CDT Roundup: 23 Deals, 21 Firms, 218 Lawyers, $4.7B

Dealmakers have wowed us by big M&A values so far in 2024 and their optimism for the year ahead, as we noted in this space last week, but is that gung-ho mentality going on in the middle market?

Citizens Financial decided to take a look. As part of its 13^th annual survey of 400 U.S. middle-market company CEOs, CFOs and private equity principals, it found solid expectations for the U.S. economy and an easing of market headwinds underpinning positive sentiment on the 2024 M&A environment, especially among potential buyers.

“A sense of normalcy is returning to the M&A environment,” Jason Wallace, head of M&A Advisory at Citizens in Atlanta, said in the report. “While there is still caution, companies across sectors are looking at their economic prospects and seeing opportunities.”

Its polling even suggests a shift away from the reigning sellers’ market of the past few years and into a buyers’ market, with private equity firms ready to shop.

More than a third of all respondents say it’s a buyers’ market in 2024, although mid-market companies are slightly more likely to see a buyers’ market (37%) compared with PE firms (33%).

Among buyers, 44 percent say that financing and capital markets will aid their acquisition strategy in 2024, indicating confidence in the interest rate environment. 

“Borrowers are becoming more comfortable with the forward-rate environment,” said Michele Goodenough, Citizens’ managing director of fixed income capital markets in Charlotte. “It has become apparent we are nearing or at the end of the Fed’s rate-hiking cycle, which should benefit valuations.”

The sponsor community also sees a solid pace of deals ahead, as per the report. The most commonly cited reason for expected deal flow is “PE assets coming to market,” indicating a potential surge in sponsor portfolio holdings for sale.

However, the report noted that PE firms also see themselves more as buyers in 2024. Of firms which see higher deal flow in 2024, 8 in 10 say they expect to buy more than in 2023, while only 2 in 10 say they’ll sell more.

The report pointed out the sheer amount of PE capital on the sidelines – estimated to be a record $2.5 trillion as of November – and the fact that PE makes up roughly 40 percent of the global M&A market.

Which sectors are they targeting? According to the survey, a quarter of PE firms who expect higher deal flow say AI assets are on their wish list (we noted last month that artificial intelligence showed a prominent level of interest particularly among private equity players). There’s a revived interest in international opportunities as well.

Uncertainties regarding the outcome of the 2024 U.S. election could be another factor driving companies to consider M&A, especially in the first half of the year. Forty-one percent of mid-market companies said the pending elections make them more likely to pursue M&A in 2024. Get ready for a rush of deals leading up to Nov. 5.

The 23 transactions reported for the week ending March 9 were valued at $4.7 billion. Compare that to the week prior, which saw 20 transactions valued at $9.1 billion. But the prior week included only 14 M&A/Funding deals, while last week’s numbers included 19 M&A/Funding deals.

This time last year we saw 21 deals for $11.6 billion, but only 16 were M&A/Funding. So grab your optimism where you can find it.

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
28-Jun-2025	13	$7,777	8	138	7	$2,031	6	$5,746
21-Jun-2025	16	$5,984	10	113	11	$3,087	5	$2,897
14-Jun-2025	9	$478	8	133	6	0	3	$478
07-Jun-2025	16	$26,210	11	196	11	$24,744	5	$1,466
31-May-2025	19	$23,381	11	166	12	$18,665	7	$4,717
24-May-2025	15	$24,033	11	121	13	$23,624	2	$409
17-May-2025	16	$21,760	12	145	11	$18,615	5	$3,145
10-May-2025	24	$33,175	16	206	19	$30,765	5	$2,410
03-May-2025	11	$4,249	13	90	11	$2,226.5	2	$2,022.5
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

TC Energy sells Portland Natural Gas to BlackRock, Morgan Stanley for $1.14B

Deal Description: TC Energy Corp. and its partner Northern New England Investment Co. Inc., a subsidiary of Énergir, announced March 4 they have entered into an agreement to sell Portland Natural Gas Transmission System to BlackRock and Morgan Stanley Infrastructure Partners for a gross purchase price of $1.14 billion. The sum includes the assumption of $250 million of outstanding senior notes held at PNGTS. The transaction implies a valuation of 11 times reported 2023 comparable EBITDA. François Poirier, TC Energy’s president and CEO, the sale represents continued progress toward achieving its 2024 priority of enhancing its balance sheet by delivering $3 billion in asset divestitures. The proceeds will be shared by TC Energy, which owns 61.7 percent, and Énergir, which holds 38.3 percent. The buyers will assume the outstanding senior notes held at PNGTS and consolidated on TC Energy’s balance sheet. PNGTS is a 295-mile FERC-regulated transporter of natural gas serving the upper New England and Atlantic Canada markets. The pipeline receives natural gas from the Trans Quebec and Maritimes Pipeline via the Canadian Mainline.

Expected Closing: In mid-2024 if it clears regulators

TC Energy/Énergir’s Financial Advisor: Barclays

TC Energy’s In-House Counsel: Patrick Keys is general counsel

TC Energy’s Outside Counsel: Bracewell including Lytch Gutmann, partner, Houston; Mark Lewis, partner, Washington, D.C.; Shannon Baldwin, associate, Houston; Chase Edmunds, associate, Houston; Kathryn Penry, associate, Washington, D.C.; Rebecca Keep, partner, New York; Jason Jean, partner, Houston; Elizabeth McGinley, partner, New York; Bucky Brannen, partner, Dallas; Daniel Hemli, partner, New York; Jacqueline Java, counsel, Washington, D.C.; Amber Dodds, partner, San Antonio; Scott Sanders, partner, Houston; and Jeffrey Andrews, partner, Houston

Morgan Stanley/BlackRock’s Outside Counsel: Vinson & Elkins with a team led by partner Robert Hughes and senior associate David Bumgardner with assistance from associates Libby Gerstner, Mimi Nguyen and Rylie Goldwait

Talen sheds Cumulus Data site, assets to Amazon for $650M

Deal Description: Talen Energy Corp. announced March 4 it sold its 960-megawatt Cumulus data center campus in northeast Pennsylvania to Amazon Web Services for $650 million. The sale included all the land, power infrastructure, powered shell and intangibles on the campus. Talen said it will use the proceeds to pay off debt and for capital allocation and shareholder returns. Talen president and CEO Mac McFarland said the transaction provides an attractive return on Talen’s investment and vision in building Cumulus and creates value through the sale of clean carbon-free power from its Susquehanna nuclear plant.

Talen’s In-House Counsel: John Wander, Tom Douglass and Rebekah Reneau

Talen’s Outside Counsel: Kirkland & Ellis led corporate partners Bill Benitez, Josh Teahen and Andy Calder. Energy regulatory partner Drew Stuyvenberg led the team in connection with the power purchase agreements. The team also included real estate partner John Caruso and associates Vincent Forcinito and Max Baird; corporate partner Blake Longoria and associate Jacob Volz; energy regulatory associate Cassidy Hall; tax partner Mark Dundon; and debt finance partners Lucas Spivey and Osaro Aifuwa.

DaVita buys operations in LatAm countries from Fresenius Medical for $300M

Deal Description: DaVita Inc., a Denver-based provider of kidney care services, announced March 5 that it agreed to terms on the expansion of its international operations in Brazil and Colombia and its entry into Chile and Ecuador. The deal involves four separate acquisitions from Fresenius Medical Care for $300 milion. The transaction in Chile closed March 5 and the others need to clear regulators, which are expected to be completed this year. When combined with DaVita’s Latin American operations in Brazil and Colombia, the company will have more than 15,000 DaVita teammates providing clinical care to over 60,000 patients in more than 270 clinics. As a result, DaVita would become the largest dialysis services provider in Latin America. DaVita’s international operations provide life-sustaining care in 12 countries outside of the U.S. and, assuming completion of the transactions, will have grown from serving 23,000 patients in 2017 to serving more than 79,000 patients.

DaVita’s Outside Counsel: Sidley Austin advised with partners Aaron Rigby in Dallas and Sharon Flanagan in San Francisco and counsel Jocelyne Kelly in Dallas

Fresenius’ Outside Counsel: Cleary Gottlieb (Chantal Kordula in New York)

SCF acquires PIM business from Entegris for $285M

Deal Description: Houston private equity firm SCF Partners Inc. announced March 4 its acquisition of the pipeline and industrial materials business from Billerica, Mass.-based Entegris Inc., a supplier of materials and process solutions for the semiconductor and other high-tech industries. Terms weren’t disclosed, but Entegris said the sum was $285 million, including $260 million in cash at closing and a $25 million earnout based on the achievement of financial performance targets. Entegris added the proceeds will be used for further debt pay down. The PIM business manufactures chemicals and other products for midstream infrastructure and consists of three businesses: Flowchem, Val-Tex and Sealweld, all based in Houston. Flowchem’s CEO Jon Blair said he believes the partnership will be a source of value creation for its customers and its people. Dan West, director at SCF Partners, said aging midstream infrastructure and rising utilization augment the need for the businesses’ solutions.

SCF’s Outside Counsel: Kirkland & Ellis led by corporate partner Brittany Sakowitz and associate Gabrielle Sumich; tax partner Mark Dundon; and debt finance partners Jordan Roberts and Osaro Aifuwa. The team included technology & IP transactions partner Amber Harezlak; executive compensation partner Stephen Jacobson; employment & labor partner Christie Alcala; and employee benefits partner Alexandra Mihalas

Entegris’ Financial Advisor: Jefferies

Entegris’ Outside Counsel: Wachtell, Lipton, Rosen & Katz led by partners Nelson Fitts, Joshua Holmes, Meng Lu, Jeannemarie O’Brien, Gregory Pessin and Brandon Price

Fathom Fund raises $100M

Deal Description: Fathom Fund, a Houston venture capital fund, raised $100 million for its first fund focused on companies in advanced computing, material science, climate resilience, aerospace and other critical infrastructure industries. The fund was founded by managing partners Paul Sheng and Eric Bielke. Sheng spent decades at McKinsey & Co. while Bielke is a former director at Temasek’s Emerging Technologies Fund.

Fathom’s Outside Counsel: Gunderson Dettmer in Boston (Nick Guttilla)

Notes: Gunderson is well known for its venture capital and growth equity fund formation practice, claiming to negotiate close to one-third of every venture capital dollar raised worldwide. Jonathan Goodwin, a fund formation and tax partner in Austin, co-led the team advising Westlake Village BioPartners on its new $450 million fund.

WindRose Health Investors buys CardioOne, invests $100M

Deal Description: WindRose Health Investors, a New York-based healthcare private equity firm, announced March 4 that it completed the acquisition of Houston-based CardioOne Inc., which serves independent cardiologists. The company provides physicians with an integrated technology platform, a practice optimization program, a workforce solution and a growth engine that combines to provide a best-in-class patient and provider experience. The terms were not disclosed, but WindRose partnered with CardioOne’s executive team to acquire the business and to provide up to $100 million of additional capital to support its growth. With WindRose’s investment, CardioOne will accelerate its next phase of expansion and enhance its service offerings. Jasen Gundersen MD is CardioOne’s CEO and co-founder. WindRose makes equity investments in companies with profitable business models that operate within the services sectors of the healthcare industry. It manages $2.6 billion.

WindRose’s Outside Counsel: McDermott Will & Emery (partners Jarrett Szczesny and Nathaniel Wolfe, associates Nicholas Dilts and Matthew Benedict and tax partner Alex Farr) and Bass, Berry & Sims (including partner Ryan Thomas and associates David Venturella, Annie Batcheller and Danny Harris).

CardioOne’s Outside Counsel: Kastner Gravelle partners Chris Brown and Robert Montgomery and associates Miles Fortenberry and Hunter Hampton with employment law support from partner Aysha Doman and senior counsel Amanda Inskeep. Tax counsel was provided by partners Chase Manderino, Jamison Klang and Mike Baker of Baker Tax Law and Randi Siegel at Manatt provided health care regulatory counsel. 

BowFlex files for Chapter 11, agrees to sell assets to Johnson Health for $37.5M

Deal Description: Vancouver, Wash.-based home fitness product purveyor BowFlex Inc. announced March 5 that it entered into a purchase agreement with Johnson Health Tech Retail Inc. to serve as the stalking horse bidder to buy almost all of its assets for $37.5 million in cash, minus closing adjustment amounts for accounts receivable, inventory and transfer taxes. To facilitate the sale process, BowFlex and its subsidiaries voluntarily initiated a Chapter 11 proceeding in the U.S. Bankruptcy Court for the District of New Jersey, which will provide interested parties the opportunity to submit competing offers. Pending court approval, the company secured a $25 million facility for debtor-in-possession financing, including a $9 million revolving commitment and $16 million term loan reflecting the roll-up of its pre-petition term loans of $16 million from Crystal Financial, d/b/a SLR Credit Solutions. The move will enable it to continue operating in a normal course and meet its financial obligations to employees, vendors and its provision of customer orders during Chapter 11 proceedings and while executing the sale process. CEO Jim Barr that as a result of the post-pandemic environment and persistent macroeconomic headwinds, BowFlex conducted a strategic review and determined this step was the best path forward. The asset purchase agreement provides for bid protections, including BowFlex’s reimbursement of up to $600,000 of the stalking horse bidder’s expenses if the deal is terminated; payment of a breakup fee of 3.5 percent of the purchase price; and the forfeiture of the $3.75 million stalking horse bidder’s deposit.

BowFlex’s Outside Counsel: Sidley Austin (Leslie Plaskon in New York, Matthew Clemente in Chicago, Michele Nudelman in New York and Maegan Quejada in Houston) and Holland & Hart;

BowFlex’s Financial Advisor: FTI Consulting Inc. and FTI Capital Advisors

Drilling Tools buys Superior Drilling Products for $32.2M

Deal Description: Drilling Tools International Corp. of Houston and Superior Drilling Products Inc. of Vernal, Utah, announced March 7 they entered into a definitive agreement in which DTI would buy SDP for $32.2 million payable in cash and stock. DTI CEO Wayne Prejean said since 2016, DTI has been the exclusive North American distributor for the SDP’s Drill-N-Ream well bore conditioning tool and management believes that the technology and SDP’s engineering, design and manufacturing capabilities are a natural extension of DTI’s product and service offering that will led to manufacturing and distribution savings. DTI expects to drive rental revenue with the technology in the Middle East by providing the scale and resources to help expand.

Expected Closing: Q3 2024 

DTI’s Outside Counsel: Winston & Strawn with a team led by Houston partner Michael Blankenship and including partner Dean Hinderliter in Dallas and associates Jon Bodle, John Niedzwiecki, Precious Nwankwo, Christine Olivo and Ben Smolij

SDP’s Outside Counsel: Ewing Jones (Randolph Ewing in Houston)

SDP’s Special Committee’s Outside Counsel: Mayer Brown (Ryan Ferris in Chicago)

DTI’s Financial Advisor: Energy Capital Solutions

SDP’s Special Committee’s Financial Advisor: Piper Sandler & Co.

flyExclusive attracts $25M from EnTrust

Deal Description: flyExclusive Inc., a provider of private charter jets, announced March 5 that it entered into a securities purchase agreement with a vehicle managed by EnTrust Global in which the investor purchased 25,000 shares of Series A non-convertible redeemable preferred stock at $1,000 per share. The company received $25 million in cash proceeds, which closed on March 4. Jim Segrave, founder and CEO of flyExclusive, said expanding the company’s fleet will further build out its fractional program and bring greater reliability and convenience to its customers. The stock accrues dividends at 10 percent for the first year, 12 percent for the second, 14 percent for the third and 16 percent for the fourth and thereafter. After the first year, flyExclusive may elect to redeem all or a portion of the outstanding shares. The stock is generally not entitled to any vote but holds consent rights. flyExclusive also issued the investor a warrant.

EnTrust’s Outside Counsel: Vinson & Elkins led by partner Stancell Haigwood with assistance from senior associate Maram Mahajna and associates Layla Wehbe and Jack Daum. Other team members included partner Ron Nardini and staff attorney Adi Louzon (tax); partners Niels Jensen and Mike Bielby and associates Natalie Harrison, Coral O’Conner and Jake Johns (finance); partner Sarah Morgan (corporate); partner Dario Mendoza (executive compensation/benefits); and counsel Ryan Will (litigation).

HALO raises $20M from Volition

Deal Description: HALO, an Austin- and Dublin-based subscription-based bodycam and cloud-based digital asset management platform, announced Feb. 27 it closed a $20 million Series A funding round from Boston-based growth equity firm Volition Capital. The investment follows growth fueled by demand for HALO’s all-in-one subscription technology that protects people and safeguards businesses. The global market for body-worn camera technology is estimated at $10 billion in 2024 and is projected to reach $30 billion by 2030. Originally associated with law enforcement, bodycam technology is growing in the private sector, spanning retail, healthcare, transportation and private security, to de-escalate incidents, deter crime, capture clear video evidence and enhance employee and public safety.

BrainCheck attracts $15M

Deal Description: BrainCheck, an Austin-based cognitive health assessment startup, announ ced March 6 it raised $15 million in Series B funding from Next Coast Ventures, S3 Ventures, and UPMC Enterprises. The company also expanded its board with the appointment of Nicholas Shapiro, VP at UPMC, as a new director. BrainCheck said the funding will accelerate its commercial traction, expand innovation within its product portfolio, build upon existing clinical evidence and extend its impact throughout the healthcare industry, including integrations with healthcare systems. The announcement follows the recent launch of BrainCheck’s next generation platform and three-minute screening solution, which empowers clinicians to screen and monitor patients’ cognitive function.

Roshal Health secures $10M

Deal Description: Roshal Health, a Houston-based provider of ultrasound and echocardiogram services, announced Feb. 27 it raised $10 million. Catalio Management led the round with participation from Green Street Impact Partners. Employing more than 300 people, Roshal offers services to hospital systems, standalone emergency rooms, micro-hospitals, rural hospitals and offsite facilities nationwide. The funds will be used to advance Roshal’s tech-enabled platform to address imaging technician staffing shortages at healthcare service providers, eliminating costly gaps in care delivery through a highly scalable model.

Catalio’s Outside Counsel: Covington and Burling

Green Street’s Outside Counsel: Locke Lord led by Kanasha Herbert with assistance from Hani Majeed (both of Chicago)

Roshal’s Financial Advisor: Uplift Partners

Roshal’s Outside Counsel: DLA Piper

Tiny Health raises $8.5M

Deal Description: Tiny Health, an Austin-based infant microbiome testing startup, raised $8.5 million in Series A funding, according to Axios Pro. Spero Ventures led and was joined by TheVentureCity, Overwater VC, Next Coast Ventures and Peterson Ventures.

Trulite acquires American Insulated Glass

Deal Description: Atlanta-based Trulite Glass & Aluminum Solutions, one of North America’s largest architectural glass and aluminum fabricators, announced March 4 it finalized the acquisition and merger of AV Capital,-backed American Insulated Glass, a player in the glass fabrication industry. Terms weren’t disclosed. Trulite said the AIG addition broadens its footprint, allows for expanded capacity to better service the growing Midwest and East Coast markets and offers a greater breadth of residential applications. The combined company now has 42 facilities across North America. Truelink Capital backs Trulite.

AIG’s Financial Advisor: Stifel

AIG’s Outside Counsel: Vinson & Elkins led by partner Milam Newby and counsel Austin White with assistance from associates Alan Albrecht and Maham Shahzad. Also providing support were counsel Allyson Seger and associate Steve Campbell (tax); partner Shane Tucker and associate Matt Green (executive compensation/benefits); partner Hill Wellford, counsel Evan Miller and associate Rami Rashmawi (antitrust); partner Sean Becker and associate Ashley Plunk (employment/labor); partner Michael Kurzer and senior associates Alexa Chally and Haley Titcomb (technology transactions/IP); partner Sarah Mitchell and senior associate Victoria Bahrami (insurance); and partner David Wicklund (finance).

Evolution Strategy Partner’s Ethoscapes buys two companies

Deal Description: Morgan Lewis said March 5 it advised Evolution Strategy Partners-backed Ethoscapes, one of the largest landscaping solutions providers in Houston, announced the acquisition of Outdoor Development and Houston Landscapes Unlimited. Terms weren’t disclosed. Outdoor Development was announced Feb. 19 and Houston Landscapes on March 4. The companies join Ethoscapes’ family of brands, which include Westco Ground Maintenance, Champions Hydro-Lawn and Tree60, which now collectively serve 600 commercial, municipal and residential communities with 700 personnel.

From Morgan Lewis: Partners Jeff Dinerstein and Elizabeth Khoury Ali and associates Kelsey Warren and Matthew Snodgrass in Houston and partner Casey August in Philadelphia on Outdoor Development and the same team plus partner Lisa Barton in Boston on Houston Landscapes.

Riverside exits outsourced HR business G&A Partners to TPG

Deal Description: The Riverside Company, a private investment firm focused on the smaller end of the middle market, announced March 5 it exited its investment in G&A Partners Inc., a national professional employer organization and human capital management provider, to alternative asset management firm TPG. Terms weren’t disclosed. The sale was completed as part of an investment led by TPG into the business. Headquartered in Houston, G&A supports more than 3,000 small- and medium-sized businesses nationwide through technology-enabled human resources services. Riverside has invested in more than 350 platform and add-on companies in the business services sector since 1988 as part of its private equity and flexible capital strategies.

Riverside/G&A’s Financial Advisor: Piper Sandler

Riverside’s Outside Counsel: Jones Day led by William Stewart Jr. in Cleveland

ARM Energy sells minority stake in unit to Tokyo Gas

Deal Description: ARM Energy Holdings, a Houston-based infrastructure and energy marketing services firm, announced Feb. 5 that Tokyo Gas America Ltd., a wholly owned unit of Tokyo Gas Co. Ltd., bought a minority equity interest in a newly-formed entity, ARM Energy Trading. The entity consists of ARM Energy Services and ARM Energy Mexico, one of the largest private North American physical natural gas marketers. Terms weren’t disclosed. Tokyo Gas said separately it was taking a 49 percent stake in the entity. ARM CEO Zach Lee said the transaction will enable ARM to continue to execute and expand its asset optimization and trading strategy and further its overall energy platform as well as providing it with an entry to marketing and trading of other products. Akira Inukai, CEO of Tokyo Gas America, said demand for natural gas continues to surge in North America and the investment positions it strongly to capitalize on the important continued growth in the region. ARM Energy Trading will be led by the current ARM management team with Lee as chairman.

ARM’s Financial Advisor: Intrepid Partners

ARM’s Outside Counsel: Holland & Knight

Tokyo Gas’ Financial Advisor: Greenhill & Co. (Mizuho M&A)

Tokyo Gas’ Outside Counsel: White & Case with a team led by Charlie Ofner and including Chantal Carriere, Muhammad Hasan and Chisom Amanchukwu in Houston. Additional team members were Daniel Miller and Chris Hebert (M&A); Chad McCormick, Neil Clausen and Sadi Moradi (tax); Taylor Pullins and Taylor Gillespie (environmental); RJ Colwell (regulatory); Yan Ng and Jeffery Godly (finance); Henrik Patel, Samantha Rozell and Anthony Vitucci (ECB); Rebecca Farrington (antitrust); Arlene Arin Hahn and Jarrah Al-Buainain (IP); Farhad Jalinous and Ryan Brady (trade); Ian Cuillerier and Rhys Bortignon (capital markets/derivates); Naoya Shiota (M&A/capital markets); and Francisco de Rosenzweig and Jose Daniel Franco (Mexican counsel).

Notes: A Tokyo Gas unit, TG Natural Resources, bought Quantum-backed Rockcliff Energy II, a natural gas producer in the Haynesville shale play, this past December for $2.7 billion (Vinson & Elkins advised Rockcliff and Quantum while TGNR used Kirkland & Ellis). For more, click here.

UWorld buys Aspen Publishing

Deal Description: UWorld, a Dallas online learning platform to prepare for high-stakes exams, announced March 6 the acquisition of Aspen Publishing, a Transom Capital-backed provider of educational content and digital learning solutions to law schools in Boston. Terms weren’t disclosed. The purchase diversifies UWorld’s product portfolio across every law discipline, building on its MBE QBank and Themis Bar Review courses. Over the past two years, Aspen went from a small division of Wolters Kluwer to a standalone company. It will continue to operate as a standalone firm within UWorld in its legal division.

UWorld’s Outside Counsel: Norton Rose Fulbright with an M&A team led by Paul Conneely and including Evan Patrick Hardee, Sarabeth Shaunessy and Wesley Okereke (Dallas). Support was provided by Ammad Waheed, Robert Paladino and Vanisha Weatherspoon (Austin), Todd Schroeder (Dallas), Bob Greenslade (Denver), Carolyn Webb (Houston), David Gallai and Jared D. Kaplan (New York) and Andrew Eklund (Washington, D.C.).

CAPITAL MARKETS/FINANCINGS

Permian Resources prices secondary offering of Class A common for $764.4M

Deal Description: Vinson & Elkins said March 6 it advised Midland-based Permian Resources Corp. and certain selling stockholders in connection with an underwritten public offering of 48.5 million shares of its Class A common stock at $15.76 per share, or nearly $764.4 million. The sales were by affiliates of EnCap Investments, NGP Energy Capital Management, Pearl Energy Investments and Riverstone Investment Group and members of the company’s management. Concurrently with the closing of the offering, the company repurchased 2 million common units in Permian Resources Operating at the same price. The offering closed March 6.

Underwriter: Goldman Sachs & Co.

Underwriter’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner John Greer with associates Michael Pascual, Brian Bruzzo, Carol Bale, David Lee and Mary Kline. Advice was also provided on tax matters by Houston partner Jim Cole with associate Dylan White; on environmental matters by Houston/Los Angeles partner Josh Marnitz with associate Jacqueline Zhang .

From V&E: The team was led by partners Doug McWilliams and Jackson O’Maley with assistance from senior associate Alex Lewis and associates Nate Richards, Delery Perret, John Frey, Patience Li and Farzin Khoshravan. Also advising were partner Wendy Salinas and associates Jeff Slusher and John Lynch (tax); and partner Dario Mendoza and associates Cassandra Zarate and Eric Hechler (executive compensation/benefits).

Selling Stockholders’ Outside Counsel: Simpson Thacher & Bartlett

New Fortress Energy upsizes, prices $750M of senior secured notes

Deal Description: New Fortress Energy Inc. announced March 5 the pricing of its previously announced private offering of $750 million in senior secured notes due 2029, up from the original $500 million amount. The notes will bear interest at 8.75 percent per year. The notes will be guaranteed on a senior secured basis by the company’s each domestic and foreign subsidiary that is a guarantor under its existing senior secured notes and will be secured by substantially the same collateral. The company intends to use the net proceeds to repay a portion of its outstanding debt, including repurchasing up to $375 million of the its existing senior secured notes due 2025 along with any fees and related expenses and/or for general corporate purposes.

Initial Purchasers/Dealer Manager’s Outside Counsel: Vinson & Elkins with a team led by partners David Oelman, Jackson O’Maley and David Stone and senior associate Ximena Kuri with assistance from associates Walt Baker, Chase Browndorf, Patience Li, Jessica Rosenwasser and Nick Priebe. Also advising were partner Lucy Jenkins, senior associate Nicole Hamill, associates Robin Wallich, Ariel Guerrero-Stewart, Taylor Daily, Martin Bontea-Ungureanu and James Payne and trainee solicitor Max Marshall (finance); partner Ron Tenpas and associate Simon Willis (environmental); partners Wendy Salinas and Natan Leyva and associate Tyler Underwood (tax); counsel Rajesh Patel and associate Haley Titcomb (technology transactions/IP); and partner Palmina Fava and associate Bo Gilbertson (litigation). 

Prairie Acquiror offers $400M of senior secured notes

Deal Description: Vinson & Elkins said March 8 it served as issuer’s counsel in connection with the offering of $400 million in senior secured notes due 2029 by Prairie Acquiror, which owns, directly or indirectly, 100% of the interests in Tallgrass Energy Partners. The transaction closed on March 6. In connection with the offering, the issuer entered into an amendment to its term loan credit facility to, among other things, refinance the secured term loans under the facility in an exchange of existing term loans held by the lenders and new lenders of $1.05 billion. Tallgrass is an energy infrastructure company owned by an investor group led by Blackstone Infrastructure Partners that includes Enagás SA, GIC, NPS and USS.

From V&E: The corporate team was led by partner Sarah Morgan and senior associate Alex Lewis with assistance from associates Nina Bhatia, Jake Lubenow, Kylie Paradowski and Maggie Sternberg. The finance team was led by partner David Wicklund with assistance from associates David Albano and Garrett Tidsworth.

Cadiz closes $57.2M credit agreement, $20M loan from Heerema 

Deal Description: Los Angeles-based Cadiz Inc. announced March 6 that it completed a financing transaction that strengthens its financial position and provides it with liquidity to accelerate development of its water supply projects in Southern California. The financing includes a new $20 million loan to fund operations and expenses and extends all debt maturities to 2027. The transaction, led by the company’s largest shareholder, Heerema International Group Services, received support from lenders and shareholders. The $20 million loan will carry a 7 percent PIK coupon and be convertible into Cadiz stock at $5.30 per share. Cadiz chairman and CEO Susan Kennedy said the financing puts the company in position to be delivering water before the next drought hits California. Cadiz owns 45,000 acres of land in the Mojave Desert with 2.5 million acre-feet of water supply, 1 million acre-feet of water storage capacity and 200 miles of pipelines that stretch across Southern California. Cadiz’ aquifer system holds at least 30 million acre-feet of water, more than the design capacity of Lake Mead, the largest reservoir in the U.S. In 2020 it bought a 220-mile idle gas pipeline from El Paso Natural Gas that transects other major water systems in Southern California with plans to convert it to carry water, including adding pumping stations and connection facilities. Cadiz expects construction to begin in 2025 and water delivery in 2026. In 2022, the company acquired ATEC Water Systems, a producer of groundwater filtration systems.

Cadiz’ Outside Counsel: Norton Rose Fulbright with a team led by Kevin Friedmann in Chicago and Kimberly Perdue in Dallas that included Geren Brown, Spencer Brown (Dallas) and Siyuan An (Los Angeles)