Pressure from non-traditional players is forcing venture capital to get more specific.
New firms formed over the past 15 years have been gravitating away from generalist investing premises to more targeted or specialist management styles.
The reason behind the move? According to a recent PitchBook analyst note, startups tend to gravitate toward VC’s with more technical prowess and understanding. PitchBook stated they also might find more advantageous financial terms as the smaller specialist shops work to differentiate themselves from the well-established players.
Over the past few months, legal and financial sources also continue to point out that the competition to back the next big thing isn’t reserved solely for VC’s, putting some venture firms in a tight spot when it comes to the next fundraise.
In Texas over the past several years, private equity firms and family offices have started filling in the gaps for an absence of early-stage funding in some regions and such entities have even changed their investment theses to account for startups – a much riskier proposition with the potential for much higher returns.
Beyond the intercession of active family offices and private equity firms looking further and further downstream, large corporations around the country are turning to venture funding of their own to seek out solutions tied to decarbonization in addition to ESG efforts.
Just this past week, United Airlines announced the launch of a venture arm to seek out sustainable concepts. That effort, advised by Sidley Austin’s Kevin Lewis, is covered below.
The 26 deals reported last week included 19 transactions tied to M&A or funding totaling $25.6 billion and seven capital markets deals at more than $1.6 billion. Fifteen firms and 209 lawyers based in Texas participated in the activity.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Week Ending | Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | CapM Value $M |
|---|---|---|---|---|---|---|---|---|
| January 22, 2022 | 13 | $5,143.5 | 10 | 99 | 12 | $4,842.5 | 1 | $301 |
| January 15, 2022 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| January 8, 2022 | 13 | $8,256.2 | 11 | 102 | 13 | $8,256.2 | 0 | 0 |
| January 1, 2022 | 9 | $1,273.8 | 6 | 50 | 9 | $1,273.8 | 0 | 0 |
| December 25, 2021 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| December 18, 2021 | 26 | $7,325.2 | 15 | 193 | 18 | $3,640.2 | 8 | $3,685.2 |
| December 11, 2021 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| December 4, 2021 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| November 27, 2021 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.6 |
| November 20, 2021 | 20 | $22,792 | 15 | 157 | 12 | $18,864.5 | 8 | $3,928 |
| November 13, 2021 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| November 6, 2021 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| October 30, 2021 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103. |
| October 23, 2021 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.6 |
| October 16, 2021 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| October 9, 2021 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| October 2, 2021 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| September 25, 2021 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| September 18, 2021 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| September 11, 2021 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| September 4, 2021 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| August 28, 2021 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| August 21, 2021 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| August 14, 2021 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| August 7, 2021 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| July 31, 2021 | 21 | $8,16 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| July 17, 2021 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| July 10, 2021 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| July 3, 2021 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| June 26, 2021 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| June 19, 2021 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| June 12, 2021 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| June 5, 2021 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| May 29, 2021 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| May 22, 2021 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| May 15, 2021 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| May 8, 2021 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| May 1, 2021 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| April 24, 2021 | 8 | $20,200 | 9 | 3` | 8 | $20,200 | 0 | 0 |
| April 17, 2021 | 14 | $6,270 | 8 | 102 | 11 | $4,0180 | 3 | $2,260 |
| April 10, 2021 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| April 3, 2021 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| March 27, 2021 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.5 |
| March 20, 2021 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| March 13, 2021 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| March 6, 2021 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| February 27, 2021 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| February 20, 2021 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| February 13, 2021 | 12 | $4,852.6 | 7 | 81 | 7 | 2,766 | 5 | $2,086.6 |
| February 6, 2021 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| January 30, 2021 | 18 | $9,449 | 9 | 182 | 15 | $8753.8 | 3 | $695.3 |
| January 23, 2021 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| January 16, 2021 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.9 |
| January 9, 2021 | 22 | $6,829 | 14 | 135 | 18 | $3,139.3 | 4 | $3,690 |
| January 2, 2021 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| December 26, 2020 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| December 19, 2020 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| December 12, 2020 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| December 5, 2020 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| November 28, 2020 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| November 14, 2020 | 14 | $864.1 | 14 | 157 | 12 | $289.1 | 2 | $575 |
| November 7, 2020 | 13 | $6,332 | 9 | 129 | 9 | $2,483.5 | 4 | $3,849 |
| October 31, 2020 | 10 | $3,995.8 | 8 | 103 | 6 | $3,231.1 | 4 | $754.7 |
| October 24, 2020 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| October 17, 2020 | 8 | $351.9 | 5 | 55 | 8 | $351.9 | 0 | 0 |
| October 10, 2020 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| October 3, 2020 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| September 26, 2020 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| September 19, 2020 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| September 12, 2020 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| September 5, 2020 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| August 29, 2020 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| August 22, 2020 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| August 15, 2020 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| August 8, 2020 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| August 1, 2020 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| July 25, 2020 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| July 18, 2020 | 6 | $1,982.5 | 5 | 50 | 4 | $1,407.5 | 2 | $575 |
| July 11, 2020 | 11 | $565.1 | 12 | 75 | 10 | $65.1 | 1 | $500 |
| July 4, 2020 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.3 |
| June 27, 2020 | 8 | $6,874 | 10 | 50 | 5 | $4,972.5 | 3 | $2,081.5 |
| June 20, 2020 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| June 13, 2020 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| June 6, 2020 | 11 | $3,213.7 | 8 | 65 | 7 | $470 | 4 | $2,743.7 |
| May 30, 2020 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| May 23, 2020 | 4 | $432.4 | 4 | 34 | 3 | $432.4 | 1 | 0 |
| May 16, 2020 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| May 9, 2020 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| May 2, 2020 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| April 25, 2020 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| April 18, 2020 | 19 | $9,500 | 14 | 92 | 8 | $185.7 | 11 | $9,360 |
| April 11, 2020 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| April 4, 2020 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| March 28, 2020 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| March 21, 2020 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| March 14, 2020 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| March 7, 2020 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| February 29, 2020 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| February 22, 2020 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| February 15, 2020 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| February 8, 2020 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| February 1, 2020 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| January 25, 2020 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| January 18, 2020 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| January 11, 2020 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| January 4, 2020 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| December 28, 2019 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.4 |
| December 14, 2019 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| December 7, 2019 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.5 |
| November 23, 2019 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| November 16, 2019 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| November 9, 2019 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| November 2, 2019 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| October 26, 2019 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| October 19, 2019 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| October 12, 2019 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| October 5, 2019 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| September 28, 2019 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| September 21, 2019 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| September 14, 2019 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| September 7, 2019 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| August 31, 2019 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| August 24, 2019 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| August 16, 2019 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| August 9, 2019 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| August 2, 2019 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| July 27, 2019 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| July 20, 2019 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| July 13, 2019 | 10 | $775 | 7 | 46 | 8 | $542.5 | 2 | $233 |
| July 6, 2019 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| June 29, 2019 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| June 22, 2019 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| June 15, 2019 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| June 8, 2019 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| June 1, 2019 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| May 25, 2019 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| May 18, 2019 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| May 11, 2019 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| May 4, 2019 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| April 27, 2019 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| April 20, 2019 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| April 13, 2019 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| April 6, 2019 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| March 30, 2019 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| March 23, 2019 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| March 16, 2019 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| March 9, 2019 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| March 2, 2019 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| February 23, 2019 | 12 | $2,040 | 8 | 69 | 9 | $614.6 | 3 | $1,430 |
| February 16, 2019 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| February 9, 2019 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| February 2, 2019 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| January 26, 2019 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| January 19, 2019 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| January 12, 2019 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| January 5, 2019 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| December 22, 2018 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| December 15, 2018 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| December 8, 2018 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| December 1, 2018 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| November 28, 2018 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| November 19, 2018 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| November 14, 2018 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| November 6, 2018 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| October 29, 2018 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| October 24, 2018 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| October 17, 2018 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| October 10, 2018 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| October 2, 2018 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| September 25, 2018 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| September 18, 2018 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| September 11, 2018 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| September 7, 2018 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| August 29, 2018 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| August 20, 2018 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| August 14, 2018 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| August 7, 2018 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| July 31, 2018 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| July 23, 2018 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| July 17, 2018 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| July 9, 2018 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| July 3, 2018 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| June 25, 2018 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| June 18, 2018 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| June 11, 2018 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| June 6, 2018 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| May 31, 2018 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| May 22, 2018 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| May 15, 2018 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| May 9, 2018 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| May 1, 2018 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| April 24, 2018 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| April 17, 2018 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| April 11, 2018 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| April 3, 2018 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| March 28, 2018 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| March 19, 2018 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| March 12, 2018 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| March 6, 2018 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| February 27, 2018 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| February 19, 2018 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| February 12, 2018 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| February 5, 2018 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| January 30, 2018 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| January 24, 2018 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| January 18, 2018 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| January 9, 2018 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| January 3, 2018 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| December 27, 2017 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| December 18, 2017 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| December 11, 2017 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| December 4, 2017 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| November 28, 2017 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| November 16, 2017 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| November 8, 2017 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| November 1, 2017 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| October 23, 2017 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| October 18, 2017 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| October 10, 2017 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| October 2, 2017 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| September 25, 2017 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| September 18, 2017 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| September 12, 2017 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| September 1, 2017 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| August 23, 2017 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
In the previous week‘s Corporate Deal Tracker Roundup, 13 firms with 95 Texas-based lawyers reported 12 M&A and funding deals valued at $14.7 billion and one senior notes offering at $600 million. The same week the previous year brought six deals valued at $3.5 billion between four firms and 37 lawyers.
Note: Texas Lawbook corporate transactions editor Claire Poole contributed to this article.
M&A/FUNDING
Worldwide Express to Merge With GlobalTranz
Dallas-based Worldwide Express is set to merge with GlobalTranz Enterprises, a combination that will create a massive logistics powerhouse should the deal close in the third quarter.
Terms of the transaction were not disclosed.
CVC Capital Partners backed the deal and is a leading a consortium that includes the private equity firms behind the two companies on the transaction.
You can find more details on the deal by clicking here.
Worldwide Express, which is led by Tom Madine as chief executive and Rob Rose as president and is backed by Ridgemont Equity Partners, selected Harris Williams and J.P. Morgan to serve as financial advisors.
Dallas boutique Block & McNeill represented the Worldwide Express management as legal counsel.
Ridgemont selected Kirkland & Ellis as legal counsel. CVC – which has Providence Equity Partners and PSG as lead investors – tapped Dechert as legal advisor. Weil, Gotshal & Manges advised Providence on legal matters.
Boston partner Kevin J. Sullivan led the Weil private equity team along with Dallas partner Richard Frye, Boston counsel Jakub Wronski and Boston associate Emily Willey.
For Dechert, corporate and securities partners Mark Thierfelder, Gareth Clark and Jonathan Kim of New York and Allie Misner Wasserman of Philadelpia led the deal team along with associates Barrett Schitka of New York and Michael Gordon of Philadelphia.
Charlene York serves as Worldwide Express’ general counsel.
The consortium picked Fidus Partners, William Blair and Jefferies as its financial advisors (John Ross, Chris Haza and Patrick Clark from Fidus).
Vitol Inks LNG PSA with Tellurian
Houston-based Tellurian Inc. finalized a 10-year liquefied natural gas sales and purchase agreement with Vitol Inc. valued at $12 billion.
White & Case advised Vitol on the transaction with a Houston-based team led by partners Chris Peponis and Chris Richardson with assistance from associates Jack Moxon, Chantal Carriere and Yuxi Wang.
The agreement is for 3 million tons per year on a free-on-board basis at Driftwood LNG. The move will position Vitol as one of the largest exporters of natural gas in North America.
For Tellurian, which focuses on natural gas production, LNG marketing and trading and infrastructure, it is the second such agreement this year. It inked a similar PSA with Gunvor Singapore in March.
Tellurian is the product of co-founders Charif Souki, who started Cheniere Energy before being forced out after a dispute with activist investor Carl Icahn in 2016, and Martin Houston.
Daniel Belhumeur, who also formerly worked at Cheniere, serves as EVP and general counsel.
Contango, Independence to Merge
In a merger agreement expected to close late in the third quarter, Fort Worth’s Contango Oil & Gas and Houston’s Independence Energy are set to combine.
The deal has an equity value of $4.8 billion and will see the combined entity based in Houston.
For more details on the deal, click here.
Gibson, Dunn & Crutcher advised Contango while Jefferies acted as lead financial advisor to Contango with a team led by Ralph Eads.
The Gibson Dunn team includes Houston partner Hillary Holmes, Dallas partner Jeffrey Chapman, New York partner Andrew Kaplan, Houston associates Monika Kluziak, Brian Downs, Zain Hassan, Stefan Koller, Josh Stout and Nathan Zhang, Los Angeles associate Sarah Graham and Orange County associate Darren Kerstien.
Houston partner Shalla Prichard is weighing in on financing. Houston partner James Chenoweth and Houston associate Collin Metcalf are counseling on tax aspects and Dallas partner Krista Hanvey and Dallas associate Gina Hancock are advising on compensation.
Chad McLawhorn serves as senior vice president and general counsel for Contango.
Vinson & Elkins acted as legal counsel to Independence and Wells Fargo Securities served as financial advisor (Kevin Adam with assistance on the coverage side from Scott Van Bergh).
The V&E corporate team, based in Houston, was led by partners Doug McWilliams and Keith Fullenweider and senior associate Robert Hughes with assistance from senior associate Jackson O’Maley and associate Jordan Fossee.
Houston associates Alex Lewis, Markeya Brown, Breanna Kelly, Mary Busse and Chase Browndorf also advised on corporate matters; Houston and Dallas partner David D’Alessandro, Dallas counsel Dario Mendoza and Houston associate Maddison Riddick on executive compensation/benefits; and partners John Lynch and Lina Dimachkieh and associates Curt Wimberly and Lauren Nieman, all of Houston, on tax matters.
Also assisting were Houston partner Bryan Loocke, counsel Joclynn Townsend and senior associate Cesar Leyva on energy transactions/projects; Houston partner Sean Becker and associate Annie Blanc on labor/employment; partner Matt Dobbins, counsel Larry Pechacek and associate Kevin Moscon, all of Houston, on environmental matters; and Dallas counsel Sarah Mitchell on insurance.
KKR Picks Up MIC’s Atlantic Aviation
Primarily through its Global Infrastructure Investors and Core Investments strategies, private equity giant KKR plans to purchase Macquarie Infrastructure Corp.’s Atlantic Aviation platform.
The $4.475 billion deal – which works out to about 16 times EBITDA – includes one of the largest fixed-based operations businesses in the U.S., including 69 airport locations around the world.
MIC tapped White & Case as legal advisor with a team led out of New York and Lazard and Evercore as financial advisors (Rob Pacha in Houston from Evercore).
Kirkland & Ellis represented KKR on legal matters with a Houston-based corporate team led by partners John Pitts, Andy Calder and Kyle Watson and associates Stephen Noh, Ed Vaunder, Jack Kelly and Camille Walker in addition to debt finance partners Lucas Spivey of Houston, Roald Nashi of Washington, D.C., and Houston and Jordan Roberts of Houston; and Houston capital markets partners Matt Pacey and Bryan Flannery.
Jefferies served as financial advisor to KKR. The sale is expected to close in the fourth quarter.
Bonanza-Extraction Makes Asset Acquisition
The product of the planned combination of Bonanza Creek Energy and Extraction Oil & Gas, Civitas Resources Inc., announced plans to acquire another energy producer active in the DJ Basin. No terms on the asset purchase were disclosed.
With the addition of the Crestone Peak Resources assets by way of an all-stock transaction, Civitas will operate across more than 500,000 net acres. The Crestone assets also include Colorado’s first carbon neutral oil and gas producer.
Vinson & Elkins advised Bonanza Creek on the legal matters while J.P. Morgan Securities advised on financial matters (Michael Johnson, Alex Long, Alex Greenberg and Jonathan Cox).
V&E partners Steve Gill of Houston and Shelley Barber of New York led the corporate team along with Dallas senior associate Alex Robertson and Houston associates David Lassetter, Andrea Siso and Patrick Nichols and Dallas associate Elizabeth Janicki.
The firm’s other Texas-based counsel also included partner Katherine Frank and associates Cameron Land, Claire Wenholz and Anne Jensen, all of Dallas; partners James Meyer and Wendy Salinas, senior associate Brian Russell and associate David Gilbert, all of Dallas; partner Shane Tucker, senior associate Missy Spohn and associate Matt Green, all of Dallas; partner Sean Becker and associate Peter Goetschel, both of Houston; partner Paul Heath of Houston; Houston partner Larry Nettles; partner Suzanne Clevenger and associate Tray Smith, both of Houston; and partner John Grand and counsel Elena Sauber, both of Dallas.
Extraction selected Kirkland & Ellis as legal counsel and Petrie Partners Securities as financial advisor (Jon Hughes, John Fossum, Max Silverman and Austin Hughes).
Kirkland partners Doug Bacon of Houston and New York, Julian Seiguer of Houston, Enoch Varner of Houston and Alex Rose of Dallas led the corporate team with assistance from Houston associates Camille Walker and Brittany Scheier and Dallas associates Tess Dennis and Sara Phipps.
Other Texas-based members of the Kirkland team included capital markets partner Bryan Flannery of Houston and associates Logan Weissler of Dallas and Samantha Siegler of Houston; asset partners Anthony Speier of Houston and Chris Heasley of Houston and Austin and Houston associate Alia Heintz; Houston tax partner Mark Dundon and associates Joe Tobias and Courtney Loyack; Houston finance partners Will Bos and Mitch McClellan and Dallas associates Shan Khan and Aisha Noor; and Houston executive compensation partners Stephen Jacobson and Stephanie Jeane.
Crestone, which counts the Canadian Pension Plan Investment Board as its largest shareholder, selected TD Securities to advise on financial matters (Tim Balombin, Andrew Claridge, Don Warmington, Matt Essex and Jared Bouma) and Gibson, Dunn & Crutcher to oversee legal matters.
The Gibson Dunn team is led by Denver partner Beau Stark and Houston partner Gerry Spedale with assistance from Orange County of counsel Michelle Gourley and Houston associates Graham Valenta and Stella Tang.
Houston partner Shalla Prichard advised on financing; Houston partner James Chenoweth and Houston associate Collin Metcalf on advising on tax aspects; and Dallas partner Krista Hanvey on benefits.
As part of the agreement Crestone shareholders will receive 22.5 million shares of Bonanza Creek common stock in exchange for 100% of their equity interests.
The original enterprise value for the combination of Extraction and Bonanza Creek was noted at $2.6 billion. The most recent enterprise value included in the announcement of the Crestone transaction was $4.5 billion.
Euless’ U.S. Concrete Sells in $1.2B Deal
Vulcan Materials Co. plans to acquire Euless-based U.S. Concrete as it looks to break into the ready-mixed concrete space and expand its geographic reach.
More details on the deal can be found in this story.
U.S. Concrete – with Paul M. Jolas serving as senior vice president, general counsel and corporate secretary – tapped Gibson, Dunn & Crutcher and Akin Gump Strauss Hauer & Feld as legal advisors.
New York partners Steven Shoemate and Andrew Kaplan led the Gibson Dunn team.
Evercore and BNP Paribas Securities Corp. acted as financial advisors to U.S. Concrete.
Wachtell, Lipton, Rosen & Katz and Bradley Arant Boult Cummings served as legal counsel to Birmingham-based Vulcan, while the Greystone Group acted as financial advisor.
New York partners Igor Kirman and Elina Tetelbaum led the Wachtell Lipton team while Birmingham partner Michael Thomason led the Bradley team.
Denson N. Franklin III, senior vice president, general counsel and secretary, led the in-house group at Vulcan.
Truist Securities is handling Vulcan’s committed financing for the transaction.
Hartree Buys Plains All American’s Assets
Hartree Partners announced plans to acquire Plains All American’s Pine Prairie and Southern Pines natural gas storage facilities.
Hartree, which has an office in Houston, is jointly owned by the firm’s senior management and certain Oaktree Capital Management funds.
With the $850 million cash deal, Hartree gains two of the highest-performing natural gas storage facilities in the country with 70 billion cubic feet of working gas capacity.
Hartree picked Milbank as legal counsel with a team led by global corporate partners John D. Franchini and Aaron Stine and global project, energy and infrastructure finance partner Dan Bartfeld, all of New York.
Wells Fargo Securities acted as financial advisor to Plains (Hugh Babowal and Michael Shih) while Vinson & Elkins counseled on legal matters.
Houston V&E partner Doug Bland led the firm’s corporate team with assistance from Houston senior associate Caroline Kuehn, Houston associates Ryan Logan and Alyssa Allen and Dallas associate Abby Branigan.
Also advising from Texas were Houston partner John Lynch and senior associate Christine Mainguy; Dallas counsel Sarah Mitchell; Houston partner Tom Wilson and senior associate Alex Bluebond; Houston and Dallas partner David D’Alessandro and Houston associates Mary Daniel Morgan and Maddison Riddick; Houston partner Larry Nettles; and Dallas senior associate Jared Knight.
The transaction is expected to close in the third quarter.
Fortress to Buy U.S. Steel’s Transtar
Fortress Transportation and Infrastructure Investors announced plans on June 8 to acquire Transtar, U.S. Steel’s rail operating subsidiary.
Fortress will pick up Transtar’s six operating freight railroads connected to U.S. Steel’s largest production facilities in the $640 million transaction, including the Texas & Northern Railroad Company.
Jones Day represented Pittsburgh-based U.S. Steel in the deal while Sidley Austin counseled Fortress on legal matters.
Partners David A. Grubman of Pittsburgh and George M. Hunter of Cleveland led the Jones Day team.
The deal leaders at Sidley Austin were Washington, D.C., and senior counsel Terry Hynes as well as Houston associate Chris Folmsbee. Additional Texas-based assistance included Houston associate Cedric Seley advising on corporate matters.
The transaction also marks the consummation of a railway services agreement between Transtar and U.S. Steel upon close of the deal, which is set for the third quarter.
Fortress Facilitates Colony’s Exit From OED Portfolio
One or more affiliates of New York’s Fortress Investment Group will become general partner and manager in Colony Capital’s CDCF series of funds, co-investment vehicles and other non-digital real estate positions, according to a recent announcement.
The $535 million consideration for the positions reflects the sale of Colony’s remaining other equity and debt portfolio.
Moelis & Co. acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison was legal counsel to Fortress Credit Advisors.
Kirkland & Ellis counseled Fortress Investment Group with a corporate team led by partners Shubi Arora and R.J. Malenfant and associate Alia Heintz.
The transaction is expected to close in the fourth quarter.
Colgate III to Acquire Occidental Permian Acreage
An affiliate of Colgate Energy Partners III plans to continue its push into Texas’ Reeves and Ward Counties with a fresh 25,000 net acres from Occidental Petroleum.
Colgate, which is based in Midland and was founded by Will Hickey and James Walter with backing from Pearl Energy Investments and NGP, will pick up the assets for $508 million.
Kirkland & Ellis advised Colgate on legal matters.
The Kirkland team included Houston corporate partners Chad Smith and Anthony Speier, Dallas associate William Eiland and Houston associates Isaac Bate and Caleb Martin along with Houston tax partner Mark Dundon and associate Ryan Phelps and Dallas environmental transactions partner Jonathan Kidwell and Houston associate Madison McMurray.
White & Case advised Occidental in the transaction with a Houston-based team led by M&A partners Mingda Zhao and Emery Choi and included environmental partner Taylor Pullins; tax partner Chad McCormick and associate Michael Rodgers; project development and finance associate Danny Hatch; and M&A associates Ted Seeger and Yuxi Wang.
The deal is expected to close in the third quarter.
The Occidental transaction comes after another recent acquisition for Colgate that gave it further footing adjacent to the Houston company’s holdings in the region. Colgate paid an undisclosed amount in an all-stock transaction for 22,000 net acres in Reeves and Ward counties from NGP Natural Resources XI-backed Luxe Energy.
De-SPAC Merger Eyes Electric Aircraft Space
Special purpose acquisition company Broadstone Acquisition Corp. has selected a target: Vertical Aerospace Group, an engineering and aeronautical company pushing for a zero-emissions electric aircraft.
Gross proceeds for the offering consist of $394 million, including private investment in public equity funding. The PIPE features notable investors such as Fort Worth-based American Airlines, Honeywell, Rolls-Royce and Microsoft’s M12.
Broadstone selected Winston & Strawn to advise on legal matters and Citi to advise on financial matters.
Partners Paul Amiss of London, Mike Blankenship of Houston and David Sakowitz of New York co-led the Winston team.
Latham & Watkins provided legal counsel to Vertical with a team led by corporate partners Robbie McLaren of London and David Stewart of London and Moscow.
Barclays acted as Vertical’s lead financial advisor, including Hugh Moran, Craig Molson, Amit Chandra and Ben Metzger. Both Barclays and Citi also acted as joint placement agents on the PIPE (Patrick Evans, Pavan Bellur and Rob Jurd from Citi).
U.K.-headquartered Vertical has already entered into commercial partnership agreements and pre-orders with American, Virgin Atlantic and Avolon for up to 1,000 aircrafts.
The pre-order from American allots to a potential $1 billion commitment with a consideration of up to 250 aircraft.
Sidley Austin advised American in the transactions with a team led by Dallas partner Bart Biggers.
Other Texas-based assistance came out of Houston from partner Jon Daly, counsel Atman Shukla, and associates Riley Fedechko and John Stribling.
HKN to Become Wholly Owned Unit of Hillwood
HKN Holdings, with operations in Dallas and Kurdistan, is set to become wholly owned by Hillwood Energy thanks to the acquisition of Kerogen Capital No. 7 Ltd.’s interest in the holding company for HKN Energy.
Kerogen Capital previously invested $100 million through convertible preference shares in HKN in 2014, although it is unclear whether the firm ponied up further or divested any of its interest sooner.
Hillwood Energy, a subsidiary of the Dallas juggernaut founded by the Perot family, will pay $80 million up-front for the stake in addition to earn-out payments up to $120 million.
A London-based Bracewell team advised Hillwood Energy in the deal with a team led by partner Ben James and associates Lauren Kelsall, Adam Waszkiewicz, and Adam Quigley.
Dallas-based Shelby Bush serves as general counsel to HKN Energy, which owns a 62% operated interest in Iraq’s Sarsang production sharing contract.
The deal was partially funded by a new issuance of $100 million of 12% senior unsecured bonds, maturing 2025, through HKN Energy III.
United Launches Venture Fund
United Airlines will head into venture funding thanks to a new initiative from the Chicago airline.
Through United Airlines Ventures, the company plans to back concepts tied to sustainability in addition to transportation and aerospace innovation.
Sidley Austin advised United in the transaction with a team led by Houston office co-managing partner Kevin Lewis, among others.
Sidley recently advised the airline on its acquisition of at least 15 supersonic aircraft.
The company’s vice president of corporate development and investor relations, Michael Leskinen, will head the venture arm as president.
Apollo Invests in Black Bay’s TOPS
Funds managed by affiliates of Apollo Global Management will pick up a majority interest in Black Bay Energy Capital’s contract gas compression services provider Total Operations and Production Services, the firms announced.
While financial terms of the transaction were not disclosed, the strategic investment in Midland’s TOPS should aid the company in growing its capabilities tied to electric driven compression for gas lift and other applications.
The Apollo funds tapped Vinson & Elkins to advise on legal matters.
Dan Komarek of New York and Shay Kuperman of Houston led the V&E M&A team with assistance from Houston associates Sam Garforth-Bles, Kara Chung and Kathryn Hastings and New York associate Heather Brocksmith.
Other key team members from Texas included Houston partners Sean Becker and Matt Dobbins, Houston and New York partner Devika Kornbacher, Houston senior associates Sean Hill and Carter Olson, Houston partner Jason McIntosh and Dallas counsel Sarah Mitchell.
Fishman Haygood represented TOPS and New Orleans-based Black Bay on legal matters.
J.P. Morgan provided support for the transaction through an upsized credit facility.
Cadence Bank Provides Capital to Black-owned Bank
Cadence Bank announced plans to provide growth capital to Houston’s Unity National Bank, the sole Black-owned banking institution in Texas. Financial terms of the funding were not disclosed.
Unity serves commercial and retail banking customers in the Houston and Atlanta areas. The investment from Cadence is expected to aid Unity in expanding its commercial loan operations in addition to other growth opportunities.
Vinson & Elkins represented Cadence Bank with a team led by Houston partner Gillian Hobson. Cadence is also based in Houston and is a unit of Cadence Bancorporation.
Beyond growth funding, Cadence plans to provide mentorship and access to advisory services, such as information technology, talent recruitment, strategies tied to new banking services and guidance on loan originations, among others.
Last month, Cadence announced a $6 billion strategic merger with BancorpSouth Bank, growing its reach in the southeast U.S. and community banking.
Soapmaker Receives Backing from General Atlantic
General Atlantic plans to provide a growth investment to Buff City Soap. Financial terms weren’t disclosed.
Buff City’s Crux Capital and Guideboat Capital Partners, both based in Dallas, point to global growth equity firm’s investment as supporting the plant-based soapmaker’s “ongoing exponential growth.”
Reports have cited that Buff City has $1 billion revenue aspirations by 2025 – and the new infusion could push the retailer and maker in the right direction.
Greenberg Traurig advised Buff City, Crux and Guideboat on legal matters on the transaction with a team led by
Thomas Woolsey with assistance from Dallas-based tax practice shareholder Labry Welty, corporate associates Richard D. Dusenbury and John-Paul G. Haskins and tax associate Josh Prywes.
Buff City moved its headquarters from Memphis to Dallas last year as it sought a more central location for distribution and logistics and to be closer to its backers.
DuraServ Acquires Acme Doors
DuraServ Corp., a Carrollton-headquartered provider to the loading dock, door and equipment industry, has snapped up a commercial and residential garage doors provider.
DuraServ has been on an acquisitive tear over the past several years – including through its Southern Dock Products division – and the acquisition of Acme Doors fits into its long-term, fast growth-focused strategy.
The purchase price was not disclosed.
Morgan Lewis represented DuraServ in the transaction with a team led by Dallas office managing partner Janice Davis and associate Lauren Hutton-Work.
Davis has advised DuraServ before, on its acquisition of Industrial Equipment & Specialties Inc., a provider of industrial equipment, and on the purchase of Doors Unlimited of Tennessee Inc., a purveyor of door and equipment products.
Vista-backed Solera Purchases eDriving
Vista Equity-backed Solera Holdings has made another acquisition tied to the global fleets market business.
Solera, which is headquartered in Westlake, plans to acquire eDriving, a digital driver risk management company that serves commercial fleets. No terms were disclosed.
Kirkland & Ellis advised Solera on the transaction with a team led by corporate partners Melissa Kalka of Dallas and Walt Holzer of Chicago and Dallas associates Tori Newton and Sara Phipps.
CIP Capital counted eDriving as one of its portfolio companies, although it’s unclear whether the firm is exiting the company with the recently announced acquisition by Solera.
Solera announced in May that it plans to purchase Omnitracs and Dealersocket, two North Texas-based businesses focused on data intelligence and technology that can be leveraged in Solera’s vehicle lifecycle management push.
Sterling’s Artisan Design Acquires Great Floors
Artisan Design Group has acquired Great Floors, the largest provider of flooring products and installation services in the Northwest. Terms weren’t disclosed.
Dallas-based ADG is a portfolio company of Sterling Portfolio Group and works with homebuilders, multi-family developers and institutional property owners through its 120 distribution, design and service facilities.
Willkie, Gallagher & Farr represented Artisan Design Group with a team led by partner Scott Miller, who is based in Houston.
CAPITAL MARKETS
Pacific Gas & Electric Co. Issues First Mortgage Bonds
San Francisco utility company Pacific Gas & Electric Co. issued $800 million of 3% first mortgage bonds due 2028.
Hunton Andrews Kurth represented Pacific in the offering.
Partners Kevin Felz and Michael Fitzpatrick and associates Ashley Jaber and Patrick Jamieson, all of New York, led the HuntonAK team with additional help from Houston partner Robert McNamara and associate Tim Strother advising on tax matters.
Davis, Polk & Wardwell represented the placement agents, Bank of America Securities, Barclays Capital, J.P. Morgan Securities and Goldman Sachs & Co, with BMO Capital Markets Corp., Blaylock Van, MFR Securities and Siebert Williams Shank & Co. acting as co-managers.
The Bank of New York Mellon Trust Co. acted as trustee in the transaction.
SM Energy Announces Upsized Senior Notes, Tender Offerings
SM Energy Co. announced an upsized offering of $400 million – up from $350 million – of 6.500% senior unsecured notes due 2028.
SM Energy expects to use the proceeds from the senior notes offering to fund a cash tender offer related to its outstanding 6.125% senior notes due 2022 and up to $130 million of its outstanding 5.00% Senior Notes due 2024, in addition to general corporate purposes.
A Gibson Dunn corporate team led by Dallas and Houston partner Doug Rayburn advised SM Energy in senior notes and tender offerings with assistance from Houston associates Justine Robinson and William Bald and Dallas associate Jonathan Sapp. Houston partner James Chenoweth advised on tax matters.
BofA Securities, J.P. Morgan, Wells Fargo Securities, Goldman Sachs & Co. and RBC Capital Markets are acting as joint book-running managers for the senior note offering.
The Denver-based energy company focuses primarily on opportunities in Texas tied to the acquisition, exploration, development and production of oil, gas and natural gas liquids.
Riverstone Exits Liberty Through Offering
Private equity firm Riverstone, through its R/C Energy IV Direct Partnership and R/C IV Liberty Holdings investment vehicles, fully exited Liberty Oilfield Services Inc. with the sale of its Class A common stock.
Morgan Stanley & Co., acting as the underwriter in the transaction, agreed to purchase Riverstone’s 12.29 million aggregate shares with a par value of $0.01 per share in an offering that closed on June 10.
The sale of the shares did not garner proceeds for Liberty.
Vinson & Elkins represented Liberty in the transaction with a Houston-based team led by partner David Oelman and counsel Crosby Scofield with assistance from associates Alex Lewis and Matt Fiorillo.
R. Sean Elliott, who formerly worked at USAA and in Haynes & Boone’s San Antonio office, serves as Liberty’s vice president, general counsel and corporate secretary.
Willkie counseled Riverstone on the transaction while Baker Botts advised Morgan Stanley.
The Baker Botts corporate team included Houston partner Joshua Davidson, Houston special counsel Eileen Boyce, Austin senior Grace Matthews and Houston associates Malakeh Hijazi and Daniel Jung.
Clean Energy Fuels Eyes Another ATM Offering
Through an at-the-market offering program, Clean Energy Fuels Corp. entered into a new equity distribution agreement with Goldman Sachs & Co.
The ATM equity offering involves the offer and sale of up to $100 million in common stock.
Gibson Dunn represented Goldman Sachs in the transaction with a team led by Houston partner Hillary Holmes with assistance from Houston associates Brian Downs and Zain Hassan.
O’Melveny & Myers acted as special counsel to Clean Energy.
In addition to close to $100 million in proceeds from a prior ATM offering, Clean Energy plans to use the combined proceeds to develop and acquire renewable gas production projects and building fueling stations to support contracted RNG fueling volume, in addition to general corporate purposes.
Lincoln County Bancorp Closes $15M Notes Offering
Lincoln County Bancorp Inc. completed the issuance of $7.5 million in 10-year and $7.5 million in 15-year fixed-to-floating rate subordinated notes.
Lincoln is the Missouri-based holding company for Peoples Bank & Trust Co., Exchange Bank of Northeast Missouri, New Frontier Bank, Peoples Bank of Altenburg and Bank of Louisiana.
Hunton Andrews Kurth advised the issuer in the transaction with a team led by Dallas partners Peter Weinstock and Beth A. Whitaker, along with San Francisco associate Lauren Chase Titolo.
Performance Trust Capital Partners served as sole placement agent for Lincoln County Bancorp. in connection with this issuance of subordinated debt. Fenimore, Kay, Harrison & Ford advised the placement agent.
Lincoln plans to use the proceeds from the offering to fund potential future strategic opportunities and general corporate purposes.
Note: Sidley Austin’s role in the acquisition of Simple & Final by Bodega Latina, a subsidiary of Grupo Comercial Chedraui, was added to the CDT Roundup for the week ending May 15, 2021.