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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, 10 Firms, 102 Lawyers, $2.8B

January 18, 2023 Claire Poole

ProFrac — whose ticker symbol is ACDC — has been rocking and rolling on the acquisition front.

The Willow Park, Texas-based company, which provides pumps and proppants for oil and gas producers, has bought seven outfits over the last six months or so: FTS, US Well Services, Monahans, Monarch Silica, REV Energy, Producers Services and Performance Proppants. 

With this streak ProFrac has moved into the number-two slot for active U.S. fleets and has the second most nameplate sand capacity in the U.S., according to Piper Sandler analyst Luke Lemoine in Houston. “ACDC’s IPO strategy has been unfolding albeit much quicker than expected,” he wrote in a note.

Advising ProFrac on a lot of its recent deals: David Lange, a partner at Winston in Dallas. Lange, who trained at Locke Lord before moving to Winston in 2017, he counseled the company on its acquisitions of Performance Proppants, Monarch and Signal Peak Silica (along with Charlie Haag).

PeoFrac has used other Texas deal counselors as well. Kirkland & Ellis advised on ProFrac’s $270 million acquisition of U.S. Well Services (partners Doug Bacon and Debbie Yee in Houston assisted the board’s special committee). And Vinson & Elkins counseled the company on its $407.5 million purchase of FTS (led by partners Chris Collins and Michael Telle) as well as its IPO last year (led by Telle and partner Scott Rubinsky). It was the first oilfield service company to go public in years. 

Enough work to go around for this hungry acquirer.

The first full week of Texas dealmaking for 2023 began inauspiciously — with 11 deals reported, eight of them M&A transactions valued at only $421 million. Values for five of the eight M&A deals were undisclosed. The price of a sixth, an all-stock bank acquisition by First Guaranty Bancshares, has yet to be determined. Three capital markets transactions were valued at $2.4 billion.

Compare that, if you wish, to the previous week’s 18 deals for $8.3 billion, or last year’s 13 deals for…$8.3 billion.

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

First Guaranty Bancshares buys Lone Star Bank

Deal Description: Hammond, La.-based First Guaranty Bancshares Inc. announced Jan. 9 that it was acquiring Lone Star Bank for an unidentified number of shares worth $23.67 per share. Founded over 16 years ago in Houston, Lone Star has four branches spanning I-10 from the Greater Houston area to Columbus. Its locations will boost FGB’s presence and growth opportunities in Texas. With $3.1 billion in assets, FGB offers commercial banking services through 36 banking facilities primarily located in Louisiana, Texas, Kentucky and West Virginia. The combined financial institution will have about $3.2 billion in assets, $2.5billion in loans and $2.8 billion in deposits following the close of the transaction.

Lone Star Bank’s Financial Advisor: Performance Trust Capital Partners

Lone Star’s Outside Counsel: Hunton Andrews Kurth led by partner Josh McNulty and associates Marysia Laskowski and Taylor Williams, all of Dallas. The team included partnes Anthony Eppert, Alexander McGeoch, Beth Whitaker and Peter Weinstock and associates Jordan Latham and Caitlin Scipioni.

First Guaranty’s Outside Counsel:: G. Ortega Law, Pickering & Cotogno, Bradley Arant Boult Cummings and Phelps Dunbar

Kuvare forms new Bermuda reinsurer, provides $400M with Davidson Kempner

Deal Description: Kuvare Holdings, a technology-enabled financial services platform focused on delivering life and annuity solutions to the underserved U.S. middle market and reinsurance solutions to institutional partners, announced Jan. 14 the formation of Kindley Re Ltd. Kindley Re, a newly formed Bermuda-domiciled reinsurer, will co-invest at least $400 million with Kuvare in qualifying life insurance and annuity transactions. Kindley Re was formed in partnership with Davidson Kempner Capital Management and Kuvare and its affiliates.

Kuvare’s Outside Counsel: Sidley including Dallas partner Ryan Scofield and associates Eryn Berquist and Jonathan Litsey

Worlds raises $21M in funding led by Moneta

Deal Description: Worlds Enterprises Inc., a Dallas-based creator of a new 4D infrastructure for building the industrial metaverse, announced Jan. 5 the completion of its $21.2 million Series A1 funding round. The round was led by Moneta Ventures with participation from existing investors Align Capital, Green Park & Golf Ventures, Chevron Technology Ventures, Piva Capital, PerotJain and Capital Factory. The funding will be used to continue investing in the company’s AI platform, expand go-to-market partnerships and further expand the adoption of Worlds’ technology by industrial companies. With its market launch in August 2021, Worlds is already used by Chevron, Petronas and Hillwood Development Co.

Worlds’ Outside Counsel: Katten including partner Joseph “Joe” Hoffman in Dallas

Craftsman sells CMIT Solutions to HKW

Deal Description: Dallas-based private equity firm Craftsman Capital sold IT managed service provider franchisor CMIT Solutions to Indianapolis private equity firm HKW. Terms of the transaction, announced Jan. 9,  weren’t disclosed. Craftsman makes controlled investments in lower middle market companies headquartered in Texas or nearby that have $1 million to $10 million of EBITDA. CMIT’s locally owned franchise model supports businesses throughout the U.S. and Canada. HKW also purchased its largest franchisee, HTW, to serve as the foundation of a corporate affiliate. HKW invests in profitable middle-market companies in the technology sector across the U.S. and Canada. The firm has sponsored 69 platform transactions of middle-market companies throughout North America and 75 add-on acquisitions.

Craftman’s Outside Counsel: O’Melveny including partners Jack Jacobsen and Will Becker, counsel Ashley Thurman and associates Sean Horan and Eleanor Gilbert

Chevron Phillips Chemical, QatarEnergy proceed on $6B integrated polymers complex in Qatar

Deal Description: Woodlands-based Chevron Phillips Chemical and QatarEnergy announced Jan. 8 their decision to proceed on construction of a $6 billion integrated polymers complex in Ras Laffan Industrial City, Qatar. The companies created a joint venture in 2019, Ras Laffan Petrochemicals, in which QatarEnergy owns a 70 percent equity share and Chevron Phillips Chemical holds 30 percent. The 435-acre project site will include an ethane cracker, whose ethylene capacity would make it the largest such facility in the Middle East and one of the largest in the world.

From V&E: The team was led by partner Chris Strong in London

Notes: Chevron Phillips Chemical and QatarEnergy operate joint ventures in Qatar and recently announced construction of a similar integrated polymers facility in Orange, Texas, which V&E also advised on.

Next Bridge Hydrocarbons spun-off from Meta Materials

Deal Description: O’Melveny revealed last week it represented oil and gas company Next Bridge Hydrocarbons Inc. on its spin-off from its publicly-traded parent company Meta Materials Inc., a developer of high-performance functional materials and nanocomposites. The transaction, announced Nov. 23, 2022, closed Dec. 20. Next Bridge, whose common stock was distributed to the holders of Meta’s Series A non-voting preferred stock, became an independent public reporting company. Engaged in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the U.S., Next Bridge is primarily focused on the growth of interests in an oil and gas project consisting of 134,000 continuous gross acres in West Texas.

From O’Melveny: The team was led by partners Jason Schumacher and Jack Jacobsen, counsel Ashley Thurman, and associate Sarah Nelson. The team also included partners Will Becker, Robert Plesnarski, Amy Park, Eric Amdursky, Courtney Dyer, and Jeff Walbridge, senior counsel Warren Fox and John Renneisen, counsel Laurie Davis, James Harrigan and Bo Li, and associates Eleanor Gilbert, Theman Taylor, Luke Ohnmeis, David Kolenda, Sally Cooper and Stephanie Fung.

Compass Group Equity invests in Mearthane Products

Deal Description: Private equity firm Compass Group Equity Partners acquired Mearthane Products Corp., a provider of precision polyurethane technology solutions across a variety of end markets and in critical applications. Terms weren’t disclosed. The transaction was announced Jan. 11.

Compass’ Outside Counsel: McGuireWoods led by Dallas partner Jon Finger with assistance from partner Kevin Boardman and associates Daniel Tiley and Chelsea Kidd as well as Austin-based associate William Matthews 

Race Rock Infrastructure buys Highway Safety, Ohio Galvanizing

Deal Description: Race Rock Infrastructure, a Houston-based manufacturer of infrastructure products and solutions for transportation, energy transmission/distribution and telecommunications, announced Jan. 11 it acquired Highway Safety and Ohio Galvanizing for undisclosed terms. HSC and OGC join Fort Worth-based Structural and Steel Products, a manufacturer and distributor of engineered poles, sign structures and highway safety products, in Race Rock’s portfolio of businesses. HSC, a provider of guardrail, bridge rail and solar panel support structures, was founded in 1978 by W. Patric Gregory III in Glastonbury, Conn. In 1994, Gregory expanded operations to Marion, Ohio, to better serve the company’s nationwide customer base with additional metal fabrication and galvanizing services, creating Ohio Galvanizing. Gregory will remain president of HSC and OGC and join the board of Race Rock. Race Rock Infrastructure funded the transaction with a combination of debt and equity capital. Debt financing was provided by a syndicate led by Woodforest National Bank.

Race Rock’s Outside Counsel: Locke Lord led by Rachel Fitzgerald and Shumaila Dhuka of Houston. Additional assistance was provided by Laura L. Ferguson, Jerry Higdon, Eric Larson, Mia Lorick, Jeff McPhaul, Buddy Sanders, Bill Swanstrom, Jeannie Diep, Michelle Gutierrez-Begin, DeLaina Mulcahy, Jordan Rodriguez, Mechelle Smith, Niha Ali, Akilah Craig, Aditi Deal, Jason McCloskey, Andrew Nelson (all of Houston) and Mark Backofen (Dallas).

Seller’s Advisor: Sperry Mitchell & Co.

CAPITAL MARKETS/FINANCINGS

Enterprise prices $1.75B in senior notes

Deal Description: Enterprise Products Partners announced Jan. 3 that its operating subsidiary, Enterprise Products Operating, priced a public offering of $1.75 billion in notes made up of $750 million of senior notes due Jan. 10, 2026 and $1 billion of senior notes due Jan. 31, 2033. Enterprise expects to use the net proceeds for general company purposes, including for growth capital investments, and the repayment of debt, including the repayment of all or a portion of its $1.25 billion in 3.35% senior notes HH due 2023 at their maturity in March 2023 and amounts outstanding under its commercial paper program. Senior Notes FFF will be issued at 99.893% of their principal amount and will have a fixed-rate interest coupon of 5.05 percent. Senior Notes GGG will be issued at 99.803 percent of their principal amount and will have a fixed-rate interest coupon of 5.35 percent. Enterprise Products Partners will guarantee the senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. Settlement was expected on Jan. 10.

Managers: J.P. Morgan Securities, BofA Securities Inc., Morgan Stanley and RBC Capital Markets

Enterprise’s Outside Counsel: Sidley Austin, Latham on tax

Underwriters’ Outside Counsel: Vinson & Elkins led by partners Doug McWilliams and David Stone and counsel Brett Peace with assistance from associates Markeya Brown, Michelle Yang and Rivers Stephens. Other team members include partner Matthew Dobbins and associate Ryan Vanderlip (environmental); and partners Wendy Salinas and Ryan Carney and associate Steve Campbell (tax)

Transocean prices $525M in secured notes

Deal Description: On Jan. 9, Transocean Ltd. announced that Transocean Titan Financing Ltd., a wholly-owned indirect unit of Transocean Ltd., priced an offering of $525 million of senior secured notes due 2028 to eligible purchasers. The notes will be guaranteed by Transocean Ltd., Transocean Inc. and a wholly-owned indirect unit that owns and initially will operate the Deepwater Titan and will be secured by a lien on the Deepwater Titan and certain other assets related to the rig. The notes will bear interest at the rate of 8.375 percent per year and will be callable after Feb. 1, 2025. The offering was expected to close by Jan. 17. Transocean Titan expects to receive net proceeds of $515 million after deducting the initial purchasers’ discount and estimated offering costs. The net proceeds will be used to partially finance the construction, acquisition, improvement or alteration of the Deepwater Titan and to fund the initial debt service reserve.

Transocean’s In-House Counsel: Daniel Ro-Trock

Transocean’s Outside Counsel: Baker Botts including, from corporate: partner Jim Marshall, senior associate Garrett Hughey and associates Michael Mazidi and Chelsea Johnson, all of Houston; and, from finance, partner Luke Weedon in Dallas), senior associate Alex Kamel in Houston and Regan Vicknair in Houston

Initial Purchasers’ Outside Counsel: Vinson & Elkins led by partners Mike Telle and David Stone and counsel Joanna Enns with assistance from associates Markeya Brown, Taylor Kim and Patience Li. Also advising were partner Tzvi Werzberger, senior associate Kim Dalrymple, and associate Coral O’Connor; partner John Michael and associate Hunter Michielson (energy transactions/projects); partner Wendy Salinas and associate Tyler Underwood (tax); and counsels Brian Howard and Elizabeth McIntyre and associate Pete Thomas (litigation).

Skyward Specialty prices $133M upsized IPO

Deal Description: The Westaim Corp. announced Jan. 12 that Houston-based Skyward Specialty Insurance Group Inc. priced its upsized initial public offering of 8.9 million shares of its common stock, with 4.7 million common shares being offered by Skyward and 4.2 million common shares being sold by selling stockholders at a public offering price of $15 per share. The underwriters have a 30-day option to purchase up to an additional 1.3 million common shares from the selling shareholders at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about Jan. 18. The shares began trading on Jan. 13 on the Nasdaq under the ticker symbol “SKWD.” Skyward’s principal purposes of the offering are to increase its capitalization and financial flexibility and create a public market for its common shares, thus enabling access to the public equity markets for Skyward and its stockholders. Skyward intends to use a portion of the net proceeds to make capital contributions to its insurance company subsidiaries to support the growth of its business, using the remainder for general corporate purposes. Skyward will not receive any proceeds from any sale of common shares by the selling stockholders. Skyway was expected to be the first company to raise over $100 million in an U.S. IPO since last October, according to Axios.

Managers: Barclays Capital Inc. and Keefe, Bruyette & Woods Inc.; Piper Sandler & Co., JMP Securities, A Citizens Co., Truist Securities Inc. and Raymond James & Associates Inc; and Academy Securities, Inc. and Siebert Williams Shank & Co.

Skyway’s Outside Counsel: DLA Piper led by Michael Murphy in New York, Patrick O’Malley in San Diego and Bianca LaCaille in Seattle

Underwriters’ Outside Counsel: Latham & Watkins led by Marc Jaffe, Erika Weinberg and Adam Johnson in New York

ADDENDUM

Houston-based Mattress Firm Group, the largest specialty mattress retailer in the U.S., withdrew its plans for an initial public offering on Monday. It originally filed in January 2022 with an estimated deal size of $500 million. It had not updated its prospectus since February 2022. It had planned to list on the NYSE under the symbol MFRM. Goldman Sachs, Barclays, Jefferies, UBS Investment Bank, Guggenheim Securities, Piper Sandler, and Truist Securities were set to be the joint bookrunners on the deal. Simpson Thacher & Bartlett was counseling the company and Latham & Watkins was aiding the underwriters, both led out of New York. The primary shareholder is South Africa-based retail holding company Steinhoff International, which started exploring strategic options for Mattress Firm late last year. It’s the number one retailer for Tempur-Pedic, Serta, Sealy, Purple, Stearns & Foster and Beautyrest brands. The company operates through retail stores nationwide and digital platforms including MattressFirm.com and Sleep.com. The company was founded in 1986 and booked $4.6 billion in sales for the 12 months ended Dec, 31, 2021.

Claire Poole

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

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