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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, 11 Firms, 95 Lawyers, $3.9B

July 10, 2024 Claire Poole & Allen Pusey

More often than not when we write about deals, they really aren’t yet deals. They are announcements of agreements destined to be deals. But sometimes not.

Such was the case when, in May 2023, we noted the $4 billion sale of Houston-based Mattress Firm to Tempur Sealy. We noted that the deal, as announced, would result in a bedding behemoth with more than 3,000 retail stores, 30 e-commerce platforms, 71 manufacturing facilities and four R&D facilities worldwide. At year’s end, we ranked it as one of the 10 most significant deals of 2023.

But last week the Federal Trade Commission moved to block the transaction, asking a Houston federal court for an injunction to halt the proceedings. The move was unopposed by both firms while they and the agency sort things out.

Since Tempur Sealy is the world’s largest mattress manufacturer and supplier and Mattress Firm the nation’s largest mattress retailer, the FTC concern for a potential monopoly is neither unusual nor unreasonable. But the complaint — 45 pages patched with 182 separate redactions — is an extraordinary read.

The original is sealed. But even the publicly available complaint clearly accuses Kentucky-based Tempur Sealy — not Mattress Firm, mind you — not only of creating a potential threat to competition through the merger, but of planning to do exactly that.

The complaint, for instance, cites a May 2022 presentation analyzing a potential Mattress Firm acquisition — code-named “Project Lima” — as enabling Tempur Sealy to … well, we don’t know because what follows is a 14-line blackened redaction punctuated by this intriguing sentence:

“These statements are not one-off statements. Multiple high-ranking executives within Tempur Sealy have expressed a desire to eliminate and block rival suppliers and brands from Mattress Firm-post acquisition.”

What the FTC alleges is a historical pattern of retail bullying by Tempur Sealy to exclude competitors from retail stores through which they sell its popular foam-based mattresses. And with the acquisition of Mattress Firm, the agency asserts, Tempur Sealy would have home-court advantage in most important battleground in any ongoing mattress wars.

Unlike most retail operations, the business of high-end bunking has resisted the disruptions of online sales. Customers, quite reasonably, want to witness the feel of a $10,000 mattress before they plunk down their credit card. Even successful online “bed-in-a-box” mattress suppliers like Purple and Casper — as well as Tempur Sealy itself — have ended up selling their premium products through analog stores.

That’s where Mattress Firm — with its ubiquitous 2,300 brick-and-mortar retail outlets — comes in. While several top suppliers have their own retail outlets, the massive display-floor space at Mattress Firm is a difference-maker in the business. For instance, when online Purple began selling their premium lines in Mattress Firm outlets their sales grew rapidly, the company went public and is now ranks as fourth-largest mattress retailer in the nation.

Likewise, Tempur Sealy and Mattress Firm have history, not all of it so sweet. In 2017, Mattress Firm jerked Tempur Sealy products from its stores — to the detriment of both companies. Mattress firm took a brief bankruptcy in 2018, and Tempur Sealy suffered enough in revenues that in 2019, they returned to Mattress Firm display floors.

What precipitated the split is not explicitly stated, but what the FTC suggests between blackened spaces, however, is that Tempur Sealy — especially since its return to Mattress Firm — has routinely used its popular products to muscle-out competitors from local and regional mattress outlets, including those of Mattress Firm.

One unredacted heading in the complaint says as much: “Tempur Sealy Repeatedly Has Blocked and Attempted to Block Other Mattress Brands from Accessing Mattress Firm’s Stores.” And under that header is this:

“Tempur Sealy campaigned to exclude other brands from Mattress Firm as soon as it began to resume its relationship with the retailer in 2019.”

And this: “In March 2020, when the COVID-19 pandemic hit, Tempur Sealy used the crisis an opportunity to keep [redacted] out of Mattress Firm’s stores.”

The FTC has set their administrative case for hearing in December. The specifics, which presumably include complaints by competitors and internal company communications, are clearly behind the redactions. And for its part, Tempur Sealy is playing it cool.

In a statement issued after the FTC voted 5-0 to pursue its complaint, the company said, “Tempur Sealy has been working constructively with the FTC to secure regulatory approval for this transaction and is disappointed that the FTC has initiated litigation. We appreciate their efforts to understand the industry and the proposed transaction, but ultimately believe the FTC’s perspective does not reflect all the relevant facts and law.”

Mattress Firm also expressed its “disappointment” in the FTC action. The company has been owned since 2016 by the South African investment firm Steinhoff International Holdings NV. But as a result of the 2018 bankruptcy, a significant minority equity is held by the company’s former creditors, for whom the “disappointment” may be most acute. The merger, as originally envisioned, included $2.7 billion in cash.

But a deal isn’t really a deal until somebody gets paid. Maybe Yogi Berra said that. But maybe he didn’t.

For the holiday week ending July 6, there were only 11 deals valued at $3.9 billion reported for the week. The prior week saw 14 deals for $6.3 billion. But don’t read anything into the shortfall on value: only one of last week’s M&A transactions, the Neiman Marcus acquisition by HBC, had a price tag attached. As for last year’s July 4 holiday week, there were 16 deals reported for $5.4 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
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

Neiman Marcus sold to Saks for $2.65B

Deal Description: HBC, parent company of Saks Fifth Avenue, announced July 4 it agreed to acquire Dallas-based Neiman Marcus Group (NMG), parent company of Neiman Marcus and Bergdorf Goodman, for an enterprise value of $2.65 billion. The main sellers are investment firms Davidson Kempner Capital Management, Sixth Street Partners and Pacific Investment Management, which have owned the company it emerged from bankruptcy in 2020. Willkie Farr & Gallagher is outside counsel to HBC with attorneys in New York while Sullivan & Cromwell is NMG’s legal advisor. Tom Mattei is NMG’s chief legal officer, corporate secretary and chief compliance officer in Dallas. For more on the story, click here.

Diamond sells to Andronaco

Deal Description: Porter Hedges said July 2 it represented Diamond Cos., including Diamond Fiberglass, a designer and manufacturer of fluid management vessels and tanks, and Diamond Services, an industrial services business that focuses on non-metallic services, on its sale to Andronaco Industries, a provider of corrosion-resistant flow control solutions. Terms weren’t disclosed on the transaction, which was announced June 28. The acquisition builds upon Andronaco’s technical capabilities and diverse portfolio, enabling end-to-end solutions in challenging corrosive environments. The business will be rebranded Diamond Fiberglass Systems and Services. Diamond’s facilities are in Texas and Louisiana and Andronaco’s facilities are in Michigan, Texas, Louisiana and France.

From Porter Hedges: The team was led by Joseph Morrel with support from Megan Luh, Geoff Schultz, Colin Cox, Ashley Prieto and Beverly Young.

Bernhard invests in Brailsford & Dunlavey

Deal Description: Bernhard Capital Partners, a services and infrastructure-focused private equity management firm in Baton Rouge, announced June 27 a dedicated institutional program management platform through a controlling investment in Brailsford & Dunlavey, a Washington, D.C.-based development advisory and program management firm. Financial terms weren’t disclosed. Brailsford & Dunlavey is a provider of advisory, project management and construction management services for educational institutions, municipal agencies, sports venues and non‐profits. Since its founding in 1993, B&D has completed work for more than 1,000 clients across all 50 U.S. states. B&D also serves clients through its facility operations and management business, CENTERS, which was established as the first company in the industry focused on outsourced management of collegiate recreation assets. B&D will continue to be led by co-CEOs Paul Brailsford and Chris Dunlavey alongside the existing leadership team. Bernhard has deployed capital in four funds across several strategies and has more than $4 billion of gross assets under management. 

Bernhard’s Outside Counsel: Kirkland & Elis and Fishman Haygood.

From Kirkland: A team led by corporate partner Bill Benitez and associates Brennon Nelson and Dallin Miller and debt finance partner Jordan Roberts and associates James Kelly and Daly Brower and included tax partner Mark Dundon and associate Sydney Jensen, environmental transactions partner Jon Kidwell and associate Thomas Boynton, labor & employment partner Christie Alcala, employee benefits partner Alexandra Mihalas and associate Caitlin Pyrce and investment funds ERISA partner Joe Lifsics.

From Fishman: Scott Chenevert. 

Recochem acquires auto care business from KIK Consumer Products

Deal Description: Willkie Farr & Gallagher said July 1 it advised Recochem on its acquisition of auto care business from KIK Consumer Products. Terms weren’t disclosed on the purchase, which was announced June 18. KIK’s auto care business is made up of Prestone in North America and Holts in the UK and develops, manufactures and markets antifreeze/coolant and other automotive fluids and car appearance products in North America and other key international markets. In November 2023, Recochem was acquired by CapVest Partners. KIK is a portfolio company of Centerbridge Partners, which has $38 billion in capital under management with offices in New York and London. 

Outside Counsel for Recochem: Willkie; Arnold & Porter and Kirkland & Ellis

At Willkie, the deal team was led by partners David Arnold (London), Neil Townsend (NY), Patrick Sandor (San Francisco) and Andrew Gray (London) and counsel Sidney Nunez (Houston) and associate Hayden Kursh (Houston).

Recochem’s Financial Advisor: Harris Williams

KIK’s Financial Advisor: CG Sawaya Partners

KIK’s Outside Counsel: Weil, Gotshal & Manges and Blake, Cassels & Graydon

Genesis Park invests in Healthy Lunch Box, Twelve Oaks Catering

Deal Description: Porter Hedges said July 2 it advised Genesis Park, through its investment fund, GP Capital Partners, on its recent investment in the Healthy Lunch Box and Twelve Oaks Catering, collectively known as HLB. HLB operates two commercial kitchens providing meals to students in K-12 charter schools in the Texas market. Genesis Park made a debt and equity investment in partnership with Riveter Capital and HLB’s management to support HLB’s recapitalization and growth strategy. Riveter originally acquired HLB in 2021 and completed the add-on acquisition of Twelve Oaks Catering in 2023 to expand into the Dallas-Fort Worth market. Genesis Park brings additional investment capacity to support HLB’s strategy to further expand its market presence in and outside of Texas. The private equity firm generally targets companies with at least $10 million of revenue and $3 million of EBITDA.

From Porter Hedges: The team was led by Brian Rose with support from Weston Kowert, Kristina Rosado, Jordie Lennox, Geoff Schultz and Allison Pearce.

Consensys Software buys Wallet Guard

Deal Description: Consensys Software Inc., a blockchain and Web3 software company, announced July 3 it entered into an agreement to acquire Wallet Guard Inc., a browser extension, security dashboard and security engine for cryptocurrency that protects users’ cryptocurrency wallets, digital assets and data from theft, scams and fraud. Terms weren’t disclosed. The acquisition allows CSI to integrate Wallet Guard’s capabilities to further bolster MetaMask, which CSI claims it the world’s leading self-custodial cryptocurrency wallet.

CSI’s Outside Counsel: Baker Botts led by corporate partner Brendan Dignan assisted by Matthew Savoff and Tyler Kendler. On executive comp and benefits: Jason Loden and Gabriela Alvarez; on income tax: Jordan Hahn; and on privacy and cybersecurity: Matthew Baker.

Notes: Baker Botts previously advised CSI on its acquisitions of Special Mechanisms Group and Hal Collective Inc.

Mountain Creek Power sells power generation facility to Trafigura, Frontier

Deal Description: Kirkland & Ellis said July 3 it advised Mountain Creek Power on the sale of the Mountain Creek power plant in Texas to Trafigura Trading and its joint venture partner Frontier Group of Cos. for an undisclosed sum. The 808-megawatt steam turbine gas-fired power plant in ERCOT, located close to Dallas, provides a flexible source of electricity during periods of high demand.

From Kirkland: The team was led by corporate partners Kristin Mendoza, Ahmed Sidik and Cammie Teo and associate Michael Goodrich and tax partners David Wheat, Bill Dong and Jacob Walley.

Robinhood acquires Pluto

Deal Description: Meno Park, Calif.-based Robinhood Markets Inc. announced July 1 the acquisition of crosstown company Pluto Capital Inc., an artificial intelligence-powered investment research platform that provides investment strategies based on customer needs and financial goals. Terms weren’t disclosed. Pluto founder and CEO Jacob Sansbury joined the Robinhood team to accelerate its product roadmap and help integrate AI-powered capabilities across the Robinhood platform. 

Pluto’s Outside Counsel: Sidley Austin with a team including Joshua DuClos and Idan Netser in California, Nick DeAngelis in Dallas and Nicholas Frey in California

CAPITAL MARKETS/FINANCINGS

Vale prices $1B notes due 2054

Deal Description: Rio de Janeiro-based metals and mining concern Vale announced June 25 the pricing of the offering by its wholly-owned subsidiary Vale Overseas Ltd. of $1 billion of 6.400% guaranteed notes due 2054. The notes will bear a coupon of 6.400% per year, payable semi-annually, and were sold at a price of 99.235% of the principal amount. The notes will mature on June 28, 2054 and were priced with a spread of 210 basis points over U.S. Treasuries, resulting in a yield to maturity of 6.458%. The notes will be unsecured obligations of Vale Overseas and will be fully and unconditionally guaranteed by Vale. The guaranty will rank equally in right of payment with all of Vale’s other unsecured and unsubordinated debt obligations. Vale intends to use a portion of the net proceeds of the offering of the notes to fund the purchase price of certain notes issued by Vale Overseas tendered and accepted for purchase, fund the redemption price of the 6.250% Guaranteed Notes due 2026 issued by Vale Overseas and the remainder for general corporate purposes.

Bookrunners: BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc. and MUFG Securities Americas Inc. are global coordinators and bookrunners and BofA Securities, Inc., Goldman Sachs & Co., Banco Bradesco BBI and UBS Securities are bookrunners.

Bookrunners‘ Outside Counsel: Gibson, Dunn & Crutcher with a corporate team led by partner Alan Bannister and included of counsel Rodrigo Surcan and associates Harris Quraishi, Malakeh Hijazi, Vlad Zinovyev, Lily Paulson Stephens and Daniela Tapia Devia. Partner Michael Cannon and associate Blake Hoerster advised on tax aspects. Partner Michelle Kirschner and associate Thomas Barker advised on UK and EEA matters.

Sunnova Energy securitizes $230.9M in residential solar, battery loan agreements

Deal Description: Sunnova Energy International Inc., a U.S. residential solar and energy storage service provider, announced the closing of its 14th solar loan securitization and its 20th residential solar securitization. The securitization includes $151.9 million in 6.15% notes, $54.4 million in 7.00% notes, and $24.6 million in 8.00% notes with an anticipated repayment date of June 20, 2034, and a final maturity of May 22, 2051. The notes are backed by a portfolio of 5,704 solar rooftop systems distributed across more than 20 states and territories.

Sunnova’s Outside Counsel: Baker Botts including, from corporate/finance: Travis Wofford, Frank X. Schoen, Jonathan Goldstein, Caitlin Lawrence, Lyman Paden, Thomas Blackwell, Ushma Mehta, Sarah Dyer, Johnathan Walker, Shelby Ward, Cade Luedde, Madeline McCune and Blake Vick; on tax: Michael Bresson, Chuck Campbell and Michael Kovacich; on renewable energy/regulatory: Emil Barth; and on advisory: Danny David

New York Mortgage Trust prices $60M offering of senior notes

Deal Description: Vinson & Elkins said July 1 that it advised New York Mortgage Trust Inc. in connection with an underwritten public offering of $60 million in 9.125% senior notes due 2029. The company granted the underwriters a 30-day option to purchase up to an additional $9 million of the notes to cover over-allotments. The offering closed June 28. 

From V&E: The corporate team was led by partners Chris Green and David Stone with assistance from associates Austin Scieszinski, Selena Govan and Mary Beth Vaughan. Also advising were partners Paige Anderson and Chris Mangin and associates Sarah McIntosh and Maddie Brown.

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