The Texas Lawbook

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CDT Roundup: 17 Deals, 12 Firms, 228 Lawyers, $11.9B

With all of the lateral movement in the market, it makes hard sometimes to work on deals.

Angela Olivarez should know. The Houston corporate lawyer recently closed the sale of CapStreet-backed HungerRush to private equity firm Cosair in the midst of moving her practice from Willkie to O’Melveny (see item from Corporate Deal Tracker). She also worked on HungerRush’s purchase of Menufy, 9Fold and OrdrAI.

“Now that this deal is closed, I can take a little bit of a breather for the first time in about three years,” she said in an email.

How challenging was it to close the HungerRush deal in the midst of changing firms? She said it was not difficult because there was open communication about her transition process with all parties early on and her team had a good plan going into it. “Everyone put the needs of the client and the success of the deal first,” she said.

Olivarez said she also had the benefit of working with great colleagues at both ends of the process. “We worked as a cohesive team until closing and didn’t miss a beat,” she said.

The biggest obstacle was getting used to new technology and quickly learning how to make use of all of the normal resources.

“Initiating my first video call on an unfamiliar platform was a little hectic when all of the deal team members were stuck in the waiting room before I realized I had to manually admit everyone to the meeting,” she admits. “Trying to figure out that minor but important detail quickly was not easy in the midst of all of the incoming pings from the waiting room!”

What was easier about the process that she never expected?

“I didn’t really know what to expect, but I was happy and thankful that my team worked together on the best of terms through my transition and all the way to closing,” she said. “I was also fortunate that O’Melveny anticipated any critical needs and truly put the resources of the firm at my disposal to enable me to hit the ground running.” 

There were 17 deals announced last week involving Texas lawyers that amounted to $12 billion. The M&A/funding work was dominated by Harold Hamm’s proposed $4.8 billion buyout of Continental Resources, with capital markets/financings only amounting to $479 million. There were 228 mostly lawyers at 12 Texas firms involved in the action.

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
February 4, 202217$8,0661512513$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

Hamm in $25B bid to take Continental Resources private

Deal Description: Vinson & Elkins is counseling Harold Hamm on his $25 billion bid June 14 to take Continental Resources private. For more on the story, click here.

Riverstone-backed Lucid sells out to Targa for $3.55B

Deal Description: Targa Resources Corp. announced June 16 it snapped up Lucid Energy Delaware from Riverstone Holdings and Goldman Sachs Asset Management for $3.55 billion. For more information about the deal, click here.

Riverbend Energy divests non-operated portfolios for $1.8B

Deal Description: Houston-based Riverbend Energy Group announced June 15 the execution of a definitive agreement with a private buyer for the sale of all of the equity interests in Riverbend Oil & Gas VI, Riverbend Oil & Gas VI-B and Riverbend Oil & Gas VIII for $1.8 billion. The transaction is expected to close in the third quarter. The divested portfolios represent a diversified asset base of non-operated interests across the Bakken/Three Forks, Utica, Fayetteville and Haynesville. The properties produced about 47,000 barrels of oil equivalent per day from more than 11,000 wells as of May 1. Riverbend has two other currently active traditional energy portfolios. Randy Newcomer, who founded Riverbend in 2003, is a former VP at EnCap Investments and engineer at Amoco.

Riverbend’s Financial Advisor: Barclays

Riverbend’s Outside Counsel: Kirkland & Ellis led by Houston corporate partners Chad Smith and Lindsey Jaquillard and associate Jonathan Strom with substantial assistance from corporate partners Bill Benitez and Josh Teahen; debt finance partners Will Bos and Jordan Roberts; tax partner David Wheat (who also offices from Dallas); and investment funds partner Susan Eisenberg. Investment funds partner Luzia Vaczy also helped out from Boston.

Notes: Kirkland New York partner Michael Weisser advised Sightway Capital on its investment in Riverbend.

BP to sell its half interest in Sunrise oil sands project to Cenovus for $464.4M

Deal Description: BP announced June 13 it will sell its 50% non-operated interest in the Sunrise oil sands project in an agreement reached with Calgary-based Cenovus Energy. Total consideration for the transaction includes C$600 million ($464.4 million) cash, a contingent payment with a maximum value of C$600 million expiring after two years and Cenovus’s 35 percent position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador. In Canada, BP will no longer have interests in oil sands production and will shift its focus to future potential offshore growth. BP holds an interest in six exploration licenses in the offshore Eastern Newfoundland Region. The non-operated stake in the Bay du Nord project will expand BP’s position offshore Eastern Canada.

BP’s Outside Counsel: Baker Botts including, on Global Projects: Dan Mark (Partner, Houston), Kyle Doherty (Senior Associate, Houston), Gabbi Feldman (Associate, Houston), Ryan Chastain (Associate, Houston); Energy Regulatory: Emil Barth (Partner, Washington, D.C.); Litigation: Meghan McElvy (Partner, Houston); Real Estate: Chris Wilson (Partner, Houston), Emily Quiros (Associate, Houston); Tax: Michael Bresson (Partner, Houston), Jared Meier (Senior Associate, Houston); Intellectual Property: Paul Morico (Partner, Houston); and Environmental: Paulina Williams (Partner, Austin)

BP’s Other Outside Counsel: Norton Rose Fulbright including Craig Vogelsang and Dentons

Little Leaf Farms raises $300M from TPG Rise

Deal Description: TPG Rise, a global impact investing platform managed by TPG, announced June 15 a $300 million investment in Little Leaf Farms alongside debt financing from Bank of America.  Little Leaf is the U.S.’s number-one brand of packaged lettuce sustainably grown through controlled environmental agriculture).  The new capital will support aggressive growth and expansion of farms and distribution, making Little Leaf’s local lettuces accessible to more than half of the country’s population by 2026.  

TPG Rise’s Outside Counsel: Kirkland & Ellis led by corporate partner Kevin Crews and associates Jacqueline Scioli, Thomas Matteson and Sam Roberts; tax partners David Wheat and Joe Tobias; capital markets partner Julian Seiguer; environmental transactions partner Jim Dolphin and associate Courtney Tibbetts; energy regulatory partner Brooksany Barrowes and associate Cassidy Hall; labor and employment partner Christie Alcala; employee benefits partner Maureen O’Brien; executive compensation partner Stephen Jacobson and associate Karsten Busby; and real estate partner John Goldman.

Little Leaf Farms’ Placement Agent: Goldman Sachs

Little Leaf Farms’ Outside Counsel: Gunderson Dettmer Stough Villeneuve Franklin & Hachigian

Notes: This is third TPG Rise deal Crews led recently. For example, he led the merger of Element and Bluesource, now called Anew, one of the largest climate solutions companies in North America.

Grey Rock promises $150M to Vault

Deal Description: Dallas-based Grey Rock Investment Partners, through its affiliated investment vehicles, announced June 6 an agreement to make a controlling investment in Vault CCS Holdings and fund additional growth of the company through a capital commitment of up to $150 million. Vault plans to use the capital to execute on its near-term pipeline of Carbon Capture and Storage projects and continue to develop further opportunities in the CCS space. Vault has developed a platform of CCS projects with ethanol facilities in the Midwest, each of which emits between 200,000 and 500,000 tonnes of carbon dioxide per year, and has secured positions in several early-stage CCS projects in Canada. Vault’s pipeline of projects spans a range of industrial sectors across multiple regions of North America. The company is led by CEO Scott Rennie, who led the CCS efforts within ConocoPhillips and Schlumberger.

Vault’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Lauren Anderson with Houston associates Ashley Nguyen, Denny Lee, Ziyad Barghouthy, Morgen Seim and Janhavi Das.  Advice was provided on tax matters by Houston partner Jim Cole with Houston associate Mike Rowe and on benefits and compensation matters by New York partner Jennifer Pepin.

Allied Industrial Partners, management commits $150M to Waste Eliminator

Deal Description: Allied Industrial Partners, a Houston private equity firm, announced June 14 it invested in Waste Eliminator, a regional provider of solid waste hauling, disposal and recycling services for commercial and industrial waste generators in metro Atlanta. AIP and management committed more than $150 million in capital to expand the platform. Founded in 2006, Waste Eliminator maintains a tenured position as a market leader of critical, turn-key waste management and recycling solutions for large commercial, industrial and government clients. It has two material recovery facilities.

Allied Industrial’s Outside Counsel: Kirkland & Ellis led by corporate partners Thomas Laughlin in Dallas and Paul Knowlton in Houston; debt finance partners Will Bos and Jordan Roberts and associate Michelle Williamson of Houston; Houston investment funds partner Matt Nadworny and New York associate Linda Dahl; and tax partner Steve Butler of Austin and Houston

Notes: Allied Industrial managing partner Brad Rossi used to be a Kirkland partner in Houston and fellow managing parter Phil Wright was formerly an attorney at Bracewell

Steel Partners buys Steel Connect for $81M

Deal Description: Steel Partners Holdings announced June 13 it agreed to buy the shares of Steel Connect Inc. it does not own for $1.35 per share in cash, or about $81 million. The deal includes a contingent value right for Steel Connect shareholders.

Expected Closing: second half of 2022

Steel Connect Special Committee’s Financial Advisor: Houlihan Lokey

Steel Partners’ Financial Advisor: Imperial Capital 

Steel Connect Special Committee’s Outside Counsel: Dentons

Steel Connect’s Outside Counsel: White & Case led by partner A.J. Ericksen in Houston with partners Colin Diamond, Adam Cieply and Scott Levi in New York, associates Sheila Forjuoh and Chris Carreon in Houston and Morgan Somerset, Norah Arafeh and Kate Warrick in New York.

Steel Partners’ Outside Counsel: Greenberg Traurig

Summit sells Lane Gathering to Matador Resources for $75M

Deal Description: Summit Midstream Partners announced June 9 that its wholly owned unit, Summit Midstream Holdings, agreed to sell Summit Midstream Permian, which owns the Lane Gathering and Processing System in the Delaware Basin, to a unit of Matador Resources Co. for $75 million.  Matador will also assume Summit Midstream Marketing’s take-or-pay firm capacity on the Double E Pipeline associated with the Lane G&P system.

Expected Closing: second quarter of 2022

Summit’s Financial Advisor: Guggenheim Securities

Summit’s Outside Counsel: Locke Lord led by Jennie Simmons and Bill Swanstrom and including Lauren Richter, Ben Cowan, Gislar Donnenberg, Laura Ferguson, Eric Larson, Buddy Sanders and Annaleigh Richardson, all of Houston, and Gene Schlack of Boston

Matador’s Outside Counsel: O’Melveny & Myers led by partner and Dallas office head Chrissy Metcalf, partner Jason Schumacher and associates Kelsey French and Luke Ohnmeis, with support from partner Will Becker, senior counsel Hugh Hilliard, counsel Kathryn Turner and Brian Kenyon and associate Eleanor Gilbert

Apollo invests $40M in Moleaer

Deal Description: Moleaer announced June 13 the closing of its $40 million Series C financing round led by funds managed by Apollo and joined by strategic partner Husqvarna and existing investors. The financing round brings Moleaer’s total funding raised to $61 million. Moleaer will use the funds to accelerate the global deployment of its nanobubble technology, which enables multiple industries to reduce their water, chemical and energy footprint. Since its inception in 2017, Moleaer’s mission is to unlock the power of water to do more with less. Its nanobubble technology improves sustainable food production and processing, water and wastewater treatment, natural resource recovery and the health of aquatic ecosystems, all without the use of harmful chemicals.

Apollo’s Outside Counsel: Vinson & Elkins led by Dan Komarek, Abby Branigan and John Sager with assistance from Elisie Lee

Highlander acquires McIntosh Group

Deal Description: Dallas-based Highlander Partners announced June 15 the acquisition of McIntosh Group for undisclosed terms. McIntosh Group manufactures and globally distributes amplifiers, speakers, turntables and other audio products under several renowned brands. Highlander CEO Jeff Hull said he thinks there is an opportunity to acquire other consumer luxury technology brands. Highlander is a private investment firm with more than $2 billion of its own proprietary capital.

Highlander’s Outside Counsel: Katten Muchin Rosenman led by partner Peter Bogdanow with Andrew Skowronski, Bill Rivers, Erik Peterson, Erin England, James Blasland, Jill Settlemyer, Kelsey McKeag, Mark Solomon, Michelle Gyves, Nancy Rich, Peter Dalmasy, Rachel Schaub, Ryan Lilley, Sean Wooden, Todd Hatcher, Wade Glover

McIntosh’s Financial Advisor: Lincoln International

McIntosh’s Outside Counsel: Shearman & Sterling led by partners Thomas Philippe in Paris and Roger Morscheiser in New York

Notes: Highlander is led by chairman Larry Hirsch, the former CEO and chairman of Centex Corp. and Southdown Inc. and a partner at then-Bracewell and Patterson.

Sverica Capital invests in SG Homecare

Deal Description: Boston-based Sverica Capital announced June 14 that it has made a strategic investment in SG Homecare. Terms weren’t disclosed. Founded in 2001, SG Homecare is a provider of durable medical equipment, prosthetics, orthotics and supplies to home-based patients in California. The company is a pioneer in using capitated contracts in the space, serving a range of payors and risk-bearing provider groups. Thomas (“Randy”) Rowley, founder and CEO of SG Homecare, will continue to lead the company while two Sverica executives will join SG Homecare’s board.

Sverica’s Outside Counsel: McGuireWoods led by Los Angeles partner Richard Grant but supported by Houston associate Cheryl Looper and Los Angeles associate Callista Cody

First American acquires Mother Lode

Deal Description: First American Financial Corp., a publicly traded provider of title, settlement and risk solutions for real estate transactions, announced May 3 the completion of its acquisition of Mother Lode Holding Co., a California-based provider of title insurance, underwriting and escrow services for residential and commercial real estate transactions. Terms weren’t disclosed. The target has with 17 operating subsidiaries throughout the U.S., including its principal subsidiary Placer Title Co.

Mother Lode’s Financial Advisor: Houlihan Lokey 

Mother Lode’s Outside Counsel: Shearman & Sterling led by partner Alain Dermarkar in Dallas and including Kyle Park, John Kurtz, Emily Greenwood and Emily Kelly

Streamline raises capital from Kayne Anderson, Riverstone

Deal Description: Streamline Innovations Inc., a provider of green solutions for treating hydrogen sulfide and other toxic emissions, announced June 16 it raised new growth capital via an equity raise led by Kayne Anderson Energy Infrastructure Fund Inc. and Kayne Anderson NextGen Energy & Infrastructure Inc., closed-end funds managed by Kayne Anderson Capital Advisors. The amount wasn’t disclosed. Streamline also received an upsize of its term loan from Riverstone Credit Partners, a credit investment platform focused on energy, power, decarbonization and infrastructure managed by Riverstone Holdings. Riverstone also participated in the equity raise. Proceeds will be used to construct additional Valkyrie plants to expand Streamline’s fleet across multiple sectors and geographies.

Placement Agent: Citigroup

Streamline’s Outside Counsel: Vinson & Elkins led by partner Mike Telle with assistance from associates Jimmy Chalk and Christina Wu. Other key team members included counsel Rajesh Patel (technology transactions/IP), partner Matthew Dobbins (environmental), partner Shane Tucker (executive compensation/benefits), partner Sean Becker (employment/labor) and senior associate Brian Howard (litigation).

Swiss Life leads consortium to acquire minority stake in DataBank

Deal Description: A consortium of Swiss Life Asset Managers and EDF Invest announced June 16 it agreed to acquire a 27 percent equity interest in Dallas-based DataBank, an U.S. colocation and interconnection data center operator. DataBank is a portfolio company of publicly traded DigitalBridge Group Inc. Swiss Life intends to support DataBank’s growth in further expanding its data center footprint across the U.S. DataBank has more than 65 data centers in 27 U.S. markets. The company’s primary product is colocation services, which provide a combination of space and power for customers’ servers and IT infrastructure. DataBank also provides network and interconnection services such as internet and cross-connects. DataBank services around 3,200 unique customers.

Expected Closing: Q3 2022

Swiss Life’s Financial Advisor: DH Capital

Swiss Life’s Outside Counsel: Vinson & Elkins led by partners Gabriel Silva and Robert Hughes, with assistance from senior associates Yong Eoh and Gabriela Astolphi, associates Waid Barfield, Libby Gerstner and Kelli Westmoreland and visiting international law clerk Yasmin Santos. Other key team members include partners Ron Nardini and Chris Mangin and associate Jeff Slusher (tax); partner Sarah Mitchell and associate Victoria Bahrami-Negad (insurance); partner Rajesh Patel and associate Marcus Martinez (technology transactions/IP); counsel Martin Luff (employment/labor); associates Brian DeShannon and Keira Kuntz (executive compensation/benefits); partner Tzvi Werzberger, senior associates Caitlin Snelson and Carter Olson and associate Ariel Guerrero-Stewart (finance); partner Randy Jurgensmeyer and associates Joe O’Connell and Alex Paez (real estate); partner Zach Terwilliger and associate Pete Thomas (anti-corruption); partner Hill Wellford (antitrust); and partner Rick Sofield and associate John Satira (CFIUS).

DataBank’s Financial Advisor: Goldman Sachs

DataBank’s Outside Counsel: Proskauer Rose

DigitalBridge’s Outside Counsel: Wachtell, Lipton, Rosen & Katz

DigitalBridge Transaction Committee’s Financial Advisor: PJT Partners

CAPITAL MARKETS/FINANCINGS

Agree Realty closes $394.7M forward sale of common stock

Deal Description: Agree Realty Corp. announced May 31 it closed its $394.7 million forward sale of common stock. Citigroup and Wells Fargo Securities were joint book-running managers for the offering. The company said it hasn’t received any proceeds from the sale of shares of its common stock by the forward purchasers. The company expects to use the net proceeds, if any, for general corporate purposes, including to fund property acquisitions and development activity or the repayment of outstanding indebtedness under its revolver.

Issuer’s Outside Counsel: Honigman

Citi’s Outside Counsel: Hunton Andrews Kurth led out of Richmond, Va., but including partner James V. Davidson in Houston

Notes: Since joining the firm in 2011, HAK’s Davidson has advised on more than 200 REIT transactions worth nearly $60 billion in gross proceeds

Feutune Light Acquisition announces pricing of $85M IPO

Deal Description: Feutune Light Acquisition Corp. announced June 15 that it priced its initial public offering of 8.5 million units at a price of $10 per unit. The units were expected to be listed on the Nasdaq Global Market and trade under the symbol “FLFVU” on,June 16. Each unit issued in the IPO consists of one share of Class A common stock, one redeemable warrant and one right to receive one-tenth of one share of Class A common stock. Each warrant exercisable to purchase one whole share of Class A common stock at a price of $11.50 per share. The offering is expected to close on June 21. The company granted the underwriters a 45-day option to purchase up to 1.275 million more units at the IPO price to cover over-allotments.

Underwriters: US Tiger Securities Inc. and EF Hutton, division of Benchmark Investments, and Craig-Hallum Capital Group

Underwriters’ Outside Counsel: Winston & Strawn led by partner Mike Blankenship and including New York partner David Sakowitz, Chicago associate Hannah Gallagher and Houston associates Robbie Oakes, Kate Schorken and Alexander Tanner

Claire Poole

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

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