• Subscribe
  • Log In
  • Sign up for email updates
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

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 EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
February 4, 202217$8,0661512513$5,6144$2,452
January 28, 20237$2,1807755$1,692.752$488
January 21, 202317$5,7681617412$1,9185$3,850
January 14, 202311$2, 800101028$4213$2,400
January 7, 202318$8,2961116714$6,4613$1,835
December 31, 202214$2,732119912$2,0922$640
December 1714$7,9191311512$7,4191$500
December 10, 202214$10,093128811$7,0933$3,000
December 3, 202226$12,800.91117220$4,1416$8,659.9
November 26, 20228$2,266.7853$765$2,190.7
November 19, 202221$2,8861521219$2,5502$336
November 12, 202213$15,093.79819$14,2004$893.7
November 5, 20222519,337.21650922$8,267.23$11,070
October 29, 202215$7,805.3911614$7,180.31$625
October 22, 202220$8,193.51325313$5,4427$2,751.5
October 15, 20229$3,046.191397$2,588.32$457.8
October 8, 202219$2,011.81211416$833.83$1,178
October 1, 202223$5,532.91615618$4,952.35$580.6
September 24, 202218$5,1941421615$4,0503$1,144
September 17, 202221$8,352.31232015$4,759.66$3,592.7
September 10, 202215$19,853.51012613$19,403.62$450
September 3, 20229$2,3129629$2,31200
August 27, 202216$30,891.71013515$30,666.41227.7
August 20, 202212$1,977815299253$1,052
August 13, 202218$8,004.71124211$2,844.77$5,160
August 6, 202224$7,948.91224017$3,5777$4,371.9
July 30, 20228$6,9419787$6,8391$102
July 23, 202211$801119210$80110
July 16, 202214$3,6501012214$3,65000
July 9, 202210$3,557.77689$3,557.710
July 2, 202218$8,609.41315215$2,754.43$5,855
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$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.

View Claire’s articles

Email Claire

©2023 The Texas Lawbook.

Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

Primary Sidebar

Recent Stories

  • Litigation Roundup: Samsung Inks $150M Settlement, Jury Hits Boston Scientific with $42M Judgment
  • Senior Exxon Mobil Counsel’s Move to Gibson Dunn is ‘Very Personal’
  • P.S. — More Legal Aid Announcements; Meet Weil’s Newest “Lend-A-Lawyer”
  • Natural Gas Companies Dismissed from Winter Storm Uri Lawsuits
  • Veteran Dallas Prosecutor Tapped as EDTX U.S. Attorney

Footer

Who We Are

  • About Us
  • Our Team
  • Contact Us
  • Submit a News Tip

Stay Connected

  • Sign up for email updates
  • Article Submission Guidelines
  • Premium Subscriber Editorial Calendar

Our Partners

  • Houston Chronicle
  • Dallas Business Journal
The Texas Lawbook logo

P.O. Box 543455
Grand Prairie, TX 75054

214.232.6783

© Copyright 2023 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.