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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: 20 Deals, 18 Firms, 196 Lawyers, $3.3B

May 9, 2023 Claire Poole

Despite the downturn in the M&A market in general, Dykema reported late last month that 2023 is off to a fast start.

The firm, which has offices in Houston, Dallas, Austin, San Antonio and McAllen, closed 38 transactions in the first quarter compared with 31 deals in 2022 and 17 deals in 2021 during the same period.

This was partially due to some deals carrying over from the fourth quarter of 2022, but middle market M&A activity has proven resilient compared with the larger national M&A market generally, Dykema noted.

The firm remains optimistic about the remainder of 2023, as it continues to see more interest in M&A activity. Its average deal size during the first quarter was nearly $22 million and it closed deals across dental service organizations, healthcare, automotive, food and beverage, insurance and technology.

Dykema said three of its Texas lawyers led 10 transactions in the first quarter.

Dallas partner Eric White counseled United Dental Corp. on its acquisitions of multiple dental practices, Oak Dental Partners on its purchase of Whitaker Holding and Roligo Dental on buying an unnamed dental practice, all in March.

Dallas partner Virgil Ochoa advised Orofacial & Dental Implant Surgery Associates on its sale to USOSM in January; Bay Area Endodontics on its sale to US Endo Partners, also in January; Coastal Connecticut Oral & Maxillofacial Surgery on its sale to Oral Surgery Partners in January; Central Texas Perio and Implants on its sale to US Endo Partners in February; and Esthetics Center on its sale to Alpha Aesthetics in March.

And San Antonio partner Will Liebmann handled two Republic National Distributing Co. deals: its acquisition of Ultra, a division of Horizon Beverage Group, in January and its purchase of an unnamed sake and Asian beer distributorship in March.

It seems the middle market is where it’s at, music to a lot of smaller firms’ ears.

That music played on for the week ending May 6 to the tune of 20 transactions valued at $3.3 billion. That’s slightly less than last week’s 23 deals for $3.7 billion, and less value than the 16 deals for $10 billion during the same week last year.

Weekly Corporate Deal Tracker Roundup Stats

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

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDINGS

Callon buys Delaware Basin assets, exits Eagle Ford in deals worth $1.13B

Deal Description: Callon Petroleum Co. announced May 3 that it signed two definitive agreements worth $1.13 billion that streamline and focus its operations, accelerate the achievement of its debt reduction target and allow for the initiation of a shareholder return program in the third quarter of 2023. Callon agreed to acquire the membership interests of Permian-based Percussion Petroleum Operating II in a cash and stock transaction valued at around $475 million and potential contingent payments of up to $62.5 million. Under the terms of the agreement, Percussion will receive $265 million of cash and a maximum of 6.46 million shares of Callon common stock. Callon also agreed to sell all its assets in the Eagle Ford Shale to Ridgemar Energy Operating for $655 million in cash and potential contingent payments of up to $45 million.

Expected Closing: July 2023

Callon’s In-House Counsel: General Counsel Michol Ecklund, formerly of Marathon Oil and Baker Botts

Callon’s Outside Counsel: Haynes Boone led by partner Kraig Grahmann and associates Camie McKee and John Craven with support from Will Johnson and Bradley Potts on the acquisition and divestiture transactions and Raquel Alvarenga (employment), Brandon McCoy (HSR), Brian Giovannini (ERISA), Brandon Jones (tax) and Garrett Martin (litigation); and Kirkland & Ellis led by partner Michael Rigdon

Percussion’s/Ridgemar’s Outside Counsel: Gibson Dunn led by partner Michael Piazza and including of counsel James Robertson and associates Graham Valenta, Chris Atmar, Samantha Astrich and Zain Hassan. Partner Chad Nichols is advising on financing, partner Michael Cannon and associate Josiah Bethards on tax and partner Krista Hanvey and associate John Curran on benefits. Partner Gerry Spedale and associate Jake Volz counseled on capital markets, partner Peter Modlin on environmental and counsel Andrew Cline on antitrust.

Notes: While he was at Willkie, Piazza counseled Ridgemar and Percussion when it attracted equity commitments from Carnelian Energy Capital.

Darden acquires Ruth’s Chris for $715M

Deal Description: Darden Restaurants Inc. announced May 3 it agreed to acquire Ruth’s Hospitality Group Inc., owner and operator of Ruth’s Chris Steak House, for $21.50 per share in cash, or $715 million. The sum reflects a 34 percent premium over the May 2 closing price and 32 percent over the 30-day volume weighted average price. The price represents a 9.4 times implied multiple of Ruth’s fiscal year 2022 transaction adjusted EBITDA and Darden expects pre-tax synergies of $5 million to $10 million within the first year, $15 million to $20 million in the second. Acquisition and integration-related expenses are anticipated to be $55 million to $60 million. The deal should be accretive to Darden’s diluted net earnings per share in fiscal year 2024 by about 10 to 12 cents, excluding acquisition and integration expenses. Darden said Ruth’s Chris will complement its brands, which include Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52 and Eddie V’s. Ruth’s Chris was founded in 1965 in New Orleans, La., by Ruth Fertel and Cheryl Henry will continue to lead, reporting to Darden CEO Rick Cardenas. Ruth’s Chris has 154 locations around the globe, including 80 company-owned or -operated restaurants and 74 franchised ones generating systemwide sales of $860 million, revenues of $500 million and average annual volumes of $6.2 million in its fiscal year 2022.

Expected Closing: June

Darden’s Outside Counsel: Hunton Andrews Kurth led by partner Gary Thompson in Richmond, Va., but including associate Jordan Latham in Houston

Ruth’s Financial Advisor: Jefferies

Ruth’s Outside Counsel: Kirkland & Ellis led by corporate partners Sarkis Jebejian and Rachael Coffey in New York but including executive compensation partner Scott Price, who has offices in Austin and New York

Crescent Energy buys Eagle Ford interests from Mesquite for $600M

Deal Description: Crescent Energy Co. announced May 2 that it entered into a definitive purchase agreement to acquire operatorship and incremental working interest in its existing Western Eagle Ford assets from Mesquite Energy Inc. for $600 million in cash. The accretive acquisition is consistent with Crescent’s strategy of acquiring high-value, cash flowing assets while maintaining financial strength.

Expected Closing: Early in Q3 2023

Crescent’s In-House Counsel: Bo Shi is general counsel, formerly with Vinson & Elkins and TMK IPSCO

Crescent’s Outside Counsel: Kirkland & Ellis led by real asset M&A partners David Castro Jr., Chris Heasley, Alia Heintz and Danny Nappier; debt finance partners Lucas Spivey and Jordan Roberts; capital markets partners Matt Pacey and Anne Peetz; tax partner Mark Dundon; environmental transactions partners Paul Tanaka and Jennifer Cornejo; and litigation partners Kenneth Young and Shayne Henry

Mesquite’s Financial Advisor: Jefferies

Mesquite’s Outside Counsel: Gibson, Dunn & Crutcher led, from Texas, by of counsel James Robertson, partners Hillary Holmes and Gerry Spedale, of counsel Adam Whitehouse and associates Nathan Zhang, Luke Strother, Michael Holmes, Stella Tang, Mason Gauch and Caitlyn Fiebrich. Partner Shalla Prichard and associate Laura Edwards are advising on financing, partner Michael Cannon and associates Josiah Bethards and Emily Brooks are assisting on tax and partner Krista Hanvey and associate Fanny Patel on benefits.

Above Food merges with SPAC Bite in $319M deal

Deal Description: Above Food Corp. and Bite Acquisition Corp., a special purpose acquisition company, announced May 1 that they entered into a definitive combination agreement that gives the company at a pro forma enterprise value of around $319 million. At closing, Above Food will become a public company and is expected to be listed on the NYSE under the new ticker symbol “ABVE.” Consideration will be 100 percent in the form of rollover shares and the proposed transaction is expected to provide about $44 million of gross proceeds to fund future facility development and working capital. Above Food has already received $9 million of investments from several strategic and financial investors, including Lexington Capital, an alternative investments and development group focused on food and agriculture, water and real estate, and Grupo Vida, one of the largest oat manufacturers in the Americas with production and facilities in Mexico, Canada and Chile. Above Food said the investors’ financial commitment is expected to generate commercial and operational synergies in the future.

Expected Closing: H2 2023 if it clears Bite shareholders

Above Food’s Outside Counsel: Latham & Watkins led by Houston partners Ryan Maierson and Ryan Lynch with Houston associates Denny Lee, Ziyad Barghouthy, Janhavi Das, Brian Bruzzo and Rebekah Bingham. Advice was also provided, from Texas, on intellectual property and data privacy matters by Austin associate Andrew Abokhair; on employee benefits matters by Houston counsel Krisa Benskin; and on environmental, health, and safety matters by Los Angeles/Houston partner Josh Marnitz; and Gowling WLG (Canada)

Bite’s Financial/Capital Markets Financial Advisors: BMO Capital Markets and EarlyBirdCapital

Placement agents: BMO and ATB Capital Markets are co-leads with EarlyBirdCapital, Haywood Securities and Gravitas Finance for the private investment in public equity, or PIPE

Bite’s Outside Counsel: Greenberg Traurig and MLT Aikins

BMO’s Outside Counsel: Davis Polk & Wardwell

Sunoco buys refined product terminals from Zenith for $110M

Deal Description: Sidley Austin said May 4 that it represented Sunoco on its acquisition of 16 refined product terminals across the East Coast and Midwest from Warburg Pincus-backed Zenith Energy for $110 million. Sunoco, which announced it had completed the purchase May 2, expects the acquisition to be accretive to unitholders in the first year of ownership. Sunoco’s operations include the distribution of motor fuel to about 10,000 convenience stores, independent dealers, commercial customers and distributors in more than 40 U.S. states and territories as well as refined product transportation and terminaling assets.

From Sidley (in Texas): Jon Daly, Atman Shukla, Alex Tanton, Konnor Rodriguez, Brad Giacone, Angela Richards, Aaron Mitchell, Eric Winwood, Marian Fielding, Heather Palmer, Greta Carlson, Daniel Allison, Alan Williams and Chanse Barnes

Sunoco’s In-House Counsel: Arnold “Arrnie” Dodderer is general counsel in Dallas and formerly with K&L

Zenith’s Outside Counsel: Locke Lord including counsel Mike Peters in Houston

Notes: Locke Lord’s Peters also advised Zenith management on raising up to $600 million in equity backing in 2014 led by a Warburg Pincus affiliate

VSE sells federal/defense segment to Bernhard Capital for $100M

Deal Description: VSE Corp., a provider of aftermarket distribution and maintenance, repair and overhaul services for air, land and sea transportation assets for commercial and government markets, announced May 1 that the company entered into a definitive agreement to sell its federal and defense segment to Bernhard Capital Partners for up to $100 million in cash. This assumes a $50 million cash payment and an earn-out payment of up to $50 million if it clears certain milestones. The company intends to use the net proceeds primarily to reduce borrowings and execute strategic acquisitions. VSE’s decision to sell the business segment concludes a comprehensive strategic review undertaken by the management team and board in response to market and business dynamics. VSE said the sale is intended to allow it to form a 100 percent pure-play aftermarket business.

Expected Closing: late 2023 to early 2024

VSE’s Outside Counsel: Jones Day led by Miami partners Lorne Cantor and Luis Velez

VSE’s Financial Advisor: Jefferies

Bernhard’s Outside Counsel: Kirkland & Ellis including Bill Benitez, Alec Manzer, Chris Boggs and Mark Dundon

Bernhard’s Financial Advisor: William Blair

NetRise attracts $8M in funding

Deal Description: NetRise, an Austin-based provider of security solutions, announced April 25 that it raised $8 million in funding. The round was led by Squadra Ventures with participation by existing investors Miramar Digital Ventures, Sorenson Ventures and DNX Ventures. NetRise has developed a cloud-based SaaS platform that analyzes and monitors the firmware of Extended Internet of Things devices. NetRise helps device manufacturers and enterprise customers to detect, respond to and prevent threats throughout their supply chains. The funding will allow NetRise to expand its platform capabilities, such as coverage for Windows systems and containers, and development of more machine learning models for advanced analysis.

Inbanx raises $3.6M seed round

Deal Description: Inbanx, an Austin-based budget and spending control solution provider, announced May 2 a seed raise of $3.6 million. The Castle Creek Launchpad Fund, backed by community banks, led the round with participation by Social Leverage and prior investors. Inbanx provides a business-wide view of expense spending. Through bank distribution partnerships, banks can offer business customers a spend control platform and participate in credit extensions. Inbanx draws on real-time data, generates AI-driven insights, integrates easily with major accounting software and automates expense reporting.

Inbanx’s Outside Counsel: Wilson Sonsini partner Matt Lyons in Austin

Investors’ Outside Counsel: Osborn Maledon in Arizona

Verbio acquires ethanol plant from Mercuria

Deal Description: Holland & Knight said May 2 it advised Verbio North America Holdings Corp. on the closing of a purchase agreement with Mercuria Investments US Inc. to acquire South Bend Ethanol, an operating ethanol plant in South Bend, Ind. Terms weren’t disclosed, although Verbio plans to make $230 million in upgrades. This will be Verbio’s second U.S. production facility following the commissioning of its Nevada, Iowa, plant. Verbio intends to expand and develop the South Bend plant into a modern biorefinery by integrating the production of ethanol with renewable natural gas. Following commissioning, the production capacity of the plant will be at 85 million gallons of corn ethanol and 2.8 billion cubic feet of RNG per year. Verbio North America Holdings, with offices in Stamford, Conn. and Livonia, Mich., is a unit of Verbio Vereinigte BioEnergie, which is based in Leipzig, Germany.

From Holland & Knight: Partner Ram Sunkara and associate Trevor Ruff led the deal for Verbio. They were assisted by partners Joshua Belcher, Amish Shah, Robert Lorndale, Marc Druckman, Peter Connolly, Antonia Tzinova and Susan Lafferty and associate Sergio Fontanez.

Mercuria’s Outside Counsel: King & Spalding

Ridgewood, Savage buy Dupuy

Deal Description: Ridgewood Infrastructure and Savage, through their joint venture Transportation Infrastructure Partners, announced May 1 the acquisition of the Dupuy Group, a provider of near-port logistics infrastructure and services for customers in the food and agriculture sector. Terms weren’t disclosed, but Ridgewood typically makes $50 million to $150 million in equity investments. Dupuy was founded in 1936 and owns and operates intermodal infrastructure near the ports of Houston, Jacksonville, Charleston and New Orleans. Ridgewood, an infrastructure investor in the U.S. with about $5 billion in capital and commitments, and Savage, a provider of supply chain infrastructure and solutions, established their JV several years ago to acquire and operate transportation and logistics infrastructure throughout the U.S. Dupuy is the partnership’s third acquisition, complementing prior acquisitions of Carolina Marine Terminal in Wilmington, N.C., and Nassau Terminals, which operates the Port of Fernandina in Florida.

Transportation Infrastructure Partners’ Outside Counsel: Kirkland & Ellis led by corporate partner Bill Benitez and associates Alec Manzer and Brennon Nelson; debt finance partner Lucas Spivey and associates Michelle Williamson and Will Zakhary; tax partner Mark Dundon; real estate partner John Goldman; and environmental transactions partner Jim Dolphin.

Hydrotech acquires Isaacs Fluid Power Equipment

Deal Description: Hydrotech Inc. announced May 1 the acquisition of Mason, Ohio-based Isaacs Fluid Power Equipment Co., representing progress toward Hydrotech’s mission to modernize industrial equipment and streamline operations. Terms weren’t disclosed. Founded in 1948, Isaacs is a fluid power distributor serving multiple OEM and end-user industries across Ohio, Indiana, Kentucky and portions of lower Michigan and Illinois. By acquiring Isaacs, Cincinnati-based Hydrotech said it expands its capabilities and geographical reach. Isaacs has 37 employees, including general manager Bruce Becknell and finance manager Beverley Massey, who will continue in their roles. After 50 years with Isaacs, president and CEO Roy Carman will retire at closing.

Hydrotech’s Outside Counsel: Akin led by corporate partners Thomas Yang and Ashton Barrineau Butcher with corporate associates Joshua Parisi and Brady Pedneau. The team included partners John Bain, Desiree Busching, Julia Pashin, David Quigley and Alison Chen, senior counsel Andrew Oelz, counsel Alex Agahzadeh, A.Y. Mernick and Aaron Vera and associate Brielle Rowe.

Daikin Applied buys Carroll Air Systems

Deal Description: Daikin Applied announced May 1 that it acquired Carroll Air Systems, a Tampa, Fla.-based company that provides heating, ventilation and air-conditioning systems and services for commercial, industrial and institutional facilities. Terms weren’t disclosed. Supporting the central and West Coast regions of Florida, the target is a long-standing sales representative for Daikin and other HVAC equipment manufacturers and is now part of the world’s number one air-conditioning company. Carroll has been involved in the development and renovation of airports, hospitals and clinics, offices, schools and other facilities across parts of Florida. Daikin Applied’s regional service operations will combine with the Carroll service team. Phillip Carroll will lead the merged operations, including service, sales and parts, which will now do business as Daikin Applied Central and West Coast Florida.

Daikin Applied’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Stephen Olson and including associates Jonathan Sapp and Gerald Kimani. Partner Michael Cannon advised on tax aspects and partner Krista Hanvey and associate Gina Hancock on benefits.

KKR acquires CoolIT Systems

Deal Description: KKR and CoolIT Systems, a provider of liquid cooling for computing, announced May 2 the signing of a definitive agreement in which KKR will acquire CoolIT. Terms weren’t disclosed. The investment will support the company’s ability to scale and serve its global customers across the data center market, including the enterprise, high-performance computing and cloud service provider segments as well as in desktop computing. Founded in 2001, CoolIT designs, engineers and manufactures liquid cooling solutions for the data center and desktop markets. As part of this transaction, CoolIT will expand its equity ownership program to make all employees owners of the company. Since 2011, KKR portfolio companies have awarded billions of dollars of equity value to more 50,000 non-management employees across nearly 30 companies. KKR has committed more than $17 billion to digital infrastructure since 2011.

Expected Closing: Q2 2023 if it clears regulators

KKR’s Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts and Ben Hardison and including tax partners David Wheat and Ryan Phelps and executive compensation partner Rob Fowler and associate Katherine Nemeth

Kirkland advises Coastal Welding on sale to American Welding & Gas

Deal Description: Kirkland & Ellis said May 4 it counseled Texas-based Coastal Welding Supply, a family-owned producer and distributor of gases and welding supplies in the U.S., on its definitive agreement to be acquired by American Welding & Gas, one of the country’s largest independently owned producers and distributors of industrial, medical, beverage and specialty gases. Terms weren’t disclosed. Raleigh, N.C.-based AWG operates more than 100 locations in 22 states. In 2022 the buyer acquired Buffalo-based propane business Tricounty Gas.

From Kirkland: The team was led by corporate partners Thomas Laughlin and Tony Johnston and associate Caleb Martin

Swordfish closes private equity commitment with Pearl Energy Investments

Deal Description: Swordfish Energy Holdings announced May 3 the closing of an equity commitment from Dallas-based investment firm Pearl Energy Investments. Terms weren’t disclosed, but Pearl usually targets deals requiring $25 million to $150 million in equity capital. Based in Houston, Swordfish is an exploration and production company focused on acquiring and developing oil and gas assets in the Permian Basin. Swordfish management is led by Marcos Briceno and Patrick Sherman, who worked together at Advance Energy Partners in the Delaware Basin before forming Swordfish. The company seeks to grow through asset acquisitions, farm-ins, joint ventures, and development partnerships targeting operated and non-operated leasehold and mineral interests.

Swordfish’s Outside Counsel: Vinson & Elkins led by partner Mike Marek and senior associate David Lassetter with assistance from associate Zac Horne. Other team members included, from Texas, partner John Lynch and associates Dan Henderson and Keleigh Carver (tax); associate Maddison Riddick (executive compensation/benefits); and partner Sean Becker and counsel Alex Bluebond (employment/labor).

Pearl’s Outside Counsel: Sidley Austin partner Holt Foster and senior managing associate Jeremy Pettit in Dallas; Houston partner Zack Pullin assisted on tax

Penrose snares commitment from EIV

Deal Description: Penrose Midstream Partners announced May 2 an equity commitment by EIV Capital and Penrose’s management. Terms weren’t disclosed, although the firm typically invests between $20 million and $100 million. Penrose is led by CEO Rick Van Eyk, an industry veteran who had leadership roles with EnLink Midstream and Occidental Petroleum. The company will be engaged in acquiring and developing natural gas, natural gas liquids and crude oil midstream infrastructure in basins throughout North America.

EIV’s Outside Counsel: McDermott Will & Emery led by partner Kevin Brophy in Houston and included, from Texas, Jibin Luke, Ming Lei, Alex Farr and Sarah Nabors

Penrose’s Outside Counsel: Locke Lord led by partners Mitch Tiras and Jeff McPhaul in Houston

CAPITAL MARKETS/FINANCINGS

CenterPoint Energy Resources closes $300M offering of senior notes

Deal Description: CenterPoint Energy Resources Corp., an indirect, wholly-owned unit of CenterPoint Energy Inc., announced May 3 the closing of its offering and sale of $300 million of 5.25 percent senior notes due 2028. The net proceeds will be used for general corporate purposes, including the repayment of a portion of the borrowings under its term loan agreement that matures on Feb. 15, 2024. The offering constituted a reopening of the series of debt securities ($600 million of 5.25 percent senior notes due 2028) originally issued on Feb. 23, 2023. CenterPoint directly owns and operates natural gas distribution facilities in Louisiana, Minnesota, Mississippi and Texas and indirectly owns and operates natural gas distribution facilities in Indiana and Ohio through Indiana Gas Co. Inc. and Vectren Energy Delivery of Ohio. CenterPoint also owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through a unit.

Bookrunners: Barclays, Goldman Sachs & Co., J.P. Morgan and Wells Fargo Securities and C.L. King & Associates was co-manager

Underwriters‘ Outside Counsel: Hunton Andrews Kurth led by partner Peter K. O’Brien and associates Brendan P. Harney, Reuben H. Pearlman and Jingyi “Alice” Yao in New York but also Robert McNamara in Houston and William Freeman in Dallas on tax

CenterPoint’s In-House Counsel: Monica Karuturi is general counsel

CenterPoint’s Outside Counsel: Baker Botts including corporate partners Tim Taylor and Clint Rancher, senior associate Josh Gonzales and associates Rob Cowan and Sarah Dyer and tax partner Michael Bresson and senior associate Jared Meier

Forme raises $12M in IPO

Deal Description: Austin-based Interactive Strength Inc., an interactive home fitness provider doing business as Forme, announced May 2 the closing of its $12 million initial public offering, giving the company a market value of $115 million. It issued 1.5 million shares of its common stock at $8 per share. The stock began trading on the Nasdaq Global Market on April 28 under the ticker symbol “TRNR.” The company raised a Series A round last year from Presight Capital and Infinitas Capital. Forme won’t receive any proceeds from the sales of shares of common stock by the selling stockholders. Aegis Capital Corp. is the underwriter.

Forme’s Outside Counsel: Pillsbury Winthrop led by partners Davina Kaile in Palo Alto and Stephen Ashley in New York

Underwriters’ Counsel: Kaufman & Canoles led by Anthony Basch in Richmond, Va.

Swift Current closes financing with ING, Morgan Stanley for Texas solar project

Deal Description: Swift Current Energy announced May 2 that it closed project financing with ING Capital and received a tax equity commitment from Morgan Stanley Renewables Inc. for its 266 megawatt Tres Bahias Solar project  in Calhoun County in southeast Texas. Terms weren’t disclosed. The project is under construction and is expected to begin operations by the end of 2023. ING was the sole lead arranger, bookrunner and green loan structuring agent while Morgan Stanley committed the tax equity. Swift is the project developer and will be the long-term owner and operator. U.S.-based First Solar is supplying the solar panels and Swift chose IEA Constructors, a renewable energy engineering, procurement, and construction provider, to manage the building. The transaction was structured to reflect the new U.S. Inflation Reduction Act policy guidance. As of April, Swift had more than 1 gigawatts under construction, including the 800 megawatt Double Black Diamond Solar project in Illinois.

Swift’s Outside Counsel: Vinson & Elkins and Husch Blackwell; V&E’s team was led by partners Eamon Nolan and Mike Joyce, with assistance from senior associate Rimal Kacem and associates Maria Borges, Alyssa Allen, Lauren Chang, Laura Byrd, Daisy de Wolff and Hoo Ray. Other key team members include partners Sean Moran and Lauren Collins, counsel Mary Alexander and associate Ben Livni (tax); and partner Tzvi Werzberger and counsel Noelle Alix and Carter Olson (finance).

ING’s Outside Counsel: Latham & Watkins led by San Diego partner Omar Nazif and Jackson Walker led by partners Aron Burnett with Jerry Webberman in Austin and including partner Steve Moore on tax, partner Jennifer Ferri on regulatory, partner Ali Abazari on environmental and permitting and senior counsel Kate Young on real estate

Morgan Stanley’s Outside Counsel: Mayer Brown and Jackson Walker (same team)

Notes: In 2022, the same deal team at JW also served as Texas counsel to the lenders and tax equity investor on the financing of a different Swift Current deal, a wind project called Castle Gap in Mils and Lampasas, Texas.

Claire Poole

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

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