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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 18 Deals, 14 Firms, 130 Lawyers, $4B

July 25, 2023 Claire Poole & Allen Pusey

With the first half of 2023 behind us, it would be easy to view askance the prospects for M&A during the rest of the year.

But Texas, even in the July heat, is a land of seemingly eternal optimism. We don’t do pessimism — except as it pertains to everyone else.

As we reported last week, the first half numbers in Texas seemed like nothing to celebrate: 395 deals valued at nearly $187 billion. It was the lowest number of deals by volume since the pandemic, marking the third straight half of decline.

Moreover, the year began with a Q1 uptick, vaulting from 207 transactions in Q4 2022 to 234 in Q1 2023 — only to begin the new quarter with an appalling 40-deal April, thanks to a tech market fallout from the twin failures of Silicon Valley Bank and First Republic Bank, as well as the forced sale of Credit Suisse.

But it could have been worse. T.S. Eliot’s “cruelest month” of April was followed by an upswing in May and June, which together saw 121 transactions, 52 in May and 69 in June. That’s enough to make Texas dealmakers both patient and optimistic.

“At the end of the day, I am an optimist and I remain optimistic about H2 2023,” says Jennie Simmons, a partner at Locke Lord.

In its most recent forecast of global and regional markets, data provider Intralinks agrees with Simmons. The company says their modeling of early-stage deal progression suggests “moderate movement” in the remaining months of 2023. “Moderate movement,” in the Intralinks lexicon, means single-digit growth. And while low levels of growth also imply the possibility of decline, Intralinks is predicting fallback only in the Asian M&A marketplace. And even that, they said, is because of the region’s record-level dealmaking in 2022.

“Strong employment numbers in the U.S. continue to be a lingering conundrum for the Fed,” says Intralinks’ report. While the company is predicting a rebound for tech deals, the deepest concern is the real estate sector — particularly commercial real estate.

“Lenders will potentially become outsized unintended landlords as defaults loom and property valuations plummet,” notes the Intralinks report.

But even in downturns there can be an upside. Markets may still be uncertain, but powder is still abundant and dry and creative dealmakers remain creative. Hear Garrett Johnston, a partner at O’Melveny in Houston:

“The hesitancy caused by rising interest rates is also causing private equity funds to initiate fewer sale processes, which will inevitably cause a build-up in future exit transactions that will need to be released,” says Johnston.  “We could see a rush to market for these transactions sometime soon as LPs will not wait forever to see returns, and many funds will be pressured by committed timelines.”

Caution and patience sit quietly in a marketplace chock-full of conundrums. Pessimism, even in a time of low numbers, is still having trouble finding a seat.

The week ending July 22, saw a total of 18 Texas-related deals reported with a value of $3.992 billion spread between 13 M&A and funding transactions worth $2.8 billion and five CapM deals valued at $1.2 billion. For comparison, last week saw 13 deals worth $8.25 billion with nothing reported from the capital markets.

As noted above, it could have been worse. In fact, it has been. Last year at this time: only 11 deals with reported values totaling $801 million.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
September 16, 202325$23,226.72335316$17,2399$5,987.7
September 9, 202312$6,36981027$4,3115$2,058
September 2, 202314$2,52269213$1,3221$1,200
August 26, 202317 $12,160.25 1320215$ 6,573.252$ 5,587.00
August 19, 202319$11,5051321315$11,2554$250
August 12, 202319$9,698.8131847$3,27012$6,428.8
August 5, 202313$5,2011211812$5,0511$150
July 29, 202315$21,031.61319611$18,292.04$2,739.6
July 22, 202318$3,9921213013$2,8085$1,184
July 15, 202313$8,254.95138113$8,254.9500
July 8, 202316$5,441.451217211$2,4435$2,998.45
July 1, 202316$6,8721010511$5,3745$1,498
June 24, 202313$10,9141620110$7,8743$3,040
June 17, 202317$5,880.71515115$4,705.72$1,175
June 10, 202319$8,516.11311116$6,252.43$2,263.7
June 3 202312$6,104.42121388$4,256.924$1,847.5
May 27, 202317$12,200106711$6,1656$6,035
May 20, 202311$22,458.181034$19,4557$3,003
May 13, 202312$7,034101018$5,4604$1,574
May 6, 202320$3,297.61819617$2,985.63$312
April 29, 202323$3,691.21813517$1,969.76$1,721.5
April 22, 202316$5,5701410414$4,7502$1,000
April 15, 202312$23,818.195910$21,618.12$2,200
April 8, 202316$7,94991739$5,4727$3,477
April 1, 202321$18,676.71217511$10,926.710$7,750
March 25, 202315$8,779.5101415$2,36210$6,416.5
March 18, 20237$14,048.86695$13,3452$703.8
March 11, 202321$11,5761616516$8,1315$3,445
March 4, 202320$9,6681122816$8,2094$1,459
February 25, 202313$5,3351313012$4,2351$1,200
February 18, 202314$5,743.7131588$898.76$4,845
February 11, 202316$12,0881213712$9,9654$2,123
February 4, 202317$8,0661514013$5,6144$2,452
January 28, 20237$2,1807755$1,692.752$488
January 21, 202317$5,7681617412$1,9185$3,850
January 14, 202311$2, 800101028$4213$2,400
January 7, 202318$8,2961116714$6,4613$1,835
December 31, 202214$2,732119912$2,0922$640
December 1714$7,9191311512$7,4191$500
December 10, 202214$10,093128811$7,0933$3,000
December 3, 202226$12,800.91117220$4,1416$8,659.9
November 26, 20228$2,266.7853$765$2,190.7
November 19, 202221$2,8861521219$2,5502$336
November 12, 202213$15,093.79819$14,2004$893.7
November 5, 20222519,337.21650922$8,267.23$11,070
October 29, 202215$7,805.3911614$7,180.31$625
October 22, 202220$8,193.51325313$5,4427$2,751.5
October 15, 20229$3,046.191397$2,588.32$457.8
October 8, 202219$2,011.81211416$833.83$1,178
October 1, 202223$5,532.91615618$4,952.35$580.6
September 24, 202218$5,1941421615$4,0503$1,144
September 17, 202221$8,352.31232015$4,759.66$3,592.7
September 10, 202215$19,853.51012613$19,403.62$450
September 3, 20229$2,3129629$2,31200
August 27, 202216$30,891.71013515$30,666.41227.7
August 20, 202212$1,977815299253$1,052
August 13, 202218$8,004.71124211$2,844.77$5,160
August 6, 202224$7,948.91224017$3,5777$4,371.9
July 30, 20228$6,9419787$6,8391$102
July 23, 202211$801119210$80110
July 16, 202214$3,6501012214$3,65000
July 9, 202210$3,557.77689$3,557.710
July 2, 202218$8,609.41315215$2,754.43$5,855
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

M&A/FUNDINGS

TPG buys healthcare IT platform Nextech

Deal Description: TPG, a Fort Worth- and San Francisco-based alternative asset management firm, announced July 19 that it signed a definitive agreement to acquire healthcare IT platform Nextech from Thomas H. Lee Partners for $1.4 billion. TPG is investing in Nextech through TPG Capital, its U.S. and European late-stage private equity platform. The deal was led by TPG’s Katherine Wood and Art Heidrich in San Francisco. Nextech provides electronic medical record and practice management software to specialty physician practices. The company’s cloud-based solutions are designed to meet the workflow requirements of its customers, helping specialty practices enhance operations and better support patient care and satisfaction using an integrated platform. Leveraging the insights of its healthcare and software teams, TPG has a history of backing and growing leading healthcare IT companies, including Lyric (formerly known as ClaimsXten), WellSky and IQVIA.

Expected Closing: Q3 2023

TPG’s Financial Advisors: TripleTree, Guggenheim Securities and UBS Investment Bank

TPG’s Outside Counsel: Ropes & Gray

Nextech/THL’s Financial Advisors: William Blair, Raymond James and Jamieson

Nextech/THL’s Outside Counsel: Kirkland & Ellis

Shearman aids J.F. Lehman on $1.2B purchase of Heritage-Crystal Clean

Deal Description: Texas lawyers at Shearman & Sterling advised J.F. Lehman & Co. on its proposed acquisition of publicly traded cleaning and disposal services provider Heritage-Crystal Clean Inc. for $45.50 per share, which values the company at around $1.2 billion including net debt. The transaction, announced after the markets closed on July 19, has to clear shareholders and regulators but is expected to close in the fourth quarter. For more, click here.

o9 Solutions attracts $116M led by General Atlantic’s BeyondNetZero

Deal Description: Dallas-based o9 Solutions, an enterprise AI software platform provider for transforming planning and decision-making for enterprises, announced July 19 that its existing investors, led by General Atlantic’s BeyondNetZero, invested an additional $116 million. KKR and Generation Investment Management also participated in the round. The investment values o9 at $3.7 billion, up from $2.7 billion since its last investment round in 2022. The investment follows outperformance by o9, including 55 percent year-over-year growth in annual recurring revenue in the second quarter, 67 percent growth in the first quarter and 65 percent growth last year. General Atlantic operating partner Gary Reiner joined the company’s board. Chakri Gottemukkala, co-founder and CEO, said the investment came at a premium over o9 Solutions’ last funding round against a backdrop of a pullback in market valuations.

Berry buys Macpherson Energy for $70M

Deal Description: Dallas-based Berry Corp. announced July 17 that it executed a definitive agreement to acquire Macpherson Energy Corp. for $70 million. Some $50 million will be paid at closing and the remainder in July 2024. Berry said almost all of the purchase price will come from reallocating $35 million of Berry’s planned 2023 capital expenditures and the free cash flow expected from the acquired production. The free cash flow generated by the combined company is expected to be 15 percent to 25 percent greater than Berry as a standalone company, which will enhance returns to Berry’s shareholders, Berry claims. Macpherson is a privately-held, family-owned and operated energy producer in Kern County, Calif.  

Expected Closing: Q3 2023

Macpherson’s Outside Counsel: Skadden including M&A partner Cody Carper (Houston) and associate Nicholas Woodruff (Houston); and tax partner Sean Shimamoto (Palo Alto)

Berry’s Financial Advisor: Guggenheim Securities

Berry’s Outside Counsel: Vinson & Elkins led by partners John Grand and Abby Branigan with assistance from senior associate John Sager and associates Mary Busse and Dean Dixon. Other key team members included partner Sarah Mitchell and associate Victoria Bahrami (insurance); counsel Elena Sauber (corporate); partners David Peck and Wendy Salinas and associate Jeff Slusher (tax); partner Becky Baker and associate Ashley Plunk (employment/labor); partner Shane Tucker, counsel Melissa Spohn and associate Cassie Zarate (executive compensation/benefits); and partner Matthew Dobbins and associate Kelly Rondinelli (environmental).

Terminal snares $17M in seed funding led by 8VC, Prologis

Deal Description: Austin-based Terminal Industries announced July 20 it attracted $17 million in seed funding led by supply chain investor 8VC of Austin and Prologis Ventures to develop AI platforms that optimize the shipping yard operations. The round includes participation from strategic investors including NFI Ventures, RyderVentures, the corporate venture capital arm of Ryder System Inc., Lineage Logistics, Vehicle Velocity Group, the Friedkin Group International as well as logistics-focused venture firms 9Yards, Northstar.vc, Amplifier and MS&AD Ventures. Terminal’s platform is being developed in conjunction with the world’s largest logistics operators. Some $10 trillion of goods are transported by truck every year, yet 92 percent of facilities lack meaningful technology enablement, costing the industry up to $146 billion in wasted resources, unexpected charges, time and lack of efficiency in the movement of inventory.

Contoro Robotics attracts $4.7M led by SV

Deal Description: Gunderson Dettmer said June 28 it represented Austin-based Contoro Robotics on its $4.7 million seed financing led by SV Investment. The company is developing AI/teleoperation technology that enables robots to be controlled autonomously and remotely from anywhere in the world. Contoro Robotics CEO and founder Youngmok Yun said the investment will allow the company to accelerate the deployment of its augmented intelligence technology.

From Gunderson: The team was led by Wes Watts and included Emma Anderson

Thoma Bravo invests in Bluesight, buys Medacist

Deal Description: Kirkland & Ellis said July 18 it counseled software investment firm Thoma Bravo on its strategic controlling investment in Bluesight, a medication supply software developer. New Leaf Ventures will remain invested in Bluesight’s business. Financial terms were not disclosed. The investment is expected to further enhance Bluesight’s drug diversion prevention offerings through its acquisition of monitoring provider Medacist and continue to expand its inventory management and spend optimization offerings. Monroe Capital led the transaction’s committed financing. Bluesight’s vision is to transform the hospital pharmacy supply chain through software. Thoma Bravo had more than $127 billion in assets under management as of March 31. The firm has acquired or invested in more than 440 companies representing over $250 billion in enterprise value.

From Kirkland: On the Thoma Bravo investment as well as Medacist acquisition, the team was led by corporate partners John Kaercher and Andrew Walker and associates Oscar Leija and Mike Fiedorowicz with assistance from corporate partner Bradley Reed; debt finance partner Fred Lim and associates David Love and Tina He; tax partners Adam Kool and Kevin Coenen and associate Natalie Kannan; technology and intellectual property transactions partners Aaron Lorber and Kevin Jacobsen; executive compensation partner Jake Ebers and associate Tom Kotlowski; employee benefits partner Robert Zitko and associate Nate Linger; labor and employment partner Sydney Jones and associate Jaime Wamble; and healthcare partner Anthony Del Rio and associate Olivia Seraphim.

Bluesight’s Financial Advisor: Piper Sandler & Co.

Bluesight’s Outside Counsel: Taft, Stettinius and Hollister

Medacist’s Financial Advisor: Provident Healthcare Partners

Medacist’s Outside Counsel: Robinson & Cole

HighVista acquires Abrdn’s U.S. private markets business

Deal Description: Sidley Austin said July 20 it is representing HighVista Strategies, an alternative asset manager investing in private and public markets, in its agreement to acquire the U.S. private markets business of Abrdn Inc. HighVista didn’t disclose terms, but Abrdn said it agreed to transfer the management of $4 billion in assets under management and 30 employees to HighVista. The strategic addition allows the Boston-based manager to expand its team and investment capabilities in specialized markets.

Expected Closing: Later this year

From Sidley: Partners Ian Helmuth and Joseph Schwartz in Chicago, Elizabeth Fries in Boston and partner Kelly Dybala in Dallas

Abrdn’s Outside Counsel: Proskauer Rose

Abrdn’s Financial Advisor: Rothschild & Co.

HighVista’s Financial Advisor: PL Advisors

BKV-BPP acquires second natural gas power plant in Texas

Deal Description: BKV-BPP Power, a joint venture between BKV Corp. and Banpu Power US Corp., announced July 11 that it closed on the purchase, through its unit Temple Generation Intermediate Holdings II, of the entity that owns a natural gas-fueled power plant, in Temple, Texas. BKV-BPP Power also owns and operates the Temple I Power Plant, a natural gas-fueled, combined cycle facility that sits on the same site as the Temple II Power Plant. Built over 2.5 years, the Temple II Power Plant opened for commercial operation in the second half of 2015 and is considered one of the lowest carbon-emitting natural gas-fueled power plants in the U.S. The plant provides enough energy to power 750,000 homes across central Texas and is located adjacent to the I-35 corridor in central Texas between Dallas-Fort Worth and Austin.

BKV-BPP Power’s Outside Counsel: Baker Botts led by global projects partners Elaine Walsh, John Papaspanos, Frank Schoen and Dan Kruger in Washington, D.C., and New York but including Dallas associate Sarah Hendrix

Incline acquires GME Supply

Deal Description: Kirkland & Ellis said July 20 it counseled Pittsburgh-based private equity firm Incline Equity Partners on its acquisition of GME Supply Co., a distributor of fall protection, safety and productivity equipment. Headquartered in Columbia, Mo., GME provides fall protection, rigging materials, workwear and personal protective equipment to technicians and contractors working in the telecom, utility, aerial construction, renewable energy and other industrial markets. Incline generally seeks growing distribution, business services and manufacturing companies with enterprise values of $25 million to $750 million.

From Kirkland: The team was led by corporate partners Walt Holzer and Bill Benitez and associate Adam Natan; and included debt finance partner Louis Hernandez; tax partner Roger Lucas; and investment funds partner Katie St. Peters.

Tripbam sells to Emburse

Deal Description: Emburse, a travel and expense management provider, acquired Tripbam, a provider of auditing technology to track and review corporate travel pre-trip spend, corporate negotiated discounts, and supplier contracts. Terms weren’t disclosed. Tripbam’s technology tracks and compares current prices with customers’ travel reservations and automatically rebooks a flight or hotel room if a lower price is available. It has tracked more than 30 million corporate travel bookings to date, representing over $30 billion in spending.

Tripbam’s Outside Counsel: Baker Botts including corporate partners Bryan Henderson and Steve Mann, senior associate Michael Portillo and associates Michael Donnellan and Leslie Lord and tax partner Steve Marcus.

Emburse’s Outside Counsel: Kirkland & Ellis including Matthew Goulding, Matthew Dunnet, Peter Banyai and Alexander Keane. 

Volpe, Bluewater form FIT, acquire Revak

Deal Description: Vincent Volpe, the former CEO of Dresser-Rand, and international energy specialist private equity firm Bluewater announced July 21 that they launched a new venture, Fox Innovation & Technologies, as a platform to service the energy and industrial compressor and rotating equipment market. Volpe was CEO of Dresser-Rand for 15 years of his 34-year tenure at the company, which included an IPO in 2005. Dresser-Rand was acquired by Siemens in 2015 for $7.6 billion. FIT also acquired Houston-based Revak Keene Turbomachinery for an undisclosed sum. Founded in 1981, Revak specializes in remanufacturing, upgrading and re-rating steam turbines, pumps, gears, compressors and complete steam turbine systems for the industrial and energy sector. FIT and Bluewater have already identified potential acquisition targets as they look to build an international-scale platform to take on the rotating equipment and compressor market, which they estimate is worth $20 billion.

FIT’s Outside Counsel on Acquisition: Porter Hedges led by Allison Pearce with support from Megan Luh, Janine Lundin, Beverly Young and Geoff Schultz, all in Houston.

Revak’s Outside Counsel: Dentons

Bluewater’s Outside Counsel on Partnership: White & Case advised with a team led by partner Richard Jones in London and associates Eric Clamage and Zachary Smith in Chicago. The team also included corporate partners Scott Fryman and Victoria Rosamond, counsel Aaron Feuer and associate Steven Trebach; environmental partner Seth Kershner, anti-trust partner Marc Israel, Kate Kelliher, counsel Ryan Brady (government), PE partner Thomas Glauden, associate Morgane Bieber and partners Matthias Kieswetter and Thorsten Eggert of the global M&A group. There were no Texas lawyers.

Bluewater’s/FIT’s Outside Counsel on the Acquisition: Porter Hedges led by Allison Pearce with substantial support from Megan Luh and Janine Lundin as well as specialist support from Beverly Young and Geoff Schultz.

Volpe’s Outside Counsel: Holland & Knight partner Tim Samson led the deal team. Others on the deal team include partners Tony Campiti, Neely Munnerlyn, Brandon Bloom and Roger Aksamit, associates Cameron Haltom and Morgan Moore and consulting counsel John Cohn.

Denham sells Rio Energy assets to Equinor

Deal Description: Sidley Austin said July 21 it represented Denham Capital on the sale of assets of its Brazilian wind and solar portfolio company Rio Energy to Equinor for undisclosed terms. Closing has to be cleared by regulators and lenders. Rio Energy companies operating under the Rio Energy trade name will be fully-owned by an Equinor unit and about 140 of its employees will continue to manage and develop the portfolio. The acquired portfolio consists of the 0.2 gigawatts Serra da Babilônia 1 producing onshore wind farm in the northeastern state of Bahia, a 0.6 gigawatts pre-construction solar PV portfolio and a project pipeline of 1.2 gigawatts. Denham is keeping 1.1 gigawatts of Rio Energy’s assets, including three operational onshore wind projects, Caetité Norte onshore wind project under construction and 0.4 gigawatts of onshore wind and solar pipeline projects. Denham is establishing a new management team for the projects and will continue to have close oversight at the board level. Denham intends to bring these projects to the market in the coming year.

From Sidley: Partner Tim Chandler as well as Eduardo Marquez Certucha, Glenn Pinkerton, Austin Jacobs, Zackary Pullin and Aaron S. Mitchell, all of Houston

Other Denham Advisors: Lefosse Advogados, Itaú BBA and Bank of America Merrill Lynch Banco Múltiplo

Equinor’s Counsel: Mattos Filho

CAPITAL MARKETS/FINANCINGS

Nabors Energy Transition II brings in $305M in IPO

Deal Description: Vinson & Elkins said July 18 it advised Nabors Energy Transition Corp. II in connection with its initial public offering of 30.5 million units at $10 per unit. The units are listed on the Nasdaq Global Market and trade under the ticker symbol “NETDU.” The IPO closed July 18. Nabors Energy Transition II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar combination with one or more businesses or entities. The company intends to identify solutions, opportunities, companies or technologies that focus on advancing the energy transition, specifically ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally. 

Underwriters: Citigroup and Wells Fargo Securities

From V&E: The team was led by partners Scott Rubinsky and Doug McWilliams and associate Elisie Lee with assistance from associates Michelle Yang, Alex Riddle and Kylie Kopp. Other key team members include partner Lina Dimachkieh, senior associate Curt Wimberly and associate Maddie Brown (tax); partner Rick Sofield and senior associate John Satira (CFIUS); and counsel Missy Spohn (executive compensation/benefits).

Crescent Energy brings in $300M in notes offering

Deal Description: Vinson & Elkins served as issuer’s counsel in connection with the private placement of $300 million in 9.25 percent senior notes due 2028 by Crescent Energy Finance, an indirect subsidiary of Crescent Energy Co. The notes were offered as additional ones under the indenture the company issued on Feb. 1 of $400 million in 9.25 percent senior notes due 2028. The offering closed on July 20. The issuer intends to use the net proceeds to repay a portion of the amounts outstanding under its revolver. Crescent Energy is a U.S. independent energy company with assets in basins across the lower 48 states.

From V&E: The team was led by partners Doug McWilliams, Jackson O’Maley and David Wicklund with assistance from senior associate Alex Lewis and associates Nate Richards, Chase Browndorf, Autumn Simpson and Kylie Kopp. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax); and partners David D’Alessandro and Dario Mendoza and associates Maddison Riddick and Cassandra Zarate (executive compensation/benefits).

Initial Purchaser’s (BofA Securities) Outside Counsel: Simpson Thacher with a team that included David Azarkh, Brian Rosenzweig, Richie Ragusa, Maggie Selbe, Ryan Poché and Alexandra Speiss (capital markets); Michael Mann and Scott Grundei (tax); Jessica Cohen and Mark Natividad (intellectual property); Pasco Struhs (executive compensation and employee benefits); Michael Isby and Deepa Sarkar (environmental); and Jennie Getsin (Blue Sky).

Simpar raises $269M in equity offering in Brazil

Deal Description: White & Case said July 20 it advised the underwriters on Simpar’s $269 million equity offering in Brazil. The company provides services in the logistics, freight, transportation, property management and insurance sectors in Brazil.

From W&C: The deal team was led by partner John Guzman and associate Beatriz Barros in Sao Paulo but included Houston-based tax partner Chad McCormick and associate Devon Yamauchi.

BlackRock, Angelo Gordon make $250M debt investment in Landsea Homes

Deal Description: Clifford Chance said July 19 it advised funds and accounts managed by BlackRock Financial Management Inc. and affiliates and Angelo, Gordon & Co. in connection with a $250 million note purchase agreement for Landsea Homes Corp., a publicly traded company in Dallas that designs and builds homes and master-planned communities. The proceeds will be used by Landsea for refinancing and general corporate purposes.

From Clifford Chance: The team was led by partner Andrew Young and included associates Thomas McGowan and Barbara Silva, partner Jason Parsont, associate Kimara Davis and partner Avrohom Gelber.

Landsea’s Outside Counsel: Latham & Watkins led by partner Andrew Baker with counsel Gemma Mootoo Rajah and associates Paul Lau, Katie Byun and Erin Gilgen. Advice was also provided on tax matters by partner Jiyeon Lee-Lim with associate Ron Moore.

Notes: Clifford Chance said the deal is part of a long-standing service to financial investors in private debt transactions, which includes advising BlackRock and Silver Point in connection with a $350 million term loan facility for InfraBuild.

SPAC Bowen Acquisition raises $60M in IPO

Deal Description: Winston & Strawn said July 17 it represented EarlyBirdCapital Inc. as book-running manager in connection with Bowen Acquisition Corp.’s $60 million initial public offering. The company’s units will be listed on the Nasdaq Global Market and begin trading under the ticker symbol “BOWN.” Bowen Acquisition is a Cayman-exempt entity formed as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company’s efforts to identify a prospective target business won’t be limited to a particular industry or geographic region. Revere Securities acted as co-manager for the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the IPO price to cover ant over-allotments.

From Winston: The team was led by partner Mike Blankenship in Houston and included associates Allan Jeanjaquet, Robbie Oakes and Christine Olivo, all of Houston

Bowen’s Outside Counsel: David A. Miller and Jeffrey M. Gallant of Graubard Miller in New York; Ogier with respect to the ordinary shares and matters of Cayman Islands law. 

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