Law firms reported 38 big deals to Law Week in our Q1 2022 survey, nearly half of the 64 deals reported for Q1 last year and, in the final quarter of 2021, firms reported around 48 deals. Comparatively, we’re seeing an initial dip in deals so far this year.
Forbes reported last month that higher global interest and inflation rates may be to blame for the sluggish deal executions this year. While most businesses are seeing strong profits in 2022, demand for acquisitions generally has been tempered, according to Forbes.
Acquisitions
$240,000,000
Davis Graham & Stubbs LLP
Client: Whiting Oil and Gas Corporation
Team: Sam Niebrugge, partner; Rachael Lechner, of counsel; Kelsey Johnson, associate; Jennifer Williams, staff attorney; Brian Annes, associate; Michael Snider, partner; David Weil, of counsel; Kristin Lentz, partner; John Elofson, partner
Other parties: Confidential
Notes: DGS represented Whiting Oil and Gas Corporation in its expansion in the Williston Basin’s Sanish Field.
$12,750,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Kelsey Johnson, associate
Notes: DGS represented the client in the acquisition of oil and gas assets.
$5,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Kelsey Johnson, associate
Notes: DGS represented the client in the acquisition of oil and gas assets.
$6,500,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Rachael Lechner, of counsel
Notes: DGS represented the client in the acquisition of oil and gas assets.
$11,500,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Katie Roux, associate
Notes: DGS represented the client in the acquisition of oil and gas assets
$12,500,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Kelsey Johnson, associate
Notes: DGS represented the client in the acquisition of oil and gas assets.
$1,950,000
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: Secure World Foundation, a Colorado nonprofit corporation
Notes: Moye White represented the buyer of 4.938 acres of land located in Arapahoe County, Colorado.
$16,100,000
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: 365, 367 and 369 Inverness Parkway, Englewood, Colorado
Notes: Moye White represented the buyer of property in Englewood, Colorado.
$10,258,218
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: NorthPoint Development, LLC, a Missouri limited liability company; NP Stafford III, LLC, a Delaware limited liability company; NP Stafford IV Building 3, LLC, a Delaware limited liability company
Notes: Moye White represented the seller with real property consisting of approximately 70.356 acres and 14.845 acres located in Arapahoe County. This deal closed on April 9.
Confidential
Holland & Hart
Client: Destination Pet, LLC
Team: Claire Rosston, partner; Gabe Hamilton, partner; Theland Thomas, associate; Zak Metzger, associate; Craig Dammeier, associate; Shad Edwards, associate; Steve Clayton, of counsel; Matthew Wirthlin, partner; Bret Busacker, partner; Linda Concannon, paralegal
Notes: Holland & Hart represented Destination Pet in its acquisition of a pet care facility in California. This acquisition is part of a series of acquisitions by Destination Pet to consolidate ownership of veterinary hospitals and pet care facilities for boarding, day care, grooming and other pet care services.
$54,000
Holland & Hart
Client: ServiceCore, Inc.
Team: Mike Dill, partner; Ryan Nichols, of counsel; Craig Dammeier, associate; Ben Gibbons, associate; Andrew Murray, paralegal, Peter Perla, partner; Kevin Selzer, partner; Hao Wang, of counsel
Other parties: Mainsail Partners was the acquirer and Full In Partners was the prior sponsor
Notes: Holland & Hart represented ServiceCore, Inc., a provider of cloud-based business management software built for the liquid waste and roll-off industries, in its $54 million investment from Mainsail Partners, a growth equity firm focused on investments in fast-growing software companies. The capital will be used to buy out Full In Partners, the original investor in ServiceCore, and put money on the balance sheet to scale the company. ServiceCore plans to use the capital to accelerate its product roadmap, expand its customer success team and continue to support its growing customer base.
$20,210,000
Bryan Cave Leighton Paisner LLP
Client: Agrifund, LLC
Team: Charles Maguire, partner; Danielle Hennessey, associate
Other parties: Nutien Ag Solutions, Inc.; Virgo-Silver, LLC represented by Morrison Foerster
Notes: Disposition of interests in joint venture.
Confidential
Bryan Cave Leighton Paisner LLP
Client: AG Resource Holdings, LLC
Team: Charles Maguire, partner, Danielle Hennessey, associate
Other parties: Nutrien Ag Solutions, Inc.; Virgo-Tigers, LLC represented by Morrison Foerster
Notes: Disposition of interests in joint venture.
$142,000,000
Sherman & Howard L.L.C.
Client: TTEC, Inc.
Team: Garth Jensen; Jackie Benson; Ryan Christ; Alex Thomas
Other parties: Faneuil, Inc. a wholly owned subsidiary of ALJ Regional Holdings, Inc. represented by Shearman & Sterling LLP
Notes: This deal closed on April 1.
Confidential
Holland & Hart
Client: Selling Simplified Group, Inc.
Team: Sam Edwards, partner; Nicki Cerasoli, of counsel; Anton Krayniy, law clerk; Peter Perla, partner; Josh Allgeier, law clerk; Ben Gibbons, associate; Rich Spilde, partner; Matthew Cavarra, partner; Mark Wiletsky, partner
Notes: Holland & Hart represented Selling Simplified Group, Inc., a versatile, marketing-as-a-service platform that provides lead generation products, data services and analytics, in its acquisition by IDG Communications, Inc., now doing business as Foundry, a leading technology, media, data and marketing services company. The acquisition of Selling Simplified allows Foundry to add contact and account level AI-powered lead generation capabilities to its expanding suite of intent-based marketing technologies. The transaction also makes the two companies the largest provider of B2B tech leads globally and offers a dynamic approach to driving success for clients.
$50,000,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Joe Krabacher; Diana Ettlinger
Other parties: Confidential
Notes: $50 million was the total purchase and $19,020,000 was the loan amount.
Confidential
Perkins Coie LLP
Client: 11:11 Systems, Inc.
Team: Sonny Allison, partner; Amelia Davis, counsel; Tessa Bell, associate
Other parties: Cleareon Fiber Networks, LLC represented by Sroka Law
Notes: Perkins Coie represented 11:11 Systems, Inc. in an asset acquisition from Cleareon Fiber Networks, LLC.
$2,500,000,000
Perkins Coie LLP
Client: Crocs, Inc
Team: Jason Day, partner; Jeff Beuche, partner; Elizabeth Dietz, counsel; Blake Schell, associate
Other parties: Hey Dude
Notes: Perkins Coie represented Crocs in $2.5 billion acquisition of Hey Dude.
Disposition
$75,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Rachael Lechner, of counsel; David Weil, of counsel
Other parties: McDermott, Will & Emery represented a confidential party or parties
Notes: DGS represented the client in the sale of oil and gas assets.
$147,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Almira Moronne, associate; Brian Annes, associate; Katie Roux, associate; Katie Schroder, partner, David Weil, of counsel, Michael Snider, partner
Other parties: Latham & Watkins represented a confidential party or parties
Notes: DGS represented the client in the sale of oil and gas assets.
$9,440,000
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: HMRT/CSIM Metro Commons LLC, a Delaware limited liability company
Notes: Moye White represented the seller of a commercial property in Phoenix, Arizona.
$370,000,000
Dorsey & Whitney LLP
Client: Corvus Gold Inc.
Team: Jason Brenkert, partner; Van Vu, associate
Other parties: AngloGold Ashanti Limited was represented by Stikeman Elliott LLP as its Canadian legal counsel and Cravath, Swaine & Moore LLP and Hogan Lovells US LLP as its U.S. legal counsel
Notes: Dorsey is advising Corvus Gold Inc., a publicly held mineral exploration and development company headquartered in Vancouver, Canada, in the sale of 80.5% of its common shares to AngloGold Ashanti Limited, a publicly held gold mining company headquartered in Johannesburg, South Africa. The purchase price is approximately $370 million.
Confidential
Arnold & Porter Kaye Scholer LLP
Client: F&I Sentinel
Team: Ron Levine, partner; Michele Rowland, partner; Heather Ashour, counsel; Eric Bonapace-Potvin, associate; Therese Fox, associate
Other parties: Calera Capital represented by Reed Smith LLP
Notes: Arnold & Porter advised the founders and owners of Florida-based F&I Sentinel LLC in its sale of a 51% interest in the company to Calera Capital, a national private equity firm focused on middle-market companies. F&I Sentinel is the automotive industry’s leading financing compliance and regulatory risk mitigation solutions provider. The two primary company founders will remain as CEO and advisor, as they look to expand into other markets and enter partnerships with both captive and traditional auto financing companies. The transaction included a months-long diligence process and the navigation of a complex “unauthorized practice of law” issue brought on by F&I Sentinel’s legislation-adjacent business model and its ownership by practicing attorneys.
Equity finance
$1,000,000,000
Gibson Dunn & Crutcher LLP
Client: Atmos Energy
Team: Robyn Zolman, partner; Meredith Ashlock, associate; Sarah Ediger, associate
Other parties: Shearman & Sterling represented the underwriters
Notes: Gibson Dunn represented Atmos in connection with an SEC registered at the market offering with respect to $1 billion of shares of its common stock. This deal closed on April 14.
Confidential
Holland & Hart
Client: Terra CO2 Technology Holdings, Inc.
Team: Nathan Davis, associate; Chris Groll, partner; Craig Dammeier, associate
Other parties: Rio Tinto; Breakthrough Energy Investments LLC; LENX SPV Investments LLC represented by FreshFields LLP; OMelveny Meyers LLP; Morrison Foerster
Notes: Holland & Hart represented Terra CO2 Technology, a leader in proprietary, scalable cost-competitive technologies for making low-carbon cement, in connection with its second funding round. This follows Terra’s initial funding round which closed in November 2020. Terra CO2 will use the funds to accelerate research and development in low-carbon material science, scale the organization and continue commercializing plant technology that will support the manufacturing of its future products, including OPUS SCM™ (Supplementary Cementitious Material), Terra’s first commercial product.
Other
Confidential
Davis Graham & Stubbs LLP
Client: Encompass + Orchestra, Inc.
Team: Trent Martinet, partner; Edward Shaoul, partner; Jessica Dangoia-Crandall, associate; Caitlin Cronin Woodward, associate; Rachel James, partner; Alena Prokop, associate; Sterling LeBoeuf, partner; Michael Snider, partner; Jonathan Marks, partner; and David Weil, of counsel
Other parties: Cove Hill Partners represented by Ropes & Gray
Notes: DGS represented the client in a strategic equity investment by Cove Hill Partners.
$10,000,000
Holland & Hart
Client: Comrit Investments I, LP
Team: Amos Barclay, partner; Andrew Leddy, associate
Notes: Holland & Hart represented Comrit Investments I, LP in six tender offers for shares of non-traded REITs. These offers resulted in the aggregate purchase by Comrit of approximately $10 million in common equity of various non-traded REITs. These deals all closed between Jan. 3 and Feb. 2.
$475,000,000
Sherman & Howard L.L.C.
Client: The Garmon Corporation dba NaturVet
Team: Lyle Wallace, lead; Jackie Benson; Michael Dubetz; Garth Jensen; Ryan Christ; Jeff Kesselman; Jon Tandler; George Tsai; Alex Thomas
Other parties: Swedencare AB represented by Wiggin and Dana LLP
$80,000,000
Sherman & Howard L.L.C.
Client: SAN Fuel Company, LLC
Team: Maxi Lyons; Elaine Nolen
Other parties: Represented by Foley & Lardner LLP, The Lincoln National Life Insurance Company; Massachusetts Mutual Life Insurance Company; John Hancock Life Insurance Company (U.S.A.); John Hancock Life Insurance Company of New York; John Hancock Life & Health Insurance Company; JPMorgan Chase Bank; Jackson National Life Insurance Company; Sun Life Hong Kong Limited; SLC Management U.S. Investment Grade Private Credit Fund, L.P.; National Western Life Insurance CompanyChubb Life Insurance Company LTD. Wilmington Trust, National Association served as trustee and U.S. Bancorp Investments, Inc. served as the agent
$3,600,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Lyle Wallace; Jackie Benson; Ryan Crist
Other parties: Confidential
$44,000,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Jeff Kesselman; Michael Dubetz; George Tsai; Elaine Nolen; Russ. Johnson; Alexander Thomas
Other parties: Represented by Nicole Nies of Hoffman Nies Dave & Meyer LLP, Chatfield Reservoir Self Storage, LLC was the client entity and Southern Farm Bureau Life Insurance Company served as lender
$70,500,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Rebecca Fischer
Other parties: Confidential
$5,000,000
Sherman & Howard L.L.C.
Client: Confidential
Team: William Peffer; Ryan Christ; Alexander Thomas
Other parties: Confidential
Notes: This deal closed on April 20.
$3,000,000
Sherman & Howard L.L.C.
Client: Confidential
Team: William Peffer; Ryan Christ
Other parties: Confidential
$15,000,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Ryan Christ
Other parties: Confidential
$8,500,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Ryan Christ
Other parties: Confidential
Notes: This deal closed on April 1.
$8,500,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Ryan Christ; Lyle Wallace
Other parties: Confidential
$30,500,000
Sherman & Howard L.L.C.
Client: Greenfield Holdings, LLC
Team: Tom Lindberg and Ryan Christ served as corporate and real property counsel for Greenfield; Massmi + Consoli was the lead transaction counsel for Greenfield; Phelps Dunbar served as local Louisiana real estate counsel for Greenfield; Hilburn Harper was the local Arkansas real estate counsel for Greenfield; McDonald Hopkins served as bankruptcy counsel for Greenfield
Other parties: AGSPRING MISSISSIPPI REGION, LLC; LAKE PROVIDENCE GRAIN AND RICE LLC; BAYOU GRAIN & CHEMICAL CORPORATION was the seller; GREENFIELD GRAIN, LLC was the purchaser. Faegre Drinker served as the seller’s deal counsel and Dentons was the seller’s bankruptcy counsel
Notes: This deal closed on Dec. 14, 2021.
$511,846
Sherman & Howard L.L.C.
Client: Confidential
Team: Teri Scott
Other parties: Confidential
Notes: There was $511,846 cash and up to $121,857 in holdbacks.
$100,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Teri Scott
Other parties: Confidential
$225,000,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Teri Scott
Other parties: Confidential
Notes: $225,000,000 was the purchase price, and there was approximately $170,000,000 in closing proceeds and $22,500,000 in escrow. This deal closed on April 25.
$35,100,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Jeff Kesselman; Jackie Benson; Michael Dubetz; George Tsai; Russ Johnson
Other parties: Confidential
$44,000,000
Sherman & Howard L.L.C.
Client: Confidential
Team: Jeff Kesselman; Michael Dubetz; George Tsai; Elaine Nolen; Russ Johnson; Alexander Thomas
Other parties: Confidential
$2,300,000
Sherman & Howard L.L.C.
Client: 5280 Sunshine Properties LLC
Team: Robert L. Brown, counsel
Other parties: Backstreet Properties LLC and SJF Investments LLC represented by Brian Jumps of Jumps Law