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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: 13 Deals, 9 Firms, 81 Lawyers, $8.3B

July 18, 2023 Claire Poole

It’s been difficult 12 to 18 months for the private equity sector.

Values for U.S. buyout and exit deals have seen double-digit year-on-year declines, fundraising is shrinking as investors cut back on their PE allocations and acquisition finance markets have cratered in the light of higher interest rates, according to Mergermarket.

It’s against this backdrop that the M&A data firm, on behalf of Third Bridge, surveyed 100 senior executives at U.S.-based PE firms to find out how they’re adapting their approach and what they expect to see in the months ahead.

The outlook is not exactly rosy, Mergermarket found. Most PE folks expect fundraising to become even more challenging over the next 12 months and exit activity and deployment are predicted to slow. To top it off, wide bid-ask spreads are choking off deal flow and PE is preparing to hold assets for longer than planned, according to the survey.

The PE industry is rapidly evolving, however, finding ways to protect portfolio company value, unlock liquidity for investors, take advantage of new pools of debt financing and explore avenues for new deals and exits.

Size and scale matter through this dislocation period. The survey shows that the largest funds are more optimistic about their fundraising, deployment, exit and portfolio performance than smaller managers.

In contrast to the hot deal market of 2021, 28 percent of survey respondents say the number of new acquisitions will increase in their shop in the next year, with 41 percent saying that average deal value will remain stagnant while 44 percent expecting new deal value to decrease slightly.

Still, global buyout dry powder is still sitting at around $1.1 trillion, according to analysis of Preqin figures by Bain & Co. And dealmakers know that post-downturn investment years can deliver the best vintages, with transactions done after the dot.com crash and the 2008 credit crunch delivering superior returns over time, Bain adds. 

Technology stands out, with 90 percent of respondents believing the sector will see higher levels of PE activity in the next 12 months and 39 percent saying the industry has the widest bid-ask spread. 

As far as deals in energy, infrastructure and resources, important to the Texas market, 20 percent of respondents see these sectors with the widest bid-ask spread, the second highest of any group. Some 79 percent predicted a higher level of PE activity in the industry over the next 12 months, second only to technology. Get ready, legal inkers.

The week ending July 15 saw a baker’s dozen deals valued at a shade under $8.3 billion. For the first time since the first week of September 2022, there were no capital markets transactions reported. Thanks to a pair of deals that together topped $7 billion, that was competitive with last week’s 16 deals for $5.4 billion and the 14 deals for $5.6 billion during the same week last year.

M&A/FUNDINGS

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
28-Jun-202513$7,77781387$2,0316$5,746
21-Jun-202516$5,9841011311$3,0875$2,897
14-Jun-20259$4788133603$478
07-Jun-202516$26,2101119611$24,7445$1,466
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
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

ExxonMobil to acquire CO2 pipeline operator Denbury for $4.9B

Oil giant ExxonMobil Corp. announced July 13 it agreed to acquire Denbury Inc., a developer of carbon capture, utilization and storage solutions and enhanced oil recovery, for $4.9 billion in stock. Under the terms of the agreement, Denbury shareholders will receive 0.84 shares of ExxonMobil for each Denbury share. The stock was valued at $89.45 per share based on ExxonMobil’s closing price on July 12. The transaction is expected to close in the fourth quarter of 2023 if it clears regulators and Denbury stockholders. ExxonMobil’s purchase of Denbury had been rumored about since October. Vinson & Elkins advised Denbury. For more details, see our earlier coverage here.

TPG buys Forcepoint unit from Francisco Partners for $2.45B

Deal Description: Austin security provider Forcepoint announced July 10 it agreed to sell the company’s global governments and critical infrastructure business to TPG, a global alternative asset management firm. Terms weren’t disclosed, but The Wall Street Journal reported the purchase price amounted to $2.45 billion, more than double what Francisco Partners paid Raytheon for Forcepoint in 2021. The transaction will separate Forcepoint’s commercial and G2CI businesses and will establish G2CI as an independent entity. Francisco will keep a minority interest in Forcepoint G2CI and remain the controlling shareholder in the Forcepoint commercial business. Forcepoint simplifies security for global businesses and governments in more than 150 countries. Founded in San Francisco in 1992 and based in part in Fort Worth, TPG has $137 billion of assets under management. 

Expected Closing: Q4 2023 once it clears regulators

TPG’s Outside Counsel: Davis Polk including partners Oliver Smith and Darren M. Schweiger and associates Brian Lee and Christine Choi.

Francisco/Forcepoint’s Outside Counsel: Paul Hastings led by private equity partners Mike Kennedy and Jeffrey Wolf in San Franscisco

Formentera closes $828.5M fund II

Deal Description: Kirkland & Ellis said July 10 it counseled Formentera Partners and its Formentera Partners Fund II, which closed oversubscribed with $828.5 million in capital commitments. The amount exceeds its $600 million target. It was supported from a group of new and existing investors, including pension plans, asset managers, endowments, foundations, family offices and high net worth individuals. Formentera is an energy-focused private equity firm that acquires and optimizes onshore producing oil and gas assets and develops assets under management.

From Kirkland: The team was led by investment funds partners Matt Nadworny and Ian Jelsma and included investment funds partners Chris Scully and Sabrina Glaser and associates Nathan Wolcott, Tomi Olutoye and Jennifer Kim-Gagne and tax partner Steve Butler and associate Grant Newman.

Notes: Formentera bought assets from bankrupt Rockwall Energy last year for $85 million advised by Kirkland partners Chris Heasley and Danny Nappier.

Cathedral Energy pays $41M for Rime Downhole Technologies

Deal Description: Porter Hedges said July 13 it was U.S. counsel to Toronto-traded Cathedral Energy Services Ltd. on its acquisition of Rime Downhole Technologies for $41 million. The consideration included $21 million in cash and $20 million in subordinated promissory notes with an exchange price of C$1.10 per common share. Rime is a Texas-based engineering company founded in 2012 that specializes in building products for the downhole measurement-while-drilling industry. Cathedral Energy Services, based in Calgary, Alberta, operates in the U.S. under Cathedral Energy Services Inc. and provides North American energy companies with directional drilling services.

From PH: The team included James Reardon, Michael Larkin, Derek Forinash, Laura Alaniz, Tripp Hise and Kristina Walpole.

Cathedral’s Canadian Counsel: DS Lawyers Canada and Fasken Martineau DuMoulin

Cathedral’s Financial Advisors: Peters & Co.; Acumen Capital Finance Partners Ltd, Stifel FirstEnergy, and Cormark Securities Inc. served as strategic advisors

Rime’s Financial Advisor: PPHB

Rime/PPHB’s Outside Counsel: Meadows, Collier, Reed, Cousins, Crouch & Ungerman led by corporate partner Kristen Cox with corporate associate Cody Gackle, tax partner Anthony Daddino and tax associate Annie McGinnis

Verifiable snags $27M led by Craft

Deal Description: Verifiable, which is automating the healthcare credentialing and compliance process, received $27 million in a Series B round. Craft Ventures led joined by Highland Capital Partners, 137 Ventures, Cooley and existing investors The Altman Fund and Struck Capital. The Austin-based company raised $17 million in Series A funding in 2021 and $3 million in seed funding in 2020, bringing the total to $47 million since forming in 2020. Its customer base includes Lifestance, Zelis, Lyra Health, Modern Health, Wheel and Grow Therapy.

Verifiable’a Outside Counsel: Cooley

Sigo Seguros raises $5.1M

Deal Description: Sigo Seguros, an Austin-based company providing auto insurance services for immigrant and working-class communities, announced July 11 it raised $5.1 million in pre-series A funding. The round was led by Zeal Capital Partners and Listen Ventures with participation from existing investors Chingona Ventures, Revolution’s Rise of the Rest, Fiat Ventures and Remarkable Ventures. The company plans to use the funds to continue growth, expand technology and continue digitizing the underwriting process.

Equabli completes $3.35M funding round

Deal Description: Austin-based Equabli Inc., a financial technology company, announced July 11 the completion of its recent round of financing. The round secured $3.35 million of additional capital and was led by Social Leverage. BankTech Ventures and Cross River Digital Ventures also made commitments. Equabli said the funding will be instrumental in propelling the company toward its strategic objectives, including talent acquisition, market expansion and enhancing Equabli’s debt recovery products and services.

RedBird invests in Go Rentals

Deal Description: Kirkland & Ellis said July 11 it counseled RedBird Capital Partners on its investment in Go Rentals, a luxury car rental provider in the U.S. specializing in premium end-markets. Terms haven’t been disclosed. Go Rentals was founded in Newport Beach, Calif., in 1995 with seven vehicles and has expanded to become the preeminent rental car provider within the private aviation market. The company is a leading owner and operator of high-end rental cars to sports, media and private client customers in more than 175 markets throughout the U.S.

From Kirkland: The team was led by corporate partners Thomas Laughlin and Tony Johnston and associates Jacqueline Scioli, Jessica Stenglein and Michael Brunetti; debt finance partners Whitney Bosworth and Lucas Spivey; tax partners David Wheat and Rebecca Fine; and executive compensation partner Stephen Brecher.

Go Rentals’ Financial Advisor: J.P. Morgan Securities

Go Rentals’ Outside Counsel: Sheppard, Mullin, Richter & Hampton led by Rambod Peykar and Stephen LaSala in California

Olympus buys MEI Rigging from Dorilton

Deal Description: Stamford, Conn., private equity firm Olympus Partners announced July 6 it acquired MEI Rigging & Crating from Dorilton Capital. Terms weren’t disclosed. The Houston-based target is a national provider of rigging and machinery moving, millwrighting, industrial storage and equipment crating. MEI serves customers across a variety of industrial verticals including datacenters, semiconductors and electric vehicles with regional offices across the U.S. Founded in 1988, Olympus manages more than $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.

Dorilton’s Outside Counsel: Gibson, Dunn & Crutcher with a team led by partner Daniel Alterbaum

Olympus‘ Outside Counsel: Kirkland & Ellis including James Faley and Matt Whited

Alta Mar, Carnelian form Gulf of Mexico-focused partnership

Deal Description: Alta Mar Energy announced July 11 the closing of an equity commitment from investment funds managed by Carnelian Energy Capital Management. Terms weren’t disclosed. Alta Mar, a Houston-based company led by Will Sims, Thomas Kastner, Rowland Burno and Ben Heller, will invest alongside operators in exploration, development and production activities in the U.S. Gulf of Mexico. Before forming Alta Mar, the team held leadership roles at Kosmos Energy, Nexen and Barclays. Carnelian has $2.9 billion of cumulative capital commitments.

Alta Mar Management’s Outside Counsel: Gibson, Dunn & Crutcher with a Texas group led by partners Michael Piazza and Jesse Myers and including associate Jake Volz. Partner Michael Cannon and associate Josiah Bethards advised on tax aspects.

AirReps buys Integrated Systems, InControl

Deal Description: AirReps, a division of Daikin, announced July 10 the acquisition of Integrated Systems and Controls and InControl. Terms weren’t disclosed. Integrated is nationally recognized in OEM Startup and warranty support services while InControl primarily represents controls and energy management products, specializing in VFDs and metering. The additional product lines and controls support are complementary to the products that AirReps offers.

AirReps’ Outside Counsel: Gibson, Dunn & Crutcher with a team led by partner Stephen Olson and including associates Jonathan Sapp, Michael Holmes and Gerald Kimani. Partner Michael Cannon is advising on tax aspects and partner Krista Hanvey and associate Gina Hancock are assisting on benefits. Counsel Andrew Cline is advising on antitrust matters.

Tricentis acquires Waldo

Deal Description: Austin-based Tricentis, a testing and engineering firm, announced July 7 the acquisition of Waldo, a SaaS-based, no-code, zero-footprint mobile test automation platform. Terms weren’t disclosed. Tricentis said Waldo complements and extends its mobile testing offerings with new test automation capabilities, including native, hybrid and web mobile application testing using virtual devices supporting iOS simulators and Android emulators.

Sverica invests in Zyston

San Francisco-based Sverica Capital Management announced July 11 it made a strategic growth investment in Zyston, a provider of cybersecurity solutions. The amount wasn’t disclosed. The company offers managed detection and response services through its security operations center in Dallas, where Zyston monitors, investigates and disrupts advanced threats in real time. Sverica’s investment in Zyston represents its fourth investment in the cybersecurity space, including DeFY Security, ShadowDragon and Optiv, which it sold in 2017 to KKR.

OTHER MATTERS

NextDecade Corp. announced July 12 it made a positive final investment decision, or FID, to construct the first three liquefaction trains Rio Grande LNG export facility in Brownsville, Texas. The company executed and closed a joint venture agreement for Phase 1, which included $5.9 billion of financial commitments from Global Infrastructure Partners, GIC, Mubadala Investment Co. and TotalEnergies. NextDecade committed to invest $283 million in Phase 1, including $125 million of pre-FID capital investments into Phase 1; closed senior secured non-recourse bank credit facilities of $11.6 billion (consisting of $11.1 billion in construction term loans and a $500 million working capital facility); and closed a $700 million senior secured non-recourse private placement notes offering.

Several financial and legal advisers with a Texas presence were involved. Latham & Watkins was lead outside counsel to NextDecade on the project financing transactions. MUFG Bank Ltd. advised NextDecade in connection with the debt financing and Macquarie Capital (USA) Inc. assisted with the equity financing. Kirkland & Ellis was legal counsel to GIP, Jones Day to TotalEnergies, Sidley Austin to GIC, White & Case to Mubadala and Norton Rose Fulbright US to the lenders.

Latham partner Jason Webber in New York was the overall leader of the transactions and coordinated all aspects of the firm’s representation. On the bank financings and private placement, the team included New York partner Hamad Al-Hoshan, San Diego partner Stephanie Fontanes and New York partner Michael Saliba, among others. The corporate team advising the project-level equity consortium included Webber and Houston associates Alice Parker and Ben Marek with advice on tax matters by Houston partner Jim Cole and associate Chelsea Muñoz-Patchen. The project development team included Houston partner Christopher Peponis and associates Shawn Beloin, Julia Chen, Ikechukwu (Ike) Obioma, Costanza Garcia, and Jack Klein. The corporate team advising on the PIPE was led by Houston partner Ryan Maierson with associates Om Pandya and Tasbiha Batool.

The Kirkland team was led by corporate partner Melissa Kalka and debt finance partners Rohit Chaudhry and Kelann Stirling; and included, in Texas, corporate partners Andy Calder, Allan Kirk, Patrick Moneypenny, Randy Santa Ana, Jennifer Gasser and Pat Corrigan; capital markets partner Julian Seiguer; and tax partners David Wheat and Steve Butler.

The Jones Day team was led by Houston partner Jeff Schlegel. The Sidley group was led out of New York and Washington, D.C., including partners Asi Kirmayer, Ayo Badejo, James Mendenhall, Laura Barzilai and Ram Burshtine, but included Houston partner Zackary Pullin on tax. The Norton Rose Fulbright team was led out of Washington, D.C., and New York.

King & Spalding advised NextDecade on its $11.7 billion engineering, procurement and construction agreement with Bechtel Corp. and all real estate matters, including a 984-acre lease, for the $18 billion Rio Grande project. The Houston team included Scott Greer, Rob Garner, David Lang, David Runnels; and Kim Cagle, Brandt Leibe, Jill McWhirter, Pete Hays, Silvia Martin, Fernando Langa, Khalid Kullab, Kaleb Walker, Amanda Garza, Sean Sheehy and Andrew Ketner.

* * *

Avantax, a publicly traded wealth management software provider in Dallas, is considering a sale process, Bloomberg reported July 11 citing people with knowledge of the matter. At that time, it had a $955 million market cap. In an analyst note, Don Bilson of Gordon Haskett Research Advisors said using Avantax’s own EBITDA guidance of $130 million, he sees a sale at 11 times, or $1.43 billion, which translates into a purchase price in the $33 to $34 range. Activist hedge fund Engine Capital, which owns 2 percent of its shares, called on Avantax to explore a sale last month, saying it could fetch as much as $32 per share in the consolidating asset management industry. Avantax changed its name from Blucora when it sold its tax software business TaxAct in November to an affiliate of Cinven Ltd., a UK-based private equity fund, for $720 million. Texas and Denver lawyers from Haynes Boone advised it on that transaction. Ann Bruder is Avantax’s chief legal officer.

 

Claire Poole

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

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