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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory

CDT Roundup: 17 Deals, 13 Firms, 137 Lawyers, $6.8B

March 9, 2022 Claire Poole & Allen Pusey

Kevin Crews has had quite a year so far. The Dallas partner at Kirkland & Ellis has worked on three good-sized deals in 2022, including advising Tailwater Capital on its investment in Continuus Materials, Montage on its sale of Ubiquity and its $400 million joint venture with Generate Capital and Slant Energy II on securing a $90 million commitment from Dallas-based private equity firm Pearl Energy Investments.

We caught up with Crews about M&A trends he is seeing in the marketplace. He said the common theme is that “everyone is trying to take advantage of a relatively friendly economic climate.”

Many large sponsors and pension plans are deploying significant capital in ESG, energy transition and climate-related strategies, he relayed, which can include everything from waste-to-fuel technologies; RNG, biodiesel and other renewable biofuels; and carbon credit platforms and energy efficiency services, among other verticals.

“I think we will see some of these recent investments that scale quickly become IPO candidates in the near term,” he said. “And of course utility-scale solar, wind and battery is still in high demand.”

Many upstream or midstream-focused middle-market sponsors are re-committing to their core thesis, which often entails aligning with management teams to buy and build a high growth core operating position in a significant basin, he added. 

“Some of these investments from before the pandemic are becoming relatively mature,” he said, “and so you will see some exits to larger players, either public company buyers or, on the hard asset side, infrastructure sponsors wanting to potentially scale further.”

Crews also noted that many large independent oil and gas companies are doing well right now, enjoying enhanced scale at robust commodity prices, and are driving shareholder value through return of capital, such as variable dividends and share repurchases, while focusing on a disciplined growth strategy. 

“Quite a few of these companies are looking at non-core, and in some cases ESG-related, strategies to add incremental value,” he said, “whether through leveraging their know-how and third party capital to build minerals and non-operated working interest businesses with private equity or through strategic investments in businesses that vertically integrate with their own such as multi-modal terminals, midstream infrastructure and the like.”

Oilfield services companies continue to look for scale as a means of gaining operating leverage and reducing fixed costs as a percentage of sales — “there will be more de-leveraging M&A deals here,” he said — and non-energy infrastructure is in the spotlight as well. 

“Among other infrastructure verticals, large consolidators of infrastructure assets relating to construction materials, homebuilding products and similar business lines continue to look for scale through acquisitions,” he concluded. 

The week ending Mar. 5 saw 17 transactions worth $6.8 billion, representing 13 M&A deals worth $5.2 billion and four capital markets deals valued at $1.6 billion. That meant billable work for 137 mostly Texas lawyers at 13 different firms.

That compares favorably to last week’s 12 deals for $5 billion but far short of the 24 deals for $13.6 billion recorded for the week ending Mar. 6, 2021.

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

M&A/FUNDINGS

Chevron Buys Renewable Energy Group for $3.15B

Deal Description: Following recent reports that a deal was in the works, Chevron Corp. announced Feb. 28 it would acquire the outstanding shares of biofuels producer Renewable Energy Group Inc., or REG, in an all-cash transaction valued at $3.15 billion. For more details on the transaction, including in-house counsel in Texas, click here.

PDC Energy buys Great Western Petroleum for $1.3B

Deal Description: Publicly traded PDC Energy Inc. announced Feb. 28 it had agreed to acquire Great Western Petroleum for $1.3 billion, including net debt of about $500 million. Great Western is a Denver-based DJ Basin operator owned by affiliates of EIG, TPG Energy Solutions and the Broe Group. The deal will be financed through the direct placement of about 4 million shares of PDC common stock and around $543 million in cash. Seaport analyst Nick Pope said the transaction is likely to increase PDC’s DJ Basin production by 30% and shifts the asset into slightly more urban areas and into a more oily part of the area.

PDC’s Financial Advisor: PJT Partners, including Laurence Whittemore and Zack Rigoni in New York

PDC’s Outside Counsel: Davis, Graham and Stubbs led by Denver partners John Elofson, Sam Niebrugge and Sam Seiberling

Great Western’s Financial Advisor: Citi, including Michael Shelly in Denver and Serge Tismen and Fritz Schlopy in New York

Great Western’s Outside Counsel: Latham & Watkins led by Austin partner David Miller and Houston partners Nick Dhesi and Stephen Szalkowski with Houston associates Thomas Verity, Jonathan Villa, Robert Cunningham, Alice Parker, Katie Walker and Shreya Patel. Advice was provided on finance matters by Houston partner Matthew Jones with Houston associate Max Fin; on tax matters by Houston partners Tim Fenn and Jared Grimley with Houston associate Emily Fawcett; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum; on environmental matters by Los Angeles counsel Joshua Marnitz; and on antitrust matters by Washington, D.C., partner Jason Cruise and Washington, D.C., counsel Peter Todaro with Los Angeles associate Nick Eberhart and Washington, D.C., associate Caitlin Fitzpatrick.

TPG’s Outside Counsel: Vinson & Elkins led by partner Robert Hughes and counsel Daniel McEntee.

Origin Bank Expands with $313.5M Texas acquisition

Deal Description: In an effort to increase its presence across North Texas, Louisiana-based Origin Bancorp announced Feb. 24 that it is acquiring BT Holdings, a community bank system based in Quitman, Texas. Under the all-stock agreement, which carries an estimated $313.5 million price tag, each share of BT Holdings will be exchanged for .6547 shares of Origin. Drake Mills, chairman and CEO of Origin, based in Choudrant, Louisiana, said Origin was attracted to the 13 locations for BT Holdings spread along the I-20 corridor in Texas between Longview and Fort Worth.

BT Holdings Financial Advisors: Piper Sandler

BT Holdings Outside Counsel: Norton Rose Fulbright advised BT Holdings with a team led from Dallas by partner Mike Keeley, assisted by senior associate Evan Hardee, associate Cassidy Tennyson, partner Alex Clark (employment), partner Todd Schroeder and senior associate Hersh Verma (tax).

Origin Bancorp Financial Advisors: Stephens Inc.

Origin Bancorp Outside Counsel: Fenimore Kay Harrison

Summit Carbon Solutions gets $250M investment from Continental Resources

Deal Description: Summit Carbon Solutions announced March 2 a strategic investment from Continental Resources Inc. to create the largest carbon capture and sequestration project of its kind in the world. Continental, which is led by billionaire oilman Harold Hamm, will commit $250 million over the next two years to help fund the development and construction of the project’s capture, transportation and sequestration infrastructure while also leveraging its operational and geologic expertise to help ensure the safe and secure storage of carbon dioxide. Summit will primarily capture carbon dioxide from ethanol plants and other industrial sources in Iowa, Nebraska, Minnesota, North Dakota and South Dakota and then it will be aggregated and transported to North Dakota via pipeline, where it will be permanently sequestered in subsurface geologic formations. The project has commitments from 31 partner ethanol facilities to deliver more than 8 million metric tons per year. The project has been in the works since 2019 and is on track to achieve its target of being operational in the first half of 2024.

Continental’s Outside Counsel: Vinson & Elkins led by partner Matt Falcone with assistance from partner Dave Oelman, senior associate Megan Menniti and associates Jordan Fossee, Rob Vezina and Ryan Bullard. Other key team members are partners Todd Way and Sean Moran, counsel Mary Alexander Polito and associate Dan Henderson (tax); partner Matt Dobbins and associate Kelly Rondinelli (environmental); partner Sean Becker and associate Peter Goetschel (employment/labor); partner Damien Lyster (energy regulatory);  partner Julia Petty and associate Mary Daniel Morgan (executive compensation/benefits); partner Darren Tucker (HSR); and associate Mark Kramer (real estate).

Ramaco Resources acquires Ramaco Coal for $65M

Deal Description: Publicly traded Ramaco Resources Inc. announced Feb. 24 that Ramaco Development agreed to acquire 100% of the equity interests of Ramaco Coal, an entity owned by an investment fund managed by Yorktown Partners and certain members of the company’s management.  The deal includes an initial payment of $5 million due at closing and a deferred purchase price of $60 million consisting of $20 million, which will be paid during the rest of 2022 in $5 million ratable quarterly installments, and $40 million, which will be paid during 2023 in $10 million ratable quarterly installments. Ramaco Coal primarily consists of land holding and coal royalty producing subsidiaries, including fee ownership of about 42 million tons of metallurgical coal reserves. The vast majority of Ramaco Coal’s holdings are leased to Ramaco Resources.

Financial Advisor to Ramaco Resources’ Special Committee: Janney Montgomery Scott, including Frank Murphy in St. Louis, Carl Grote in Nashville, Carter Ellston in St. Louis and Nic Cahill

Ramaco Resources’ Outside Counsel: Kirkland & Ellis led by corporate partners Josh Teahen and Bill Benitez and associate Markus Wang; debt finance partner Jordan Roberts and associate Michelle Williamson; and tax partner Mark Dundon

WhiteHawk agrees to buy Marcellus shale assets for $52.5M

Deal Description: WhiteHawk Energy announced Feb. 28 an affiliate bought Marcellus shale natural gas minerals and royalty assets in southwestern Pennsylvania for $52.5 million. The seller was not disclosed. About 95% of the production, cash flow and present value is anchored by EQT Corp., Range Resources and CNX Resources. The seller owns 45,000 net royalty acres in southwest Appalachia and both parties expect to continue dialogue around future potential transactions in the region. WhiteHawk has partnered with Preferred Capital Securities, a capital sourcing firm that has raised more than $3 billion in capital.

WhiteHawk Income Corp.’s Outside Counsel: Shearman & Sterling including partners Omar Samji, Jeremy Kennedy and Todd Lowther

Tier 1’s Outside Counsel: Holland & Hart including senior partner Jean Feriancek in Denver

Austin’s CrowdOut Capital funds $30M ‘green’ coffee initiative

Deal Description: CrowdOut Capital, the Austin-based debt syndication platform, announced Mar. 3 the funding of a $30 million credit facility to the Mercon Coffee Group in The Netherlands, one of the largest coffee suppliers in the world. The investment is CrowdOut’s first ESG funding, designed to help the 70-year-old coffee concern broaden its sustainable business model, along with working capital needs.

CrowdOut Outside Counsel: Norton Rose Fulbright advised CrowdOut. Their cross-border team was led by partners Daryl Lansdale from Austin and Benjamin Ratliff from Dallas. Support came from senior associate Geren Brown and senior counsel John Caverlee in Dallas, with partner Joris Ravelli, senior associates Gino Bell and Joep Duinker as well as associate Frances Hoogenberg, in Amsterdam.

Note: CrowdOut is a network-based lender that offer exclusive alternative investment opportunities to family offices, institutional and accredited investors on a case-by-case basis.

IOG Resources acquires producing assets in Delaware Basin from Tier 1 Merced

Deal Description: Dallas-based IOG Resources, which has backing from First Reserve, announced March 3 that it acquired producing oil and gas assets in the Delaware Basin from Tier 1 Merced Holdings. Terms were not disclosed. The assets consist of non-operated well bores primarily located in Eddy and Lea counties, New Mexico. With this purchase, IOG adds net production of about 3,800 barrels of oil per day under operators including Devon, Conoco and Marathon. In conjunction with the transaction, IOGR closed a new, upsized revolving credit facility. The IOG portfolio includes 12 investments across 6 core basins in the U.S.

IOG’s Outside Counsel: Kirkland & Ellis led by corporate partners Rahul Vashi and R.J. Malenfant and associate Braxton Smith; tax partner Joe Tobias; environmental transactions partner Ty’Meka Reeves-Sobers and associate Alex Noll; and debt finance associate Scott Reid.

Tier 1’s Financial Advisor: TenOaks Energy Advisors includingTrey Bonvino and Lindsay Sherrer in Dallas

Kestra’s Bluespring Wealth Nabs Another

Deal Description: Austin-based Bluespring Wealth, subsidiary of Kestra Financial, announced Mar. 1 that it has continued its aggressive acquisition of wealth firms with the purchase of Dallas-based CD Wealth Management. The price was undisclosed, but the $850 million firm founded in 2014 offers specialized planning and wealth management for families, corporate executives, closely held businesses and not-for-profit institutions. CD Wealth will continue operations under that name and its founder and partners will retain a significant equity interest in the ongoing partnership.

Kestra Outside Counsel: Bluespring parent company, Kestra Financial was advised by a Austin-based team at Shearman & Sterling led by Dallas partner Alan Bickerstaff, along with partners Gillian Moldowan in New York and Ryan Bray in Dallas.

Note: The acquisition by Bluespring/Kestra is the fourth such acquisition this year and the ninth since the beginning of 2021.

AutoAPR acquired by Capstreet’s TradePending

Deal Description: Fintech auto sales and valuation platform TradePending announced Mar. 2 that it has agreed to acquire AutoAPR, a platform of plug-in tools that allow potential customers to estimate and evaluate loan payments and make contact with dealers regarding vehicles they decide they can afford. Both businesses are headquartered in North Carolina, AutoTrade in Charlotte, and Capstreet-backed TradePending in Chapel Hill.

TradePending Outside Counsel: Willkie Farr & Gallagher advised with team led from New York by partner Rosalind Kruse. Also advising were Houston partners Robert Jacobson and Ryan Cicero, along with Eugene Chang and Mark Holdsworth in New York.

Note: Founded in 1990 and based in Houston, Capstreet invests in lower middle market tech-enabled business service and industrial platforms.

Diodes Inc. lands wafer facility in Maine

Deal Description: Plano-based Diodes, Inc. announced Feb. 28 that it has agreed with wafer maker onsemi to acquire the company’s South Portland manufacturing facility. The move allows Diodes to support increased customer demand for analog semiconductors and increased flexibility to meet those demands in an increasingly supply-constrained global market. The acquisition terms were confidential.

Diodes Outside Counsel: Shearman & Sterling advised Diodes in the deal with a team led by Dallas based partners Robert Cardone and Robert Bray. Also advising on the deal were Gillian Moldowan, Jordan Altman, Ben Gris and Sara Prendergast.

Health records platform Experity gets a new owner

Deal Description: Experity Inc., a Warburg Pincus-backed health records SaaS platform based in Chicago, has announced that it has been acquired by GTCR, a leading PE investor in business service technologies also headquartered in Chicago. The acquisition includes a GTCR partnership with Experity founder Dr. David Stern, who also made a significant investment in the company. Warburg plans to maintain its connection to Experity through a minority equity interest.

Warburg Pincus/Experity Outside Counsel: Kirkland & Ellis advised the company with a team led by partners Jai Agrawal from New York and Kim Hicks in Austin. The team also included associate Kartik Khanna in New York and partner Eric Wedel in Los Angeles.

Peabody, Riverstone Launch R3 Renewables

Deal Description: Peabody, the historical name in coal production, is entering the renewables space in a joint venture that will pursue the development of utility scale battery storage. The company announced March 1 the formation of R3 Renewables, a joint venture with Riverstone Credit Partners and Summit Partners Credit Advisors, with plans to produce 3.3 GW of solar PV and 1.6 GW of battery storage over the next five years. The storage facilities will be built on the site of former coal mining operations in Indiana and Illinois.

Riverstone/Summit Outside Counsel: Simpson Thacher Bartlett advised Riverstone and Summit with a team led from Houston by partners Shamus Crosby and Christopher May. The team also included M&A associates Tyler Cox, Oscar Hwang, Seth Rosenberg and Miatta Echetebu, all of Houston. Pitching in from New York were partners Sophie Staples and Laurence Moss, along with associates Jasmine Hay, Matthew Lester and Kristy Fields.

Note: The new enterprise will be headed by UT Austin grad John Jones, whose background includes stints at Invenergy, Lincoln Renewable Energy and GE Energy Financial Services, where he originated investments in a variety of alternative energy projects.

CAPITAL MARKETS/FINANCINGS

CenterPoint Energy closes $800 million in general mortgage bonds

Deal Description: CenterPoint Energy Houston Electric, a unit of CenterPoint Energy Inc., announced the closing of its underwritten public offering of $800 million in mortgage bonds. The bonds include $300 million of 3.00% General Mortgage Bonds, Series AG, due 2032 and $500 million aggregate principal amount of 3.60% General Mortgage Bonds, Series AH, due 2052. The unit plans to use the net proceeds from the offering for general limited liability company purposes, including capital expenditures and the repayment of all or a portion of its borrowings under the CenterPoint Energy money pool. 

Banks: Barclays Capital Inc., Morgan Stanley & Co., RBC Capital Markets, Scotia Capital (USA) Inc., Wells Fargo Securities and BNY Mellon Capital Markets were joint book-running managers and Academy Securities Inc., Samuel A. Ramirez & Co. Inc. and CAVU Securities were co-managers.

CenterPoint’s Outside Counsel: Baker Botts, including Houston corporate partners Tim Taylor and Clint Rancher and associates Josh Gonzales and Rob Cowan; and Houston tax partner Michael Bresson and special counsel Chuck Campbell.

Waste Connections prices $500M public notes offering

Deal Description: Waste Connections Inc. announced March 2 that it had priced a $500 million underwritten public offering of its 3.200% senior notes due 2032 at a price to the public of 99.925% of their face value. The offering is expected to close on March 9.  Net proceeds are expected to be about $494.8 million and used to repay a portion of the borrowings outstanding under its revolving credit facility provided under its credit agreement.

Banks: BofA Securities, J.P. Morgan, MUFG and Wells Fargo Securities are acting as joint book-running managers and underwriters

Waste Connections’ Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partners John Greer and Ryan Lynch with associates Denny Lee, Anthony Tan, Michael Basist and Morgen Seim. Assisting on finance matters were Houston partners Craig Kornreich and Matthew Jones with associate Max Fin and on tax matters were New York partners Jocelyn Noll and Bora Bozkurt with London associate Ted Gkoo.

Sound Point Acquisition Corp I in $225M IPO

Deal Description: A blank check company sponsored by Sound Point Capital Management announced Mar. 1 the pricing of their upsized initial public offering of 22.5 million shares. The company, Sound Point Acquisition Corp. I, did not identify a particular target sector for the offering, but South Point specializes in a wide variety of credit opportunities in distressed and alternative lending, as well as commercial real estate.

Sound Point Outside Counsel: Gibson Dunn & Crutcher advised Sound Point from Houston with a team led by partner Gerry Spedale, and included partner Richard Birns and associates Robbie Hopkins, William Bald, and Gerald Kimani. Partner Edward Wei advised on tax matters.

SHUAA Partners SPAC Prices $100 million IPO

Deal Description: Blank check company SHUAA Partners Acquisition Corp I announced March 1 the pricing of its IPO at $10 per share. The company plans to pursue a MENAT (Middle East, North Africa, Turkey) target in fintech and the broader technology sectors.

SHUAA Outside Counsel: Baker Botts advised with a team led from Dubai by partner Haitham Hawashin and from Houston by partner Doug Getten. They were backed by partners Travis Wofford (Houston) and Derek Jones (London), along with associates Parker Hinman (Houston), Henry Klimowicz (New York), Will Cozzens (Austin), and Michael Donnellan (Houston). Partner Michael Bresson and senior associate Jared Meier advised on tax issues from Houston.

Notes:

Bracewell said March 2 that client Bison Oil & Gas Partners II sold Bison Oil & Gas II to Civitas Resources Inc. for $346 million in all cash. The deal, announced on Feb. 1, previously included 2.3 million of Civitas shares, $45 million in cash and the assumption of $176 million in debt and other liabilities. Civitas’ outside counsel was Kirkland & Ellis.

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