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CDT Roundup: 13 Deals, 14 Firms, 130 Lawyers, $5.4B

Any time corporations regroup, focusing on assets that hold the most promise in their portfolios, there is opportunity for M&A.

That was certainly the case for the Corporate Deal Tracker’s top two transactions this week: American Electric Power’s sale of its 1,365-megawatt renewables portfolio to a partnership owned by Invenergy, Canadian investment group CDPQ and Blackstone Infrastructure, for $1.5 billion; and Chesapeake Energy Corp.’s shedding of a portion of its remaining Eagle Ford properties to London-based Ineos Energy for $1.4 billion.

In AEP’s case, the sale wasn’t a secret. The Columbus, Ohio-based utility giant announced its plan to sell the assets this past February and launched a competitive bidding process in August. Instead, it wants to invest some $40 billion over the next five years in its regulated wires and generation business, focusing on adding 17,000 megawatts of new generation and more “resilient, efficient” transmission and distribution infrastructure, it said.

Julien Dumoulin-Smith and Paul Zimbardo, who follow AEP for BofA Securities, think the sale price of just under $1,000 per kilowatt was as expected given the composition of the portfolio and lack of development assets, but remain neutral on the stock.

Meanwhile, partner Stephen Noh from Kirkland & Ellis worked on two deals this week: as co-lead advising Quantum Energy Partners and Bison Oil & Gas on their commitment of $500 million to Bison Oil & Gas Partners IV, which has already made multiple purchases in the DJ Basin; and leading a group advising on Copenhagen Infrastructure Partners’ acquisition of a majority stake in a blue ammonia project to be developed with Sustainable Fuels Group along the Gulf Coast.

Noh was hired away from Baker Botts as an associate in October 2020 and made partner a year later. He went to Rice University as an undergrad, majoring in economics and sports management (he was a walk-on safety for Rice’s football team), and the University of Virginia for law school. Certainly one to watch.

The week ending Feb. 25 saw 13 deals for $5.4 billion with 12 M&A transactions for $4.2 billion and 1 capital markets issue of $1.2 billion. That lands in the same neighborhood as the week prior with 14 deals valued at $5.7 billion and the same week last year with 12 deals at $5.1 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
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

IRG buys renewables assets from AEP for $1.5B

Deal Description: American Electric Power announced Feb. 22 it agreed to sell its 1,365-megawatt unregulated, contracted renewables portfolio to IRG Acquisition Holdings, a partnership owned by Invenergy, Canadian investment group CDPQ and Blackstone Infrastructure, for $1.5 billion, which includes project debt. At the closing, AEP expects to net about $1.2 billion in cash after taxes, transaction fees and other adjustments. The transaction represents one of the largest, fully-operational renewables portfolios to come to market in years. Spanning 11 states, the assets include 14 projects consisting of 1,200 megawatts of wind and 165 megawatts of solar energy. The power is contracted under long-term agreements with other utilities, corporations and municipalities. 

Expected Closing: Q2 2023 if the deal clears regulators, including the Committee on Foreign Investment in the U.S.

AEP’s Financial Advisors: J.P. Morgan; Citigroup Global Markets

AEP’s Outside Counsel: Hunton Andrews Kurth led by M&A partners Steven Haas and Jim Kennedy in Richmond, Va., but including tax partner Robert McNamara in Houston

IRG’s Financial Advisor: BofA Securities

IRG’s Outside Counsel: Norton Rose Fulbright led by projects partner Sameer Ghaznavi in Chicago but including, from Texas, senior associate Megan Savage (Houston) and associates Erin Mitchell (Houston) and Geetika Jerath (Austin). Providing additional support: Madison Keeble, Lauryn Robinson, Lauren Thomas and Vanisha Weatherspoon (Austin), Luke Edney, Jesse Hollingsworth and George Khoukaz (Dallas) and Kat Gamache and Kevin Gieseke (Houston)

Invenergy’s Outside Counsel: Sidley including partners Tara Higgins in New York, Patrick Harrison in London, James Mendenhall in Washington, D.C., and Chaim Theil in New York but also Houston counsel Chris Folmsbee

Chesapeake sells Eagle Ford properties to Ineos for $1.4B

Deal Description: Chesapeake Energy Corp. announced Feb. 21 that it executed an agreement to sell a portion of its remaining Eagle Ford assets to London-based Ineos Energy for $1.4 billion. Chesapeake used outside counsel Haynes and Boone, which advised the oil and gas explorer previously, and Ineos tapped Holland & Knight. For more on the story, click here.

Eni Sustainable Mobility, PBF Energy announce $835M JV for St. Bernard Biorefinery

Deal Description: Eni Sustainable Mobility and publicly traded PBF Energy Inc. announced Feb. 16 they entered into definitive agreements to partner in a 50-50 joint venture, St. Bernard Renewables, for a biorefinery under construction near with PBF’s Chalmette Refinery in Louisiana. Upon consummation of the transaction, which has to clear regulators, Eni Sustainable Mobility will contribute capital totaling $835 million plus up to additional $50 million if the project achieves milestones and provides expertise in biorefining operations, supply and marketing. PBF will continue to manage project execution and serve as the operator once construction is complete. The biorefinery startup is set for the first half and the facility is targeted to have processing capacity of about 1.1 million tonnes per year of raw materials. It will produce mainly diesel made from hydrotreated vegetable oil with a production capacity of 306 million gallons per year. The biorefinery will use the Ecofining process developed by Eni with Honeywell UOP. Eni brings its experience that led to the world’s first conversion of a refinery into a biorefinery in Porto Marghera near Venice in 2014 and to the second converted biorefinery that has been working in Gela in Sicily since 2019. 

PBF’s Financial Advisor: Citi

PBF’s Outside Counsel: Willkie Farr & Gallagher led by partners Archie Fallon in Houston and Andres Mena in New York and counsel Jason Nasra in Houston and including counsel Emerson Girardeau and associates Joe Laurel and Monica Diddell, all of Houston

Quantum, Bison commit $500M to new entity, closing DJ Basin acquisitions

Deal Description: Quantum Energy Partners of Houston and the management of Denver-based Bison Oil & Gas announced Feb. 22 the formation of Bison Oil & Gas Partners IV with equity capital commitments of more than $500 million. Bison IV will focus on the acquisition and development of oil and natural gas assets in the Denver-Julesburg Basin of Colorado and Wyoming. Since inception, Bison IV has closed multiple acquisitions covering more than 75,000 net acres and with production in excess of 25,000 barrels of oil equivalent per day. Austin Akers, CEO of Bison IV, said in a statement he believes the DJ Basin has some of the most economic development opportunities in North America.

Quantum’s/Bison IV’s Outside Counsel: Kirkland & Ellis led by corporate partners David Castro, Cyril Jones, Stephen Noh and Alia Heintz, debt finance partners Will Bos and Chad Davis and tax partner Mark Dundon. Also advising were, from Texas, corporate partner John Pitts and associates Lauren Stelck, Jack Chadderdon, Brittany Scheier, Austin Johnson, William Kelly and John Ryan Isaacson; environmental partners Paul Tanaka and Jennifer Cornejo and associate Courtney Tibbetts; executive compensation partners Rob Fowler and Stephen Jacobson and associates Katherine Nemeth, Rebekah Kostelak and Kristen Franco; labor & employment partner Christie Alcala; and debt finance associates Michelle Williamson, Weston Kowert and Brandon Ricaurte

Notes: A year ago, Bison Oil & Gas sold Bison II to Civitas Resources for $346 million in cash and assumed debt. Bracewell advised Bison (led by Austin Lee) while Kirkland assisted Civitas (led by Doug Bacon).

HBS buys medical equipment planner OneEQ

Deal Description: HBS announced Feb. 13 it acquired OneEQ, the technology, medical planning and operational consulting unit of global architecture firm CallisonRTKL. Terms were undisclosed. HBS is a nationally recognized, single-source consultancy offering solutions to help healthcare, science/technology and higher education organizations bring new projects online. Founded 30 years ago, OneEQ’s team of 45 professionals, many of whom have clinical experience, brings long-standing relationships with some of the most recognized health, academic and research institutions in North America. HBS said the acquisition expands the services it offers across the building lifecycle, all of which can be bundled or applied individually. HBS is a platform investment of Latticework Capital Management, a Dallas-based private equity firm with $335 million of assets under management. The deal marks HBS’ fourth acquisition in the last 12 months.

HBS’/Latticework’s Outside Counsel: McGuireWoods led by Dallas-based partner Akash Sethi and included Dallas-based associates Erin Ball and Kyle Dudney as well as attorneys in Los Angeles and Chicago

Bernhard-backed Lemoine acquires Macro

Deal Description: Bernhard Capital Partners-backed Lemoine, a construction management and disaster recovery firm, announced Feb. 20 that it acquired Macro Cos., one of the largest emergency fuel and water suppliers in the world. Terms weren’t disclosed. Operating for nearly 100 years, Macro is a family-owned and operated business based in Broussard, La., that has responded to 150 disasters across the U.S. and in Puerto Rico and Haiti. The company manages and maintains the industry’s largest company-owned fleet of specialized fuel transportation and dispensing vehicles. Lemoine said the transaction strengthens its position as a global leader in emergency preparedness, disaster recovery and community resilience. The company operates four service lines: disaster services, building construction, program services and infrastructure. Lemoine’s acquisition of Macro, in addition to previous investments in Workforce Group and DCMC Partners, brings together 600 employees able to offer services to critical industries and governments preparing for and responding to natural disasters and emergencies. Macro’s services include potable water, military-grade, all-terrain and high-water vehicles, aviation fueling and electronic data capture on a mobile fueling application used during and after disasters. Richard McElligott will continue to serve as president of Macro and Bill McElligott as vice president. Bernhard was founded in 2013 by Jim Bernhard, former chairman and CEO of the Shaw Group, and Jeff Jenkins.

Lemoine’s Outside Counsel: Kirkland & Ellis led by corporate partner Bill Benitez and associates Alec Manzer and Brennon Nelson and included, from Texas, tax partner Mark Dundon, environmental transactions partner Ty’Meka Reeves-Sobers and executive compensation partner Stephen Jacobson

Notes: Kirkland’s Benitez has counseled Bernhard and its portfolio companies in the past, including United Utility Services on its acquisition of BHI Power Delivery from Westinghouse Electric Co.; its investment in Elevation; its acquisition of RailWorks Corp. from Wind Point Partners; and Atlas Technical Consultants on its $700 million merger with SPAC Boxwood Merger Corp.

Wafra, Post Road invest in Intermountain Infrastructure Group

Deal Description: Wafra Inc., a global alternative investment firm, announced Feb. 22 an investment in Intermountain Infrastructure Group, a fiber infrastructure developer and operator focused on providing bandwidth and route diversity to hyperscale, cloud, carrier and content customers. Terms weren’t disclosed. Post Road Group, an alternative investment advisory firm in Stamford, Conn., also participated in the transaction. The new partnership will help IIG accelerate its network deployment, including a new long-haul route in the intermountain region of the western U.S. Led by co-founder, president and CEO Jeff Yount and COO Brady Adams, IIG was founded in 2017 and owns long haul, regional and metro fiber networks in the U.S. and Canada, including Washington, Idaho, Montana, Illinois, Nevada, California, British Columbia and Alberta. New York-based Wafra has $31 billion of assets under management with investments in real assets, real estate and strategic partnerships. Post Road has $1.4 billion of assets under management and has invested and committed $2.3 billion in capital since its 2015 founding. 

Wafra’s Outside Counsel: Latham & Watkins and Covington & Burling; the Latham team was led by Houston and New York partner Ravi Purohit and Chicago and Boston partner Ian Bushner with Austin associate Cody Conwell. Advice was provided on debt finance matters by Houston partner Matthew Jones with associate Christopher Wood.

Post Road’s Outside Counsel: Orrick, Herrington & Sutcliffe

IIG’s Financial Advisor: Bank Street Group

IIG’s Outside Counsel: Holland & Knight

Notes: Latham’s Purohit also assisted Wafra on the acquisition of a controlling interest in renewable asset developer Mission Clean Energy this past October.

Lotus Infrastructure launches NeuVentus

Deal Description: Lotus Infrastructure Partners announced Feb. 16 the launch of NeuVentus, a newly established platform focused on developing and delivering hydrogen pipeline transportation and salt cavern hydrogen storage projects and related services that help to accelerate North America’s energy transition. Terms weren’t disclosed. Lotus Infra was formerly known as Starwood Energy. NeuVentus’ initial projects will be in the Texas Gulf Coast region, which Lotus said has abundant renewable energy production and hydrogen demand to support the growth of a clean hydrogen infrastructure platform. Once developed, NeuVentus’ projects will provide fee-for-service transportation and storage services for clean hydrogen, which will be a component for the adoption of hydrogen as an energy carrier and fuel. In addition to clean hydrogen and its derivatives like ammonia and methanol, NeuVentus will have the ability to provide transportation and storage services to adjacent industries, i.e. industrial gases. Lotus is a private equity investment firm based in Greenwich, Conn., that specializes in energy infrastructure investments. It has raised more than $3 billion of equity capital and executed transactions totaling over $9 billion in enterprise value. 

Lotus’ Outside Counsel: Vinson & Elkins led by partners Robert Hughes and Alan Alexander, senior associate Yong Eoh and associate Victoria Bahrami-Negad. Other team members included counsel Rajesh Patel (technology transactions/IP); partner Todd Way and associate Adam Bateman (tax); partner David D’Alessandro and associate Maddison Riddick (executive compensation/benefits); partner Sean Becker (employment/labor); and counsel Scot Dixon (real estate).

NeuVentus’ Financial Advisor: PEP Advisory

NeuVentus‘ Outside Counsel: Norton Rose Fulbright led by Becky Diffen and Geetika Jerath (Austin) with support, in Texas, from Chuck Powell (Houston) and Lauryn Robinson (Austin)

Milan Laser attracts investment from Sixth Street, Wildcat

Deal Description: Milan Laser Hair Removal announced Feb. 22 new strategic growth equity investments from Sixth Street and Wildcat Capital Management. Terms weren’t disclosed. Existing investor Leonard Green & Partners and the co-founders will keep a majority interest. The investment will support the acceleration of clinic expansion, marketing and business development. Founded in 2012 by Shikhar Saxena and Abe Schumacher in Papillion, Nebraska, the company has expanded to more than 250 clinics in 29 states, providing over 50,000 treatments each month and employing more than 1,700. Since 2019, Milan Laser has been backed by LGP.

LGP/Milan Laser’s Financial Advisor: North Point

LGP/Milan Laser’s Outside Counsel: Latham & Watkins

Co-Founders’ Outside Counsel: Wachtell, Lipton, Rosen & Katz

Sixth Street’s Financial Advisor: Piper Sandler

Sixth Street’s Outside Counsel: Cleary Gottlieb Steen & Hamilton

Wildcat Capital’s Outside Counsel: Vinson & Elkins led by Peter Marshall, Daniel McEntee, Dan Komarek (New York) and Sang Lee. Other team members included Jason McIntosh and Max Van Benschoten

Givaudan buys cosmetic ingredients from Amyris

Deal Description: Switzerland-based Givaudan announced Feb. 22 that it agreed to acquire certain cosmetic ingredients from publicly traded Amyris Inc., including Neossance Squalane and Neossance Hemisqualane and CleanScreen. The terms include an upfront cash consideration and a performance based earnout along with a long-term manufacturing agreement. Further details have not been disclosed and Givaudan plans to fund the transaction from existing resources. Amyris’ active cosmetic ingredients business would have contributed $30 million in sales to Givaudan’s $7.5 billion in revenue last year. Closing is subject to regulatory approval. Amyris will continue to make ingredients for Givaudan to use in cosmetics and Givaudan will become the commercialization partner for future sustainable beauty ingredients. Emeryville, Calif.-based Amyris is a biotechnology company that wants to accelerate the world’s transition to sustainable consumption through its “Lab-to-Market” technology in beauty, health and wellness and flavors and fragrances markets.

Amyris’ Outside Counsel: Shearman & Sterling led by partners Michael Dorf in San Francisco and Cassandra Cuellar in Austin and including associates Haley Cambra and Paige Southworth in Austin

Copenhagen Infrastructure buys majority stake in blue ammonia project on Gulf Coast

Deal Description: Copenhagen Infrastructure Partners, through its Energy Transition Fund, announced Feb. 23 it acquired a majority stake in a blue ammonia project, which will be developed alongside U.S.-based Sustainable Fuels Group. Terms weren’t disclosed. The project has entered into an agreement with New Orleans-based International-Matex Tank Terminals, a terminaling and logistics company, to provide ammonia storage and handling services. Located along the Gulf Coast, the project has begun detailed engineering and will initially consist of two phases, each with a production capacity of 4,000 tons per day (3 million tons of annual production from both phases) once operational in 2027. Blue ammonia is a low-carbon approach to ammonia production, which combines traditional ammonia synthesis using natural gas with subsequent carbon capture and storage process. The project will use Topsoe’s SynCOR technology and is expected to reduce carbon dioxide emissions by 90 percent compared with traditional ammonia production, abating 5 million tons of CO2 per year. The project will form part of the CI Energy Transition Fund, which closed in August 2022 at the hard cap of EUR 3 billion ($3.16 billion).

Copenhagen’s Outside Counsel: Kirkland & Ellis led by corporate partner Stephen Noh and associate Jack Chadderdon and including executive compensation partner Rob Fowler, with debt finance and tax assistance coming out of New York.

Ambassador Theatre Group, Jujamcyn Theatres agree to combine

Deal Description: International Entertainment Holdings Ltd., the parent company of live theatre and ticketing organization Ambassador Theatre Group, and Jujamcyn Theaters, the Broadway theatre owner and production company, announced Feb. 14 they agreed to combine operations. Terms were not disclosed. ATG is backed by Providence Equity Partners and TEG. ATG and Jujamcyn will offer producing partners a varied venue portfolio. Jordan Roth will sit on the board as the largest individual shareholder of the combined group and be creative director and Mark Cornell will be as CEO. Jujamcyn’s five Broadway theaters are the St. James, Al Hirschfeld, August Wilson, Eugene O’Neill and Walter Kerr. Current productions include the Tony Award-winning best musicals Moulin Rouge! The Musical, Hadestown and The Book of Mormon as well as the hit revival of Funny Girl and the upcoming New York, New York. ATG owns and operates 58 venues across the UK, the U.S. and Germany entertaining more than 15 million audience members each year.

Expected Close: 2023 if it clears regulators

Providence’s/International Entertainment’s Outside Counsel: Weil led by Samuel Peca

CAPITAL MARKETS/FINANCINGS

CenterPoint Energy Resources Corp. offers $1.2B in senior notes

Deal Description: CenterPoint Energy Resources Corp., an indirect, wholly-owned unit of CenterPoint Energy Inc., announced Feb. 23 the closing of its offering and sale of $600 million of 5.25 percent senior notes due 2028 and $600 million of 5.40 percent senior notes due 2033. The net proceeds will be used to repay all or a portion of its outstanding $700 million of 0.700 percent senior notes due 2023, all or a portion of its outstanding $575 million of floating rate senior notes due 2023 and a portion of its outstanding commercial paper. CenterPoint Energy Resources directly owns and operates natural gas distribution facilities in Louisiana, Minnesota, Mississippi and Texas and indirectly owns and operates natural gas distribution facilities in Indiana and Ohio through Indiana Gas Company Inc. and Vectren Energy Delivery of Ohio. It also owns and operates permanent pipeline connections through interconnects with interstate and intrastate pipeline companies through its unit CenterPoint Energy Intrastate Pipelines.

Bookrunners/Co-Managers: Mizuho, Scotiabank, TD Securities, Truist Securities, US Bancorp, BNY Mellon Capital Markets, Citigroup, Comerica Securities and PNC Capital Markets; Academy Securities and Loop Capital Markets

CenterPoint Energy Resources’ Outside Counsel: Baker Botts including corporate partners Tim Taylor and Clint Rancher, senior associate Josh Gonzales and associates Rob Cowan and Sarah Dyer; finance: partner Clint Culpepper and tax partner Jon Lobb

Underwriters‘ Outside Counsel: Hunton Andrews Kurth led by capital markets partner Pete O’Brien but including tax partner Robert McNamara and associate Tim Strother

Claire Poole

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

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