CDT Roundup: 24 Deals, 12 Firms, 235 Lawyers, $11B

If you’re looking for evidence that private equity is rebounding, you might want to start with this week’s roll call of the 16 M&A/Funding deals, where you’ll find 13 that involve private equity in one form or another.

According to Pitchbook in a study released last week, middle-market deal counts are on a pace to reach 3,400 this year; and that doesn’t include growth-equity investments and platform add-ons, which comprise nearly three of every four PE deals reported each year.

Under Pitchbook’s expansive definition of “middle market” — a deal resulting in an enterprise value between $25 million and $1 billion — those deals could reach $345 billion this year. Though far less than the $500 billion mark in 2021, it would still be the third-largest year ever for PE middle market buyouts.

The deals below fit nicely into the Pitchbook forecast, ranging in size (where disclosed), from $650 million to $875 million and in industry from fintech to funeral parlors to fashion. And some of the deals are as diverse in their history as they are in their approach.

• Kendra Scott, the Austin-based jewelry maven, kept her namesake billion-dollar company private with an investment by 65 Partners, a Singapore private investment firm.
• PSG Equity, a Boston-based PE that specializes in biztech, picked up a couple of college student services CMR firms and a major healthcare platform.
• And Park Lawn, once Canada’s largest publicly traded funeral/cemetery business, kept up its recent acquisitive momentum, as a newly minted private platform owned by Birch Hill Partners and Viridian Acquisition, an affiliate of Homesteaders Life Co.

Pitchbook attributes the broad-based rise in middle market deals to increased competition in deal finance. Banks, they say, have not only resumed their lending to PE borrowers, they’re also competing head-to-head with private credit lenders for middle market deals.

Moreover, they note, there’s a brisk secondary market for those loans. During H1 2024, Collateralized Loan Obligations (CLOs) reached $101.3 billion in total value, according to Pitchbook, up 81.1 percent year-over-year, with middle-market CLOs more than doubling their share over recent years.

Lower financing costs will also allow more legacy platforms to participate in the add-on market, which tends to dwell in the PE middle-market space; the kind of deals that are currently contributing more than half (54.7 percent) of all middle-market deal values.

The week ending Sept. 14 saw two dozen deals reported for a total of nearly $11 billion. The week prior to that we saw exactly half that number (12) for nearly double the value ($20 billion). And for those looking for symmetry, or something that resembles it, for this same week last year we reported more than two dozen deals (25) valued at $23.2 billion.

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
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

MERGERS & ACQUISITIONS/FUNDINGS

Mastercard acquires Recorded Future for $2.65B

Deal Description: Mastercard announced Sept. 12 its $2.65 billion agreement to acquire Recorded Future, the world’s largest threat intelligence company. Headquartered in Sommerville, Mass., Recorded future claims 1,900 clients across 75 countries including 45 governments and half of the Fortune 100. Mastercard said it already collaborates with Recorded Future on an AI-supported service that alerts financial institutions when a card account is likely to have been compromised. Since launch of the project earlier this year, said Mastercard, the service has doubled the rate in which compromised cards are identified, as compared to the same time period last year. The transaction is expected to close by the first quarter of 2025, provided its approval by regulators.

Mastercard Outside Legal Counsel: Sidley Austin with a team led by Brent Steele and Jessica Day (M&A and Private Equity). The 19-lawyer team included managing associate Zach Johnston and associate Garrett Sciortino from Sidley’s Dallas office, along with lawyers from Chicago, New York and Washington, D.C.

Recorded Future Outside Counsel: Willkie Farr & Gallagher led from New York by partners Morgan Elwyn and Stephanie Moran

Canada’s Methanex acquires OCI Global methanol business for $2.05B

Deal Description: Methanex, the publicly traded and Canadian-owned global supplier of Methanol, announced Sept. 8 that it has agreed to acquire the global methanol business of OCI Global for $2.05 billion. The transaction includes OCI’s interest in two world-scale methanol facilities in Beaumont, Tex., one of which also produces ammonia. The transaction also includes a low-carbon methanol production and marketing business and a methanol facility in the Netherlands that is currently idled. Under the agreement, the $2.05 billion purchase price will consist of $1.15 billion in cash, along with 9.9 million newly issued common shares of Methanex valued at $450 million, along with assumption of $450 million in debt and leases. The purchase price implies a multiple of 7.5 times Adjusted EBITDA at a $350/MT realized methanol price, including anticipated synergies. OCI Global is an international chemicals producer headquartered in the Netherlands.

Financial Advisors for Methanex: Deutsche Bank and RBC Capital Markets

Methanex Outside Legal Counsel: McCarthy Tétrault, Baker McKenzie, Loyens & Loeff NV and Reed Smith.

Legal Counsel to RBC Capital Markets/Royal Bank of Canada: Latham & Watkins with a team led from Austin by partners David Miller, Michael Chambers, and Sam Rettew, with associates Erin Cusenbary and Carol Bale. Advice was also provided on environmental matters by Los Angeles/Houston partner Joshua Marnitz.

APA sheds $950M in Permian assets to undisclosed buyer

Deal Description: APA Corp. (formerly known as Apache) announced Sept. 10 that it has agreed to sell to an undisclosed buyer $950 million in non-core producing properties in the Permian Basin. The properties, located in the Central Basin and Northwest Shelf in Texas and New Mexico offer a net production of 21,000 barrels of oil equivalent per day. Proceeds from the sale will be used primarily to reduce debt, the company said in its announcement. In April, APA completed its acquisition of Callon Petroleum. After several follow-on assets sales the company increased its onshore U.S. production by 66,000 boe/d adding new unconventional assets with scale and balance to its similar holdings in the Midland and Delaware Basins. “The company’s more focused unconventional Permian asset base and advantageous transport and marketing positions compares favorably with like-sized, pure-play peers in the region, while APA’s conventional global portfolio also provides geologic, geographic and price diversification as well as differential exploration upside,” notes APA CEO John J. Christmann IV.

Financial Advisors to APAP: RBC Richardson Barr and Truist Securites

APA Outside Legal Counsel: Bracewell with a team led by Austin T. Lee and G. Alan Rafte, both partners in Houston. The team also included partners Timothy A. Wilkins (Austin), Amber K. Dodds (San Antonio), Daniel E. Hemli (New York), J. Dean Hinderliter (Dallas) and Matthew B. Grunert (Houston); counsel Jacqueline R. Java (Washington, D.C.); associates: John L. Stavinoha III (Houston), Jay Harper (Houston), Avery A. Steen (Houston) and Deryck R. Van Alstyne (Houston)

Progress buys ShareFile for $875M

Deal Description: AI infrastructure software provider Progress Software Corp. announced Sept. 9 its acquisition of ShareFile, a unit of the Cloud Software Group, for $875 million. ShareFile features SaaS-native, AI-powered document-centric collaboration and workflows for business applications, including client portal, secure file sync and share and eSignature features. Progress, headquartered in Burlington, Mass., said it will fund the $875 purchase with cash on-hand and through its revolving credit facility.

Financial Advisors to Progress: Citi

Progress Outside Legal Counsel: DLA Piper

Financial Advisors to Cloud Software: Jefferies; Barclays

Cloud Software Outside Legal Counsel: The Kirkland team was led by corporate partners Stuart Casillas, Ari Levi and Philip Castagnozzi Bush and associate Hayley Gilbert; and technology & IP transactions partners John Lynn and Daisy Darvall and associate Cordelia Mikita.

Viper acquires Permian assets in $650M deals with Tumbleweed

Deal Description: Viper Energy announced Sept. 11 that it has agreed to acquire upstream royalty and mineral assets from Tumbleweed Royalty IV. Viper is an affiliate of Midland-based Diamondback Energy. In addition to the $461 million in cash, Viper will issue 10.1 million OpCo units. The OpCo units will include a grant to purchase an equal number of Class B common shares of Viper. The Royalty IV deal follows two earlier Viper acquisitions from Tumbleweed-Q Royalty Partners and Elda River affiliate MC Tumbleweed Royalty for a combined $189 million. The combined deals give Viper 3,727 net royalty acres in the Midland Basin and 490 NRAs in the Delaware Basin added to their 35,500 NRAs in Permian.

Financial Advisors to Viper: Intrepid Partners

Viper Outside Legal Counsel: Akin Gump Strauss Hauer & Feld; Wachtell, Lipton, Rosen & Katz

Tumbleweed Outside Legal Advisors: Vinson & Elkins; Kirkland & Ellis

Kirkland advised MC Tumbleweed with a team led from Houston by corporate partner Bill Benitez. Other team members include Houston associates Jacob Volz and Brandon Goldberg; and Houston tax partner Mark Dundon.

The Vinson & Elkins team advising Tumbleweed IV was led by partners Bryan Loocke and Mike Marek and senior associate Ted Belden, with assistance from senior associate Michael Zarcaro and associate Rivers Stephens. The Vinson & Elkins team advising TWR II team was led by partner Shay Kuperman and counsel Elena Sauber. Other key team members included partners Megan James, David Peck, Robert Hughes and Jason McIntosh, with assistance from senior associates Michael Zarcaro, Curt Wimberly, Dan Henderson and Alex Turner and associates Adam Bateman, Drew Clements and Paige Melton.

Note: Viper paired the acquisitions above with a $475 million offering of Class A common shares (see Capital Markets below).

Northampton Capital affiliate to acquire Altius Renewable Royalties

Deal Description: Northampton Capital announced Sept. 12 an “Arrangement Agreement” with Altius Minerals under which Northampton will acquire the “public float” of affiliate Altius Renewable Royalties not indirectly owned by Altius Minerals. Under the agreement those common shares will be acquired for CD$12 each (US$8.83 per share at the current exchange rate). Altius Minerals owns 58 percent of ARR.

Financial Advisors to Special Committee of ARR: National Bank Financial

ARR Outside Legal Counsel: McCarthy Tétrault and Pierce Atwood

Northampton Outside Legal Counsel: Mintz and Kirkland & Ellis

Kirkland was led from Austin by corporate partners John Kaercher and Zahra Usmani; investment funds partners Matt Nadworny in Houston and Jennifer Wang in New York; and tax partners David Wheat in Houston and Adam Nguyen in Austin and associate Griffin Peeples in Houston.

Kendra Scott sells minority interest to 65 Partners

Deal Description: Singapore’s 65 Partners announced Sept. 13 their minority investment in Kendra Scott Design Inc., a women’s fashion accessories designer based in Austin. Founded by Kendra Scott in 2002 from a spare bedroom in her home, the company has been built into a billion-dollar brand of fashion jewelry and beauty products. Previous investors have included Berkshire Partners, which acquired a minority stake in the company in 2016. The 65 Partners investment fully redeems that preferred stock investment.

65 Partners Financial Advisors: Jefferies

65 Partners Outside Legal Counsel: Baker & McKenzie

Kendra Scott Financial Advisors: Piper Sandler, Goldman Sachs

Kendra Scott Outside Legal Counsel: Latham & Watkins advised Kendra Scott in the transaction with a corporate team led by Bay Area partner Luke Bergstrom and Austin partner Mollie Duckworth, with associates Jase Burner, Manu Vadlamudi, and Mary Kline. Advice was also provided on corporate securities matters by Bay Area partner Jim Morrone; on tax matters by Houston partner Tim Fenn, with associate Christine Mainguy; on compensation and benefits matters by Century City/Bay Area partner Julie Crisp, with associate Iryna Onyshchenko; on labor matters by Los Angeles partner Joe Farrell; intellectual property matters by New York counsel Carrie Girgenti and Houston/Austin counsel Robert Brown, with associates Ece Gonulal and Andrew Abokhair; on antitrust matters by Washington, D.C. partners Patrick English and Peter Todaro, with Brussels counsel Tomas Nilsson; on litigation advisory matters by New York partner Blair Connelly, with associate Nathan Taylor; on export controls matters by Washington, D.C. partner Les Carnegie and Washington, D.C. counsels Catherine Hein and Andrew Galdes, with associate Elizabeth Annis; and on insurance matters by Los Angeles partner Harrison White.

Founder, Kendra Scott Outside Legal Counsel: Goodwin Procter

ENGIE partners with Ares Management in renewables recap

Deal Description: ENGIE North America, the Houston-based affiliate of the French/Belgian energy concern, announced Sept. 12 the closing of a strategic partnership with Ares Management Infrastructure in what was described as one of the largest sales of a portfolio of projects in the renewables sector. Terms, however, were undisclosed. The 2.7 GW portfolio consists of 15 projects — 53 percent solar, 25 percent wind and 22 percent battery storage co-locations — across ERCOT (Texas), MISO (Central US & Canada), PJM (northeaster US) and SPP (Western US). ENGIE said the transaction supports their strategy of recycling capital and adding major infrastructure investors to their various projects.

Ares Outside Legal Counsel: Kirkland & Ellis with a team led from by corporate partners Rob Goodin in Houston and Michael Cline in Salt Lake City. The team also included Houston partner Daniel Cadis and Houston associates Alexandra David and Brad Johnson; debt finance partners Rohit Chaudhry in Washington D.C. and Olivia George in New York; tax equity partners William Nicholson, Michael Masri and Sophia Han in New York; and tax partners Bill Dong and Jacob Walley in Houston.

Apollo acquires Freedom CNG

Deal Description: Apollo managed funds announced Sept. 12 its acquisition of Houston-based Freedom CNG. Founded in 2012, Freedom operations high-capacity compressed natural gas CNG fueling stations providing renewable natural gas RNG to commercial customers in the Houston metro area. The U.S. has about 500 such free-standing fueling stations fueling about 250,000 CNG-fueled vehicles. Terms of the deal were undisclosed.

Freedom Financial Advisors: Raymond James

Freedom Outside Legal Counsel: Houston firm Crady Jewett McCulley & Houren and Baker Botts

The Baker Botts team was led by corporate senior associate Natasha Gandhi in Dallas, with advice from global projects chair Jason Bennett and corporate partner Natasha Khan in Houston, and real estate associate Chris Tillotson in Dallas.

Apollo Outside Legal Counsel: Vinson & Elkins advised with a team led by partners Dan Komarek in New York and Crosby Scofield in Houston, with senior associate Tara Tegeleci in New York, with key assistance from Houston tax partner Jason McIntosh and Dallas tax associate Alexander Baker. 

mPulse to acquire Zipari healthcare platform

Deal Description: Healthcare platform mPulse announced Sept. 12 that it is acquiring Zipari, a software competitor focused on healthcare consumer experience. The acquisition scales up the PSG-backed mPulse customer base, which now includes 400 healthcare organizations including 29 of the 30 largest healthcare plans in the nation. The transaction would combine mPulse’s HXI technology — which integrates health portals, omnichannel consumer engagement and predictive analytics — with Zipari’s CX platform for customer engagement and streamlined back-office workflows. This is the fourth acquisition since PSG Equity acquired control of mPulse in December 2021. Terms of the deal were undisclosed.

PSG/mPulse Outside Legal Counsel: Weil Gotshal & Manges with a team led from Dallas by private equity partner David Gail that included: banking and finance partner Benton Lewis in New York and tax partner Jonathan Macke in Dallas.

PSG acquires Verity IQ and Campus Ivy education administration platforms

Deal Description: PSG Equity announced Sept. 11 its acquisition of two software providers aimed at higher education institutions and their students. In the first, PSG acquired Verity IQ, a customer relationship management system. In the second, PSG acquired Campus Ivy, a provider of financial aid data and services. Terms of the deals were not disclosed. Verity IQ provides the Verity Dialog CRM and Verity Student SIS software platforms for student recruitment, admissions and retention, including digital processing for tuition and fees, progress toward graduation and post-grad job placement. Campus Ivy provides cloud-based financial aid information and compliance software for tuition grants and aid applications.

PSG Outside Legal Counsel: Weil Gotshal & Manages led from Dallas by partner David Gail, with compensation partner Jennifer Britz in New York and tax partner Jonathan Macke in Dallas.

Vista Equity acquires Redwood Software

Deal Description: Redwood Software announced Sept. 10 that it had agreed to be acquired by Vista Equity Partners and Warburg Pincus. Based in Frisco, Tex., and backed by Turn/River Capital, Redwood provides automatic fabric software, software designed to connect various unrelated business software platforms with each other. In June, Redwood announced that it had added more than 1,000 new customers since 2023, raising the number to more than 7,500 globally, including 40 percent of the Fortune 50 and 28 percent of the Fortune 500.

Financial Advisors to Redwood: Goldman Sachs

Outside Legal Counsel to Turn/River, Redwood: Orrick, Herrington & Sutcliffe

Outside Legal Counsel to Vista: Kirkland & Ellis with a team led by partners Stuart Casillas of Austin and Ari Levi in San Francisco. John Lynn, a San Francisco/Austin partner and Daisy Darvall, a New York/Austin partner also advised, along with other lawyers from California.

Outside Legal Counsel to Warburg Pincus: Cleary Gottlieb & Hamilton

Sol Systems acquires Midwest solar/storage projects from Tenaska

Deal Description: Sol Systems, a Washington, D.C. headquartered renewable energy investor announced Sept. 9 its acquisition of 2 gigawatts (GW) of utility scale solar and storage projects across the Midwest. The deal comes in the form of a strategic collaboration with Omaha-based Tenaska, one of the largest privately owned energy providers in the nation. The project portfolio spans multiple states within the Midwest, with each of the projects exceeding 100 megawatts (MW) and slated for operations between 2028 and 2029. Tenaska will continue collaborating with Sol on the development of the projects through the construction phase, after which Sol plans to build, own, and operate them. Terms of the agreement were undisclosed.

Sol Systems Outside Legal Counsel: Bracewell advised Sol led by Washington, D.C. partner Hans Dyke and Dallas partner Bucky Brannen, along with Houston associate Gabriela Hindera.

Bonterra acquires fundraising software provider EngageSmart from Vista Equity

Deal Description: Bonterra, an Austin-based platform that produces software to aid charitable organizations and other non-profits, announced Sept. 10 that it is acquiring Global Cloud from EngageSmart, Inc., a portfolio company of Vista Equity Partners. Headquartered in Cincinnati, Ohio, Global Cloud provides a major fundraising platform known as DonorDrive used by such well-known non-profits as the Arthritis Foundation, Children’s Miracle Network, Children’s Hospital of Philadelphia and the American Foundation for Suicide Prevention. Bonterra is a portfolio company of London-based Apax Partners. EngageSmart is located in Braintree, Mass., along with its parent company, InvoiceCloud. Terms of the acquisition were not disclosed.

Bonterra Outside Counsel: Skadden, Arps, Meagher & Flom

Financial Advisor to InvoiceCloud: Raymond James

InvoiceCloud/EngageSmart Outside Legal Counsel: Vinson & Elkins led from Austin by partner Milam Newby and senior associate Sang Lee, with assistance from senior associate Tim Johnston and associates Tessa Krieger-Carlisle, Janae Wilson and Hannah Thai. Also advising were partner Joo Lee and associate Henry Crowell, partner Sean Becker and associates Peter Goetschel and Jordan Peck, counsel Allyson Seger and associate Paige Melton, partner Michael Kurzer and senior associate Alexa Chally, partner Sarah Mitchell and senior associate Victoria Bahrami-Negad, and partner Caitlin Turner.

Park Lawn acquires funeral and cemetery businesses in Texas and North Carolina

Deal Description: Park Lawn, the acquisitive Toronto-based conglomerate of funeral homes and cemeteries, announced Sept. 9 the purchase, in separate transactions, of death-based businesses in North Carolina and Texas. On Aug. 5, Park Lawn acquired the assets of Carolina Memorial Park of Concord-Kannapolis located in Kannapolis, NC; Carolina Memorial Park of Harrisburg-Charlotte located in Charlotte, NC; and Whitley’s Funeral Home located in Kannapolis, NC. On Sept. 9, Park Lawn announced the purchase of Wilkirson-Hatch-Bailey Funerals & Cremations in Waco, Tex.

Park Lawn Outside Counsel: Morgan Lewis with a team that included partner Jeff Dinerstein (Houston), of counsel Melissa Brown (Houston), and associates Kelsey Warren (Houston) and Deborah Choi (Orange County).

Note: In June, Dinerstein and Morgan Lewis also advised Park Lawn — the largest publicly traded, Canadian-owned funeral and cemetery operator — in a $1.2 billion take-private transaction with Viridian Acquisition, an affiliate of Homesteaders Life Co., and Birch Hill Equity Partners Management. The transaction was approved and completed in August, just before the North Carolina acquisition described above.

CAPITAL MARKETS

Phillips 66 Offers $1.8B in senior notes

Deal Description: Houston-headquartered Phillips 66 announced Sept. 11, its offering of $1.8 billion in three issues of senior notes, each in the aggregate principal amount of $600 million. The first are senior notes due 2031 bearing annual interest of 5.250 percent; the second, due 2035 at 4.950 percent, and the third due 2055 bearing 5.500 percent annual interest per year.

Joint Book-Running Managers: Barclays, Mizuho, BofA Securities, MUFG, SMBC Nikko, Goldman Sachs, PNC Capital Markets, JP Morgan, RBC Capital Markets, Truist Securities, TD Securities, Scotiabank

Co-Managers: Academy Securities, ICBC Standard Bank, CIBC Capital Markets, Loop Capital Markets, Commerzbank, Standard Chartered Bank, Credit Agricole, UniCredit Capital Markets, HSBC, US Bancorp

Phillips Outside Counsel: Gibson Dunn & Crutcher led by partner Hillary Holmes with counsel Robbie Hopkins and associates Alexandria Johnson and Benjamin Blefeld. Partner Shalla Prichard and associate Laura Edwards are advising on financing. Senior counsel Gregory Nelson and associate Nathan Sauers are advising on tax aspects. Partner Peter Modlin and of counsel Deena Klaber are advising on environmental aspects. Partners Doug Rayburn and Madalyn Miller and associate Melissa Kopit are advising on liability management aspects.

Waste Management offers exchange of $500M in Stericycle notes

Deal Description: In June, Waste Management agreed to pay $7.2 billion for medical waste services provider Stericycle. WM has followed up that purchase with a $500 million exchange for Stericycle senior notes. The 3.875 percent Stericycle senior notes due 2029. In addition to the principal amount, the tender includes a cash consideration of $2.50 per $1,000 held if all eligible voters tender, or $5.00 per $1,000 if eligible holders of a simple majority of the notes tender.

Outside Counsel for Investment Banks: Gibson Dunn & Crutcher led by partners Hillary Holmes and Doug Rayburn. The team includes counsel Rodrigo Surcan and associates Malakeh Hijazi and Chad Kang. Partner Pamela Lawrence Endreny and associate Galya Savir are advising on tax aspects.

Viper Energy prices $475M stock offering

Deal Description: Viper Energy, Inc. announced Sept. 11, the pricing of an underwritten public offering of 10,000,000 shares of Class A common at $42.50 per share. Underwriters were offered a 30-day option to purchase up to an additional 1,500,000 shares. The offering was scheduled to close September 13. Midland-based Viper intends to use the net proceeds from the offering to fund a portion of the cash consideration for the Tumbleweed Royalty IV acquisition described above (under M&A).

Viper Outside Counsel: Akin Gump Strauss Hauer & Feld led by Houston partner John Goodgame.

Underwriters: Goldman Sachs; Truist Securities

Underwriters Outside Counsel: Latham & Watkins advised with a team led by Austin partner Michael Chambers and Houston partner Monica White, with associates Celia Mishra and Carol Bale. Advice was also provided on tax matters by Houston partner Tim Fenn, with associate Dominick Constantino; and on environmental matters by Los Angeles/Houston partner Josh Marnitz, with associate Nolan Fargo.

Crescent Energy offers $250M in senior notes

Deal Description: Crescent Energy announced Sept. 9 a $250 million offering of 7.375 percent senior notes due 2033. Proceeds from the notes, offered by Crescent Energy Finance, will be used to repay a portion of the company’s revolving credit facility.

Crescent Outside Legal Counsel: Vinson & Elkins led by partners Doug McWilliams, Jackson O’Maley, David Wicklund, Scott Rubinsky and senior associate Alex Lewis, with assistance from associates Nate Richards, Chase Browndorf, Autumn Simpson and Chris Chiavaroli. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax); senior associate Maya Bobbitt (finance); and partners David D’Alessandro and Dario Mendoza and associate Henry Crowell (executive compensation/benefits).

Underwriters/Initial Purchasers: J.P. Morgan Securities led.

Outside Legal Counsel to Underwriters/Initial Purchasers: Simpson Thacher & Bartlett with a team led by partners David Azarkh in New York and Brian Rosenzweig in Houston, and Houston capital markets associates Richie Ragusa, Ryan Poché, Andrew Scattergood and Adam Danciu; New York counsel Michael Mann on tax; IP associate Paige Brinton in New York; associate Pasco Struhs in New York on compensation and benefits; senior counsel Michael Isby and counsel Deepa Sarkar in New York on environmental matters; and New York counsel Jennie Getsin on Blue Sky issues.

CSW in $313M follow-on equity offering

Deal Description: Dallas-based CSW Industrials announced Sept. 6, closed its issue of 1.265 million shares of its common stock at $285 per share, securing gross proceeds of $313 million which the company says it intends to use in a reduction of debt and future acquisitions. The issue, upsized from 1 million to 1.1 million shares, also included 165,000 shares acquired by the underwriters.

Underwriters: J.P. Morgan, Goldman Sachs and Truist Securities are acting as lead book-running managers. Wells Fargo Securities and Citigroup are acting as joint book-running managers. CJS Securities, Comerica Securities, TPH&Co., the energy business of Perella Weinberg Partners and Zions Capital Markets are acting as co-managers of the offering.

CSW Outside Legal Counsel: A&O Shearman led from Houston by capital markets partners Bill Nelson and Emily Leitch, with counsel Judy Little and associate Daniel Kim both of Houston, along with associates Andrew Meiser, Anna Armao and Taylor Pugliese, all of New York.

Kodiak Gas Services in $175 Million secondary offering of common stock

Deal Description: Compression services provider Kodiak Gas Services, Inc. announced Sept. 9 a public offering of approximately 6.14 million shares by an affiliate of EQT Infrastructure funds. Concurrently, the company disclosed plans to repurchase $25 million of its common stock from the selling stockholder in a separate private transaction. The shares were offered by an affiliate of EQT Infrastructure III and IV. Kodiak does not profit from either the offering or the private transaction, which was contingent on the successful closing of the public offering.

Kodiak Outside Legal Counsel: Kirkland & Ellis with an all-Texas team led from Houston by capital markets partners Matt Pacey and Jennifer Wu along with partner Atma Kabad and associates Sara Lampert, Taylor Santori, Lauren Bingham and Andrew Monioudis.

Financial Advisors: Barclays, Goldman Sachs and J.P. Morgan are serving as the joint book-running managers for the offering.

Outside Legal Counsel to Underwriters: Latham & Watkins advised with a corporate team led by Houston partners Nick Dhesi and Ryan Maierson, with associates Paul Robe, Sydney Verner, Tasbiha Batool, and David Lee. Advice was also provided on tax matters by Houston partner Bryant Lee, with associate Molly Elkins; and on environmental matters by Los Angeles/Houston partner Josh Marnitz, with associate Nolan Fargo.

Mach Natural Resources closes $120M equity offering

Deal Description: Mach Natural Resources, an independent upstream, announced the close Sept. 9, of its public offering of approximately 7 million common units of limited partner interests in Mach at $16.50 per common unit. As an E&P, Mach is focused on oil, natural gas and NGL reserves in the Anadarko Basin region of western Oklahoma, southern Kansas and the panhandle of Texas.

Underwriters: Raymond James, Stifle and Truist Securities served as underwriters for the offering.

Mach Outside Legal Counsel: Kirkland & Ellis advised with a team led by capital markets partners Michael Rigdon and Julian Seiguer with associates Sami Ghubril, Robbie Dillard, Taylor Santori and Samiya Javed; corporate partner Cy Jones and tax partners Mark Dundon and Rebecca Fine and associate David Gilbert.

Hess Midstream Partners in repurchase of $100M in Class B units

Deal Description: Hess Midstream announced Sept. 10 the repurchase of $100 million in Class B units by its affiliate Hess Midstream Operations from Hess Corporation and its sponsor, Global Infrastructure Partners. The purchase price was $35.42 per unit, the same as the closing price of Class A shares on Sept. 9. The repurchase leaves public ownership of Hess Midstream at 41.5 percent on a consolidated basis.

Financial Advisor Outside Conflicts Counsel: Baker Botts led by Houston partner Joshua Davidson and senior associate Catherine Baker Ellis

Conflicts Committee Outside Legal Counsel: Gibson Dunn & Crutcher led by Houston partner Hillary Holmes along with associates Stella Tang and To Nhu Huynh