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CDT Roundup: 17 Deals, 11 Firms, 103 Lawyers, $10.6B

Between Quanta’s planned $2.7 billion acquisition of Blattner and Alder Fuels’ fresh backing from United and Honeywell (below), Justin Stolte has had a busy few weeks. 

Stolte, who is a partner in Latham & Watkins’ Houston office and global chair of the firm’s energy and infrastructure practice group, said this has been the busiest time he can remember from an activity perspective. 

And it’s no different for his Latham colleagues. The current deal environment has brought along with it a breadth of deals getting done, both for new and existing clients in energy and non-energy fields.

The firm’s Houston office continues to see strong activity in the traditional energy space, specifically with oil and gas that is married to deals tied to the broader energy transition and low-carbon sub-sectors and non-energy work, much of which is tied to infrastructure. The office is set to announce more in the coming weeks and months.

Stolte attributes the flurry of activity to the acceleration of the energy transition – further revved by the Covid-19 pandemic – and a meaningful uptick in commodity prices, which, in turn, has spurred consolidation over the past several months.

The ability for Latham’s bench to pivot between energy and non-energy M&A within the practice group is by design, the culmination of a multiyear effort bolstered by strategic hiring and practice development.

“It takes effort to get out of a space that you’re comfortable in, where you’ve done work for years, and make a thoughtful, deliberate decision to expand your practice,’” he said. 

Stolte added that the Houston office has been very fortunate with the timing of this perfect storm of rampant deal flow and buoyant commodity prices.  

“With the inflow of people and businesses moving to the state, we are optimistic about how we’ve positioned ourselves, not only in the near-term but over the long-term,” said Stolte.

Including the Alder Fuels-United-Honeywell deal, last week saw 13 M&A or funding transactions with a reported $8.5 billion in value, along with four capital markets deals valued at more than $2.15 billion. One hundred and three Texas-based lawyers from 11 firms took part in the transactions.

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
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
 

The previous roundup saw 13 total transactions involving 89 Texas lawyers from 10 firms totaling $7.22 billion. The same period last year reported 11 total deals adding up to more than $5.1 billion with counsel from 117 Texas lawyers at eight firms.

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

M&A/FUNDING

Enbridge to Buy $3B in Assets from EnCap Flatrock’s Moda

Enbridge announced plans on September 7 to acquire certain assets from Moda Midstream Operating, which is backed by San Antonio’s EnCap Flatrock Midstream. 

Texas counsel led the way with Vinson & Elkins advising Moda; Sidley Austin advising Enbridge; and Shearman & Sterling advising EnCap Flatrock.

Credit Suisse Securities counseled EnCap on financial matters, and Barclays acted as financial advisor to Enbridge. 

More details about the transaction can be found here.

Sanofi to Grow Transplant Capabilities

Biopharmaceutical company Sanofi announced plans to grow its transplant business through the acquisition of Kadmon Holdings Inc., which specializes in discovering, developing and marketing therapies.

With Kadmon, Sanofi would also receive FDA-approved Rezurock. The treatment counters graft-versus-host disease.

The transaction holds an equity value of around $1.9 billion with Kadmon shareholders set to receive $9.50 in cash per share. Sanofi plans to fund the acquisition using cash on hand.

Sanofi selected Weil, Gotshal & Manges as legal counsel.

New York partner Michael J. Aiello led the Weil team. Texas-based assistance came from Houston associate Robert Brown.

Kadmon tapped DLA Piper as its legal advisor and Cantor Fitzgerald & Co. and Moelis & Co. as its exclusive financial advisors.

The transaction has already been approved by both boards of directors, and is expected to close in the fourth quarter.

Vertiv Ups Data Center Game

Ohio-based Vertiv Holdings Inc. announced plans to acquire E&I Engineering Ireland Ltd. and its affiliate Powerbar Gulf.

The deal, which is expected to close in the fourth quarter, will aid Vertiv as it seeks to expand its capabilities in data center power infrastructure through switchgear, busway and modular power solutions.

In a cash and stock combination, Vertiv plans to pay about $1.8 billion upfront with the potential of up to $200 million in additional cash based on certain milestones tied to 2022 EBITDA targets.

Latham & Watkins and Baker McKenzie advised Vertiv on legal matters while Centerview Partners acted as lead financial advisor.

Houston partners David Miller and Nick Dhesi led the Houston-based corporate team. Further counsel came from partners Pamela Kellet, Trevor Lavelle, Bryant Lee and Jim Cole. Gayle Turk led the deal from Centerview.

E&I selected Rothschild & Co. as sole financial advisor and Clifford Chance as legal counsel.

Citi provided committed financing to support the transaction in addition to providing financial counsel to Vertiv.

TopBuild to Snap up Advent’s Distribution International for $1B

In an all-cash transaction, TopBuild Corp. will purchase mechanical insulation distributor Distribution International, Advent International announced on Sept. 8.

Boston private equity firm Advent International has backed the expansion of DI since its acquisition of the company in 2014, helping it add 50 locations and expanding its revenue by more than 50%. The platform also completed 11 acquisitions under Advent. 

Weil, Gotshal & Manges advised Advent and DI on legal matters while RBC Capital Markets acted as financial advisor.

Boston partner Ramona Nee led the Weil team. Dallas partner Jonathan Macke advised on tax matters.

Jones Day advised TopBuild on legal matters, led by Cleveland partner Benjamin L. Stulberg, while JPMorgan Securities counseled on financial matters.

TopBuild plans to fund the $1 billion acquisition through debt financing and cash on hand.

The transaction is expected to close in the fourth quarter.

Oaktree, Providence Energy Back Formation of Sierra Energy

Funds managed by Oaktree Capital Management and Dallas-based Providence Energy teamed up to form a new mineral and royalty acquisition company.

Armed with $500 million in equity commitments, Sierra Energy Holdings is expected to target opportunities in the continental U.S.

Vinson & Elkins represented the Oaktree funds in the transaction, led by partners John Grand of Dallas and Dan Komarek of New York with assistance from New York associates Heather Brocksmith and Tara Tegeleci.

Additional Texas-based counsel was provided by Dallas partner David Peck, Houston partner Sean Becker, Dallas counsel Elena Sauber and Dallas associate Miron Klimkowski.

Providence Energy Management will act as the service provider for Sierra Energy.

Canada’s Freehold to Head to Texas

Freehold Royalties, a Calgary-based oil and gas royalties company, entered into a definitive agreement with a private seller to acquire Eagle Ford royalty assets in Texas for $180 million.

Freehold plans to fund the transaction through an offering of subscription receipts and the company’s existing credit facility. 

Kirkland & Ellis counseled Freehold in the transaction.

Houston partner Rahul Vashi led the Kirkland team along with associates Jordan Silverman of Austin and Skyler Sikes of Dallas.

Additional Texas-based counsel came from Houston partner Mark Dundon, Bay Area and Houston partner Paul Tanaka and Houston of counsel Jennifer Cornejo.

RBC Capital Markets and T.D. Securities acted as the underwriters for the offering.

Genesis Park Completes De-SPAC Combination With Redwire

A special purpose acquisition company with Houston ties completed its merger with intended target AE Industrial Partners-backed Redwire Corp.

Redwire’s combination with Genesis Park Acquisition Corp. values the space solutions and component company at $630 million. The transaction included an oversubscribed private-investment-in-public-equity funding round of $100 million with investors such as Senvest Management and Crescent Park Management.

Kirkland & Ellis, led by Chicago corporate partners Matt Arenson and Dan Hoppe, advised Redwire and AE Industrial Partners on legal matters while Jefferies acted as financial advisor.

Texas-based counsel for Kirkland came from Houston partner Stephen Jacobson and Houston associate Karsten Busby.

Willkie Farr & Gallagher counseled Genesis Park, led by New York partner William Gump and Houston partners Jesse Myers and Angela Olivarez. 

Genesis Park selected Greenhill and KPMG as financial advisors and Jefferies as capital markets advisor. Jefferies also served as the sole placement agent for the PIPE.

Blade Air Looks to Hospital Opportunity

Blade Air Mobility Inc. announced plans to acquire a multi-modal organ logistics and transportation company.

For an upfront purchase price of $23 million, Blade will purchase Trinity Air Medical Inc. as the air mobility platform seeks to replace ambulances with helicopters on certain hospital-to-hospital missions and prepare for the expected transition toward last-mile drone delivery and vertical aircraft technology.

White & Case advised Blade Air. Partners Bill Parish of Houston and Mort Pierce of New York led the White & Case team with additional assistance from Houston counsel Mike Rodgers and Houston associates Hannah Craft, Sam Spiers and Carlos Moran.

United-Honeywell Venture With Alder Eyes Potential of Raw Materials

United and Honeywell announced on September 9 that they have teamed up for a new technology venture as they look to back Alder Fuels, a cleantech company seeking to convert biomass – like forest and crop waste – into sustainable low-carbon, drop-in replacement crude oil.

The end goal of Alder’s product development in concert with Honeywell’s ecofining process would be to create a 100% drop-in replacement for petroleum jet fuel.

Specific financial terms of the transaction were not revealed, although a press release noted that United and Honeywell’s backing is in the multimillion-dollar range.

The U.S. Defense Logistics Agency, the U.S. Department of Energy and a partnership with DOE’s National Renewable Energy Laboratory already support Alder’s research.

Latham & Watkins advised Alder on legal matters.

Houston partner Justin Stolte, Bay Area partner Jim Morrone and New York partner Steven Betensky led the Latham corporate team along with Bay Area associates Ajay Sundar and Ryan Wong and New York associate Sebastian Moss.

Additional Texas-based counsel came by way Houston partner Jonathan Castelan and Houston associates Sam Bentley, Morgan Moore and Katie Walker.

Sidley Austin represented United, which also agreed to purchase 1.5 million gallons of sustainable aviation fuel from Alder once produced.

Houston partner Kevin P. Lewis helped lead the Sidley deal team, which also included Houston associate Femi Aborisade.

Sidley has been busy with United over the past several months as the carrier launched its own venture fund and purchased a handful of supersonic jets.

Schlumberger New Energy Invests in Battery Tech

Schlumberger New Energy plans to team up with EnerVenue on the deployment of nickel-hydrogen battery technology as the former looks to grow its capabilities in energy transition infrastructure.

Financial terms of the strategic investment were not disclosed, although Schlumberger plans to be part of the collaboration with EnerVenue solutions in stationary energy storage. 

Akin Gump advised Houston-based Schlumberger New Energy.

Houston partner Rob Shearer was part of the Akin Gump team that represented Schlumberger in the transaction.

Schlumberger New Energy was formed last year in an effort to help advance technologies that could aid lowering emissions and developing clean fuel sources.

Chart Taps I Squared for Expanded Investment in  HTEC

Chart Industries Inc. expanded its investment in HTEC Hydrogen Technology & Energy Corp., the company announced on September 8.

Chart made its first investment in HTEC late last year and has upped its stake in concert with independent infrastructure investor I Squared Capital. 

The deal made Chart a 25% owner of HTEC’s capital stock. Together, Chart, a liquefaction and cryogenic equipment manufacturer, and I Squared own 60% of HTEC.

Chart selected Winston & Strawn and Stikeman Elliott as its legal counsel while I Squared Capital used Kirkland & Ellis in addition to Stikeman Elliott. 

Houston partners John Pitts and Kyle Watson led the Kirkland team with assistance from Houston associate Maggie Hoffman.

Additional Texas-based counsel was provided by Houston and Austin partner Julian Seiguer; Houston partner Lucas Spivey; Houston and New York partner Brian Schartz; and Dallas and Houston partner David Wheat.

HTEC worked with Fort Capital Partners on financial matters and Blake, Cassels & Graydon on legal matters.

The fresh capital infusion is earmarked for new green hydrogen production projects in addition to to expanding its hydrogen fueling station portfolio.

L Squared, PSG Back Recap of Software Solutions Firm

Lumaverse Technologies, a management and engagement software solutions provider for education, nonprofits and businesses, has been recapitalized with L Squared Capital Partners leading the effort alongside Lumaverse’s existing investor PSG. 

Financial terms of the recapitalization, which is set to assist Lumaverse in its organic and inorganic growth efforts, were not disclosed. 

Weil, Gotshal & Manges advised PSG in the transaction while Morgan, Lewis & Bockius represented Lumaverse. Canaccord Genuity advised both PSG and Lumaverse on financial matters.

Partners David Gail of Dallas and Kevin J. Sullivan of Boston co-led the Weil team with assistance from associates Stephen Iya of Dallas and Stephen Jaber of New York.

L Squared opted for Vedder Price as its legal counsel.

Houston’s Sterling Group Closes Acquisition

Houston middle-market private equity firm the Sterling Group completed the acquisition of L&S Mechanical.

L&S provides plumbing, HVAC and electrical installation services in the Texas residential market and is based in Richardson. 

The Sterling Group is looking to L&S’ mastery of the tri-trade model as it seeks to expand the model in Texas and beyond.

Willkie Farr & Gallagher advised the Sterling Group on legal matters. Houston partner Bruce Herzog led the team.

Most recently, Herzog, along with New York partner Daniel Mun, represented Sterling Group portfolio company Frontline Road Safety in its acquisition of PK Contracting.

CAPITAL MARKETS

Waste Connections Prices $1.5B of Senior Notes

Waste Connections priced its offering of $650 million of 2.2% senior notes due 2032 and $850 million of 2.95% senior notes due 2052.

The Toronto solid waste services company is looking to the offering, along with borrowings from its credit facility, to repay $1.5 billion in senior notes tied to its master note purchase agreements. 

Latham & Watkins represented Waste Connections in the offering.

Houston partner John Greer led the Latham team along with associates Ryan Lynch, Kate Wang, Katie Walker and Michael Basist. 

Additional Texas-based counsel was provided by Houston partners Craig Kornreich and Matthew Jones and Houston associates Max Fin, Matthew Snodgrass and Daisy Clifton-Lee. 

BofA Securities, J.P. Morgan, MUFG and Wells Fargo Securities acted as both joint book-running managers and underwriters.

The offering is expected to close September 20. 

Maryland REIT Closes Senior Notes Offering

Maryland’s RLJ Lodging Trust closed on an offering of $500 million of 4% senior secured notes due 2029.

The real estate investment trust is looking to the offering to redeem the outstanding 6% senior notes due 2025 of its subsidiary, FelCor Lodging, among other purposes.

Vinson & Elkins advised the initial purchasers in the offering with a team led by partners Chris Green of Washington, D.C., and David Stone of Houston.

Additional Texas-based counsel came from Houston associate Maddie Brown.

Banner Acquisition Corp. Hits Nasdaq

In an initial public offering that closed on September 10, SPAC Banner Acquisition Corp. raised $150 million as it seeks a target tied to family-owned or founder-led businesses, along with tenured management teams looking to continue ownership.

Vinson & Elkins represented Banner in its SPAC IPO led by partner Sarah Morgan and counsel Dan Spelkin along with senior associate Andrew Schulte and associates Taylor Kim and Zac Horne, all of Houston.

Additional Texas counsel came from Houston partners Lina Dimachkieh and John Lynch; Dallas counsel Sarah Mitchell; Dallas associate Jeff Slusher; and Houston associate Lauren Nieman.

BofA Securities Inc. acted as both the sole book-running manager and underwriter. 

Banner Ventures is sponsoring the blank check company.

Knot Offshore Eliminates IDRs

Knot Offshore Partners entered into an agreement with its sponsor, Knutsen NYK Offshore Tankers, and its general partner that cancelled and ceased all incentive distribution rights.

To achieve the elimination of the IDRs, Knutsen NYK contributed to the partnership all of its IDRs in exchange for an issuance from the partnership of 673,080 common units and 673,080 Class B Units.

After the IDR exchange, which closed on September 10, Knutsen NYK now owns 29.2% of KNOP’s outstanding common units.

Baker Botts acted as legal counsel to KNOT in the transaction, led by Washington, D.C. partner Catherine Gallagher. Texas-based counsel came from Houston partner Jon Lobb and Dallas associate Snow Xue Rui.

Evercore advised the conflicts committee of the board of directors in relation to the elimination of the partnership’s incentive distribution rights on financial matters while Richards, Layton & Finger provided legal counsel.. 
Bracewell counseled Evercore on legal matters with aid from Houston partner Will Anderson.

The following transactions have been added to previous Roundups:

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