Lately the M&A game in Texas has been focused on oil and gas exploration and production companies, with three billion-dollar-plus transactions announced in the last month. But don’t forget about oilfield services companies, which could still use some consolidating of their own.
Analysts at Tudor, Pickering, Holt said in a note this past week that it’s already been a “beefy” year for M&A in this segment of the oil and gas industry. And as E&P combinations continue, which will strengthen their buying power, and service companies’ organic earnings growth prospects dim near-term, they believe that the oilfield services “M&A train” will gather steam.
Those that could combine: technology/original equipment manufacturers; drillers, including land, directional and offshore; and completions/wellsite services providers.
“In our view, there’s still a healthy dose of wood to chop (i.e., consolidation needed) on the completions-oriented wellsite services front, which should help that market trough sooner rather than later,” they said.
Dealmaking among oil and gas mineral and royalty companies also should heat up as these entities look to add to their acreage and boost production, Black Stone Minerals president and CFO Jeff Wood said at an IPAA industry luncheon last week.
Quoting figures from Credit Suisse oil and gas banker Tim Perry in Houston, Wood said private equity firms have invested $7 billion in royalty companies that will eventually be sold or taken public (he expects one in early 2019).
“We are the largest public traded company [in the area] and we are aggregators of minerals,” he pointed out. “We’re in the early innings of consolidation in this space.”
Meanwhile, EY came out with a report last week saying that gas and renewable deals are driving increased power and utilities M&A. The firm cited a surge of those deals in the third quarter (including Consolidated Edison’s $2.1 billion acquisition of assets from Sempra Energy) that boosted global power and utilities deal values to a record $214.8 billion year-to-date.
The activity is far from over. According to a recent EY survey, 57 percent of global sector executives expect to pursue a deal in the next year.
“Rising stock market and equity valuations are providing high stock currency for dealmaking, which in turn is prompting many companies to transact,” said Miles Huq, EY’s global power and utilities transactions leader said in a statement. “Private equity firms are also showing interest in the sector.”
Still, 39 percent of respondents cited regulatory and geopolitical headwinds as the biggest risk to dealmaking over the next 12 months, with ongoing trade tensions in particular having the potential to derail market outcomes.
Back in Texas, dealmaking seemed to slow among the state’s lawyers leading up to the Thanksgiving holiday, at least on a value basis.
There were 18 deals worth $6.137 billion announced last week, versus 18 transactions valued at $9.2 billion the previous week.
The breakdown was 13 M&A and private equity agreements worth $2.142 billion and five capital markets transactions valued at $3.995 billion during the period (thanks to General Electric’s planned Baker Hughes share sale detailed below).
Thirteen law firms in Texas and 98 lawyers toiled on last week’s transactions before their turkey dinner, compared with 13 firms and 152 lawyers over the previous period.
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)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 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 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
The deals involved oil and gas companies, software providers, a restaurant chain, a mortgage company, distributors of wood flooring and appliances and real estate. There was even a merger involving “man-camps,” those temporary homes-away-from-home for workers in the oilfield and other places. Hopefully they’ll be served gravy with their stuffing.
M&A AND PRIVATE EQUITY INVESTMENTS
One Equity Partners to sell Sonneborn for $655M
One Equity Partners said Nov. 13 that it agreed to sell the operating units of Sonneborn Holdings to petroleum refiner and marketer HollyFrontier Corp. for $655 million, including working capital of $72 million.
Baker McKenzie attorneys outside of Texas counseled Sonneborn, which is using Morgan Stanley as its financial advisor.
Morgan Lewis represented Dallas-based HollyFrontier with lawyers mostly in Philadelphia. Wachtell, Lipton, Rosen & Katz also provided legal advice with Goldman Sachs providing financial advice.
In-house counsel included HollyFrontier general counsel Denise McWatters and assistant general counsel Vaishali Shah Bhatia in Dallas.
McWatters has been general counsel at the company for 11 years. The UT law grad previously was general counsel of the Beck Group. Bhatia joined the company seven years ago after working as an associate at Jones Day (she earned her law degree from the University of Illinois).
Parsippany, N.J.-based Sonneborn makes white oils, petrolatums and waxes for personal care, cosmetic, pharmaceutical and food processing companies. It generated $66 million in EBITDA over the 12-month period ended in July, representing a margin of 18 percent.
Analysts at Tudor, Pickering, Holt said the deal adds size and downstream integration to HFC’s lubricants segment. They added that the purchase price looks appealing at a 6.8 times multiple based on $66 million in EBITDA and $20 million in expected synergies from selling, general and administrative expenses and logistics.
The parties expect to close the deal next year and HollyFrontier will pay for it with cash on hand.
Platinum merges with man-camps Target, Signor in $405M deal
Platinum Eagle Acquisition Corp. said Nov. 13 it was merging with TDR Capital-backed Target Logistics Management and RL Signor Holdings to create a $1.4 billion provider of “man camps” to various industries.
Platinum Eagle, which is a special purpose acquisition company, or SPAC, is funding the cash portion of the deal with $325 million of cash in trust as well as an $80 million common stock private placement at $10 per share from institutional investors, including Blackrock Inc., and newly raised debt financing.
The rest will be paid in common equity of Platinum Eagle. London-based TDR Capital will be contributing Signor Lodging in exchange for common equity of Platinum Eagle.
The transaction’s multiple came in at 8.4 times estimated EBITDA for next year.
The deal has to clear Platinum Eagle stockholders and regulators but should close in the first quarter.
Lawyers from Winston & Strawn in New York are counseling Platinum Eagle and Allen & Overy is assisting Target Lodging and Signor Lodging.
Deutsche Bank Securities Inc. and BofA Merrill Lynch are capital markets advisors and private placement agents to Platinum Eagle and Oppenheimer is the company’s financial advisor.
In-house lawyers included Target Lodging general counsel Alan Paperny and associate general counsel Ryan Joyce, who are both staying with the company.
Paperny has been general counsel of the Woodlands-based Target Lodging for five years. The Boston University-trained lawyer previously was general counsel of Aggregate Industries and Permasteelisa North America and senior counsel at Brooks Brothers/Retail Brand Alliance.
The combined company will be called Target Hospitality and is expected to be listed on the Nasdaq Stock Market.
Target Lodging’s management will run the company, including CEO Brad Archer. TDR co-founder Stephen Robertson will be chairman and TDR partner Gary Lindsay and Platinum Eagle CEO Jeff Sagansky will be directors.
On Sept. 10 Target Lodging entered into an agreement to operate and manage Signor Lodging, a provider of specialty rental accommodations to oil and gas customers, including the Permian and Anadarko Basins.
Target and Signor own and/or operate 22 communities in the U.S. with 13,000 beds serving oil and gas customers as well as government agencies and contractors.
Bracewell, HuntonAK work on Pioneer’s $400M ProPetro asset sale
Bracewell said Nov. 14 it represented Pioneer Natural Resources Co. on the sale of its pressure pumping assets to ProPetro for $400 million.
The Bracewell team includes partners G. Alan Rafte, Jason M. Jean, Troy L. Harder, Bruce R. Jocz, Rebecca L. Baker, Matt Paulson, Amy Karff Halevy and Jeffrey B. Andrews. The associates were Sidney Troy Nuñez, W. Jared Berg, Shannon L. Baldwin and Patrick K. Johnson.
Hunton Andrews Kurth counseled ProPetro, including Henry Havre, Tom Ford, Matt Grunert, Parker Lee, Lisa Shelton, Jerry Chandapillai, Garrett Hughey, Oliver Fankhauser, Marshall Horton, Ming Lei and James Willson.
Mark Kleinman is general counsel at Irving, Texas-based Pioneer, which he joined in 2005 after stints at Inet Technologies, Sterling Software and Jackson Walker (he’s a UT law grad).
Mark Howell is general counsel at Midland-based ProPetro, which he joined 21 months ago from Anthem, where he was associate general counsel. His law degree is from South Texas College of Law.
The parties also agreed that ProPetro will provide Pioneer with pressure pumping and related services for up to 10 years.
The deal includes $333 million for the pressure pumping assets and $67 million for real estate facilities and other assets. ProPetro will fund the deal with $290 million in ProPetro shares and $110 million in cash.
The transaction is expected to close this quarter if it clears regulators. It will give Pioneer a 17 percent stake in ProPetro.
Analysts at Piper Jaffray’s Simmons & Co. International said while the mix of stock in the deal may be viewed as less than ideal, the deal simplifies Pioneer’s story consistent with other recent non-core transactions.
The analysts added that the transaction enables Pioneer to realize asset value for which it was receiving little credit. It also provides visibility for quality pumping service costs and increases predictability with respect to its long-term development plan, they said.
Pioneer Pumping Services’ assets include eight fleets and 510,000 hydraulic horsepower and related facilities.
V&E advises EnCap on $400M commitment to Flat Creek
Vinson & Elkins said Nov. 14 that it counseled EnCap Investments on its $400 million initial capital commitment to Flat Creek Resources.
Partner James Garrett and associate Ayman Haq led the corporate team. Also advising were partner John Lynch on tax, partner Stephen Jacobson and associate Gina Hancock on executive compensation and benefits and partner Sean Becker on labor and employment.
Locke Lord assisted Flat Creek. Partner Mitch Tiras and senior counsel Mechelle Smith led that team, which included Sara Longtain on labor, Matt Frogel on tax and Kerstie Moran on corporate.
Headquartered in Fort Worth, Flat Creek plans to focus on the consolidation and exploitation of core acreage in proven, economic basins with an initial focus on the Permian of West Texas and New Mexico.
Flat Creek’s management team includes CEO Mike McCracken, who previously was COO of NGP-backed Black Mountain Oil & Gas (which recently sold Delaware properties to Marathon Oil for $700 million); CFO Chandler Quisenberry, who previously was at Avista Capital Partners; geology VP Rebecca Harrington, who had worked at Exxon Mobil unit XTO Energy; and land VP Mike Gregory, who also worked at XTO.
Founded in 1988, EnCap has raised 21 institutional oil and gas investment funds totaling $37 billion. It currently manages capital on behalf of 350 U.S. and international investors.
Sidley aids American Midstream on $125M Sunoco terminal sale
Sidley Austin said Nov. 15 that it counseled American Midstream Partners on the sale of its terminal business to Sunoco for $125 million.
Associate Tommer Yoked and partner Glenn Pinkerton led the deal with help from associates Jeff Kinney, Jameson Miller and Ashley Moulder.
Vinson & Elkins partner Lande Spottswood represented Sunoco.
In-house lawyers included American Midstream general counsel Chris Dial and Sunoco general counsel Arnnie Dodderer.
Dial has been at American Midstream for 11 months, having previously been general counsel at Susser Holdings II, associate general counsel at Susser Holdings and an associate at Andrews Kurth. He studied law at the University of Houston.
Dodderer, meanwhile, has been at Sunoco for six years after practicing at K&L Gates. He received his law degree from the University of Michigan.
Barclays was American Midstream’s financial advisor.
American Midstream said the divestiture of its refined products terminals in Caddo Mills, Texas, and North Little Rock, Ark., represents continued progress toward reducing its leverage and simplifying its business.
Baker Botts aids AIP on $100M Armstrong Flooring deal
Baker Botts said Nov. 15 that it represented private equity firm American Industrial Partners, or AIP, on its acquisition of the wood flooring business of publicly traded Armstrong Flooring Inc. for $100 million.
Most of the team was in Washington, D.C., and New York but it included employee benefits and labor partner Jennifer Trulock in Dallas and senior associate Krisa Benskin in Houston; finance associate Sarah Christian in Austin; and real estate special counsel Joel Overton in Dallas.
Skadden Arps Slate Meagher & Flom advised Lancaster, Pa.-based Armstrong Flooring with lawyers outside of Texas. Goldman Sachs was its financial advisor.
AIP is picking up Armstrong Flooring’s wood flooring product portfolio, including the Bruce brand, and six wood floor manufacturing facilities. The unit employs 1,700 people.
The deal was valued at 7.2 times the unit’s trailing 12-month adjusted EBITDA. The parties expect it to close in the fourth quarter.
Freedonia Group analyst Matt Zielenski said AIP’s purchase of Armstrong’s wood flooring business will complement its holdings, especially its ACProducts Inc. cabinet manufacturing unit.
“AIP will benefit from being able to offer an expanded wood product line to home builders and kitchen and bathroom remodeling specialists throughout the U.S. and Canada,” he said.
For Armstrong, the transaction allows the company to concentrate on making and selling vinyl flooring, particularly fast growing luxury vinyl tile and rigid core flooring, Zielenski said. It plans to use the $85 million to $90 million in net proceeds to invest in growth strategies.
Rick Hoffman led the deal from New York City-based AIP, which has completed 90 transactions since 1989. It has $4.2 billion in assets under management on behalf of pension, endowment and financial institutions.
V&E advises Brazos Midstream on its Delaware JV with Williams
Vinson & Elkins said Nov. 15 it advised Morgan Stanley Infrastructure Partners-backed Brazos Midstream Holdings on forming a joint venture in the Delaware Basin with publicly traded the Williams Cos.
As part of the deal, Tulsa-based Williams will swap its Delaware Basin assets to the JV for a 15 percent position. Williams said the contribution will expand the footprint of the system while providing enhanced services to customers.
V&E partner Peter Marshall led the deal team with associate Jeannie Poland and others from different offices.
Also advising were partner John Lynch and associate Allyson Seger (tax); partners Stephen Jacobson and associate Austin Light (executive compensation/benefits); partner Sean Becker (labor/employment); and partner Larry Nettles and senior associate Matt Dobbins (environmental).
Others were partner Shay Kuperman (energy transactions/projects); partner Matt Stammel, counsel Sarah Mitchell and associate Jeff Crough (litigation); partner Scot Dixon and associate Tyler Hokanson (real estate); and partner Devika Kornbacher (intellectual property).
RBC Capital Markets provided financial advice to Williams on the transaction.
The JV will have around 800 miles of natural gas and crude gathering pipelines and 260 billion cubic feet per day of processing capacity, which will grow to 460 billion with the Comanche III processing plant that’s expected to start up in the first quarter.
As part of the deal, Williams and Fort Worth-based Brazos also entered into an agreement to jointly develop natural gas residue solutions to further benefit Delaware Basin producers.
Analysts at TPH said Williams is looking to translate a minority stake in the assets to the majority of natural gas residue volumes.
Williams CEO and president Alan Armstrong said in a statement that the transaction helps high grade the company’s portfolio by leveraging an existing asset into a larger integrated system with better growth that could improve its credit metrics over time.
Clearlake merges companies to create Knight Energy Services
Clearlake Capital Group said Nov. 16 it merged portfolio companies IronGate Energy Services and Knight Oil Tools to create Knight Energy Services, which it claims will be one of the largest independent rental tool companies servicing the North American oil and gas industry.
Terms weren’t disclosed. IronGate CEO and president Dwight Gross will lead Houston-based Knight.
V&E represented Clearlake on this transaction. The firm wouldn’t reveal the individual attorneys involved, but partners Matt Strock and Paul Health have advised the firm in the past.
Morgan Lewis also was involved in the transaction with the lead partners out of Hartford, Conn., and New York City.
Co-founder and managing partner José E. Feliciano and partner Colin Leonard led the deal from Santa Monica-based Clearlake, which has managed $8 billion worth of institutional capital since its 2006 inception and led or co-led 100 investments.
Willkie, Skadden, Baker McKenzie work on Colony HB2 formation
Colony Capital Inc. and HB2 said Nov. 15 they formed Colony HB2 Energy, a Houston-based company that will provide investors direct access to oil and gas opportunities.
Willkie Farr & Gallagher provided counsel to Colony Capital, including partners Michael De Voe Piazza and Cody Carper in Houston.
Skadden Houston partner Eric Otness represented HB2. Baker McKenzie assisted HB2’s management with a team that included labor and employment partner Emily Harbison in Houston.
Leading HB2 Energy as president and CEO is Michael Bertuccio, who previously was president and COO of Ouray Energy Management and head of principal investments and origination at Glencore. Before that he was head of structured oil origination at JP Morgan and head of origination at Vitol.
Winston advises Crestline on backing of Riversand
Riversand of Houston said Nov. 13 it secured additional funding from Fort Worth-based Crestline Investors. Terms weren’t disclosed, but Crunchbase said Riversand has attracted total funding of $35 million.
Winston & Strawn partner Jeff Cole in Dallas represented Crestline. Riversand used Wilson Sonsini Goodrich and Rosati, whose team was led out of Palo Alto but included associate Aaron Barker in Austin.
Riversand provides SaaS master data management and product information management software that help companies know their customers better, move products faster, automate processes, mitigate risk and run their businesses smarter.
Riversand founder and CEO Upen Varanasi said the company will use the additional capital infusion for product innovation, strengthening its sales and marketing efforts and accelerating growth in new geographies.
Riversand said the data management market is experiencing tremendous growth as companies realize that data is necessary to their success.
Riversand’s delivery of its cloud-based data management platform earlier in the year has fueled explosive growth for its cloud offerings, creating a demand for more investment to support expansion.
Crestline is a credit-focused institutional alternative asset manager that’s invested in several data management opportunities over the past few years.
The firm invested in enterprise data-as-a-service provider Actifio in August and healthcare services provider Urgent Team Holdings Inc. in October.
It’s also had some exits, including the September sale of its stake in SpringCM, a cloud-based document generation and contract agreement software provider. The buyer was publicly traded DocuSign Inc., which paid $220 million for the company.
Investors including Crestline, Panorama Point Partners and Horizon Technology Finances had put $132.6 million into the company, according to Crunchbase. Winston’s Cole worked on that deal as well.
Crestline managing director Will Palmer said the firm is committed to investing in the data management space with a specific focus on the cloud.
Founded in 1997, Crestline targets direct credit-oriented investments in middle market companies, from senior secured debt through equity. Its average investment size ranges from $10 million to $100 million.
Bell Nunnally assists Capital Distributing on sale to Ferguson
Bell Nunnally & Martin said Nov. 13 it counseled family-owned appliance provider Capital Distributing on its sale to Ferguson Bath, Kitchen and Lighting Gallery, a unit of Ferguson plc, for undisclosed terms.
Bell Nunnally partner Trey DeLoach and associates Peter J. Kosydar, III and Stephen I. Iya in Dallas made up the deal team. Akerman advised Ferguson with attorneys out of Miami.
Kratos Capital principal Josh Bammel in Dallas was Capital Distribution’s financial advisor.
Founded in 1973 by Jim Davis, Dallas-based Capital Distributing sells, delivers and installs appliances to builders, remodelers, architects, designers and consumers.
Switzerland-based Ferguson is the world’s top distributor of plumbing and heating products with annual sales of $16.7 billion in the U.S., Canada, the U.K. and central Europe and 1,400 locations. It trades on the London Stock Exchange.
Capital Distributing, which is led by president Michael Davis, will rebrand slightly, becoming “Capital Distributing, a Ferguson enterprise.”
Mayer Brown aids Lukoil on Mexican lease purchase from Eni
Mayer Brown said Nov. 13 it represented Russian oil producer Lukoil on three farm-out agreements with Italy’s Eni.
The deals involve the transfer of participating interests in exploration licenses in the shallow waters of Mexico’s Sureste Basin. Terms weren’t disclosed.
Partner Francisco Mendez, who offices in Mexico City and Houston, led the deal team. Manuel Cervantes of MCM Abogados in Mexico City counseled Eni.
The purchase, which was announced Nov. 6, involves a 40 percent interest in Block 12, which will leave Eni with 60 percent and operatorship of the project. Eni also will assign 20 percent of Block 10 and 20 percent of Block 14 to Lukoil but remain the operator of both. Citla, an independent oil and gas company with offices in Mexico City and Houston, owns the other 40 percent of Block 14.
Eni said the deal’s objective, given the close proximity of the blocks, is to diversify the exploration risks, access wider opportunities and increase mutual operational synergies.
The transactions have to clear the National Hydrocarbons Commission of Mexico.
The three blocks were awarded to Eni and Lukoil last year as part of an international competitive bid round called “Ronda 2.1” issued by the commission. The parties expect to begin exploration drilling as early as mid-2019.
Ewing & Jones counsels CrowdOut on two transactions
Ewing & Jones counseled CrowdOut on two recent transactions.
CrowdOut said it provided a $20 million facility to Punch Bowl Social, the L Catterton-backed restaurant group that’s part of the evolving experiential dining category.
Ewing & Jones’ Randolph Ewing and Ben Hughes worked on the transaction for CrowdOut. Davis Wright Tremaine in Portland, Ore., represented Punch Bowl Social.
Punch Bowl Social serves a southern-inspired seasonal menu created by Georgia chef and restauranteur Hugh Acheson in a 25,000-square-foot space that includes bowling lanes, ping-pong tables, karaoke rooms, vintage arcade games, virtual reality gaming and billiards.
The investment will fuel the restaurant chain’s expansion to Arlington, Va., Dallas, Fort Worth, Milwaukee and several other cities. The Denver-based company already has locations in Chicago, Austin, Portland and Minneapolis.
Ewing & Jones’ Ewing and Jordan Strouse also advised CrowdOut on a $2.5 million capital funding for its own business.
CrowdOut co-founder and CEO Alexander Schoenbaum led the round along with members of its investor debt offering network.
The company plans to use the proceeds to continue development of its technology, both for investors and portfolio management and loan servicing.
Founded in 2015, CrowdOut said it’s seen tremendous growth this year, providing $165 million in loans to middle market businesses and delivering a net unlevered return of 13.1 percent.
CrowdOut claims to be the first and only company in the market using a web-based platform to offer individuals the opportunity to invest as little as $1,000 directly into corporate loans ranging from $3 million to $50 million.
CrowdOut said it helps companies reduce lending costs by streamlining the underwriting process and drastically reducing fees, which can be high at traditional financial institutions and other non-bank lenders. It said it offers borrowers and investors a shorter-term, one- to four-year loan as transition capital.
CAPITAL MARKETS TRANSACTIONS
GE to sell shares of Baker Hughes for $3.7B
After months of speculation, debt-laden conglomerate General Electric Co. announced Nov. 13 that it had worked out deal to sell some of its shares in Baker Hughes that will bring in $3.7 billion of much needed cash.
Around $1.5 billion of the total will come from Houston-based Baker Hughes, which will buy back 65 million shares at what some estimate will be a $160 million discount.
The rest of the shares, around 92 million, will be sold on the market through an underwritten secondary market. GE was previously restricted from selling Baker Hughes shares until July of next year.
Boston-based GE will end up with 50.4 percent of Baker Hughes, versus a previous 62.5 percent. It acquired the stake when the two companies merged their oilfield services businesses after Baker Hughes’ $35 billion sale to Halliburton fell through in 2016 due to antitrust concerns.
Seaport Global Securities analysts Mike Urban and Scott McCrery said in a note that the share sale starts Baker Hughes on the path to becoming an independent company again. However, they said an overhang will remain until a six month lock-up on GE’s remaining stake ends.
Neither company responded to requests for their outside counsel. Baker Hughes has used Davis Polk & Wardwell in the past.
Will Marsh is chief legal officer of Baker Hughes, where he has worked in various roles since 1998. As director of enterprise risk strategies between 2006 and 2009, Marsh designed and implemented the company’s enterprise risk management program to assist in strategic planning and the board’s oversight of risks.
Before Baker Hughes, Marsh was a partner at Ballard Spahr. He earned his law degree from Brigham Young University.
Bracewell aids retirement community on $91.86M bond issue
Bracewell said Nov. 12 it represented non-profit retirement community Presbyterian Village North on the issuance of $91.86 million in series 2018 bonds.
The team included partners Jonathan C. Leatherberry in Dallas and Brian P. Teaff in Houston and associate Andrew T. Prihoda in Austin.
Butler Snow lawyers in Atlanta advised Ziegler, a specialty investment bank that underwrote the bonds.
Presbyterian Village North is a Texas nonprofit continuing care retirement community in Dallas. It sits on a 63-acre campus that consists of 89 buildings with 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds.
The proceeds of the bonds, along with trustee funds on hand, were used to refund all outstanding debt, contribute to a project fund for pre-finance costs for expansion, fund a debt service reserve fund and pay the issuance costs.
V&E advises New York Mortgage on $87.8M stock offering
Vinson & Elkins said Nov. 13 that it advised New York Mortgage Trust Inc., or NYMT, on a $87.8 million underwritten public offering of its common stock.
The team was led out of Washington, D.C., but was assisted by senior associate Doug Lionberger in Houston.
Skadden advised the underwriters, which included Morgan Stanley, Credit Suisse, Barclays, Deutsche Bank, J.P. Morgan, Stifel’s Keefe, Bruyette & Woods, RBC Capital Markets and UBS.
The offering of 12.5 million shares priced Nov. 7 at $6.11 per share. The underwriters were granted a 30-day option to purchase up to 1.875 million more shares.
NYMT plans to use the net proceeds for possibly acquiring its targeted assets, including single-family residential and multi-family credit investments, other types of mortgage-related and residential housing-related assets and for working capital.
Winston advises NexPoint on $85.5M stock offering
Dallas-based NexPoint Residential Trust Inc. said Nov. 16 that it closed its $85.5 million public offering of common stock. It also exercised its option to purchase additional shares of stock.
Winston & Strawn advised NexPoint with a team led by partner Charlie Haag, who joined the firm in February from Jones Day. Assisting him were associate Justin Reinus and Melissa Kalka, who also joined from Jones Day.
NexPoint’s is general counsel is Scott Ellington, who is also general counsel and chief legal officer of affiliate Highland Capital Management, a global alternative asset manager.
Before joining Highland, Ellington was in-house counsel for Countrywide Financial Corp., where he supervised teams taking loans through the bankruptcy and foreclosure process. The Pepperdine law graduate also held a corporate counsel position at Wells Fargo Bank in its commercial real estate lending group.
The offering involved 2.7 million shares of common stock, including 352,500 shares issued as part of the underwriters’ option to buy more shares, at $33 per share.
NXRT said it plans to contribute the $85.5 million in net proceeds to NexPoint Residential Trust Operating Partnership, which in turn intends to repay the amounts outstanding under its $30 million bridge facility and its $60 million credit facility and for general corporate purposes.
Raymond James & Associates Inc. and Jefferies were joint book running managers for the offering and D.A. Davidson & Co. and Ladenburg Thalmann & Co. Inc. were co-managers.
NexPoint is a publicly traded real estate investment trust focused on acquiring, owning and operating middle-income multifamily properties with improvement possibilities in large U.S. cities and suburban submarkets, primarily in the southeast and southwest.
NXRT is advised by NexPoint Real Estate Advisors, an affiliate of Highland.
Gibson Dunn counsels Contango on $30M stock offering
Gibson, Dunn & Crutcher said Nov. 16 it represented Contango Oil & Gas Co. on a public offering of 7.5 million shares.
The team included Houston partners Hillary Holmes (corporate, lead), Tull Florey (corporate), Shalla Prichard (finance) and associates Justine Robinson, Melissa Pick and Monika Kluziak. Houston partner James Chenoweth handled the tax aspects.
The gross proceeds before the underwriting discount and estimated expenses amount to $30 million. The underwriters have a 30-day option to purchase 1.125 million more shares.
Proskauer Rose is counseling the underwriters, which include Cowen and Intrepid Partners.
The company expects to close the offering on Nov. 20.
Contango plans to use the proceeds to reduce borrowings under its revolver and for general corporate purposes, including funding potential acquisitions.
UPDATE:
Hunton Andrews Kurth said Nov. 16 it has represented Westmont Hospitality Group on four M&A deals since March worth $730 million.
The first was Westmont’s $220 million joint venture with Square Mile Capital to acquire four hotels. The deal closed Aug. 2. The team included Dan McCormick, Sarah Kittleman, Rob Taylor, Trlica Kennedy, Anna Booth and Jason Reiner.
The second was Westmont’s pending $240 million in financing with automatic equity conversion rights into two Canadian hotels. That deal was in September. The team included McCormick, Kennedy and Booth.
The third was Westmont’s $160 million joint venture in August with Square Mile to purchase the California Hilton Hotel. The team included McCormick, Kennedy, Booth and Kittleman.
The fourth was Westmont’s March sale with Fortress of Doubletree hotels in Omaha, Texas and Portland, Ore., to an unnamed buyer for $110 million. That team included McCormick, Kennedy and Madison Cox.