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CDT Roundup: 11 Deals, 10 Firms, 92 Lawyers, $801M

In the past week, there were reports – both by Reuters – that ConocoPhillips and Shell were exploring a sale of their U.S. Gulf of Mexico assets.

For Houston-based ConocoPhillips, the sale of its Ursa platform and Princess subsea well – likely to be valued in the high hundreds of millions of dollars, according to the news agency – would mark its exit from deepwater energy production off the U.S. Gulf coast (ConocoPhillips declined comment).

London-based Shell is targeting $1.5 billion for the sale of its Auger hub and its 37.5 percent stake in the Conger field, operated by Hess, as per Reuters (Shell also declined to comment).

It’s natural to want to sell at a time of high oil prices. But price volatility has made it harder for potential buyers and sellers to strike deals, according to Reuters. That’s what the Corporate Deal Tracker has also been hearing.

To assure your firm’s deals are published in the CDT Roundup please email deal information to CDTRoundup@texaslawbook.net. For further information or for league table submissions, please contact Allen Pusey (allen.pusey@texaslawbook.net) or see our FAQ and online portals on the Corporate Deal Tracker page HERE.

Coming off a highly productive H1, we’ve apparently hit the summer doldrums. Or something. For the week ending July 23, there were 11 transactions reported for a total value of $801 million. That compares to 14 deals for $3.6 billion a week earlier and 21 deals for $6.4 billion.

Seven of the deals in this week’s Roundup were for confidential values, even the single capital markets transaction; and we saw an 11-deal $306 million week in May, just 10 weeks ago, so we’re not reading anything dramatic into that.

But all the same, keep watching this space.

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
June 3 202312$6,104.42121388$4,256.924$1,847.5
May 27, 202317$12,200106711$6,1656$6,035
May 20, 202311$22,458.181034$19,4557$3,003
May 13, 202312$7,034101018$5,4604$1,574
May 6, 202320$3,297.61819617$2,985.63$312
April 29, 202323$3,691.21813517$1,969.76$1,721.5
April 22, 202316$5,5701410414$4,7502$1,000
April 15, 202312$23,818.195910$21,618.12$2,200
April 8, 202316$7,94991739$5,4727$3,477
April 1, 202321$18,676.71217511$10,926.710$7,750
March 25, 202315$8,779.5101415$2,36210$6,416.5
March 18, 20237$14,048.86695$13,3452$703.8
March 11, 202321$11,5761616516$8,1315$3,445
March 4, 202320$9,6681122816$8,2094$1,459
February 25, 202313$5,3351313012$4,2351$1,200
February 18, 202314$5,743.7131588$898.76$4,845
February 11, 202316$12,0881213712$9,9654$2,123
February 4, 202317$8,0661514013$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

Mas CanAm sells three landfill assets to Kinder Morgan for $355M

Deal Description: Kinder Morgan, Inc. has announced the closing July 19 of its purchase of three landfill assets from Mas CanAm for $355 million. The assets consisted of a renewable natural gas facility in Arlington, Texas, and Medium Btu facilities in Shreveport, La., and Victoria, Texas. The Arlington facility is expected to produce 1.4 billion cubic feet of RNG in 2023 and has the potential to grow significantly over the next decade, Kinder Morgan said in a July 22 press release.

Mas CanAm Outside Counsel: Mas CanAm was advised by a team from Kirkland & Ellis led by corporate partners Cy Jones in Houston, Rhett Van Syoc in Houston and New York and Randy Santa Ana in Houston, debt finance partners Lucas Spivey in Houston, Kelann Stirling in New York and Mitch McClellan in Houston and energy regulatory partner Drew Stuyvenberg in Washington, D.C.

Kinder Morgan’s In-House Counsel: Catherine Callaway James, VP and general counsel; Adam Forman, VP and deputy general counsel; Eric McCord, VP and managing counsel; Alix Charles, assistant general counsel, energy transition ventures; Jordan Mintz, VP and chief tax officer; and Jeff Utay, VP, Tax

Kinder Morgan’s Outside Counsel: Bracewell including partners Jason Jean (Houston), Steven Lorch (New York), Rebecca Baker (Houston), Matthew Grunert (Houston), Tony Visage (Houston) and Catherine McCarthy (Washington, D.C.); and associates Jared Berg (Houston), Andrew Mintz (Houston), Michael Recchia (New York), Boris Shkuta (Washington, D.C.) and Michael Muszik (Houston)

Monolith raises $300M led by TPG Rise Climate

Deal Description: Monolith Materials announced July 14 its latest investment round of more than $300 million led by TPG Rise Climate, part of TPG’s global impact investing platform TPG Rise, co-led by Decarbonization Partners, a partnership between BlackRock and Temasek. Monolith also received investment from NextEra Energy Resources, SK, Mitsubishi Heavy Industries America and Azimuth Capital Management. The existing investor group, including Azimuth Capital Management, Cornell Capital and Warburg Pincus, will keep their majority ownership stake in the company. Based in Lincoln, Neb., Monolith was founded in 2012 and produces clean hydrogen and carbon black using a commercial-scale methane pyrolysis process. It operates its first commercial-scale production facility in Hallam, Neb., and has offices and R&D facilities in Lincoln, San Carlos, Calif., Denver, Colo., and Kansas City, Kan. Its newest production facility, Olive Creek 2, is expected to be completed in 2026.

Placement Agents: J.P. Morgan Securities and Goldman Sachs & Co.

TPG’s Outside Counsel: Kirkland led by corporate partners Kristin Mendoza in New York and Allan Kirk in Houston and included, from Texas, capital markets partner Jennifer Wu, tax partner William Dong and environmental transactions partner James Dolphin

Helix Energy Solutions acquires Alliance for $120M

Deal Description:  Locke Lord said July 21 it represented Houston-based Helix Energy Solutions Group on its acquisition of 100% of the equity interests of the Alliance group of companies for $120 million in cash plus a post-closing earn-out potential. The firm also assisted Helix in amending its existing asset-based revolving credit facility in conjunction with the Alliance acquisition to $100 million. The deal was announced July 5. Alliance provides services to support the upstream and midstream industries on the Gulf of Mexico shelf, including offshore oil field decommissioning and ‎reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving.

Administrative Agent for ABL facility: Bank of America

From Locke Lord: The team was led by Greg Heath, Jeannie Diep, Case Towslee and Ashley Lopez, all of Houston. Additional assistance was provided by Steve Boyd, Gislar Donnenberg, Laura Ferguson, Jerry Higdon, Jeff McPhaul, Tammi Niven, Ed Razim, Buddy Sanders, Michelle Gutierrez-Begin, Rachael Beavers, Lani Blake, Emma Doineau, Emily Hoy, Annaleigh Richardson, Kelly Smit and Kenton Wilson (all of Houston) and Van Jolas, Brad Weber and Eli Daniels (all of Dallas).​

Spruce attracts $26M in funding

Deal Description: Shearman & Sterling said July 20 it represented Spruce in its $26 million Series B financing led by Sweat Equity Partners and including SoftBank Corp., Mercury Fund, Fitz Gate Ventures, Seamless Capital, Raven One Ventures and New Age Ventures. Spruce is an Austin-based developer of a mobile concierge application providing lifestyle services to the multifamily industry.

From Shearman: Led by partner Alan Bickerstaff and including associate Julia Foley in Austin

Sweat Equity’s Outside Counsel: Kastner Gravelle including Ryan Gravelle, Chelsie Gonzales and Dana Dettmer in Austin

Blackstone-backed Legence acquires Black Bear Energy

Deal Description: Blackstone-backed Legence announced July 19 the acquisition of Black Bear Energy for an undisclosed sum. Black Bear’s addition to Legence’s portfolio expands the firm’s renewable energy procurement services and strengthens its capabilities for decarbonization. The announcement comes on the heels of two additional acquisitions, Provident Energy Consulting and McCracken & Woodman. Legence provides advisory services and implementation focused on financing, designing, building and servicing complex systems in mission-critical, high performance facilities. Black Bear Energy is a technology-enabled, commercial buyer’s representative specializing in onsite renewable energy and cleantech services. In the past five years, Black Bear has helped clients bid out 1,000 clean technology projects in 20 states through its data-driven process. 

Legence’s Outside Counsel: Kirkland & Ellis led by corporate partners Kyle Watson and Rhett Van Syoc and associates Zach Savrick and Michael Bassi and tax partner Mark Dundon, all in Houston

I Squared buys VLS Environmental

Deal Description: I Squared Capital, an infrastructure investment manager, and its ISQ Global Infrastructure Fund III announced July 20 it acquired VLS Environmental Solutions from Aurora Capital Partners, a middle-market private equity firm. Terms were not disclosed. VLS provides waste and cleaning and repair services to regulated industries in North America. VLS operates two principal segments: non-hazardous industrial waste handling, treatment and sustainable disposal and rail and marine cleaning and repair. 

Expected Closing: Q3 2022

Aurora’s Financial Advisors: Houlihan Lokey (lead advisor) and Robert W. Baird (co-advisor)

Aurora’s Outside Counsel: Gibson, Dunn & Crutcher

I Squared’s Financial Advisor: Jefferies

I Squared’s Outside Counsel: Kirkland & Ellis with an all-Texas team led by corporate partners Kyle Watson and John Pitts and associates Blake Longoria, Scott Myers, Alexiz Magro-Malo and Sara Phipps, debt finance partners Lucas Spivey and Jordan Roberts, tax partners David Wheat and William Dong and environmental partner Ty’Meka Reeves-Sobers.

Manchester Energy receives backing from EnCap Flatrock 

Deal Description: Houston-based Manchester Energy Partners recently partnered with private equity firm EnCap Flatrock Midstream to develop a large scale, diversified midstream business. Terms weren’t disclosed. Manchester is led by CEO Khalid Muslih and four other founding members including Forrest Wylie, Lee Jacobe, Will Byers and Jenny Gregory.

EFM’s Outside Counsel: Latham & Watkins led by partner James Garrett in Houston

Manchester’s Outside Counsel: Simpson Thacher & Bartlett led by partner Shamus Crosby in Houston

RMS sells to StarRez

Deal Description: StarRez, a provider of student housing software, announced July 20 the acquisition of Residential Management Systems Inc., a developer of the Mercury Residential Housing Platform. Terms weren’t disclosed. Founded in 1994 by Graham Banister, RMS provides web-based housing and conference management software solutions. It operates offices in Raleigh, N.C., and Newcastle, U.K. StarRez’s combined customer base now exceeds 1,300 in more than 25 countries and over 3 million beds under management. Along with the recent combination with Adirondack Solutions, this growing scale enables ever greater opportunities to expand community value through enhanced product capabilities and services. StarRez, which is backed by Vista Equity Partners, will continue to invest and accelerate growth in the PropTech, EdTech, student housing, PBSA and adjacent markets.

RMS’ Advisors: High Rock Partners

StarRez/Vista Equity Partners‘ Outside Counsel: All Texas-team from Vinson & Elkins led by partners Milam Newby and Michael Gibson and senior associate Austin White with assistance from associate Tessa Krieger-Carlisle. Also advising were counsel Allyson Seger and associate Fariha Jawed (tax); counsel Rajesh Patel and associate Marcus Martinez (technology transactions/IP); partner Sean Becker and associate Peter Goetschel (employment/labor); and partner Shane Tucker and associate Matt Green (executive compensation/benefits).

Trinity Hunt acquires ENT & Allergy of Delaware

Deal Description: McGuireWoods said July 20 it advised Trinity Hunt Partners on its purchase of ENT & Allergy of Delaware. Terms were not disclosed. The deal was announced July 14.

From McGuireWoods: Co-led by Berkeley Horne (Richmond partner) and David Krieghbaum (Dallas associate) with support from Elissa Moore (Charlotte counsel) and Andrew Steiger (Chicago associate)

FGE Power sells wind farm project to Omega Energia

Deal Description: Foley said July 18 that it represented Austin-based FGE Power on its sale of 100 percent ownership of the FGE Goodnight wind project to Omega Energia, a renewable energy company headquartered in São Paulo, Brazil. The divestiture allows for the beginning of construction on FGE Goodnight I, a 265.5-megawatt wind farm, and the near-term construction of FGE Goodnight II with the same megawatts. Commercial operations of both phases can be reached by the end of 2023. FGE Goodnight III, with a capacity of more than 200 megawatts, is in the early stages of development and will be built depending on decisions of new ownership. When FGE Goodnight III is completed, the overall project is projected to be the largest wind farm in operation in Texas and one of the largest worldwide to date.

From Foley: Partners Hoang Quan Vu and Greg Meeks and including of counsel Neal Bakare and associates George Khalaf and Jennifer Gardner, all in Houston

CAPITAL MARKETS/FINANCINGS

Blackbuck Resources expands term loan with Riverstone Credit

Deal Description: Foley said July 20 it represented Blackbuck Resources in the expansion of its sustainability-linked term loan with with Riverstone Credit Partners, a credit investment platform focused on energy, power, decarbonization and infrastructure managed by Riverstone Holdings. Terms weren’t disclosed. The upsized financing provides Blackbuck with more liquidity to execute on accretive growth resulting from recently signed contracts around its Midland Basin and Delaware Basin platforms. The facility’s pricing will be adjusted based on Blackbuck’s adherence to sustainability performance targets. Based in Houston and Midland, Blackbuck designs, builds and operates water infrastructure and provides services for the oil and gas industry, with a focus on the Permian Basin.

From Foley: Partner Hoang Quan Vu in Houston and associate Jenny Gardner and included special counsel Nick Faleris and associate Jaylin Taff

Riverstone’s Outside Counsel: Baker Botts including Austin partner Clint Culpepper and Houston associate Regan Vicknair

OTHER TRANSACTIONS

Vinson & Elkins advised Ioneer Ltd, a lithium–boron supplier, on a binding off-take supply agreement with Ford Motor Co. Under the deal, Ioneer will supply Ford with lithium carbonate from its Rhyolite Ridge Lithium-Boron Project in Nevada. The V&E team was led by partner Kaam Sahely with assistance from counsels Josh Heideman and Alistair Wishart, associate Louise Fischel-Bock and senior associate Josh Singer. Partner Lina Dimachkieh provided tax advice.

Claire Poole

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

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