CDT Roundup: 11 Deals, 9 Firms, 80 Lawyers, $532M

After the drubbing the stock market took last week, there has been growing talk about the “R” word: recession. Uncertainty about that likelihood, as anyone in the transactions business knows, would put a kibosh on deals.

Andrew Akers, a quantitative research analyst at PitchBook, said in a May 14 note he sees three plausible economic scenarios that will drive how markets perform from here.

The first — and most likely — scenario is one in which the Fed is able to engineer a soft landing and avoid a recession. “Our model indicates that there is still only a 20 percent chance of a U.S. recession occurring in the next 18 months,” he said.

The second most likely scenario, according to Akers, is a deflationary recession in which monetary tightening stymies demand and growth and, as a result, prices fall.

The final scenario is an inflationary recession, or stagflation, much like it was in the 1970s, an idea that former Federal Reserve chief Ben Bernanke floated on Monday when promoting his new book, “21st Century Monetary Policy: The Federal Reserve From the Great Inflation to Covid-19.”

“There should be a period in the next year or two where growth is low, unemployment is at least up a little bit and inflation is still high,” Bernanke told DealBook’s Andrew Ross Sorkin. “So you could call that stagflation.”

Akers said while this final scenario is the least likely of the three, he believes it is a significant tail risk that deserves attention “and one that most investors are unprepared for.”

Deal numbers for the week ending May 14 offer no arguments against those scenarios: 11 deals reported for a total $532 million. It was the lowest deal count since Jan. 1 (9) and the lowest reported aggregate value since May 2020 ($432 million). In fairness, terms were disclosed in only two of the 10 M&A transactions.

By contrast, the week before last saw 16 deals for $10.5 billion and a year ago this week saw 18 deals at $10.6 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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
June 25, 2022	15	$6,142	13	146	9	$2,017	6	$4,125
June 18, 2022	17	$11,890.1	14	228	15	$11,410	2	479.7
June 11, 2022	17	$7,600	12	123	10	$2,300	7	$5,300
June 4, 2022	12	$2,937	10	127	9	$692	3	$2,245
May 28, 2022	9	$3,197.6	11	86	9	$3,197.6	0	0
May 21, 2022	14	$7,284.5	12	185	11	$6,609	3	$675.5
May 14, 2022	11	$306.6	9	80	10	$306.6	1	$225
May 7, 2022	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
April 30, 2022	16	$2,296.5	16	157	12	$895.5	4	$1,401
April 23, 2022	10	$2,241	11	58	8	$1641	2	$600
April 16, 2022	11	$6,643	7	156	8	$2,359	3	$4,284
April 9, 2022	17	$4,429	14	184	11	$1,690	6	$2,739
April 2, 2022	13	$1,755	8	84	10	$1,145	3	$610
March 26, 2022	11	$3,205	8	65	6	$200	5	$3,005
March 19, 2022	13	$2,239.17	9	106	13	$2,239.17	0	0
March 12, 2022	18	$12,016	11	239	15	$11,965	2	$51.35
March 5, 2022	17	$6,786	13	137	13	$5,161	4	$1,625
February 26, 2022	12	$5,095	8	149	9	$4,437.5	3	$658
February 19, 2022	17	$22,229	17	174	14	$21,354	3	$875
February 12, 2022	12	$2,344.7	10	73	8	$641.7	4	$1,703
February 5, 2022	11	$2,503	8	99	11	$2,503	0	0
January 29, 2022	11	$3,872	12	101	12	$3,872	0	0
January 22, 2022	13	$5,143.5	10	99	12	$4,842.5	1	$301
January 15, 2022	12	$7,605	9	155	9	$6,480	3	$1,025
January 8, 2022	13	$8,256.2	11	102	13	$8,256.2	0	0
January 1, 2022	9	$1,273.8	6	50	9	$1,273.8	0	0
December 25, 2021	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
December 18, 2021	26	$7,325.2	15	193	18	$3,640.2	8	$3,685.2
December 11, 2021	16	$5,017	10	109	13	$1,417	3	$3,600
December 4, 2021	14	$2,310	8	86	8	$2,310	6	$1,882.05
November 27, 2021	9	$3.460.1	10	101	6	$1,758	3	$1,702.6
November 20, 2021	20	$22,792	15	157	12	$18,864.5	8	$3,928
November 13, 2021	21	$26,729	12	178	13	$11,822	8	$14,907
November 6, 2021	12	$8,303	13	157	10	$6,682	3	$1,621
October 30, 2021	21	$10,368	15	218	15	$9,24.4	6	$1,103.
October 23, 2021	21	$18.783.1	15	222	11	$12,314	10	$6,468.6
October 16, 2021	15	$3,868	11	118	15	$2,293	2	$1,575
October 9, 2021	20	$8,610	16	175	16	$7,795	4	$815
October 2, 2021	14	$6,250	11	137	10	$5,200	4	$1,050
September 25, 2021	11	$11,460	9	93	7	$10,200	4	$1,250
September 18, 2021	11	$16,603	8	99	8	$15,084	3	$1,519
September 11, 2021	17	$10,653	11	103	13	$8,503	4	$2,150
September 4, 2021	13	$7,222	10	89	11	$6,715	2	$507
August 28, 2021	12	$763	9	63	11	$663	1	$100
August 21, 2021	12	$29,659	7	79	11	$29,579	1	$80
August 14, 2021	22	$17,845	11	199	12	$12,805	10	$5,04
August 7, 2021	17	$13,670	12	139	15	$11,766	2	$1,904
July 31, 2021	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
July 17, 2021	14	$4,009	11	124	12	$2,015	2	$1,994
July 10, 2021	16	$3,997	13	143	11	$1,597	4	$2,4
July 3, 2021	24	$7,492	13	94	16	$3,769	8	$3,722
June 26, 2021	10	$4,995	7	85	8	$3,847	2	$1,148
June 19, 2021	28	$16,830	8	228	9	$1,861	19	$14,968
June 12, 2021	26	$27,238	15	209	19	$25,602	7	$1,636
June 5, 2021	15	$15,539	13	100	13	$14,709	2	$600
May 29, 2021	35	$20,279	11	145	28	$18,64	7	$1,639
May 22, 2021	24	$53,208	14	174	17	$51,047	7	$2,161
May 15, 2021	18	$10,620	13	220	11	$5,870	7	$4,809
May 8, 2021	17	$10,400	11	156	15	$8,386	2	$2,500
May 1, 2021	21	$7,200	16	115	12	$3,808	9	$3,392
April 24, 2021	8	$20,200	9	31	8	$20,200	0	0
April 17, 2021	14	$6,270	8	102	11	$4,0180	3	$2,260
April 10, 2021	15	$8,940	13	129	14	$7,990	1	$950
April 3, 2021	18	$19,513	10	151	12	$16,923	6	$2,590
March 27, 2021	27	$13,942	15	244	14	$4,300	13	$9,633.5
March 20, 2021	11	$2,046	4	102	3	$270	8	$1,776
March 13, 2021	15	$3,270	9	109	6	$538	9	$2,732
March 6, 2021	24	$13,617	10	196	13	$10,395	11	$3,222
February 27, 2021	19	$8,105	12	139	15	$4,970	4	$3,135
February 20, 2021	9	$8,820	9	153	8	$8,520	1	$300
February 13, 2021	12	$4,852.6	7	81	7	2,766	5	$2,086.6
February 6, 2021	18	$9,752	13	153	14	$5,222	4	$4,530
January 30, 2021	18	$9,449	9	182	15	$8753.8	3	$695.3
January 23, 2021	14	$8,150	8	118	6	$4,000	8	$4,150
January 16, 2021	17	$6,783	13	138	11	$2,400	6	$4,382.9
January 9, 2021	22	$6,829	14	135	18	$3,139.3	4	$3,690
January 2, 2021	7	$1,466	7	60	7	$1,466	0	0
December 26, 2020	18	$15,900	12	163	16	$5,300	1	$600
December 19, 2020	18	$9,769	14	110	14	$8,426	4	$1,343
December 12, 2020	10	$7,200	9	100	9	$3,325	1	$3,830
December 5, 2020	15	$4,261	9	122	9	$2,780	6	$1,481
November 28, 2020	19	$7,758	10	110	13	$4,003	6	$3,755
November 14, 2020	14	$864.1	14	157	12	$289.1	2	$575
November 7, 2020	13	$6,332	9	129	9	$2,483.5	4	$3,849
October 31, 2020	10	$3,995.8	8	103	6	$3,231.1	4	$754.7
October 24, 2020	6	$18,100	6	58	5	$17,709	1	$350
October 17, 2020	8	$351.9	5	55	8	$351.9	0	0
October 10, 2020	7	$5,229	3	50	4	$735	3	$4,494
October 3, 2020	14	$21,428	9	173	9	$17,535	5	$3,893
September 26, 2020	10	$12,770	8	93	5	$10,300	5	$2,470
September 19, 2020	14	$8,365	9	101	6	$1,020	8	$7,345
September 12, 2020	6	$4,406	8	59	3	$1,270	3	$3,136
September 5, 2020	11	$5,191	8	117	9	$4,061	2	$1,130
August 29, 2020	11	$2,531	9	94	5	$1,130	6	$1,401
August 22, 2020	18	$6,574	12	140	7	$1,930	11	$4,644
August 15, 2020	13	$4,991	10	97	7	$1,216	6	$3,775
August 8, 2020	12	$32,092	11	112	9	$30,457	3	$1,635
August 1, 2020	7	$5,287	8	76	5	$3,687	2	$1,600
July 25, 2020	9	$18,751	6	67	7	$18,403	2	$348
July 18, 2020	6	$1,982.5	5	50	4	$1,407.5	2	$575
July 11, 2020	11	$565.1	12	75	10	$65.1	1	$500
July 4, 2020	10	$8,889	8	98	9	$8,788	1	$100.3
June 27, 2020	8	$6,874	10	50	5	$4,972.5	3	$2,081.5
June 20, 2020	12	$4,444	9	115	7	$2,829	5	$1,615
June 13, 2020	6	$3,582	4	37	2	$350	4	$3,232
June 6, 2020	11	$3,213.7	8	65	7	$470	4	$2,743.7
May 30, 2020	8	$7,335	7	48	6	$4,639	2	$2,697
May 23, 2020	4	$432.4	4	34	3	$432.4	1	0
May 16, 2020	6	$310	6	34	5	$310	1	0
May 9, 2020	18	$5,630	16	124	14	$3,180	4	$2,450
May 2, 2020	15	10,400	10	90	8	$1,900	7	$,8,500
April 25, 2020	8	$3,400	9	36	5	$1,000	3	$2,450
April 18, 2020	19	$9,500	14	92	8	$185.7	11	$9,360
April 11, 2020	12	$6,000	9	40	5	$190	7	$5,800
April 4, 2020	14	$8,200	11	68	10	$2,200	4	$6,000
March 28, 2020	16	$6,500	13	96	10	$3,700	6	$2,800
March 21, 2020	11	$11,910	7	33	7	$2,250	4	$9,960
March 14, 2020	7	809.8	6	34	6	684.8	1	125
March 7, 2020	16	$2,500	15	70	13	$669	3	$1,400
February 29, 2020	13	$15,260	13	128	11	$11,760	2	$3,500
February 22, 2020	12	$3,700	10	92	10	$2,560	2	$1,130
February 15, 2020	16	$1,250	10	84	12	$35	4	$1,222
February 8, 2020	18	$6,080	14	123	14	$2,595	4	$3,485
February 1, 2020	21	$20,900	12	101	14	$17,860	7	$3,060
January 25, 2020	13	$7,430	13	62	12	$6,430	1	$1,000
January 18, 2020	23	$9,580	15	120	19	$6,580	4	$3,000
January 11, 2020	21	$14,200	18	199	16	$1,020	5	$13,200
January 4, 2020	22	$6,400	11	119	16	$3,204	6	$3,245
December 28, 2019	22	$7,150	19	175	18	$6,800	4	$327.4
December 14, 2019	24	$36,300	23	167	19	$9,500	5	$26,800
December 7, 2019	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.5
November 23, 2019	16	$1,995	10	41	11	$615	5	$1,380
November 16, 2019	15	$3,820	13	135	11	$2,500	4	$1,271
November 9, 2019	25	$12,900	17	182	23	$12,200	2	$575
November 2, 2019	10	$2,470	12	61	9	2,450	3	$22
October 26, 2019	12	$5,560	14	70	11	$3,860	1	$1,700
October 19, 2019	8	$6,600	8	138	8	$6,600	0	0
October 12, 2019	19	$4,300	14	55	16	$3,800	3	$500
October 5, 2019	18	$14,500	19	166	15	$11,100	3	$3,400
September 28, 2019	19	$8,100	18	132	18	$7,560	1	$550
September 21, 2019	14	$6,300	16	66	11	$2,160	3	$4,170
September 14, 2019	15	$23,800	12	56	11	$21,250	4	$2,570
September 7, 2019	17	$3,500	15	98	14	$1,900	3	$1,600
August 31, 2019	5	$8,700	6	50	5	$8,700	0	0
August 24, 2019	16	$10,000	14	82	15	$4,250	1	$5,750
August 16, 2019	10	$1,680	5	52	7	$650	3	$950
August 9, 2019	17	$17,700	15	68	14	$3,900	3	$13,800
August 2, 2019	13	$5,760	12	108	13	$5,760	NA	NA
July 27, 2019	11	$7,300	13	76	8	$6,570	3	$730
July 20, 2019	13	$11,800	13	125	11	$5,300	2	$6,500
July 13, 2019	10	$775	7	46	8	$542.5	2	$233
July 6, 2019	7	$2,500	9	85	7	$2,500	0	0
June 29, 2019	23	$8,290	15	154	17	$2,300	6	$5,970
June 22, 2019	17	$10,700	10	139	14	$7,700	3	$3,000
June 15, 2019	11	$13,500	14	160	11	$13,500	NA	NA
June 8, 2019	13	$2,870	17	55	11	$1,570	2	$1,300
June 1, 2019	10	$4,460	11	60	8	$4,140	2	$315
May 25, 2019	17	$4,360	14	79	14	$3,700	3	$612
May 18, 2019	22	$9,000	17	150	16	$3,400	6	$5,600
May 11, 2019	18	$19,800	17	177	15	$18,300	3	$1,500
May 4, 2019	10	$7,075	6	32	8	$6,900	2	$175
April 27, 2019	15	$3,200	14	117	14	$3,160	1	$40
April 20, 2019	13	$13,500	10	90	9	$12,200	4	$1,300
April 13, 2019	16	$38,900	14	91	14	$37,800	2	$1,100
April 6, 2019	12	$6,870	11	94	10	$6,730	2	$50
March 30, 2019	15	$6,470	12	84	10	$7,91.5	5	$5,677
March 23, 2019	18	$6,450	14	91	14	$5,042	4	$1,408
March 16, 2019	14	$10,180	12	115	11	$8,800	3	$1,300
March 9, 2019	9	$1,800	6	49	8	$1,300	1	$500
March 2, 2019	20	$3,033	16	107	14	$1,817	6	$1,262
February 23, 2019	12	$2,040	8	69	9	$614.6	3	$1,430
February 16, 2019	16	$9,970	18	77	16	$9,970	0	0
February 9, 2019	14	$6,400	10	110	14	$6,400	0	0
February 2, 2019	18	$6,740	15	99	16	$5,720	2	$950
January 26, 2019	13	$2,770	11	67	11	$918.95	2	$1,850
January 19, 2019	15	$3,819	16	76	12	$2,594	3	$1,225
January 12, 2019	18	$7,283	14	92	15	$1,683	3	$5,600
January 5, 2019	10	$529	12	50	10	$529	0	0
December 22, 2018	17	$2,570	13	87	14	$941	3	$1,629
December 15, 2018	10	$2,860	8	26	8	$264	2	$2,600
December 8, 2018	15	$1,819	16	65	12	$552	3	$1,267
December 1, 2018	12	$7,500	10	90	9	$1,200	3	$6,200
November 28, 2018	15	$4,500	11	107	14	$4,000	1	$500
November 19, 2018	18	$6,137	13	98	13	$2,142	5	$3,995
November 14, 2018	18	$9,200	13	152	15	$8,500	3	$694
November 6, 2018	16	$17,300	16	183	14	$16,361	2	$950
October 29, 2018	14	$14,400	18	127	17	$13,800	1	$600
October 24, 2018	13	$6,140	13	126	11	$5,122	2	$1,018
October 17, 2018	18	$18,390	15	125	14	$12,292	4	$6,098
October 10, 2018	29	$3,149	18	104	20	$1,647	9	$819
October 2, 2018	18	$9,300	11	67	14	$7,300	4	$2,000
September 25, 2018	13	$7,000	11	75	10	$6,000	3	$995
September 18, 2018	9	$3,570	7	44	9	$3,570	0	0
September 11, 2018	13	$5,900	10	132	13	$5,900	0	0
September 7, 2018	14	$5,000	15	86	11	$4,000	3	$1,000
August 29, 2018	15	$20,700	14	79	13	$4,700	2	$16,000
August 20, 2018	10	$12,400	11	53	8	$11,380	3	$1,057
August 14, 2018	12	$19,900	12	132	9	$18,889	3	$1,011
August 7, 2018	16	$68,600	11	106	13	$67,259	3	$1,340
July 31, 2018	15	$15,100	15	95	11	$13,060	4	$2,060
July 23, 2018	13	$2,130	15	60	10	$1,804	3	$1,100
July 17, 2018	14	$5,370	17	98	9	$4,310	5	$1,100
July 9, 2018	16	$11,200	15	74	10	$11,080	6	$862
July 3, 2018	13	$7,000	7	81	12	$6,330	1	$750
June 25, 2018	15	$8,800	13	97	9	$4,970	6	$3,930
June 18, 2018	13	$14,200	14	80	7	$221	6	$14,290
June 11, 2018	12	$6,300	8	96	8	$5,910	4	$803
June 6, 2018	13	$14,500	10	88	8	$14,154	5	$579
May 31, 2018	11	$4,890	10	63	8	$3,240	3	$1,790
May 22, 2018	15	$20,400	11	63	9	$19,808	6	$885
May 15, 2018	15	$4,700	15	106	10	$3,900	5	$643
May 9, 2018	11	$1,400	13	88	9	$1,300	2	$560
May 1, 2018	8	$14,250	7	88	7	$13,400	1	$450
April 24, 2018	12	$5,300	6	61	11	$4,470	1	$800
April 17, 2018	9	$1,800	10	44	7	$2,330	2	$1,434
April 11, 2018	11	$2,500	8	32	6	$1,690	5	$809
April 3, 2018	15	$13,400	11	121	9	$12,020	6	$1,090
March 28, 2018	10	$4,000	10	92	7	$3,870	3	$215
March 19, 2018	17	$5,800	13	51	10	$590	7	$5,165
March 12, 2018	15	$3,130	11	43	11	$2,360	4	$788
March 6, 2018	19	$5,400	13	116	10	$1,530	9	$4,860
February 27, 2018	20	$6,600	13	69	14	$5,530	6	$1,030
February 19, 2018	15	$5,500	14	111	10	$3,990	6	$1,980
February 12, 2018	23	$10,900	17	157	12	$7,110	11	$3,840
February 5, 2018	16	$8,600	13	100	7	$1,330	9	$7,800
January 30, 2018	11	$12,600	11	68	5	$7,300	6	$4,982
January 24, 2018	19	$9,400	15	129	5	$2,010	14	$7,337
January 18, 2018	10	$6,280	8	49	2	$2,100	8	$4,188
January 9, 2018	12	$16,500	12	92	9	$15,890	3	$475
January 3, 2018	10	$2,500	9	47	8	$2,350	2	$150
December 27, 2017	15	$9,000	15	113	9	$7,568	6	$1,784
December 18, 2017	15	$13,800	16	164	9	$13,010	7	$1,118
December 11, 2017	14	$9,700	10	126	12	$2,940	4	$8,500
December 4, 2017	6	$1,800	6	31	5	$1,510	1	$300
November 28, 2017	7	$3,850	8	76	4	$3,260	3	$285
November 16, 2017	10	$2,700	10	48	6	$1,840	4	$856
November 8, 2017	15	$2,380	17	91	10	$1,860	5	$516
November 1, 2017	12	$4,700	17	94	9	$3,400	4	$1,300
October 23, 2017	15	$10,500	10	67	10	$9,780	4	$1,530
October 18, 2017	6	$2,000		37	3	$225	3	$1,820
October 10, 2017	12	$6,570		100	9	$3,880	3	$3,360
October 2, 2017	8	$3,100	11	19	3	$1,630	5	$1,750
September 25, 2017	8	$4,880	8	79	5	$2,660	5	$2,070
September 18, 2017	9	$4,770			3	$300	6	$4,470
September 12, 2017	11	$4,430			8	$2,030	3	$2,400
September 1, 2017	4	$1,310			3	$317	1	$1,000
August 23, 2017	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

Summit completes $1B equity raise after $300M investment from TPG Rise Climate

Deal Description: Summit Carbon Solutions, developer of the world’s largest carbon capture and storage project, announced May 11 the completion of its fundraising efforts that have pulled in more than $1 billion in equity commitments. Along with the $600 million raised from previous investors, including Continental Resources Inc. and Tiger Infrastructure Partners, Summit secured commitments of an additional $400 million, including $300 million from TPG’s TPG Rise Climate. Summit recently announced a joint venture with Minnkota Power Cooperative that will provide it access to the largest fully permitted permanent carbon dioxide storage site in the U.S.  Together with the storage sites it’s developing independently, the joint venture will provide Summit with storage capacity of 1.2 billion tons of carbon dioxide.

TPG Rise Climate’s Outside Counsel: Kirkland & Ellis led by corporate partners Kristin Mendoza in New York and Ahmed Sidik of Austin and Houston with support in Texas from environmental transactions partner Jim Dolphin.

Smartpipe receives $6.6M from Enbridge

Deal Description: Smartpipe Technologies announced May 2 that Enbridge Inc. invested $6.6 million in the company. Smartpipe features a high-strength, composite internal liner, which is pulled through a pipeline to increase its integrity and allows for improved monitoring through embedded fiber optics. The company said its non-metallic construction delivers improved safety and reliability. Smartpipe can support hydrogen and carbon dioxide energy infrastructure needed in the energy transition.

Enbridge’s In-House Counsel: David Taniguchi, Jeff Holloway and Scott England in Canada

Smartpipe’s Outside Counsel: Robert C. Beasley from Weycer, Kaplan, Pulaski & Zuber in Houston

eLearning Brothers buys CoreAxis

Deal Description: eLearning Brothers, involved in the corporate learning technology industry and a portfolio company of Trinity Private Equity Group, announced May 2 it acquired CoreAxis, a training design, development and on-demand learning resource provider. Terms weren’t disclosed. It’s the company’s third acquisition of year, which includes Rehearsal, a video-based coaching and practice platform, and Origin Learning, an India-based provider of learning design, development and technology solutions.

Trinity PE/eLearning’s Outside Counsel: McGuireWoods led by Dallas partner Jeff Brooker with support from Dallas associate Chelsie Kidd and a Raleigh associate

Notes: Brooker also counseled on eLearning’s purchase of Rehearsal in January.

Buff City Soap receives additional growth investment from General Atlantic

Deal Description: Dallas-based Buff City Soap, a plant-based home and personal care brand franchise, announced May 10 it secured additional funding from General Atlantic. Terms weren’t disclosed. The new capital follows GA’s initial growth investment in Buff City announced in June 2021 and makes the private equity firm the largest shareholder in the company. As part of the investment, GA principal Lexie Bartlett will join Buff City Soap’s board. Since 2020, Buff City has more than quadrupled in size and the company has added more than 130 stores since GA’s initial investment. Buff City has more than 215 locations across 30 states. Its CEO is Craig Kessler, former COO at Topgolf.

Buff City’s Outside Counsel: Greenberg Traurig led by partner Tom Woolsey in Dallas

GA’s Outside Counsel: Paul Weiss 

Notes: Woolsey also advised Buff City on GA’s initial investment

CarVal Investors acquires minority stake in Verogy

Deal Description: On April 29, Verogy Holdings sold a minority stake in its business to affiliate funds managed by CarVal Investors for undisclosed terms. Verogy’s founding management team will continue in their roles and will also maintain a significant equity stake. The transaction is structured as a sale of preferred membership interests. In connection with the minority sale, Verogy and CarVal also entered into a joint venture in which CarVal agreed to make capital contributions to purchase up to 500 megawatts of solar and battery storage projects throughout the U.S. Verogy, based in Connecticut, is a vertically integrated solar developer focused on the commercial, industrial and small utility-scale segments.

Verogy’s Financial Advisor: Javelin Capital

Verogy’s Outside Counsel: Baker Botts, including, from corporate: Jon Platt (partner, Dallas), Natasha Gandhi (senior associate, Dallas), Trevor LaBarge (associate, Dallas) and Trevor Borg (associate, Dallas); other Texas lawyers consisted of Kyle Doherty (senior associate, Houston), Steve Marcus (partner, Dallas), Mike Bresson (partner, Houston), Snow Rui (associate, Dallas) and Jason Loden (partner, Dallas), Aileen Hooks (senior counsel, Austin) and Taylor Courtade (associate, Dallas)

CalVal’s Financial Advisor: Marathon Capital

CalVal’s Outside Counsel: Morgan, Lewis & Bockius

Blackstone announces majority investment in Geosyntec

Deal Description: Blackstone announced May 10 that Blackstone Energy Partners agreed to make a majority investment in Geosyntec Consultants Inc. Terms weren’t disclosed. Geosyntec is an environmental engineering and design consulting firm focused on delivering technical solutions to a wide range of clients to address their environmental restoration, geotechnical, coastal, water quality and supply, infrastructure and energy transition needs. With more than 1,700 engineers, scientists and other key employees, Geosyntec operates from more than 90 offices in the U.S., Canada, Europe, Australia, and the Middle East.

Blackstone’s Financial Advisor: Perella Weinberg Partners

Blackstone’s Outside Counsel: Vinson & Elkins led by partner and firm chair Keith Fullenweider, senior associate Mike Marek and associate Jordan Fossee with assistance from associates Mary Busse, Libby Gerstner and Drew Clements. Other team members were partner Shane Tucker, counsel Dario Mendoza and associates Matt Green and Maddison Riddick (executive compensation/benefits); partner Sean Becker, counsel Martin Luff and associate Andrew Cox (labor/employment); partner John Lynch, senior associate Brian Russell and associate Tyler Underwood (tax); partner Sarah Mitchell and associate Victoria Bahrami-Negad (insurance); partner Matt Dobbins and associate Simon Willis (environmental); counsel Rajesh Patel and associate Alexa Chally (technology transactions/IP); partner Hill Wellford and senior associate Ryan Will (HSR); partner Dave Wicklund, senior associate Caitlin Snelson and associates Arthur Munoz and Jyra Bickham (finance); counsel Elizabeth Krabill McIntyre and associates Alison Harmes and Pete Thomas (government contracts); senior associate Courtney Hammond and associate Katherine Skipper (real estate); partner Rick Sofield (CFIUS); and counsel Rob Landicho (litigation).

Geosyntec’s Financial Advisors: AEC Advisors

Geosyntec’s Outside Counsel: Keating Muething & Klekamp in Cincinnati

Caliber Completion acquires ClearWell’s wireline assets

Deal Description: Caliber Completion Services said May 10 it completed the acquisition of substantially all the wireline assets from ClearWell Dynamics’s subsidiary formerly known as Pioneer Wireline Services. Terms weren’t disclosed. Caliber CEO Ralph Townsend said in the release the “transformational” purchase provides the company with an increased geographical footprint along with additional product offerings and service lines to complement its legacy wireline offerings in the Permian Basin and Mid-Continent Region. Caliber’s wireline units ballooned to 40 from 7. B29 Investments supported Caliber in its consolidation effort.

Caliber’s Outside Counsel: Locke Lord led by Henry Benton (Dallas) with assistance from Susan Rainey, Kimberly Williams and David Allen (all of Dallas) and Laura Ferguson, Buddy Sanders, Cameron Ellis, Lauren Richter and Shannon Schroeder (all of Houston).

Aterian Investment buys a majority interest in Allentown

Deal Description: Aterian Investment Partners, a private investment firm, announced May 11 its acquisition of a majority interest in Allentown. Terms weren’t disclosed. Allentown is the first investment from Aterian’s Fund IV, an $830 million investment vehicle. Founded in 1968 by the Coiro family and based out of Allentown, N.J., Allentown is a provider of lab solutions serving the biomedical pre-clinical research and broader life sciences industries. Allentown boasts thousands of customers, including academic research institutions, biopharmaceutical companies and private research organizations.

Aterian’s Outside Counsel: Weil, Gotshal & Manges led out of New York but including partner Jonathan Macke and associate Andrew Lawson in Dallas

Aterian’s Other Advisors: PricewaterhouseCoopers, Configure Partners and Kroll

The Center for Pursuit, Social Motion set to merge

Deal Description: The Center for Pursuit and Social Motion Inc., two nonprofits serving the special needs community in Houston, are merging. SOMO provides social skills and vocational training to individuals on the autism spectrum from pre-K to young adults while TCFP serves adults with intellectual and developmental disabilities. The new partnership will create resources that will provide programs and services from childhood through adulthood. Development, accounting and human resources will operate out of TCFP’s new $55 million campus on Harrisburg Blvd. SOMO will dissolve its nonprofit designation and operate under TCFP’s 501 (c)(3). SOMO founder Wendy Dawson will join TCFP’s programs committee and consult the merged entity. A year ago, TCFP and SOMO entered into a strategic alliance to create the Center of Excellence, an effort to bring expanded autism and life span services to those with neurodiversity and intellectual and developmental disabilities in the Houston community. The alliance’s success laid the foundation for the merger, the nonprofits said.

SOMO’s Pro Bono Outside Counsel: Vinson & Elkins including partner Doug Bland, senior associate Michael Zarcaro, associate Michelle Yang and tax-exempt counsel Tobey Forney

Chevron inks proposed joint venture with Talos, Carbonvert

Deal Description: Chevron U.S.A. Inc., through its Chevron New Energies unit, Talos Energy Inc., through its Talos Low Carbon Solutions unit, and Carbonvert Inc. announced May 3 a memorandum of understanding for an expanded joint venture to develop the Bayou Bend CCS offshore carbon capture and sequestration hub currently held by Talos and Carbonvert. The Bayou Bend CCS lease is the first and only offshore lease in the U.S. dedicated to CO2 sequestration.

Chevron’s Outside Counsel: Latham & Watkins led by Houston partner Lauren Anderson with associates Omar Shariff and Janhavi Das. Houston tax partner Jim Cole also worked on the deal.

CAPITAL MARKETS/FINANCINGS

Investcorp India Acquisition Corp prices IPO

Deal Description: Investcorp India Acquisition Corp, a newly incorporated blank check company, announced May 9 the pricing of its initial public offering of 22.5 million units at $10 each. The units will be listed on the Nasdaq Global Market and were expected to trade under the ticker symbol “IVCAU” beginning on May 10. The company granted the underwriter a 45-day option to purchase up to an additional 3.375 million units at the IPO price to cover any over-allotments. The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The SPAC intends to focus its search for a target located in India in industries expected to have a high-potential for growth and for generating strong returns for its shareholders.

Sole Book-Running Manager: Credit Suisse Securities

Investcorp India’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship in Houston and including partners Sheryl Falk and Eric Johnson and associates John Niedzwiecki, Luisa Patoni, Alexandra Santana, Emily Semon and Ben Smolij