On the surface, 2021 looked like a return to normal for M&A in the energy industry in Texas.
In 2021, there were 328 M&A deals in the energy/mining sector, according to data from the Corporate Deal Tracker. That represented about 35% of all Texas-related M&A. In fact, the sheer number of energy deals represented a dramatic rise from 155 deals in 2020, the pandemic year.
Still, none of those numbers are what they seem. Even before 2020, energy deals had been dwindling, both in number and in their percentage of the Texas market. In 2018, there were 233 energy transactions representing 20% of the market; in 2019, the numbers dropped to 191 and 18%.
But with the general decline in energy demand during the pandemic — alongside the disastrous oil price plunge of April 2020 and the February 2021 grid disruptions of Winter Storm Uri — something paradoxical happened: energy deals reasserted themselves. The 155 deals in 2020 represented nearly half of the transactions that year, followed by an equally florid 2021.
Part of the change was the result of a shift in energy investment philosophies: the go-go years of fracking were replaced by bankruptcy or a new budget consciousness or, in some cases, both. Many of the deals represented the offloading of debt or its collateralization.
But there was something else going on. Of last year’s 308 energy-specific transactions, 52 were directly related to alternative energy, either renewable energy sourcing (wind, solar, biofuels) or energy storage.
However, that figure only begins to reflect the impact of energy transition investment across the M&A market. When counting deals tagged to some form of energy transition or focus on renewable sourcing — regardless of business sector classification — the number reached 102 transactions, a near-doubling.
Even beyond wind farms and solar panels, there is a conservative, even conservationist, mindset fueling technologies, manufacturing processes and product production in ways that are gaining investment respect — and work for Texas lawyers.
There are deals outside the energy sector that have obvious energy consequences: the manufacturing of EV motorcycles and cars and airplanes; the production of solar panels; and the engineering and construction of more efficient networks for utility grids. But there are others, less obvious:
- In a business services deal, Blackstone Credit invested $150 million in Verdant Microgrid to finance on-site, independent, multi-source “microgrid” energy networks for college dorms, greenhouse agriculture, specialty manufacturing and even hospitals. The deal was advised from Houston by Vinson & Elkins.
- In manufacturing, Array Technologies, which manufactures devices that help solar panels track sunlight, spent $649 million on a Spanish-owned company that does the same. Kirkland & Ellis advised Array.
- In finance, a $562 million SPAC merger deal saw Sunlight Financial, a company that lends for solar panels on residential rooftops, going public. Vinson & Elkins and Hunton AK advised the two sides of that deal and Gibson Dunn advised on conflicts — all in Houston.
- In the professional services sector, Therma Holdings acquired two engineering companies that specialize in energy efficiencies in offices and multi-family real estate properties. The deal was advised by Kirkland.
Among this week’s transactions, highlighted below, there is a $600 million investment in a climate technology platform, the deSPAC merger of a carbon capture firm, an investment in a biofuels-focused joint venture, the acquisition of a pharmaceutical company that produces renewable ingredients for vitamin supplements and even a $43 million blockchain mining deal that focuses on its organizational control of energy costs.
The point here is not so much that alternative energy investments are gaining ground. That’s increasingly obvious. It’s that the alternative/renewable investment philosophy is gaining in almost every sector of investment in Texas, energy or not.
The week ending March 12 can best be characterized as “lawyer-intensive,” with 18 deals valued at more than $12 billion spawning billable hours for a staggering 239 mostly-Texas lawyers at 11 different firms. There were 15 M&A and funding transactions worth nearly $12 billion and two capital markets transactions worth at least $51.35 million. We also took note of a Bight offshore wind auction involving Invenergy, an alt-energy firm that has been highly active of late.
But as deals go, it compares very well with the 17 deals worth $6 billion a week earlier and the 15 deals worth $3 billion just a year ago.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | CapM Value $M |
|---|---|---|---|---|---|---|---|---|
| March 25, 2023 | 15 | $8,779.5 | 10 | 141 | 5 | $2,362 | 10 | $6,416.5 |
| March 18, 2023 | 7 | $14,048.8 | 6 | 69 | 5 | $13,345 | 2 | $703.8 |
| March 11, 2023 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| March 4, 2023 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| February 25, 2023 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| February 18, 2023 | 14 | $5,743.7 | 13 | 158 | 8 | $898.7 | 6 | $4,845 |
| February 11, 2023 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| February 4, 2023 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| January 28, 2023 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| January 21, 2023 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| January 14, 2023 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| January 7, 2023 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| December 31, 2022 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| December 17 | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| December 10, 2022 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| December 3, 2022 | 26 | $12,800.9 | 11 | 172 | 20 | $4,141 | 6 | $8,659.9 |
| November 26, 2022 | 8 | $2,266.7 | 8 | 5 | 3 | $76 | 5 | $2,190.7 |
| November 19, 2022 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| November 12, 2022 | 13 | $15,093.7 | 9 | 81 | 9 | $14,200 | 4 | $893.7 |
| November 5, 2022 | 25 | 19,337.2 | 16 | 509 | 22 | $8,267.2 | 3 | $11,070 |
| October 29, 2022 | 15 | $7,805.3 | 9 | 116 | 14 | $7,180.3 | 1 | $625 |
| October 22, 2022 | 20 | $8,193.5 | 13 | 253 | 13 | $5,442 | 7 | $2,751.5 |
| October 15, 2022 | 9 | $3,046.1 | 9 | 139 | 7 | $2,588.3 | 2 | $457.8 |
| October 8, 2022 | 19 | $2,011.8 | 12 | 114 | 16 | $833.8 | 3 | $1,178 |
| October 1, 2022 | 23 | $5,532.9 | 16 | 156 | 18 | $4,952.3 | 5 | $580.6 |
| September 24, 2022 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| September 17, 2022 | 21 | $8,352.3 | 12 | 320 | 15 | $4,759.6 | 6 | $3,592.7 |
| September 10, 2022 | 15 | $19,853.5 | 10 | 126 | 13 | $19,403.6 | 2 | $450 |
| September 3, 2022 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| August 27, 2022 | 16 | $30,891.7 | 10 | 135 | 15 | $30,666.4 | 1 | 227.7 |
| August 20, 2022 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| August 13, 2022 | 18 | $8,004.7 | 11 | 242 | 11 | $2,844.7 | 7 | $5,160 |
| August 6, 2022 | 24 | $7,948.9 | 12 | 240 | 17 | $3,577 | 7 | $4,371.9 |
| July 30, 2022 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| July 23, 2022 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| July 16, 2022 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| July 9, 2022 | 10 | $3,557.7 | 7 | 68 | 9 | $3,557.7 | 1 | 0 |
| July 2, 2022 | 18 | $8,609.4 | 13 | 152 | 15 | $2,754.4 | 3 | $5,855 |
| June 25, 2022 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| June 18, 2022 | 17 | $11,890.1 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| June 11, 2022 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| June 4, 2022 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| May 28, 2022 | 9 | $3,197.6 | 11 | 86 | 9 | $3,197.6 | 0 | 0 |
| May 21, 2022 | 14 | $7,284.5 | 12 | 185 | 11 | $6,609 | 3 | $675.5 |
| May 14, 2022 | 11 | $306.6 | 9 | 80 | 10 | $306.6 | 1 | $225 |
| May 7, 2022 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| April 30, 2022 | 16 | $2,296.5 | 16 | 157 | 12 | $895.5 | 4 | $1,401 |
| April 23, 2022 | 10 | $2,241 | 11 | 58 | 8 | $1641 | 2 | $600 |
| April 16, 2022 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| April 9, 2022 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| April 2, 2022 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| March 26, 2022 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| March 19, 2022 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| March 12, 2022 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| March 5, 2022 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| February 26, 2022 | 12 | $5,095 | 8 | 149 | 9 | $4,437.5 | 3 | $658 |
| February 19, 2022 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| February 12, 2022 | 12 | $2,344.7 | 10 | 73 | 8 | $641.7 | 4 | $1,703 |
| February 5, 2022 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| January 29, 2022 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
| January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
| January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
| December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
| December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
| November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
| November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
| October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
| October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| July 31, 2021 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| April 24, 2021 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
| April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
| March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
| February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
| January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
| January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
| January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
| November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
| October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
| October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
| October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
| July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
| July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
| June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
| June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
| May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
| May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
| April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
| December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
| November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
| July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
| February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
M&A/FUNDINGS
Oasis merges with Whiting Petroleum in $6B Deal
Following reports, Whiting Petroleum Corp. and Oasis Petroleum Inc. announced March 7 they have agreed to combine in a merger of equals transaction worth $6 billion. For more on the deal, click here.
Crestline Group completes three funds for $3.6B total
Deal Description: Crestline Investors, an asset manager based in Fort Worth, announced March 10 that it had closed three separate funds across a swath of strategies for a total of $3.6 billion. The three funds included: Crestline Opportunity Fund IV — which funds capital-strained middle-market companies, including real estate — closed with $1.6 billion; Crestline Specialty Lending Fund III — centered on $20 million to $100 million loans to lower-middle and middle-market businesses, with a focus on senior secured, unitranche and second-lien transactions — closed at $1 billion; and Crestline Portfolio Financing Fund II — a fund targeting supplemental capital for tradition PE investments — closed at $1 billion.
Outside Legal Advisors: Akin Gump advised Crestline with a team led by Dallas investment partner James Deeken with Dallas-based assistance from counsel Graham McCall, associates Chris Smith, Anna Grey and Tristan Baker. Counsel Ryan Dahan weighed in on tax issues from New York.
Energy Transfer sells 51% of Energy Transfer Canada to Pembina, KKR for $1.3B
Deal Description: Energy Transfer announced March 1 the signing of a deal to sell its 51% interest in Energy Transfer Canada to a joint venture formed by Pembina Pipeline Corp. and infrastructure funds managed by KKR at a valuation of C$1.6 billion ($1.3 billion), including debt and preferred equity. The sale is expected to result in cash proceeds to Energy Transfer of about C$340 million ($270 million). The transaction is expected to close by the third quarter. Energy Transfer Canada, based in Calgary, is one of Alberta’s largest licensed gas processors. Energy Transfer said the agreement allows it to sell its Canadian assets at an attractive valuation to further deleverage its balance sheet and redeploy capital within its U.S. footprint.
Energy Transfer’s Outside Counsel: Vinson & Elkins led by corporate partner Lande Spottswood and associates Carli Gish and Warner Scott. Other team members include partners Gary Huffman, Ryan Carney and Natan Leyva, senior associate Peter Rogers and associate Keleigh Carver (tax); partner David D’Alessandro, counsel Heather Johnson, senior associate Missy Spohn and associate Keira Kuntz (executive compensation/benefits); partner Tom Wilson (labor/employment); partner Craig Zieminski (litigation); partner Darren Tucker and counsel David Smith (antitrust); and counsel Rajesh Patel (technology transactions/IP).
Energy Transfer’s General Counsel: Tom Mason
Notes: Mason used to be a partner in the Houston office of Vinson & Elkins.
SoftBank’s SB Energy attracts $600M investment From Ares Management
Deal Description: SB Energy Global announced March 7 that funds managed by the infrastructure and power strategy of Ares Management Corp. are leading a strategic equity investment of up to $600 million, including capital from potential co-investors, in SB Energy, SoftBank Group Corp.’s U.S. climate infrastructure technology platform. The Ares-managed funds have committed the majority of the financing with the rest expected to come from co-investors. This investment brings together two technology and climate infrastructure investors to deploy clean energy at scale.
Ares’ Outside Counsel: Kirkland & Ellis led by corporate partner Rob Goodin and debt finance partner Rohit Chaudhry with help from corporate partner Jason Krause and associates Charlie Inclan and Olivia George and tax partners Bill Dong and Michael Masri.
SB Energy’s Outside Counsel: Milbank
SoftBank’s Outside Counsel: Morrison & Foerster
AMCI Acquisition II inks merger with LanzaTech NZ for $275M
Deal Description: AMCI Acquisition Corp. II, a publicly traded special purpose acquisition company, announced March 8 its merger with LanzaTech NZ Inc., an innovator in carbon capture and transformation. The transaction involves a net transaction price of $275 million, which includes $150 million AMCI II’s IPO trust proceeds and another $125 million in PIPE placements with AMCI, ArcelorMittal, BASF, K1W1, Khosla Ventures, Mitsui & Co., LTD., New Zealand Superannuation Fund, Oxy Low Carbon Ventures LLC, Primetals Technologies, SHV Energy and Trafigura. The company claims an implied pro forma equity value of around $2.2 billion. As a result of the deal, LanzaTech will become a publicly listed company on the Nasdaq under the new ticker symbol, “LNZA.”
AMCI’s Outside Counsel: White & Case team was led by partners Emery Choi in Houston and Elliott Smith and Oliver Wright in New York. Others on the deal: Stephen Perry and Rachel Collier in Houston (capital markets), as well as lawyers from New York and Boston.
Other Outside Counsel: Covington & Burling is legal advisor to LanzaTech and Ropes & Gray is legal advisor to the placement agents.
Investment Banks: Evercore Group is exclusive financial advisor to AMCI and Barclays Capital Inc. is financial advisor and capital markets advisor to LanzaTech. Goldman Sachs & Co., Barclays Capital Inc. and Evercore Group are placement agents for the PIPE transaction for AMCI and Evercore Group and Goldman Sachs are capital markets advisors to AMCI.
Tidewater acquires Swire Pacific Offshore Holdings for $190M
Deal Description: Tidewater Inc. announced March 9 its $190 million acquisition of Swire Pacific Offshore Holdings. With the acquisition, Tidewater acquires 50 offshore support vessels, which transport supplies and equipment to, from and between offshore and subsea drilling platforms. The acquisition gives Houston-based Tidewater a total of 204 OSVs and the potential for $45 million in annual run-rate cost synergies. Swire is headquartered in Singapore, and to comply with foreign investment restrictions, the acquisition is being made via the issuance of 8.1 million Jones Act warrants which, upon redemption, would represent about 15.6% of Tidewater’s outstanding shares of common stock.
Tidewater Financial Advisor: Evercore
Tidewater Outside Counsel: Vinson & Elkins advised Tidewater with a team led from Houston by partners Steve Gill, Mike Telle and John Michael, with assistance from senior associate Jing Tong and associates Bobbi Ingram, Kathy Phan, Chandler Spinks and Jake Lubenow. Also advising were partner David Peck, counsel Allyson Seger and associate Tyler Underwood (tax); partner David D’Alessandro and associates Mary Daniel Morgan and Keira Kuntz (executive compensation/benefits); partner Sean Becker and associate Annie Blanc (labor/employment); partner Matt Dobbins and associate Ryan Vanderlip (environmental); partner Brett Santoli and senior associate Maya Bobbitt (finance); partners Jeremy Marwell and Darren Ducker and counsel David Smith (regulatory); partner Devika Kornbacher, counsel Rajesh Patel and associate Marcus Martinez (tech transactions/IP); and senior associate Nadine Amr (energy transactions/projects).
Note: Amelia Xu, former corporate counsel at Tidewater, has been a senior associate at Norton Rose Fulbright since July 2019. She was named “Rookie of the Year” for 2019 by the Association of Corporate Counsel Houston (and The Texas Lawbook) for her work at Tidewater.
TPG Rise Climate invests in Monarch Bioenergy JV
Deal Description: TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise, announced March 10 an investment in Monarch Bioenergy, a joint venture between Roeslein Alternative Energy and a unit of Smithfield Foods Inc. Launched in 2018, Monarch uses RAE’s technology and Smithfield’s sustainable farming practices to capture methane emissions and convert them into carbon-negative renewable natural gas to power homes, vehicles and businesses. RAE president Chris Roach will be Monarch’s CEO. As an equal partner in the JV, TPG Rise Climate will work with RAE and Smithfield to advance agricultural innovation, enhance existing projects in Missouri and develop new ones in select states across the U.S.
TPG’s Outside Counsel: Kirkland & Ellis led by corporate partners Kevin Crews and John Furlow with support from associates Jack Chadderdon, Blake Longoria, Tess Dennis and Sam Roberts. The team included corporate partners Chris Heasley and Danny Nappier and associate Jarrod Gamble; debt finance partners Lucas Spivey and Arthur Lotz and associates Marco Chan and Steven Keithley; tax partners David Wheat, Michael Masri and Lane Morgan; energy regulatory partners Brooksany Barrowes and Drew Stuyvenberg; ESG & Insight partners Alex Farmer and Kaela Colwell; environmental transactions partner Jim Dolphin and associate Courtney Tibbetts; executive compensation Rob Fowler and associate Karsten Busby; technology and IP transactions partners Jeff Norman and Gianni Cutri; and real estate partner John Goldman.
TPG Rise’s General Counsel: Nadia Karkar, a former Kirkland partner in San Francisco
Notes: Crews has led three deals for TPG Rise, including its acquisition of Element last year and Elements’ merger with Bluesource this year. He has done other TPG deals, like the investment in Summit Midstream two years ago.
Blockmetrix Series B funding nets $43M
Deal Description: Blockmetrix, a bitcoin mining operation headquartered in Dallas, announced March 8 that its Series B round of funding raised $43 million. The new funds bring to $50 million the company has raised since June 2021. The company said it plans to use the money for a program of rapid expansion, including the purchase of as many as 5,000 new mining rigs, basically powerful computers linked peer-to-peer to validate bitcoin network transactions. The company says energy costs, for what has been characterized as an energy-intensive computing process, will be offset through various joint ventures.
Notes: Blockmetrix was founded in 2021 by Nevin Bannister, David Kiger and Keith Spickelmier, a 1986 graduate of University of Houston Law Center. The company’s C-Suite is heavy with SMU grads: Bannister, the company’s CEO is a 1993 grad. The company’s VP of Operations is Owen McCrory, a 2020 graduate of SMU’s Dedman School of Law. And VP of Finance is Axel Nussbaumer, also a graduate of SMU.
Greylock acquires Utah, Wyoming assets
Deal Description: ArcLight Capital Partners-backed Greylock Energy, based in Charleston, West Virginia, announced March 8 that the company acquired assets in the Uinta and Green River basins of Utah and Wyoming. Neither the terms nor the seller were disclosed.
Greylock’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Jeff Muñoz with associates Greg Sorensen, Morgan Moore and Corynn Wilson. Advice was provided on tax matters by Houston partner Jim Cole with associate Emily Fawcett; on finance matters by Houston partner Catherine Ozdogan with associate Brian Flynn; and on environmental matters by Los Angeles counsel Josh Marnitz.
Greylock’s General Counsel: Drew McCallister
Notes: LW’s Muñoz has advised ArcLight before, including its portfolio company, Bruin E&P Partners, on buying acreage in North Dakota’s Williston Basin owned by Houston-based Halcón Resources in 2017 for $1.4 billion (with his fellow firm partner and partner-in-life Robin Fredrickson).
Aceto firms up pharmaceutical presence with acquisition of Biotron
Deal Description: Aceto, a New York-based provider of specialty ingredients for life sciences manufacturing, announced March 4 that it had acquired Biotron, a partnership of two affiliated companies, Biotron Laboratories and Taulus Minerals. Headquartered in Salt Lake City, Biotron provides specialized ingredients mainly used in the manufacture of supplements. The acquisition, the terms of which were undisclosed, expands Aceto’s presence in the pharmaceutical sector.
Biotron/Taulus Financial Advisors: G2 Capital Advisors
Biotron/Taulus Outside Counsel: Foley & Lardner counseled Biotron with a team led from Dallas by partner Alan Perkins with Boston partner Julie-Anne Lufti, senior counsel Emma Blumer in New York and associates Anna Choi in Chicago and Graham MacEwan in Boston. The deal team was assisted Foley specialists: Dallas tax partner Steve Good, Dallas partner Steve Gilles (benefits), Houston partner Michael Abbott (benefits), Dallas partner Kenny Broodo (labor and employment), Milwaukee senior counsel Nick Johnson (regulatory), Orlando partner Pam Brown (real estate), Houston partner Dottie Watson (environmental) and partner Andy Rawlins (intellectual property) in Washington D.C.
Aceto Outside Counsel: Ulmer & Berne
L Catterton, RX3 acquire Houston RV trailer manufacturer
Deal Description: RX3 Partners, a growth equity fund whose investors include Green Bay quarterback Aaron Rodgers, announced March 8 that it has acquired — in tandem with L Catterton — Houston’s TAXA Outdoors, manufacturers of lightweight camping trailers. Terms of the acquisition were undisclosed. L Catterton is a consumer-oriented private equity firm with investments that include such outdoor brands as West Marine, Airxcel and Heartland RV.
TAXA Outdoors Financial Advisors: Bell Lap Advisors, Hogan Taylor
TAXA Outdoors Legal Counsel: Baker Botts
L Catterton Outside Counsel: Barack Ferrazzano Kirschbaum & Nagelberg (Chicago)
WildFire Energy buys Eagle Ford assets from MD America Energy
Deal Description: WildFire Energy announced March 7 the acquisition of about 45,000 net acres and 200 operated wells in the East Texas Eagle Ford from Fort Worth-based MD America Energy. Terms weren’t disclosed. MD America emerged from Chapter 11 bankruptcy in 2020 with counsel from Porter Hedges. WildFire funded the acquisition of MDAE with equity contributions from sponsors, Warburg Pincus and Kayne Anderson as well as its upsized revolving credit facility. With the deal, WildFire will operate 556 gross wells on 210,000 net acres in the area and expects to produce around 16,000 net barrels of oil per day, 91% of which are liquids, in 2022. The deal follows WildFire’s acquisition of Hawkwood Energy last year.
WildFire’s Outside Counsel: Locke Lord led by Mitch Tiras, Kevin Peter, Hunter Summerford, Jennie Simmons and Terry Radney (all of Houston). Additional assistance was provided by Lauren Richter, Pat Beaton, Steve Boyd, Derrick Carson, Laura Ferguson, Jerry Higdon, Sara Longtain, Ed Razim, Buddy Sanders, Elizabeth Guffy, Lani Durio, Case Towslee, Emily Travis and Kenton Wilson (all of Houston), Peter Wynacht (Chicago), Van Jolas (Dallas) and Andrew Capalbo (Providence).
Notes: LL also counseled WildFire on the Hawkwood deal, including Tiras, Peter and Simmons.
ION Solar attracts an investment from Greenbelt Capital
Deal Description: ION Solar, a provider of rooftop solar sales and installations, announced March 8 an investment led by Greenbelt Capital Partners. Investors included Trilantic Energy Partners II North America, Blackstone Credit and Energy Impact Partners. Greenbelt, Blackstone Credit and EIP have worked together in the energy transition sector before. Matthew Rasmussen, David Rasmussen and Jeremy Call, founders of ION, will continue to own a majority equity stake and will lead it through its next phase of growth. Since its founding in 2013, ION has built a residential solar company with operations in eight states across the U.S. Based in Provo, Utah, ION has installed 200 megawatts across 30,000 households, expanding to be a top 10 residential rooftop solar contractor in the U.S. The U.S. residential market remains untapped with solar installed in only 5% of viable homes.
Greenbelt’s Outside Counsel: Kirkland & Ellis led by corporate partners Shubi Arora, Jhett Nelson and Leon Johnson and associates Adam Ott, Emma Balls and Niki Namazi; tax partners Vincent Thorn and Liam Murphy; regulatory partner Olivia Adendorff; labor and employment partner R.D. Kohut and associate Anusheh Khoshsima; executive compensation partners Jabir Yusoff and Stephen Jacobson; employee benefits partner Maureen O’Brien and associate Iris Grossman; technology and IP transactions partner Shellie Freedman and associate Josefin Sjöström; and rep and warranty insurance partner Hayley Hollender.
ION’s General Counsel: Matt Powers, who was previously in Houston offices of Sidley Austin and Mayer Brown
Petro-Hunt completes Delaware Basin acquisition from Admiral
Deal Description: Petro-Hunt Permian, a unit of Petro-Hunt, announced March 9 it completed the acquisition from APR Operating (doing business as Admiral Permian Resources) of predominantly operated oil and gas production and leasehold in northwest Reeves and northeast Culberson Counties, Texas, in the Delaware Basin. Terms were not disclosed. The leasehold covers 21,430 net acres. Petro-Hunt plans to begin an active development drilling program on the assets later this year. Petro-Hunt is a privately owned exploration and production company headquartered in Dallas.
Admiral’s Outside Counsel: Kirkland & Ellis led by corporate partners Chris Heasley, Kyle Watson, R.J. Malenfant and Brice Lipman and associates Alia Heintz, Alexiz Magro-Malo and Nick McTyre and including tax partners Mark Dundon and Lane Morgan and environmental transactions partner Jonathan Kidwell and associate Tyler Burgess. Also advising were Houston partners Lucas Spivey and Jordan Roberts along with associates Daniel Kirksey and Brett Mele.
UK alt energy firm invests in ERCOT sites
Deal Description: Gore Street, an energy transition firm based in London, announced March 10 that it is acquiring eight energy storage assets in Texas from Perfect Power Solutions Texas. The eight sites included in the portfolio total 9.9 megawatts. The assets are network participants in the Electric Reliability Council of Texas (ERCOT) and represent Gore Street’s first investment in the U.S. energy markets.
PPST Outside Legal Counsel: Jones Day provided legal advice led by David Stringer in its Dallas office.
Note: PPST is a portfolio company of SER Capital Partners, based in Belmont, California, and an affiliate of Perfect Power Solutions, an energy conglomerate based in India.
CAPITAL MARKETS/FINANCINGS
Anvil Channel Energy Solutions completes $51.35M acquisition financing
Deal Description: Anvil Channel Energy Solutions announced March 10 the final close of a $51.35 million senior secured term loan facility to ROK Resources Inc., supporting the acquisition of producing oil and gas assets primarily in Saskatchewan and Alberta, Canada, from Federated Co-operatives Ltd. Total consideration paid for the deal was about C$72 million. Anvil’s loan facility was sized at U.S dollar equivalent to C$65 million. Anvil Channel provides debt capital to lower middle market companies active across the North American upstream energy market seeking to boost their expansion through acquisition and development.
Anvil Channel’s Outside Counsel: Latham & Watkins with a finance team led by Houston partner Catherine Ozdogan with Houston associate Benjamin Gelfand, Austin associate Erin Cusenbary and Houston associate Kirby Swartz. Advice was provided on corporate matters by Houston associate Alice Parker and on tax by Houston partner Jim Cole with Houston associate Dominick Constantino.
Anvil Channel’s Canadian Counsel: Borden Ladner Gervais
Magnolia proposes block trade of its Class A shares by EnerVest affiliates
Deal Description: Magnolia Oil & Gas Corp. announced March 10 the proposed underwritten block trade of 7.5 million shares of its Class A common stock by affiliates of EnerVest Ltd. The shares will be offered from time to time for sale through negotiated transactions or otherwise at market prices prevailing at the time of sale by Citigroup. Magnolia won’t sell any shares of its class A common in the offering and won’t receive any proceeds from the sale. Magnolia intends to acquire from the selling stockholders 2.5 million shares of its Class B common stock at a price per share equal to the price at which the underwriter purchases shares of its Class A common. The offering isn’t conditioned upon the completion of the class B purchase, but the class B purchase is conditioned upon the completion of the offering.
Citigroup’s Outside Counsel: Baker Botts, including corporate partners Doug Getten and Clint Rancher, senior associate Garrett Hughey and associates Parker Hinman and Chandler Block, all in Houston; tax partner Jon Lobb in Houston; employee benefits partner Jason Loden in Dallas; global projects special counsel Brian Finch in Austin; and environmental partner Scott Janoe in Houston.
EnerVest’s Outside Counsel: Gibson Dunn including partner Gerry Spedale as well as Harrison Tucker, Patrick Cowherd and Stefan Koller
Magnolia’s Outside Counsel: Kirkland & Ellis led by capital markets partners Matt Pacey and Michael Rigdon and associates Billy Vranish and Jake Haskins and tax partner David Wheat and associate Ryan Phelps.
ADDENDA
Bracewell announced March 3 it represented Invenergy and energyRe as project sponsors in forming a consortium of investors that secured one of six leases in the New York Bight offshore wind auction, which closed on Feb. 25. The deal was led out Washington, D.C., but included partners Matthew B. Grunert, Lytch T. Gutmann and Rebecca L. Baker and associate Shannon M. Rice in Houston. Invenergy Wind Offshore’s $645 million bid was selected as the provisional winner for lease OCS-A-542, one of largest awarded by the U.S. Bureau of Ocean Energy Management in the auction. The consortium that will fund the project also includes Blackstone Infrastructure Partners, CDPQ, FirstLight Power and Ullico Infrastructure Fund. (Kirkland & Ellis said March 30 the firm advised Blackstone led by corporate partners Rhett Van Syoc and Rob Goodin with help from associates David Jean-Baptiste, Austin Johnson and Brett Mele and tax partner Mark Dundon, among others). Invenergy and its affiliates have developed more than 30,000 megawatts of projects, including wind, solar, natural gas power generation and energy storage.