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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

CDT Roundup: 14 Deals, 11 Firms, 124 Lawyers, $4.009B

July 21, 2021 Anna Butler

Quarter over quarter, deal flow with ties to Texas companies saw an uptick in value and dip in count. That’s according to data from Mergermarket provided exclusively to The Texas Lawbook.

In its latest report, Mergermarket shared a tally of 342 transactions totaling more than $83 billion in the first quarter of the year and an additional 319 transactions in the second adding up to over $196 billion.

Transaction activity in the second quarter saw an increase in the number of higher-value transactions with the most marked change in both the $501 million to $1 billion and $1 billion and up ranges when compared to the first quarter, which dabbled more heavily in the core to lower middle market space.

Further details on how the first half of 2021 stacks up against 2020 can be found here.

In transactions last week, M&A and funding activity saw 12 deals with a reported $2.015 billion value and two capital markets transactions valued at $1.994 billion from 124 Texas-based lawyers from 11 firms.

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
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

In last week’s Roundup, 140 Texas lawyers from 13 firms took part in 11 M&A and funding transactions at more than a reported $1.59 billion in deal value and four capital market transactions at $2.32 billion. And last year, 11 transactions accounted for just over $565 million with 75 lawyers from 10 firms acting as counsel.

Note: Texas Lawbook corporate transactions editor Claire Poole contributed to this article.

M&A/FUNDING

CBRE SPAC Lands Target

CBRE Acquisition Holdings Inc., a special purpose acquisition company sponsored by Dallas-based commercial real estate giant CBRE Group, identified a target: Altus Power. 

Should the de-SPAC merger close, Altus would hit the New York Stock Exchange as the combination seeks to grow the clean electrification company. 

The SPAC has $678 million in gross proceeds, including $275 million in private investment in public equity funding. CBRE Group anchored the PIPE, along with existing investors Altus management and Blackstone Credit.

Altus Power selected Citi as exclusive financial advisor, Fifth Third Securities as capital markets advisors, and Ropes & Gray as legal counsel.

Morgan Stanley and JPMorgan represented CBAH in financial matters, while Simpson Thacher & Bartlett served as legal counsel. Potter Anderson & Corroon advised the special committee to the CBAH board on legal matters.

For the PIPE, Morgan Stanley acted as lead placement agent for CBAH, along with additional aid from Citi and JPMorgan.

Skadden, Arps, Slate, Meagher & Flom represented the placement agents on legal matters.

Kirkland & Ellis advised Blackstone Credit in the transaction with a Texas-based team led by corporate partners John Pitts of Houston, David Thompson of Houston and Jhett Nelson of Houston and Austin; Houston capital markets partner Julian Seiguer and associate Billy Vranish; and tax partners David Wheat of Houston and Dallas and Steve Butler of Austin and Houston.

Lukoil Bets on Mexico Project

Russian energy giant Lukoil announced plans to purchase a 50% operator interest in Mexico’s Area 4 project in the Gulf of Mexico as it seeks to expand its portfolio in the region.

Lukoil will acquire the operator’s holding company for about $435 million while Mexico’s PetroBal will retain the remaining 50% stake.

Akin Gump advised Lukoil on legal matters with a team led by Moscow office partner in charge Natalia Baratiants and Houston partner David Sweeney.

Houston counsel Eduardo Canales and associate Leana Garipova provided additional Texas-based support.

Two Texas Companies to Merge

Houston oil and gas company Penn Virginia plans to merge with Lonestar Resources US Inc. of Fort Worth as the former looks to expand its Eagle Ford footprint. 

Under the all-stock agreement valued at $370 million, Lonestar shareholders will receive 0.51 shares of Penn Virginia for each Lonestar share. Penn Virginia shareholders will own about 87% of the combined company.

Evercore, BofA Securities and RBC Capital Markets acted as financial advisors to Penn Virginia, while Kirkland & Ellis advised on legal aspects of the transaction.

The Kirkland team was led by Houston corporate partners Sean Wheeler, Debbie Yee and Enoch Varner, along with tax partner David Wheat of Dallas and Houston and debt finance partner Rachael Lichman of Houston.

Lonestar selected Barclays Capital as financial advisor and Vinson & Elkins as legal advisor.

Houston partners Mark Kelly and Lande Spottswood led the V&E team with assistance from Dallas senior associate Alex Robertson, Houston associates Bobbi Ingram and Walt Baker, and Dallas associate Mary Busse.

Additional Texas-based assistance came from Houston partners John Lynch, Lina Dimachkieh, Sean Becker, Darin Schultz and Larry Nettles; Houston and Dallas partner David D’Alessandro; Dallas partner John Grand; Dallas counsel Dario Mendoza, Sarah Mitchell and Elena Sauber; Houston senior associate Alex Cross; and Houston associates Maddie Brown, Maddison Riddick and Peter Goetschel.

Superior Plus Subsidiary Makes Equity Acquisition

A wholly owned subsidiary of Superior Plus, a large producer and marketer of propane and distillates, has entered into an agreement to purchase equity interests in the following entities: Kamps Propane, High Country Propane, Pick Up Propane, Kiva Energy, Competitive Capital and Propane Construction and Meter Services.

The transaction for the interests, which is expected to close in the third quarter, is valued at $240 million.

Orrick represented Superior Plus with a team led by Houston partner Joe Roger.

Additional Houston-based counsel included senior associate Adam Kowis and managing associates Alessandra Grace and Jessica Sewell.

Houston Restaurant Operator Picks up Nashville Company

In an all-cash transaction valued at about $220 million, SPB Hospitality has entered into an agreement to purchase J. Alexander’s Holdings, the Nashville-based restaurant operator of concepts such as J. Alexander’s Restaurant, Redlands Grill and Stoney River Steakhouse and Grill .

SPB is based in Houston, and is an operator and franchisor of a variety of concepts that span hundreds of restaurants and breweries that include Logan’s Roadhouse, Old Chicago Pizza & Taproom and Gordon Biersch Brewery Restaurant. 

Hunton Andrews Kurth represented SPB with a team led by partners Steven M. Haas of Richmond and John R. Schneider of Atlanta with Texas-based assistance from Houston partner Tommy Ford and associate Tim Strother.

SPB selected JPMorgan Securities and Configure Partners as financial advisors.

Bass, Berry & Sims represented J. Alexander’s on legal matters, while Piper Sandler & Co. provided financial advice. 

The transaction is expected to close in the fourth quarter.

Trafigura, Haddington Team up

Employee-owned Trafigura Trading teamed up with Haddington Ventures to acquire NGL Energy Partners LP’s 71.5% interest and related assets in Utah’s Sawtooth Caverns.

Trafigura and Haddington now own the Sawtooth assets – the largest natural gas liquids facility in the western U.S. – as a 50:50 joint venture as part of the transaction valued at $70 million.

Willkie Farr & Gallagher advised Haddington, which typically makes control-oriented investments in conventional and renewable energy businesses in the U.S., with a team led by partner Archie Fallon and included partners Robert Jacobson of Houston and Jeffrey Clancy of New York.

Trafigura, a subsidiary of commodity trading company Trafigura Group Pte, is based in Houston.

Plains All American, Oryx Form JV

Midland’s Oryx Midstream Holdings, a portfolio company of Stonepeak Infrastructure Partners, plans to contribute all of its Permian Basin toward a new joint venture with Houston-based Plains All American Pipeline. 

Plains will operate the JV, Plains Oryx Permian Basin, which will include about 5,500 pipeline miles and about 6.8 million barrels per day of pipeline capacity.

Terms of the transaction were not disclosed, though Plains will hold about 65% of the JV and Oryx will hold the remaining 35%.

Vinson & Elkins represented Plains in legal aspects in the transaction, while JP Morgan Securities acted as exclusive financial advisor.

Houston partners Doug Bland and Matt Falcone led the Houston-based corporate team along with assistance from partners Alan Beck and Dave Oelman, senior associates Nettie Downs, Megan Menniti and Caroline Kuehn and associates Brian Broussard, Helen Xiang, Caroline McDonald, Sydney Verner, Erik Slavin and Will White. 

Also advising from Texas were Houston partners John Lynch, Sean Becker and Larry Nettles; Houston and Dallas partner David D’Alessandro; London and Houston counsel Martin Luff; Dallas counsel Dario Mendoza; Houston senior associates Caitlin Snelson and Sean Hill; Houston associates Maddison Riddick and Annie Blanc; and Dallas associates Frank George and Jimmy Hopper.

Sidley Austin advised Stonepeak and Oryx on legal matters led by Houston partners Tim Chandler and Tommer Yoked with assistance from Houston associates Kayleigh McNelis, Ashley Moulder, Jack Messer and Brian DiFilippo.

Additional Texas-based counsel came from Houston partners Herschel Hamner, Angela Richards and Heather Palmer; Dallas partners Eric Winwood and Banks Bruce; Houston counsel Casey Khan; Dallas associate Marian Fielding; Houston associates Andy Chen, Haley L. Cambra and Tiffany Van; and Houston summer associates Walter M. Deere, Logan Harris and Madison L. Frandina.

Oryx selected Simmons Energy, a Division of Piper Sandler, as financial advisor.

Barclays also served as a financial advisor, in addition to leading a committed Term Loan B refinancing for Oryx.

The transaction is expected to close in the fourth quarter.

Apollo Funds Bets on NY Wind Project 

Funds managed by affiliates of Apollo Global Management have entered into an agreement to have the exclusive right to invest in the Arthur Kill Terminal project, which is being developed by Atlantic Offshore Terminals. 

The offshore wind energy project is under development in Staten Island, New York.

Vinson & Elkins represented the Apollo affiliates with a team led by New York partners Jim Fox and Dan Komarek and Dallas senior associate Abby Branigan.

Additional Texas-based counsel came from Houston partner Danielle Patterson.

Ranger Energy Makes Another Wireline Buy

Ranger Energy Services Inc. continues to expand into the wireline services business with its recent acquisition of PerfX Wireline Services. 

Terms of the transaction were not disclosed. 

Ranger selected Winston & Strawn to advise on legal matters in the transaction.

Dallas partner Matt Stockstill led with the Winston team with additional Texas-based assistance from Dallas partners Andrew Betaque and Jeff Cole; Houston partner Doug Yeager; Dallas counsel Yang Wang; and Dallas associates Ben Chrisman, Masae Ellis, Brian Jansen, Lauren Lieberman, Danielle Marr and Jon Pevey.

This is the second wireline acquisition Ranger has made in the past several weeks as the Houston company looks to grow its services beyond completion-oriented work.

ArcLight Affiliate Sells Thorntons Stake to BP

An affiliate of energy infrastructure firm ArcLight has agreed to sell its interest in Thorntons to its joint venture partner BP, the Boston-based entity announced on July 13.

Financial terms of the transaction were not disclosed.

Thorntons is a convenience store chain with more than 200 outlets in the midwestern U.S. and Florida.

Kirkland & Ellis advised ArcLight, led by corporate partners Kristin Mendoza of New York and David Thompson of Houston. 

Partners David Wheat of Houston and Dallas and Bill Dong of Houston advised on tax matters.

Morgan Lewis & Bockius represented BP with a team led by corporate partners Sameer Mohan of Houston and Steve Navarro of New York and Houston associate Tara McElhiney.

Senior attorney Jane Hammond and managing counsel Pinar Dogru led BP’s internal team.

The transaction is expected to close no later than the fourth quarter.

Dallas’ CenterOak Makes Acquisition

Dallas-based private equity firm CenterOak Partners completed a majority recapitalization of HK Solutions Group, an infrastructure maintenance services provider to the municipal and industrial sectors in the U.S. midwest.

Terms of the acquisition were not disclosed. 

Gibson, Dunn & Crutcher advised CenterOak on the transaction with an M&A team led by Dallas partner Rob Little and included associates Joe Orien of Dallas and Nick Linke of Denver.  

Additional Texas-based counsel came from Dallas partners Krista Hanvey and Karl Nelson and Dallas associates Michael Cannon, Collin Metcalf and Tyler Richardson. 

CenterOak plans to HK Solutions in expanding its market presence and broadening its service capabilities.

Cypress Growth Invests in MedChat

Dallas-based Cypress Growth Capital announced last week an investment of an undisclosed sum in MedChat.

Charlotte-based MedChat, which provides a patient communication platform for healthcare organizations, plans to use the investment to grow channel sales and marketing and new product features. 

Jackson Walker partner Richard Dahlson, based in Dallas, represented Cypress Growth, which recently raised its largest fund to-date and utilizes a royalty-based approach, investing up to $5 million in emerging software and services companies.

CAPITAL MARKETS

PPL Capital Funding Presents Tender Offers

PPL Capital Funding, an integrated utility services provider, unveiled a series of $4 billion in tender offers consisting of 4.2% senior notes due 2022; 3.5% senior notes due 2022; 3.4% senior notes due 2023; 3.95% senior notes due 2024; 4.7% senior notes due 2043; 5% senior notes due 2044; 4% senior notes due 2047; 4.125% senior notes due 2030; and 3.1% senior notes due 2026.

Of the notes, $1.96 billion were accepted for purchase when the offer expired on July 13.

Davis, Polk & Wardwell represented PPL in the tender offers.

Morgan Stanley, JPMorgan Securities and Barclays Capital acted as lead dealer managers in the transaction. BMO Capital Markets, RBC Capital Markets and Scotia Capital served as co-dealer managers.

Hunton Andrews Kurth advised the dealer managers with a team led by New York partners Peter O’Brien, Steven Friend and Brendan Harney.

Texas-based advice came from Houston associate Tim Strother.

Ramaco Closes Upsized Offering

Ramaco Resources Inc. completed a $34.5 million offering consisting of 9% senior unsecured notes.

The Kentucky-based developer and operator of metallurgical coal originally sought $25 million, but increased the principal amount due to strong demand. Underwriters in the offering also exercised their option to purchase an additional $4.5 million of notes.

B. Riley Securities, Ladenburg Thalmann & Co., and William Blair & Co. acted as joint book-running managers, while Aegis Capital Corp., The Benchmark Co. and B.C. Ziegler & Co. were co-managers.

Hunton Andrews Kurth represented the underwriters, led by Houston partners Phil Haines and Taylor Landry; New York partner Richard Kronthal; and Houston associates Mike Hoffman, Kelli Regan, Casey Shaw and Lexi Williams.

Additional Texas-based assistance came from Houston partners Robert McNamara and Rob Taylor, Austin partner Lisa Shelton and Houston associate Tim Strother.

Proceeds from the offering are slated for general corporate purposes, including possible acquisitions and investments. 

Note: Hunton Andrews Kurth was involved in three additional Capital Markets deals that have been added to past Roundups, including transactions tied to CTO Realty Growth, Arbor Realty Trust and ACRES Commercial Realty Corp.

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