian and Eagle Ford. More recently, they developed horizontal wells for small private operators in the Midland and Delaware Basins.

Vortus focuses on investments in successful small and middle market operators.

Said Nelson, “We believe this strategy will help preserve asset values in the short-term and increase values through development once commodities stabilize.”

Brian Hansen, principal at Vortus, agreed: “We believe many groups will find Alchemist’s creativity and flexibility attractive and look forward to implementing the strategy through a number of structured development programs.”

Bracewell Advises J&J Worldwide Services by Management Partnership

J&J Wordwide Services, an Austin-based provider of preventive maintenance to federal government sites, announced July 8 that it has been acquired by Arlington Capital Partners in a partnership with J&J’s current management team.

Terms of the deal were not disclosed.

A mostly Texas-based Bracewell team advised J&J in the transaction, led by corporate partners Tom Adkins (Austin) and Cleland Dade (Houston) assisted by corporate associates W. Jared Berg, Caroline E. Ellis and Sarah Ashley Byrd, all of Houston. Counsel Lance W. Behnke provided tax advice from Houston and counsel George W. Rendziperis provided help on energy issues.

Also pitching in from Austin were IP partner Michael Chibib and environmental partner Timothy A. Wilkins. Employee issues were handled by compensation partner Matthew B. Grunert and benefits partner Rebecca Baker, both of Houston, assisted by employment associate Amber K. Dodds in San Antonio.

Houston associates Kate Barrington McGregor and Emily A. Banse advised on finance, while issues of corporate governance were handled by partner Tony L. Visage and associate Benjamin J. Martin, both of Houston. Regulatory issues were reviewed by Andrew Monk.

Sheppard Mullin represented Arlington Capital with a team led from Washington, but it included finance partner Joel Bannister along with corporate associate Matthew McCalip, finance associate Evan Hall and labor & employment associate Jonathan Clark, all of Dallas.

J&J Maintenance, Inc. dba J&J Worldwide Services was founded in Austin in 1970 as a small disadvantaged business by Johnny Voudouris and James Lee. After Lee’s retirement, Voudouris and his wife, Sharron, transformed J&J into a major player in government maintenance contracting.

Neither company elaborated on the structure of the partnership.

J&J president and CEO Steven Kelley said, “In Arlington Capital, we found the ideal partner to carry on Johnny Voudouris’ legacy. They are committed to preserving and cultivating the mission and employee-focused culture that Johnny and Sharron Voudouris have imbued in the Company since its founding 50 years ago. The investment from Arlington will allow J&J to remain an independent entity and retain its strong culture.”

A 29-year veteran of J&J Worldwide, Kelley was appointed to head the company last August after 11 years heading the company’s business development.

Arlington Capital is a Washington, D.C.-headquartered is a PE fund focused primarily on businesses that rely heavily on government contract services. J&J is the fourth investment in from its $1.7 billion Arlington Capital Partners V fund.

Norton Advises Kansai Electric in Aviator Wind Project

Kansai Electric Power Co., a Japanese utility holding company based in Osaka, announced July 10 that it has purchased an ownership stake in the largest wind farm in Texas.

Terms weren’t announced, but the deal gives Kansai subsidiary, KPIC USA, a 48.5% interest the Aviator Wind Project in Coke County, Texas, a 191-turbine West Texas wind facility located between Abilene and San Angelo.

Norton Rose Fulbright advised on the deal with a team co-led from Austin by Becky Diffen, a transactions partner who specializes in renewable energy projects. The team also included Sam Porter, Josh Rocha, senior counsel Amy Mitchell and Eli Gaylor, all of Austin. Pitching in from Houston were Bob Greenslade, Geetika Jerath and Steve Kuntz. Other team members were based in Washington D.C. and New York.

The Aviator Project, owned and funded by Ares Management Infrastructure and Power, is targeted to begin commercial operation in August — the largest single-phase, single-site wind project in the U.S.

It is also Kansai’s first renewable energy project and first onshore wind farm investment in the U.S. The Japanese company owns four other projects in Ireland, the UK and Finland which, with the addition of Aviator, together generate 949 megawatts.

CAPITAL MARKETS

Latham Advises on $500M in Real Estate “Green Bonds”

Latham & Watkins said July 7 that it aided Kimco Realty Corp in its pricing of $500 million public offering of “green bonds” whose funds are intended for the financing or refinancing of environmentally sustainable real estate.

The transaction was led out of Washington, D.C., but included Houston associates Ryan Lynch and Jessica Sherman.

Kimco, a real estate investment trust headquartered in Jericho, New York, intends the proceeds of the issue for the development and acquisition of green buildings, energy efficient building upgrades, installation of sustainable water and wastewater management systems, and the development of renewable energy.

The company is one of the nation’s largest acquirers and developers of open air shopping malls featuring grocery store anchors.

The bonds are described as 2.700% notes due 2030 with an effective yield of 2.751%, maturing October 1, 2030. Closing is expected this week.

OTHER:

Locke Lord advised Hollingsworth Oil Company on a consent order from the Federal Trade Commission aimed at settling antitrust concerns about the company’s sale of fuel and convenience stores to Tri Star Energy.

An FTC complaint charged that the Tri Star acquisition of outlets in several Central Tennessee locations would adversely affect competition. Instead, Tri Star agreed to divest the concerned outlets to Cox Oil company within 10 days of the proposed acquisition.

Locke Lord Dallas partners Van Jolas and Brad Weber advised on the agreement.

*** ***

On June 30, bankrupt McDermott International successfully completed the previously announced sale of its Lummus Technology business. Lummus was sold to a joint partnership between Haldia Petrochemicals Ltd., a flagship company of The Chatterjee Group, and Rhône Capital. Proceeds paid off McDermott’s DIP loan with money left over for restructuring emergence costs and cash for the company’s balance sheet.

Kirkland represented McDermott in the transaction, as it does in the bankruptcy, with Evercore providing finance advice. Jackson Walker serves local counsel and Baker Botts is advising as corporate counsel.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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