CDT Roundup: 26 Deals, 14 Firms, 196 Lawyers, $10.8B

The CDT Roundup hasn’t looked at national venture capital trends in a while, so we thought we would take a gander. What we found surprised us.

As expected, 2023 was a rather slow year for VC activity. According to PitchBook, deal counts were relatively high, but deal value continued to drop from historic levels with $170.6 billion invested across the year, off 30 percent from 2022 and 50 percent from 2021.

That’s not all. Last year turned out to be the worst in a decade for acquisitions of VC-backed companies, the data purveyor said. Companies purchased nearly 700 startups at a combined $26.7 billion, about a quarter of the value sold during the 2021 peak.

What’s causing would-be acquirers to hesitate picking up startups? Recession concerns, higher interest rates, antitrust risks and increased emphasis on profitability are among the reasons PitchBook cited. But some industry folks are predicting this year to be much stronger for VC M&A, as most acquirers feel better about their balance sheets and stock prices with the recent surge.

Initial public offerings of VC-backed companies might reemerge after a lackluster 2023. According to PitchBook, there are 723 “unicorns,” or private companies with implied enterprise values of $1 billion or more, currently in the U.S. (Austin-based NinjaOne below is one of them.) We will be watching.

The week ending Feb. 10 saw a heartening 26 deals valued at $10.75 billion. The breakdown was even in value: M&A/Funding side saw 20 deals valued at $5.4 billion, while six capital markets transactions were also valued at $5.4 billion. The week prior there were 12 transactions valued at $8.4 billion, and last year at this time there were 16 deals for $12.1 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
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

Berry spins off unit, merges with Glatfelter in $3.6B combo

Deal Description: Berry Global Group Inc. and Glatfelter Corp. announced Feb. 7 that Berry would spin-off and merge most of its health, hygiene and specialties segment, including its global nonwovens and films business, with Glatfelter, a transaction which values the combined company at $3.6 billion on an enterprise value basis. Evansville, Ind.-based Berry is expected to receive net cash proceeds of about $1 billion, which it will use to repay existing debt. Closing is expected in the second half of 2024 if the deal clears regulators and Glatfelter shareholders. Berry used Bryan Cave Leighton Paisner as outside counsel and King & Spalding aided Charlotte-based Glatfelter with a Houston deal team. For more, click here.

Trinity Hunt Partners closes oversubscribed fund at $700M

Deal Description: Dallas-based Trinity Hunt Partners announced Feb. 6 the closing of Trinity Hunt Partners VII at its hard cap of $700 million in capital commitments. Fund VII was oversubscribed, with fundraising completed in less than five months. The fund’s investor base includes insurance companies, pension funds, endowments, foundations, consultants, funds of funds and family offices. Fund VII will further Trinity Hunt’s buy-and-build strategy with a continued focus on growing small-cap companies within business services, healthcare services and consumer services into market leaders. Trinity Hunt’s team has more than doubled over the last two years to over 40 professionals. The firm said it completed more than 30 transactions in 2023, including five platforms and over 25 add-ons, despite a difficult debt financing market.

Trinity Hunt’s Private Placement Advisor/Placement Agent: Aviditi Advisors

Trinity Hunt’s Outside Counsel: Kirkland & Ellis with a team led by investment funds partners Ian Jelsma and Matt Nadworny and including investment funds associates Katherine Chernova and Alex Albert; tax partners Stephen Butler and Adam Nguyen and associate Amirali Azinfar; investment funds regulatory partners Mac Laban and Alpa Patel; investment funds ERISA partner Sabrina Glaser and associate Ted Brown; and government, regulatory & internal investigations partner Nick Niles.

TowerBrook acquires CBTS from Altafiber for $670M

Deal Description: Altafiber, provider of integrated communications solutions over its fiber-optic network to residential and business customers in Ohio, Kentucky and Indiana, and TowerBrook Capital Partners, the New York- and London-based investment firm, announced Feb. 6 that TowerBrook agreed to acquire CBTS, a North American provider of IT solutions and services, from Altafiber. Terms weren’t disclosed, although in a SEC filing for Cincinnati Bell Inc., which is part of CBTS, the price to be paid is $670 million. TowerBrook Capital Partners will pay a termination fee of $40.2 million in certain circumstances. Founded in 1994 and based in Cincinnati, CBTS is a provider of IT services and solutions focused on enterprise and upper middle market customers, serving more than 3,000 customers across industries in the U.S. and Canada and employing 2,200 people and 2,000 contractors on active engagements (from a network of over 40,000 contractors globally). The transaction with TowerBrook is expected to provide access to new markets and expand its portfolio of products and services. In 2021, Altafiber completed a take-private acquisition with funds managed by Macquarie Asset Management and supporting co-investors to accelerate the fiber build across its operating footprint, and subsequently has passed more 1 million consumer and business addresses.

Expected Closing: H2 2024

Altafiber’s Outside Counsel: Cravath, Swaine & Moore led by partners Robert Townsend and Keith Hallam

TowerBrook’s Outside Counsel: Sidley Austin including partners Brien Wassner, Grace Jamgochian and Kelly Dybala

NinjaOne raises $231.5M in Series C funding led by Iconiq Growth

Deal Description: Austin-based NinjaOne, an IT platform for endpoint management, security and visibility, announced Feb. 6 it raised a $231.5 million in Series C funding led by Iconiq Growth, valuing the company at $1.9 billion. Among others who invested: Frank Slootman, chairman and CEO of Snowflake, and Amit Agarwal, president of Datadog. Iconiq general partner Roy Luo joined NinjaOne’s board. NinjaOne automates endpoint management for more than 17,000 customers in 80 countries, including Hello Fresh, Nissan, Nvidia, Pabst Brewing Co., the State of California and University of Oxford. Founded by Sal Sferlazza and president and CFO Chris Matarese in 2013 to help managed service providers move beyond legacy solutions in remote monitoring and management, NinjaOne has since expanded to manage more than seven million endpoints for MSP and IT teams. Iconiq has made investments in AirBnB, Alibaba, Docusign, Datadog, Snowflake, Uber and Zoom.

NinjaOne’s Outside Counsel: David Ajalat at Goodwin in Santa Monica, Calif.

Iconiq’s Outside Counsel: Mike Andrescavage at Goodwin in New York

Vital acquires upstream assets from Henry for $78M

Deal Description: Vital Energy Inc. announced Feb. 5 the second acquisition of additional working interests in producing assets associated with the recent asset acquisition from Henry Energy, Moriah Henry Partners and Henry Resources for $78 million.

Vital’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partners Stephen Szalkowski and John Greer with associates Cesar Leyva, Robert Cunningham and Justin Reinking. Advice was also provided on tax matters by Houston partner Jim Cole with associate Dylan White; and on antitrust matters by Washington, D.C., partner Jason Cruise and counsel Peter Todaro

Weatherford closes $75M in purchases from Turnbridge, Ardyne acquisition

Deal Description: Houston-based Weatherford said Feb. 6 as part of its earnings release that it completed the acquisition of two technology companies in the wireline space from Turnbridge Capital: Probe and Impact Selector International, both recognized brands. Weatherford said it also completed the acquisition of Ardyne, a leader in well de-commissioning technology with whom Weatherford had a partnership since the fourth quarter of 2022. Weatherford said the companies are aligned with its portfolio and fit well within its acquisition criterion. In a SEC filing, Weatherford said it paid Turnbridge $75 million consisting of 844,702 ordinary shares of the company plus $6 million in cash. Weatherford also agreed to pay more in earnouts: up to 30,298 shares and and up to $12 million either in cash or shares. No terms were revealed on the purchase of Aberdeen-based Ardyne, which was backed by Lime Rock Partners (its initial investment was in 2015).

Weatherford’s Outside Counsel: King & Spalding with a team that includes Heath Trisdale, Jonathan Newton and Austin Paalz

Turnbridge’s Outside Counsel: Shearman & Sterling led by Michael Walraven, Scott Cohen and Alain Dermarkar

Ardyne/Lime Rock’s Outside Counsel: Latham & Watkins led by Bruce Herzog

Closinglock secures $12M in Series A funding

Deal Description: Closinglock, an Austin fintech and fraud prevention technology provider for the real estate industry, announced Feb. 8 the closure of its $12 million Series A funding round. Led by Headline and backed by LiveOak Ventures, RWT Horizons and GTMfund, the investment drives forward Closinglock’s mission to revolutionize the transfer of funds and information in real estate. The infusion of capital will allow Closinglock to accelerate product development, expand its technological infrastructure and further enhance its capabilities in safeguarding and streamlining real estate transactions. Andy White is the co-founder and CEO of Closinglock. Headline has $4 billion of assets under management and its portfolio includes Angies List, Axios, Bumble, GoToMeeting, Groupon, Sonos and Trellis, among others.

Perigon brings in $5M in seed funding

Deal Description: Perigon, an Austin-based contextual intelligence startup, raised $5 million in seed funding. LiveOak Venture Partners led the round. The seed funding will fuel Perigon’s expansion. Founded in 2022 by serial entrepreneur Joshua Dziabiak and Emmy-winning innovator Josh Rickel, Perigon claims it’s at the forefront of organizing the web’s vast data for the age of AI. LiveOak has nearly $500 million under management and led or co-led more than 60 investments in Texas-based companies, such as AmplifAI, publicly traded Disco, Eventus, Homeward, OJO Labs, Osano, SchooLinks and Take Command Health.

Silver Hill buys Bakken assets from Liberty

Deal Description: Latham & Watkins said Feb. 5 the firm advised Riverstone-backed Denver oil and gas company Liberty Resources II on the sale of some of its assets to Silver Hill Energy Partners. Silver Hill announced the deal Jan. 31 for undisclosed terms. The package include Liberty’s interests in oil and gas properties, rights and related assets in North Dakota and Liberty Midstream Solutions, a company with gas gathering, gas processing and produced water logistics assets in North Dakota. Silver Hill plans to fund the deal with equity from Silver Hill Energy Partners III and another Silver Hill-sponsored partnership as well as senior bank debt from each partnership’s credit facilities. Consistent with its strategy, Silver Hill intends to use the transaction as a springboard for growth in the area through bolt-on acquisitions and related investments in upstream, midstream, minerals and royalties. Silver Hill founder and CEO Kyle Miller said the move marks its entry into the Bakken. Silver Hill also has assets in the Haynesville.

Expected Closing: March 14

Outside Counsel/Liberty Resources: The Latham team was led by Stephen Szalkowski and Bruce Herzog and included Elizabeth More, Cesar Leyva, Joseph Kmetz, Shmuel Bruck, Jordan Armstrong. Jim Cole and Dylan White

Outside Counsel/Silver Hill: Willkie Farr & Gallagher including Sarah McLean, Robert Jacobson and Joe Laurel

Liberty’s Financial Advisor: Piper Sandler

Notes: McLean, who left Shearman & Sterling for Willkie on Jan. 2, advised Silver Hill on its sale of a 92 percent working interest in an unconventional Texas gas asset this past April to Mitsui & Co. Ltd. for undisclosed terms.

Braemont acquires Loenbro

Deal Description: Braemont Capital, a Dallas investment firm that partners with companies at growth inflection points, announced Feb. 6 that it acquired Loenbro, a provider of services to the data center, infrastructure and diversified industrial markets, from Tailwind Capital. Financial terms were not disclosed. Braemont’s investment represents a milestone in Loenbro’s trajectory, strategically positioning the company for continued growth through both organic and M&A-driven initiatives. Loenbro is headquartered in Westminster, Colo., and has a track record of more than 20 years serving customers throughout the Mountain West.

Loenbro/Tailwind’s Financial Advisors: Stifel and BlackArch Partners

Loenbro/Tailwind’s Outside Counsel: Davis Polk & Wardwell

Braemont’s Outside Counsel: Kirkland & Ellis with a team led by corporate partner Thomas Laughlin and associate Colleen Haile; debt finance partners Jordan Roberts and Steven Keithley; tax partners David Wheat and Ryan Phelps; investment funds partner Matt Nadworny; executive compensation partner Stephen Jacobson; environmental transactions partner Jon Kidwell; antitrust & competition partner Scott Scheele; real estate partner Andrew Van Noord; and technology & IP transactions partner Matt Lovell.

Saint-Gobain buys International Cellulose

Deal Description: Saint-Gobain announced Feb. 2 it acquired the business assets of International Cellulose Corp., a privately owned Houston manufacturer of commercial specialty insulation products, including spray-on thermal and acoustical finishing systems. Terms weren’t disclosed. The acquisition will allow Saint-Gobain to reinforce its position in light and sustainable construction by offering fireproofing and insulation solutions that will enhance energy conservation and efficiency in commercial spaces. Cellulose, the primary raw ingredient in ICC products, contains high levels of sequestered carbon, furthering Saint-Gobain’s net-zero carbon by 2050 commitment. Saint-Gobain has been on an acquisition tear, scooping up several companies in North America.

International Cellulose’s Outside Counsel: Winston & Strawn including lead partner Mike Blankenship as well as Paul Jezierny, Andrew Betaque, Mary Katherine Kulback, Jeff Smith, Jennifer Stadler, Madison Bennett, Jon Bodle and Justin Trapp

BitGo acquires Brassica

Deal Description: BitGo, a digital asset company focused on serving institutional clients since 2013, announced Feb. 7 its acquisition of Houston-based Brassica, a financial technology company specializing in providing back-end infrastructure services for private securities and alternative investments. BitGo said the integration allows accessibility in the industry, making alternative and digital investing more approachable and widespread and paving the way to compliant opportunities in real-world assets. California-based BitGo, which was valued at $1.75 billion in 2023 after completing a $100 million raise, will further develop new Brassica products across asset classes. Brassica provides multi-asset custody, advanced capital formation solutions and streamlined record-keeping and transfer agent services. Brassica launched as an independent company in March 2023 following a $8 million seed round backed by Mercury Fund, Valor Equity Partners, Long Journey Ventures, NGC, Draft VC and Broadhaven Ventures.

Kinderhook acquires Compactor Rentals

Deal Description: Kinderhook Industries announced Feb. 2 its acquisition of Compactor Rentals of America from management and investor Bestige Holdings. Financial terms of the transaction were not disclosed. Financing for the transaction was provided by a syndicate led by Comerica Bank with participation from Webster Bank, Huntington Bank, and First Merchants Bank. Founded in 2009 and based in Phoenix, CRA is a provider of sustainable waste containment infrastructure specializing in commercial waste compactor and baler equipment rental solutions. CRA’s fleet of more than 5,200 compactor and baler assets is supported by a nationwide network of over 160 vendor partners, enabling it to serve customers across 48 states. Kinderhook’s focus is on middle market businesses with market positioning in the healthcare services, business services/environmental and light manufacturing/automotive sectors.

Kinderhook’s Outside Counsel: Akin Gump Strauss Hauer & Feld and Sidley Austin, including partners Elazar Guttman, Rachel Kleinberg and Tara Lancaster

CRA/Bestige’s Outside Counsel: Winston & Strawn led by Los Angeles partner Stephen Antion

CRA/Bestige’s Financial Advisor: Lincoln International

Notes: Kirkland has counseled Kinderhook on deals in the past, including on its sale of environmental services firm Circon to Covanta Holding Corp. last April for undisclosed terms.

Agile Growth Equity buys Kobus

Deal Description: Locke Lord said Feb. 5 it represented Agile Growth Equity, a growth-oriented private equity group that invests in lower middle market B2B companies, and its affiliates on the equity and debt financing and the acquisition of Kobus Services Ltd. in the U.K. and its U.S. subsidiary Kobus Inc. Terms weren’t disclosed. The deal was announced in November. The acquired companies designs, manufactures and distributes trenchless pipe pulling systems and related accessories.

From Locke Lord: The team led by Jennie Simmons, Lauren Richter and Tammi Niven (all of Houston) with assistance provided by Jake Chagoury (London), Jeremy Petersen, Laura L. Ferguson, Jerry Higdon, Eric Larson, Buddy Sanders and Emily Howard (all of Houston), Mark Backofen (Dallas), Jaremi Chilton (San Francisco), Jerry Francese and Will Barnard (both of New York), Andrew Capalbo (Providence) and Nick Elwell-Sutton (London).

EIG’s MidOcean Energy acquires SK Earthon’s stake in Peru LNG

Deal Description: MidOcean Energy, an LNG company formed and managed by energy and infrastructure investor EIG, announced Feb. 8 that it entered into a definitive agreement with SK Earthon to acquire SK’s 20 percent interest in Peru LNG. Terms weren’t disclosed. It owns and operates the first LNG export plant in South America, located in Pampa Melchorita south of Lima. Its assets include a natural gas liquefaction plant with a pipeline, two storage tanks, a marine terminal and a truck loading facility with capacity. PLNG, operated by Hunt Oil Co., is one of only two LNG production facilities in Latin America. MidOcean is in the process of completing its acquisition of Tokyo Gas’ interests in four Australian LNG projects for $2.15 billion, which is targeted to close at the end of February.

MidOcean’s Financial Advisor: Morgan Stanley

MidOcean’s Outside Counsel: Latham & Watkins with an M&A team led by partners Charlie Carpenter and Justin Stolte with associates Greg Sorensen, Carlyle Reid, Melanie von Staa Toledo, Caroline Silverstein and Mark Goshgarian. Advice was also provided on tax matters by partners Tim Fenn and Jared Grimley with associate Christina McLeod; and on project development matters by partner Chris Peponis and counsel Brian Hintze with associates Ikechukwu Obioma and Jeffrey Romano.

Midway Energy Partners secures commitment from Post Oak Energy

Deal Description: Midland-based Midway Energy Partners announced Feb. 7 the closing of an equity commitment from investment funds managed by Post Oak Energy Capital. Terms weren’t disclosed. The company seeks to leverage its execution capabilities in an “acquire-and-exploit” strategy across a pipeline of opportunities throughout the Permian Basin. Midway’s leadership includes industry leaders CEO Jack Walter, COO Brady Adams and engineering senior VP Jordan Cox, all of whom have participated in building both private equity-backed ventures and public companies focused in the Permian.

Post Oak’s Outside Counsel: Sidley (partner David Buck in Houston)

Midway’s Outside Counsel: Vinson & Elkins (partner Robert Hughes in Houston)

PowerSchool picks up Allovue

Deal Description: PowerSchool, a provider of cloud-based software for K-12 education in North America, announced Jan. 22 that it acquired Allovue, a purveyor of K-12 financial planning, budgeting and analytics software in the U.S. Terms weren’t disclosed. The acquisition supports the expansion of PowerSchool’s financial management, analytics and workflow capabilities, providing schools, districts, and state education leaders with K-12 data and analytics tools to plan budgets and provide visibility for their communities into district spending and the impact on student outcomes.

PowerSchool’s Outside Counsel: O’Melveny led by Bradley Finkelstein (Silicon Valley) and Austin Elder (Dallas) supported by Sally Cook and Sean Horan (Dallas)

Vapor Power sells to Thermon

Deal Description: Austin-based Thermon Group Holdings Inc., which provides industrial process heating solutions, announced Jan. 2 it acquired competitor Vapor Power International from an investment group led by Stone Pointe and members of Vapor Power’s management team. Terms were not disclosed. Vapor realized revenue of more than $50 million last year. Thermon expects the transaction to be accretive to earnings per share in the first 12 months. The acquisition was funded with cash on hand and an expanded term loan under Thermon’s existing credit agreement. According to Thermon, the acquisition will play a role in accelerating its strategy to capture share in rapidly growing, diversified end-markets driven by decarbonization and electrification trends.

Thermon’s Financial Advisor: Fifth Third Securities Inc.

Thermon’s Outside Counsel: Shook, Hardy & Bacon

Vapor’s Financial Advisor: CIBC US Middle Market Investment Banking

Vapor’s Outside Counsel: Locke Lord led by Mike Wilson (Chicago) and Joe DeMedeiros (Boston) and including Brandon Curtin (Boston) and Bryan Boccelli (Chicago) with additional assistance provided by Chris Flanagan and Gene Schlack (both of Boston), Jack Klinker (Chicago), Elizabeth Mack (Dallas) and Lori Basilico (Providence).

Accretive buys Evergreen/UNI

Deal Description: Accretive Insurance Solutions, a nationwide collection of independent specialty and wholesale insurance providers and administrators based in Orlando, announced Jan. 9 its acquisition of Evergreen/UNI from WT Holdings Inc. The Cleveland-area target specializes in tailored surety programs serving the waste management industry and the oil, gas and mining industries. With more than 30 years of industry experience, Tracy Tucker will continue to lead the Evergreen/UNI of bond specialists as president.

WT‘s Financial Advisor: Piper Sandler & Co. 

Accretive‘s Insurance Regulatory Counsel: Locke Lord’s Zachary Lerner in New York with assistance by Moya McKenna in Austin

CAPITAL MARKETS/FINANCINGS

NGL Energy Partners refinances $3.5B in debt

Deal Description: Simpson Thacher said Feb. 5 it advised the initial purchasers with respect to the offering by NGL Energy Partners of $900 million in senior secured notes due 2029 and $1.3 billion of senior secured notes due 2032, the lead arrangers, led by TD Securities, on NGL’s $700 million senior secured term loan facility and the lead arrangers, led by JPMorgan Chase Bank, on the amendment, extension and upsize of NGL’s $600 million asset-based revolving credit facility. NGL will use the proceeds of the new secured notes offering and the term loan to redeem its existing secured and unsecured notes, pay fees and expenses in connection with the refinancing transactions, repay borrowings under the ABL, and to the extent of any remaining proceeds, for general corporate purposes. NGL Energy is a midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process.

From Simpson: The team included partner Brian Rosenzweig and associates Richard Ragusa, Ryan Poché, Christine Robb and Adam Danciu (capital markets); partners Erland Modesto and Andrew Lanius, and associates Brandon Barton, Jule Walsh, John Cupit, Caroline Toohey, Matthew Warren and Arthur Kopilevich (banking and credit)’ counsel Tim Gallagher (real estate); partner Jonathan Pall (Uniform Commercial Code); senior counsel Mike Isby (environmental); associate Pasco Struhs (executive compensation and employee benefits); partner Jonathan Cantor and counsel Michael Mann (tax); partner Marisa Geiger and associates Bobbie Burrows, Rachelle Broida and Courtney Welshimer (IP); and associate Andrew Pagliughi.

Kodiak issues $750M offering of senior notes

Deal Description: Kodiak Gas Services Inc. announced that it closed its previously announced private placement to eligible purchasers of $750 million in 7.250% senior notes due 2029. The notes mature on Feb. 15, 2029 and pay interest at the rate of 7.250% per year, payable on Feb. 15 and Aug. 15 of each year. The first interest payment will be made on Aug. 15. The notes offering closed on Feb. 2.

Initial Purchaser’s Outside Counsel: Latham & Watkins with a capital markets team led by Austin/Houston partner Michael Chambers and Austin partner Samuel Rettew with Houston associates Michael Pascual and Sydney Verner and Austin associates Cooper Shear and Mason Taylor. Advice was also provided on tax matters by Houston partner Bryant Lee with Houston associate Molly Elkins; and on environmental matters by Los Angeles/Houston partner Josh Marnitz with Washington, D.C. associate Jacqueline Zhang.

Nova prices $650M senior notes offering

Deal Description: NOVA Chemicals Corp. announced Feb. 5 it priced an offering of $650 million in 9.00% senior notes. The notes offering is being made in connection with a concurrent tender offer for NOVA’s existing senior notes due 2024. The tender offer will be financed by the amounts raised in the notes offering, net of transaction fees and expenses, along with cash on hand, and the tender offer is conditioned upon the satisfaction or, when applicable, waiver of customary certain conditions. RBC Capital Markets is lead bookrunner on the offering of the 2030 Notes and joint bookrunners were TD Securities, HSBC Securities, Scotia Capital, Barclays Capital Inc., PNC Capital Markets, Morgan Stanley & Co., Loop Capital Markets, SMBC Nikko Securities America Inc and National Bank of Canada Financial Inc. Abu Dhabi Commercial Bank PJSC and First Abu Dhabi Bank PJSC were financial advisors on the transaction. RBC and TD are co-dealer managers for the tender offer and consent solicitation for the 2024 Notes.

Initial Purchasers/Dealer Managers’ Outside Counsel: Latham & Watkins with a corporate deal team led by Austin partner David Miller, Houston partner Monica White and Austin partner Michael Chambers with associates Zainab Hashmi, Emma Fichtel, Mason Taylor and Don Izekor. Advice was also provided on tax matters by Houston partner Bryant Lee with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz with associate Phil Sandick. Torys provided support on Canadian aspects of the deal.

NOVA’s Outside Counsel: Simpson Thatcher & Bartlett with Osler, Hoskin & Harcourt and Stewart McKelvey providing support on Canadian aspects

Hess Midstream launches $331M secondary public offering

Deal Description: Hess Midstream announced Feb. 5 the pricing of an underwritten public offering of 10 million Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners at $33.10 per Class A share. The selling shareholder granted the underwriter a 30-day option to purchase up to 1.5 million additional Class A shares at the public offering price less underwriting discounts and commissions. HESM will not receive any proceeds from the sale of Class A shares in the offering, which was expected to close Feb. 8. Citigroup is bookrunning manager of the offering.

Hess Midstream/Selling Shareholder’s Outside Counsel: Latham & Watkins with a corporate team led by Texas partners David Miller, Samuel Rettew and Thomas Brandt with associates Celia Mishra, Cooper Shear and Jeff Serfass. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee with associate Dylan White; and on environmental matters by Houston/Los Angeles partner Joshua Marnitz and associate Jacqueline Zhang.

Gran Tierra Energy prices $100M offering of additional notes

Deal Description: Gibson, Dunn & Crutcher said Feb. 6 it is advising Gran Tierra Energy Inc. on the pricing of an additional $100 million of its previously issued 9.500% senior secured amortizing notes due 2029. Gran Tierra announced the pricing Feb. 1. Gran Tierra previously had outstanding $487.6 million in such notes.

From Gibson Dunn: The corporate team includes partner Hillary Holmes, of counsel Rodrigo Surcan and Justine Robinson and associates Malakeh Hijazi and Matthew Goldstein. Partner Shalla Prichard is advising on financing. Partner Pamela Lawrence Endreny and associate Kate Long are counseling on tax. The international corporate team includes partners Chris Haynes and Hugo Hernández-Mancha and associate Alexandra Jones.

Spearmint secures $47.5M finance term loan from Manulife for battery storage project

Deal Description: Spearmint Energy, a renewable energy company enabling the clean energy revolution through battery energy storage, announced Feb. 6 it closed a $47.5 million project finance term loan from Manulife, a global financial services provider. The term loan will support the commercial operation of Revolution, Spearmint’s 150 megawatt battery energy storage system project in West Texas’ ERCOT power market. Cory Magnuson, CFO of Spearmint, said it’s one of Manulife’s first investments in standalone battery storage in a highly competitive bidding process. The close of the project finance term loan follows Revolution’s completion and launch of commercial operations announced earlier this year as well as Spearmint’s prior securing of $92 million in tax equity financing from Greenprint Capital Management and $200 million in term loan financing from Aiga Capital Partners and Nuveen.

Spearmint’s Financial Advisor: Javelin Capital

Spearmint’s Outside Counsel: Paul Hastings including partners Luis F. Gomar and Jason H. Busch with assistance from Elena Rodriguez, Vanessa Parada and Jose P. Salas.  Additional members of the team included Mike Haun and Lena Son on tax matters, Donna Bobbish on energy regulatory matters and Mehran Massih on environmental matters.

Manulife’s Outside Counsel: Day Pitney including partner Paul Belval with assistance from Samantha M. Regan, Gemma R. Cashman and Sarah Thompson

OTHER MATTERS

Liquefied natural gas company Tellurian said Feb. 6 it has hired Lazard to explore the sale of its Haynesville exploration and production business in East Texas and Louisiana as it seek to reduce debt, cut its general and administrative expenses and bring in more cash to further develop its Driftwood LNG project. “This approach is more attractive than issuing equity to fund our 2024 development activities and working capital needs,” CEO Octávio Simões said. The Haynesville assets could be worth $365 million, investment bank Roth MKM said in a note on Tuesday, as per Reuters. Chevron also intends to sell around 71,000 net acres concentrated in East Texas currently valued at $140 million, Reuters reported.