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

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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
26-Apr-2025	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-2025	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-2025	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-2025	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-2025	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-2025	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-2025	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-2025	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-2025	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
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	23	$26,616	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

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.