• Subscribe
  • Log In
  • Sign up for email updates
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

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: 16 Deals, 10 Firms, 135 Lawyers, $30.9B

August 30, 2022 Claire Poole

A Texas team at Kirkland & Ellis announced it worked on a huge deal this past week, advising Brookfield Asset Management on a plan to jointly invest with Intel Corp. up to $30 billion in chip factories in Arizona.

Why is Canadian-based investment firm using Texas corporate lawyers?

The key may be Roald Nashi, a partner in the firm’s Washington, D.C., and Houston offices. He has worked on a lot of Brookfield deals, both M&A and capital markets transactions, including its $6.9 billion joint venture with Blackstone Infrastructure to acquire a 42 percent stake in Cheniere Energy Partners in 2020.

Like Andy Calder, the de facto head of Kirkland’s expansion into Texas, Nashi previously was an associate at Simpson Thacher in Houston. He joined Kirkland in 2018.

The deal was incredibly complex, with an infrastructure fund investing with a market leader in the semi-conductor space to create new build capacity in a constrained market.

The joint effort will be a sales generator for Intel, whose stock has lagged 35 percent since January (Intel and Brookfield share in the revenue stream from the chip plants as well as the capital costs). The announcement last week, however, didn’t give Intel shares much of a bounce.

Despite that, and perhaps more importantly, the plan creates a pathway to create innovative investment structures intended to broaden the opportunities for infrastructure funds to provide capital to the industrials and manufacturing sectors. Expect more of these schemes going forward.

Toss in a $30 billion joint venture like the Brookfield/Intel deal and ANY week is going to look like a good one. Thus, the week ending Aug. 27 found 16 transactions — all but one of them M&A — involving worth $30.9 billion. Not a bad week for the 10 firms and 135 mostly Texas lawyers involved. During the previous week, there were 12 deals for just under $2 billion. And during the same week last year, a dozen deals tallied only $763 million.

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
May 20, 202311$22,458.181034$19,4557$3,003
May 13, 202312$7,034101018$5,4604$1,574
May 6, 202320$3,297.61819617$2,985.63$312
April 29, 202323$3,691.21813517$1,969.76$1,721.5
April 22, 202316$5,5701410414$4,7502$1,000
April 15, 202312$23,818.195910$21,618.12$2,200
April 8, 202316$7,94991739$5,4727$3,477
April 1, 202321$18,676.71217511$10,926.710$7,750
March 25, 202315$8,779.5101415$2,36210$6,416.5
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

Brookfield Infrastructure signs $30B JV with Intel

Deal Description: Intel Corp. announced Aug. 23 what it’s billing as a first-of-its-kind semiconductor co-investment program that introduces a new funding model to the capital-intensive semiconductor industry. As part of its program, Intel signed a definitive agreement with the infrastructure affiliate of Brookfield Asset Management to jointly invest up to $30 billion in chip factories in Arizona, with Intel funding 51 percent of the project cost and Brookfield handing over 49 percent. By sharing the capital costs and revenues from the plant operations, the deal allows Intel to tap into a new pool of capital below its cost of equity while protecting its cash and debt capacity for investments and continuing to fund a healthy and growing dividend, the company said. Over the next several years, the structure is expected to provide a $15 billion cumulative benefit to Intel’s adjusted free cash flow and be accretive to Intel’s earnings per share during the construction and ramp phase. The program also provides Intel the ability to replicate the co-investment model with other partners for other build-outs globally.

Expected Closing: YE 2022

Intel’s Financial Advisor: Lazard Frères & Co.

Intel’s Outside Legal: Skadden, Arps, Slate, Meagher & Flom led out of Washington, D.C.

Brookfield’s Outside Legal: Kirkland & Ellis led by corporate partners Andrew Calder, Doug Bacon, Brittany Sakowitz, Kim Hicks, Allan Kirk and Patrick Salvo; and debt finance partners Roald Nashi, Gregory Howling, Robert Warfield and Sebastian Chan; international trade and national security partners Mario Mancuso, Ivan Schlager and Luci Hague; and tax partners Sara Zablotney, David Wheat and Bill Dong. Aid was also provided by corporate associates Patrick Moneypenny and David Jean-Baptiste; and debt finance associates Sharaf Islam, Jacqueline Trudeau, Charles Martin and Will Haslun.

Rubicon completes $196.8M merger with Founder SPAC

Deal Description: Rubicon Technologies Inc., a digital marketplace for waste and recycling and provider of software-based products for businesses and governments worldwide, announced Aug. 15 that it completed its combination with Founder SPAC. The combined company will operate under the name Rubicon Technologies Inc. and will continue to be led by chairman and CEO Nate Morris. Rubicon’s Class A common stock and warrants were expected to trade Aug. 16 on the New York Stock Exchange under the symbols “RBT” and “RBT WS.” The transaction was approved by Founder’s shareholders at an extraordinary general meeting on Aug. 2, with 97 percent of the votes cast clearing the combo. Rubicon raised $196.8 million in gross proceeds consisting of funds from Founder’s trust account and PIPE investments. Rubicon intends to use the proceeds to capitalize on expansion from organic and inorganic opportunities and investment in new software development.

Founder’s Financial Advisor: Moelis & Co.

Rubicon’s Financial Advisor: Cohen & Co. Capital Markets, a unit of JVB Financial Group

Founder’s Placement Agents: Cohen & Co. Capital Markets and Moelis & Co.

Founder’s Capital Markets Advisor: Jefferies

Rubicon’s Capital Markets Advisors: Canaccord Genuity and MKM Partners

Founder’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship in Houston and including, from Texas, partners James Brown and Dean Hinderliter and associates Brandon Davidson, Chris McAlister, John Niedzwiecki, Robbie Oakes, Luisa Patoni, Alexandra Santana, Louis Savage, Kate Schorken, Emily Semon and Franklin Shen

Rubicon’s Outside Counsel: Gibson, Dunn & Crutcher led by partners in Washington, D.C., and New York but including of counsel Melissa Persons of the firm’s Denver and Houston office

Bitcoin Depot combines with SPAC GSR II Meteora in $170M deal

Deal Description: Lux Vending, dba Bitcoin Depot, announced Aug. 25 it agreed to combine with GSR II Meteora Acquisition Corp., a special purpose acquisition company, making it a public company. Upon closing of the transaction, the company will be named Bitcoin Depot Inc. and trade on the NASDAQ under the new ticker symbol “BTM.” Assuming no redemptions, the company will have an estimated post-transaction enterprise value of $755 million with an estimated equity value of $885 million from the contribution of up to $170 million in cash proceeds from the transaction, net of cash distribution to selling equity holders and expenses.

Expected Closing: Q1 2023

Lux’s Outside Counsel: Kirkland & Ellis led by corporate partners Thomas Laughlin, Mark Ramzy and Doug Bacon; capital markets partners Matt Pacey and Atma Kabad and associate Billy Vranish; tax partner Mark Dundon; technology & IP transactions partner Jeff Norman; and banking regulatory partner Edwin del Hierro.

GSRM’s Financial Advisor: Oppenheimer & Co. Inc.

GSRM‘ Outside Counsel: Latham & Watkins

P10 agrees to buy Westech for $147.6M

Deal Description: P10 Inc., a private markets solutions provider, announced Aug. 26 it agreed to acquire through its unit P10 Intermediate Holdings all of the outstanding membership interests of venture lender Westech Investment Advisors for about $147.6 million. The deal includes $97 million in cash and 3.9 million membership units of P10 Intermediate Holdings, which can be exchanged into 3.9 milion shares of P10 common stock. WTI has deployed $7.8 billion in loan commitments across 1,400 venture-backed companies since its founding in 1980. Many publicly traded technology companies, representing $1 trillion in aggregate market capitalization, count WTI as an early lender and partner, P10 said.

Expected Closing: Q4 2022

WTI’s Financial Advisor: Colchester Partners

WTI’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom led out of New York

P10’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Doug Rayburn and including associates Jonathan Sapp, Jena Pollock and Josh Stout. Partner Michael Cannon and associates Ryan Rott and Adam Gregory are advising on tax aspects, partner Krista Hanvey and associate Lucy Hong are advising on benefits and counsel Andrew Cline is advising on antitrust.

Bank First agrees to acquire Denmark Bancshares for $119M

Deal Description: Bank First Corp., the Wisconsin-based bank holding company of Bank First, closed Aug. 12 its acquisition of Denmark Bancshares Inc., the Wisconsin bank holding company for Denmark State Bank, for $119 million. As of Dec. 31, Denmark had $687.6 million in consolidated assets, $479.4 million in gross loans, $614.5 million in deposits and $68 million in consolidated stockholders’ equity. Based on the financial results as of Dec. 31, the combined company will have total assets of $3.6 billion, loans of $2.7 billion and deposits of $3.2 billion.

Bank First’s Outside Counsel: Alston & Bird led out of Atlanta but including partner Patrick Hanchey in Dallas

Adams’ GulfMark buys Firebird, Phoenix for $33M

Deal Description: Adams Resources & Energy Inc. announced Aug. 15 that one of its units, GulfMark Asset Holdings Inc., completed the purchase of Firebird Bulk Carriers Inc. and Phoenix Oil Inc. for $33 million. The deal consists of $32 million in cash and $500,000 of Adams’ common stock. Firebird is an interstate bulk motor carrier of crude oil, condensate, fuels, oils and other petroleum products. Phoenix Oil recycles and repurposes off-spec fuels, lubricants, crude oil and other chemicals from producers in the U.S. Adams is engaged in crude oil marketing, transportation, terminaling and storage and tank truck transportation of liquid chemicals and dry bulk through its units GulfMark Energy Inc., Service Transport Company, Victoria Express Pipeline and GulfMark Terminals.

Firebird Bulk’s/Phoenix Oil’s Outside Counsel: Morgan Lewis led by partner Jeff Dinerstein (Houston) and associates Kelsey Warren (Houston) and William Barnard (New York) along with associate Melissa Brown (Houston), partners Stefanie Moll (Houston) and Cullen Wallace (Houston), associate Ian Wright (Houston) and partner Casey August (Philadelphia)

Pharos Capital sells TechLab to SSI Diagnostica

Deal Description: Pharos Capital Group, a private equity firm based in Dallas and Nashville, announced Aug. 22 that it sold its stake in portfolio company TechLab to SSI Diagnostica, a portfolio company of the private investment firm Adelis Equity. Terms were not disclosed. TechLab is a developer and manufacturer of rapid, non-invasive diagnostic tests for infectious disease, intestinal inflammation and parasitology. SSI Diagnostica is a developer and manufacturer of diagnostics products based in Copenhagen, Denmark. SSI Diagnostica’s global distribution network and production capability will complement TechLab’s U.S. and global operations to expand the scale of the combined company’s diagnostics business. TechLab will continue to operate out of its Virginia R&D and manufacturing facilities and keep its workforce, including its management team. Pharos initially invested in TechLab in September 2016. The sale represents the third exit from Pharos’ third fund.

TechLab/Pharos’ Financial Advisor: Lincoln International

TechLab/Pharos’ Outside Counsel: Gibson Dunn & Crutcher led by partner Jeffrey Chapman and included associates Phillip Sanders and Kiel Sauerman. Partner Michael Cannon and associate Josiah Bethards advised on tax and partner Krista Hanvey advised on benefits.

Compass Group Equity invests in Florida Energy, Water & Air

Deal Description: Compass Group Equity Partners, a St. Louis private equity firm, announced Aug. 11 a new strategic partnership with Florida Energy, Water & Air, an Orlando-based sales, installation and service contractor providing water treatment systems, water heaters and HVAC across Florida, Georgia and Alabama. Terms weren’t disclosed. Since its founding in 1990, FEWA has expanded its product and service portfolio to become a one-stop shop for homeowners’ water treatment, water heater and air conditioning needs. The company has partnerships with retailers.

Compass’ Outside Counsel: McGuireWoods led by Dallas partner Jon Finger with associates Josh Powers and Chelsie Kidd

Banner Ventures sets partnership with Zerorez

Deal Description: Banner Ventures announced Aug. 15 a new partnership with Zerorez Franchising Systems Inc. and several of its franchisee partners in Colorado Springs, Dallas, Denver, Minneapolis, Phoenix, Pittsburgh, Raleigh, Salt Lake City, Spokane and St. Louis. Terms weren’t disclosed. Zerorez was founded in 2003 as a natural alternative to traditional chemical-based carpet cleaning and claims to be a leading residential and commercial services franchisor in the U.S. Zerorez’s management group and the acquired franchisees kept a “meaningful” ownership stake in Zerorez, the release said, and Shawn Moon will continue to serve as chairman and CEO during the next phase of expansion. Zerorez also appointed as CFO Jon Laudie, who previously held financial leadership roles for 1-800-Contacts, Lucid Software, Ancestry.com and Netflix.

Financing Provider: KeyBank

Banner’s Outside Counsel: McGuireWoods led by Dallas partner David McLean and including Dallas associates Kelly Wray and Will Matthews, Los Angeles associate Callista Cody and Chicago associate Aaron Lasker

Zerorez’s Outside Counsel: Kirton McConkie in Utah

Knox-Precision acquires Lenders Title Group

Deal Description: Knox-Precision Holdings, a holding company of private equity firm Knox Capital, announced Aug. 16 that it acquired the Lenders Title Group, the title services business of First Horizon Corp. Terms weren’t disclosed. Knox said the investment creates a top 20 national title company. The acquisition combines LTG with two previous investments, including Precision Title, creating a fast-growing, super-regional residential and commercial title company, the release said. Stephens Capital Partners invested with Knox Capital to facilitate the transaction alongside existing investors including ORIX Corp. USA’s private equity solutions group, Granite Creek Capital Partners and GMB Capital Partners. LTG is one of the largest title insurance agencies in the southeast, operating in Arkansas, Louisiana and Tennessee. LTG marks the largest investment to date by Knox Capital’s real estate title platform and complements its prominent and growing market positions in Illinois, Florida, New Jersey, New York and Pennsylvania.

Knox-Precision’s Outside Counsel: Foley & Lardner led by partners Chris Converse and Dovi Adlerstein, of counsel Cynthia Harkness, special counsel Thomas Fritsch and associate Andrew Del Real.

Atlas Crane Service acquired by Ares Management

Deal Description: Atlas Crane Service, a crane rental company that primarily serves the wind industry, announced Aug. 23 that a fund managed by the Infrastructure Opportunities strategy of Ares Management acquired a controlling interest in the company. Terms were not disclosed. Founded in 2009 and headquartered in Aurora, Ill., Atlas offers turnkey maintenance, repair and overhaul solutions to 250 customers. The company’s fleet provides maintenance and repair services for wind turbines. Atlas’ executive management team, led by CEO Zach Prentis, will continue to guide the company with an emphasis on growth, geographic expansion and a continued focus on delivering premier services and a dedication to safety, the release said. Ares’ platform has $334 billion of assets under management.

Atlas Crane’s Financial Advisor: TM Capital

Ares’ Outside Counsel: Vinson & Elkins led by Danielle Patterson, Dan Komarek, Isabella Correa and Tara Tegeleci with assistance from Jason McIntosh, Peter Rogers, Sean Becker, Peter Goetschel, David D’Alessandro, Heather Johnson, Brian DeShannon, Sarah Mitchell and Sebastian Devora. The finance team was led Tzvi Werzberger and Randy Aman with assistance from Aaron Prince, Coral O’Connor and Michelle Kraidman.

KKR leads investment in Arevia Power

Deal Description: KKR announced Aug. 22 that it led a structured investment in Arevia Power, a U.S. renewable energy developer, with strategic participation by GCM Grosvenor, a global alternative asset management solutions provider. Terms weren’t disclosed. The investment will support the company’s growth and development of new solar and wind projects throughout the U.S. Founded in 2015, Arevia is a dedicated solar and wind project developer that originates, permits and manages renewable energy projects through their lifecycle. The company is advancing a multi-gigawatt portfolio of early-stage projects across the country. Arevia’s projects are responsibly sited and aim to meet local and regional energy demand with a focus on mitigating environmental impacts and minimizing impacts to surrounding communities, the release said. Arevia’s founders Mark Boyadjian and Ricardo Graf have developed more than 2 gigawatts of utility-scale solar photovoltaic infrastructure.

Arevia’s Outside Counsel: Willkie Farr & Gallagher and Munish Dayal, with a Willkie team co-led by partner Jorge Kamine out of the firm’s Washington, D.C., and Houston office

KKR’s Outside Counsel: Amis, Patel & Brewer

GCM Grosvenor’s Outside Counsel: Allen & Overy

Notes: Kamine is barred in Texas, went to Rice University and consistently collaborates with Willkie’s Texas attorneys, transitioning part of his time to the Houston office.

IPG sells telecom transmission product lines to Lumentum

Deal Description: Lumentum announced Aug. 15 that it acquired IPG Photonics Corp’s telecom transmission product lines in an all-cash transaction for undisclosed financial terms. IPG’s telecom transmission product lines are made up of optical transceivers and coherent components. The divestment includes the former Menara Networks and a unit in Brazil.

Lumentum’s Outside Counsel: Wilson Sonsini Goodrich & Rosati led out of San Francisco

IPG Photonics’ Financial Advisor: Centerview Partners

IPG Photonics’ Outside Counsel: Locke Lord led out of Providence but including Paul Nason, Geoffrey Polma and Susan Rainey in Dallas

Availity to acquire Diameter Health

Deal Description: Availity, one of the nation’s largest real-time health information networks, agreed Aug. 9 to acquire Diameter Health, a national leader in clinical data quality and interoperability. Terms weren’t disclosed. Integrating Diameter Health’s Upcycling Data technology into Availity’s clinical data gateway capabilities positions Availity to deliver one of the strongest integrated clinical and claims data network and interoperability platforms in healthcare, Availity said. The solutions will fuel innovations in value-based care arrangements, provide information exchange between providers, health plans and technology partners and normalize structured and unstructured clinical data for digitally enabled use cases.

Diameter Health’s Financial Advisor: TripleTree

Diameter Health’s Outside Counsel: Feinberg Hanson

Availity’s Outside Counsel: Alston & Bird led by Darren Hauck in Dallas/Fort Worth and including senior attorney Victoria Kulik in Dallas

Refuel makes two more acquisitions

Deal Description: Refuel Operating Co., a retail and wholesale fuel distribution and convenience-store company, acquired nine locations from two c-store chains in two separate deals: the assets of Premier Stores Inc., including six stores in the Greensboro, N.C., market (the deal closed Aug. 2); and the assets of the Whalen Corp., with three stores in the Raleigh-Durham market (closing set for the fourth quarter). Terms weren’t disclosed. The transactions represent the 12th and 13th acquisitions for Refuel since its backing by First Reserve in 2019, bringing store count to 195 company-operated locations across Texas, Mississippi, Arkansas, South Carolina and North Carolina.

Whalen’s Financial Advisor: Southeastern Acquisition Advisors

Refuel’s Outside Counsel: Locke Lord including Lauren Corbeil Clarke, Mark Miller and Shannon Schroeder in Houston on the Premier deal with assistance by Jerry Higdon, Ed Razim, Jeff McPhaul and Rich Spiker (all of Houston), Michael Bennett (Chicago) and Kevin Twining (Dallas). Jennie Simmons, Miller and Lauren Richter advised on the Whalen deal with assistance by Shumaila Dhuka, Higdon, Sara Longtain, Ed Razim, Jordan Rodriguez, Lani Blake and Steve Boyd (all of Houston) and Twining.

CAPITAL MARKETS/FINANCINGS

Sunnova securitizes $227.7M in residential solar loan agreements

Deal Description: Sunnova Energy International Inc. announced Aug. 18 the closing of its seventh solar loan securitization and its thirteenth residential solar securitization. The securitization includes $178 million in 5 percent notes and $49.7 million in 6 percent notes with an anticipated repayment date of Aug. 20, 2029, and a final maturity of Aug. 20, 2049. The notes are backed by a portfolio of 8,397 solar rooftop systems distributed across more than 21 states and territories.

Sunnova’s Outside Counsel: Baker Botts including, from Houston, corporate partner Travis Wofford and associates Thomas Blackwell and Chelsea Johnson; tax partner Michael Bresson; ERISA Gail Stewart and associate Gabriela Alvarez; and advisory partner Danny David 

Claire Poole

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

View Claire’s articles

Email Claire

©2023 The Texas Lawbook.

Content of The Texas Lawbook is controlled and protected by specific licensing agreements with our subscribers and under federal copyright laws. Any distribution of this content without the consent of The Texas Lawbook is prohibited.

If you see any inaccuracy in any article in The Texas Lawbook, please contact us. Our goal is content that is 100% true and accurate. Thank you.

Primary Sidebar

Recent Stories

  • BMW Settles Dallas Suit Over Sale of ‘Lemon’ Used Car
  • P.S. — Foster Child Advocacy, Jury Duty, Mark Melton’s New COO
  • Fifth Circuit Seeks SCOTX Input in Flight Attendants’ Boeing Suit
  • Meaningful Change Requires Personal Investment
  • Trucking Co. Werner Can’t Duck $116M Fatal Crash Judgment on Appeal

Footer

Who We Are

  • About Us
  • Our Team
  • Contact Us
  • Submit a News Tip

Stay Connected

  • Sign up for email updates
  • Article Submission Guidelines
  • Premium Subscriber Editorial Calendar

Our Partners

  • Houston Chronicle
  • Dallas Business Journal
The Texas Lawbook logo

P.O. Box 543455
Grand Prairie, TX 75054

214.232.6783

© Copyright 2023 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.