Firms reported 48 big deals to Law Week in our Q4 2021 survey, outstripping the 37 deals reported for Q4 in 2020. In the third quarter of 2021, firms reported around 64 deals — and overall we saw more reported deals in 2021 compared to 2020.
Reuters reported on Dec. 30, 2021 that global M&A volumes hit record highs last year, topping $5 trillion for the first time ever. Reuters noted higher interest rates may slow M&A activity this year but several large-scale deals are still expected to go through in 2022. “According to a survey of dealmakers and advisers by Grant Thornton LLP, over two-thirds of participants believe deal volumes will grow despite challenges posed by regulations and the pandemic,” Reuters reported.
Acquisitions
$30,000,000
Sherman & Howard L.L.C
Client: BluSky Holdco, LLC
Team: Lyle Wallace, member and lead attorney; William Peffer, member; Jackie Benson, consulting attorney
Other Parties Menold Construction, Inc. (represented by Clingen, Callow & McLean, LLC)
$45,000,000
Sherman & Howard L.L.C
Client: Confidential
Team: Garth Jensen, member; William Peffer, member
Other parties: Confidential
$30,000,000
Sherman & Howard L.L.C
Client: BluSky Holdco, LLC
Team: William Peffer, member and lead attorney; Jackie Benson, consulting attorney; Danielle Johnson, associate
Other parties: J.C. Restoration (represented by Basi, Basi, & Associates)
$18,000,000
Sherman & Howard L.L.C
Client: Confidential
Team: William Peffer, member and lead attorney; Danielle Johnson, associate
Other parties: Confidential
$5,000,000
Holland & Hart
Client: BayMedica Inc.
Team: David Garcia, partner; Todd Criger, of counsel; Robert Denzer, associate; Peter Perla, partner; Trent Timmons, associate; John Wilson, partner; Mark Wiletsky, partner
Other parties: InMed Pharmaceuticals (represented by Norton Rose Fulbright LLP for the buyer and Kilpatrick Townsend & Stockton for the seller as IP counsel)
Notes: Holland & Hart represented BayMedica Inc., a private company specializing in the manufacturing and commercialization of rare cannabinoids for the health and wellness sector, in its acquisition by InMed Pharmaceuticals Inc., a manufacturer and developer of rare cannabinoids.
$24,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Brian Annes, associate
Notes: DGS represented the client in its acquisition of oil and gas assets.
$73,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Almira Moronne, associate; David Weil, of counsel
Other parties: Vinson & Elkins
Notes: DGS represented the client in its acquisition of oil and gas assets.
$55,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Katie Roux, associate
Other parties: Faegre & Benson
Notes: DGS represented the client in its acquisition of oil and gas assets.
Confidential
Davis Graham & Stubbs LLP
Client: J.M. Huber Corporation
Team: Mark Bussey, partner; Jennifer Allen, partner; Andrea Bronson, associate; Scott Hardt, partner; Randy Hubbard, partner; Katie Roux, associate; Kevin Teng, of counsel; David Weil, of counsel
Other parties: Rincon Ltd. (represented by Snell & Wilmer)
Notes: DGS represented J.M. Huber Corporation in its acquisition of Natural Soda.
Confidential
Davis Graham & Stubbs LLP
Client: Gold Resource Corporation
Team: Brian Boonstra, partner; Randy Hubbard, partner; Christina Smith, associate; Cornelia Szymanski, associate; Eric Wright, associate; Almira Moronne, associate; Mave Gasaway, partner; Jessica Dangoia-Crandall, associate; Kathleen Pritchard, associate; Rachel James, partner; Michael Snider, partner; David Weil, of counsel; Jonathan Marks, partner
Other parties: Aquila Resources Inc. (represented by Goodmans LLP); Fasken Martineau DuMoulin LLP served as the Canadian advisors to Gold Resource Corporation.
Notes: DGS represented Gold Resource Corporation in its acquisition of Aquila Resources Inc.
$5,300,000
Moye White LLP
Client: New Windermere QOZB, LLC
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: 4550 South Windermere, LLC
Notes: Moye White represented the buyer of an industrial property in Englewood, Colorado.
Confidential
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Notes: Moye White represented the buyer regarding the acquisition of a 20-building portfolio in Fort Collins, Colorado.
Confidential
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, partner
Notes: Moye White represented the seller of a seven life science building portfolio in Boulder, Colorado.
Confidential
Arnold & Porter Kaye Scholer LLP
Client: Birko Corporation
Team: Michele Rowland, partner; Allison Rumsey, partner; Victoria Frankenburg, counsel; Jennifer McLellan, senior associate; Gus Weinkam, senior associate; Megan Juel, senior associate; Phillip DeFedele, senior associate; Alexa Krantz, associate; Karen Vincent, associate; Lauren Hoepfner, associate; Holly Boux, associate; Tracey Klees, associate
Other parties: Diversey, Inc. (represented by Duane Morris LLP)
Notes: Arnold & Porter represented Birko Corporation in its sale of the company and its wholly-owned subsidiary, Chad Equipment, LLC, to Diversey, Inc. Birko, a family-owned Colorado corporation that manufactures food safety chemical solutions for the food and beverage industry. Birko also manufactures food safety equipment for the protein industries through its wholly-owned subsidiary, Chad Equipment, LLC. Diversey is a subsidiary of Diversey Holdings, Ltd. and provides hygiene, infection prevention and cleaning solutions. The deal team worked closely throughout the month of November to quickly get this transaction over the finish line. The deal signed and closed on Dec. 3, 2021.
$17,000,000
Dorsey & Whitney LLP
Client: Akerna Corp.
Team: David Mangum, partner and lead attorney; Ryan Patrick Mahoney, associate; Deborah Howitt, partner; Amy Deveraux, associate; Jason Brenkert, partner; Charlene Krogh, partner
Other parties: 365 Cannabis
Notes: Dorsey represented Akerna, a publicly held enterprise software company focused on the cannabis, hemp and CBD industries based in Denver, in the purchase of 365 Cannabis, a privately held, vertically integrated cannabis business management software solution built on the Microsoft Dynamics platform headquartered in Las Vegas. Terms were not disclosed.
Not disclosed
Dorsey & Whitney LLP
Client: Davies US LLC
Team: David Mangum, partner; Lizzy Magarian, associate; Ryan Patrick Mahoney, associate; Charlene Krogh, partner
Other parties: Caldwell, Carlson, Elliot & DeLoach, LLP (served as escrow agent); Waller Helms Advisors, LLC (served as financial advisors to Merlinos & Associates Inc.)
Notes: Dorsey represented Davies, a privately held insurance, claims and consulting services company headquartered in London, in the purchase of Merlinos & Associates, Inc., a privately held provider of property and casualty actuarial consulting services located in Norcross, Georgia. Terms were not disclosed.
Not disclosed
Dorsey & Whitney LLP
Client: Davies US LLC
Team: David Mangum, partner; Lizzy Magarian, associate
Other parties: Insurance Risk Services, Inc.; Caldwell, Carlson, Elliot & DeLoach, LLP (served as escrow agent)
Notes: Dorsey represented Davies, a privately held insurance, claims and consulting services company headquartered in London, in the purchase of Insurance Risk Services, Inc., a property and casualty insurance inspection firm based in Lake Mary, Florida from Merlinos & Associates, Inc., a privately held provider of property and casualty actuarial consulting services located in Norcross, Georgia. Terms were not disclosed.
Disposition
$33,000,000
Davis Graham & Stubbs LLP
Client: Confidential
Team: Lamont Larsen, partner; Almira Moronne, associate; David Weil, of counsel
Other parties: Welborn Sullivan Meck & Tooley
Notes: DGS represented the client in its sale of oil and gas assets.
Confidential
Davis Graham & Stubbs LLP
Client: SEAKR Engineering
Team: Trent Martinet, partner; Jeff Brandel, partner; Jessica Dangoia-Crandall, associate; Nathalie Bleuzé, of counsel; Caitlin Cronin Woodward, associate; Rachel James, partner; David Weil, of counsel
Other parties: Raytheon Technologies
Notes: DGS acted as co-counsel to SEAKR Engineering in its acquisition by Raytheon Technologies.
Confidential
Davis Graham & Stubbs LLP
Client: Steven Charles – A Dessert Company
Team: Brian Boonstra, partner; Mark Bussey, partner; Caitlin Cronin Woodward, associate; Kendall Godley, associate; Rachel James, partner; Chris Lane, partner; Sterling LeBoeuf, partner; Jonathan Marks, partner; Trent Martinet, partner; Dean Miller, of counsel; Maria Oxman, associate; Alena Prokop, associate; Peter Rose, of counsel; Christina Smith, associate; Taylor Smith, partner; Michael Snider, partner; Cornelia Szymanski, associate; Kevin Teng, of counsel; David Weil, of counsel; Eric Wright, associate
Other parties: Dessert Holdings (represented by Ropes & Gray LLP)
Notes: DGS represented Steven Charles – A Dessert Company in its sale to Dessert Holdings.
$300,000,000
Davis Graham & Stubbs LLP
Client: Angelina Forest Products LLC
Team: Brian Boonstra, partner; Jessica Dangoia-Crandall, associate; Mave Gasaway, partner; Rachel James, partner; Chris Lane, partner; Sterling LeBoeuf, partner; Kathleen Pritchard, associate; Alena Prokop, associate; Christina Smith, associate; Michael Snider, partner; Kevin Teng, of counsel; David Weil, of counsel
Other parties: West Fraser Timber Co. Ltd. (represented by McMillan LLP)
Note: DGS represented Angelina Forest Products LLC in the sale of a privately-owned lumber mill located in Lufkin, Texas.
Confidential
Moye White LLP
Client: Confidential
Team: Matt Dillman, partner; Georginne Dudash, associate
Notes: Moye White represented the seller of two office buildings in Colorado Springs, Colorado.
$10,000,000
Moye White LLP
Client: Wilmore 38 LLC
Team: Matt Dillman, partner; Georginne Dudash, partner
Other parties: T-2 Ventures, LLC
Notes: Moye White represented the seller of a commercial property in Wheat Ridge, Colorado.
Equity finance
$30,000,000
Sherman & Howard L.L.C
Client: American Striping Company
Team: William Peffer, member and lead attorney; Jackie Benson, consulting attorney; Alexander Thomas, associate
Other parties: Top Gun Pressure Washing, LLC (represented by McDermott Will & Emory)
$14,300,000
Sherman & Howard L.L.C
Client: Apex Pavement Solutions
Team: William Peffer, member and lead attorney; Jackie Benson, consulting attorney; Alexander Thomas, associate
Other parties: Top Gun Pressure Washing, LLC (represented by McDermott Will & Emory)
$2,000,000
Holland & Hart
Client: Stratia
Team: Finity Jernigan, partner; Holly Ellsworth, associate; Tyson Horrocks, of counsel; Candace Alai, venture analyst
Other parties: Fable Investments S.A.R.L., an affiliate of Natura &Co, owners of The Body Shop (represented by K&L Gates)
Notes: Holland & Hart represented Stratia, a skincare brand, in its $2 million series seed financing from Fable Investments S.A.R.L., the venture capital branch of Natura &Co. Launched in 2016, and currently a team of six, Stratia is averaging 50 to 75% growth year-over-year.
$4,200,000
Sherman & Howard L.L.C
Client: Confidential
Team: Gregory Ramos, member
Other parties: Confidential
Confidential
Holland & Hart
Client: Rubico Acquisition Corp.
Team: David Garcia, partner; Todd Criger, of counsel; Robert Denzer, associate; Lori Argall, paralegal; Jim Newman, partner; Doug Flowers, partner; John Ludlum, partner; Mark Wiletsky, partner; Lindsay Silber, partner; Adam Cohen, partner; Catherine Crane, of counsel
Other parties: Caesars Entertainment Inc.; VICI Properties Inc.
Notes: Holland & Hart represented Rubico Acquisition Corp. in its acquisition of Harrah’s Louisiana Downs Casino, Racing & Entertainment from Caesars Entertainment Inc. and VICI Properties Inc. The racing and entertainment property, which includes a casino and horse racing track, is located in Bossier City, Louisiana. Rubico plans to make improvements to both the 32,000-square-foot casino and the racing campus that opened in 1974 and will also apply for a sports betting license to add to its platforms.
$80,500,000
Gibson Dunn & Crutcher LLP
Client: ViewRay, Inc.
Team: Robyn Zolman, partner; Nicholas Linke, associate; Sarah Ediger, associate
Other parties: Cooley LLP (represented the underwriters)
Notes: Gibson Dunn represented ViewRay in connection with its $80 million registered offering of common stock.
$55,000,000
Dorsey & Whitney LLP
Client: Rezolute, Inc.
Team: Anthony Epps, partner; Michael Weiner, partner; Van Vu, associate
Other parties: Oppenheimer & Co.
Notes: Counsel for issuer in a $55 million underwritten marketed public offering for 7,962,308 common shares issued by Rezolute.
Debt finance
$4,000,000
Sherman & Howard L.L.C
Client: BOKF NA
Team: William Peffer, member and lead attorney; Danielle Johnson, associate
Other parties: Bold Renewables, LLC (represented by Taft)
$400,000,000
Holland & Hart
Client: DCP Midstream, LP
Team: Lucy Stark, partner; Leah Neumann, associate; Adam Cohen, partner; Kit LeVoy, of counsel; Tim Crisp, partner; Trent Timmons, associate; Andrew Leddy, associate; Seann Archibald, law clerk
Other parties: J.P. Morgan Securities LLC; RBC Capital Markets, LLC; Mizuho Securities USA LLC (represented by Baker Botts LLP)
Notes: Holland & Hart represented Colorado-based DCP Midstream, LP and its wholly owned subsidiary DCP Midstream Operating, LP, a Fortune 500 natural gas company, in its public offer and sale of $400 million aggregate principal amount of its 3.25% senior notes due 2032. DCP Midstream Operating intends to use the net proceeds from this public offering to repay indebtedness under its revolving credit facility and for general partnership purposes.
$1,250,000,000
Gibson Dunn & Crutcher LLP
Client: The Williams Companies, Inc.
Team: Robyn Zolman, partner; Meredith Ashlock, partner; Sarah Ediger, associate
Other parties: Weil, Gotschal and Manges LLP represented the underwriters
Notes: Gibson Dunn represented Williams in connection with its $1.2 billion registered offering of senior notes.
$600,000,000
Gibson Dunn & Crutcher LLP
Client: Atmos Energy
Team: Robyn Zolman, partner; Meredith Ashlock, associate; Sarah Ediger, associate
Other parties: Shearman & Sterling LLP represented the underwriters
Notes: Gibson Dunn represented Atmos Energy in connection with its $600 million registered offering of senior notes.
Other
$4,000,000
Sherman & Howard L.L.C
Client: BOKF NA
Team: William Peffer, member and lead attorney; Danielle Johnson, associate
Other parties: Bold Renewables, LLC (represented by Taft)
$1,400,000
Sherman & Howard L.L.C
Client: Confidential
Team: Cody Barela, member; Greg Ramos, member; Mike Dubetz, member
Other parties: Confidential
$1,250,000
Sherman & Howard L.L.C
Client: Hoverson Pet Spa
Team: William Peffer, member and lead attorney; Alexander Thomas, associate
Other parties: Destination Pet (represented by Holland & Hart)
$100,000,000
Sherman & Howard L.L.C.
Client: John Madden Company
Team: William Peffer, member and lead attorney; Alexander Thomas, associate; Mike Dubetz, member; Robert Brown, counsel
Other parties: Schnitzer West, LLC (represented by Otten Johnson)
$87,200,000
Sherman & Howard L.L.C
Client: Confidential
Team: Maxi Lyons, member; Elaine Nolen, associate
Other parties: Confidential
$14,700,000
Holland & Hart
Client: Comrit Investments I, LP
Team: Amos Barclay, partner; Will Vlautin, associate; Andrew Leddy, associate
Notes: Holland & Hart represented Comrit Investments I, LP in three tender offers for shares of non-traded REITs. These offers resulted in the aggregate purchase by Comrit of approximately $14.7 million in common equity of various non-traded REITs. These deals all closed between Oct. 22, 2021 and Dec. 20, 2021.
$72,000,000
Sherman & Howard L.L.C
Client: Confidential
Team: Karen Chapman, counsel; Elaine Nolen, associate
Other parties: Confidential
$1.50BB+
Sherman & Howard L.L.C.
Client: Confidential
Team: Gregory Ramos, member
Other parties: Confidential
$11,100,000
Sherman & Howard L.L.C
Client: Confidential
Team: Gregory Ramos, member
Other parties: Confidential
Confidential
Davis Graham & Stubbs LLP
Client: Brannan Sand and Gravel Company, L.L.C.
Team: Kristin Lentz, partner; Sam Seiberling, partner; Randy Hubbard, partner; Christina Smith, associate; Hannah Williams, associate; Andrea Bronson, associate; Sterling LeBoeuf, partner; Rachel James, partner; Dean Miller, of counsel
Other parties: Prowers Aggregate Operators, LLC and GP Aggregates, LLC (the sellers), Prowers Holding Company, LLC (the sellers’ parent company), Fox Rothschild (legal counsel to the Prowers entities), Greystone Group (Prowers’ investment bankers)
Notes: Brannan purchased from Prowers Aggregate Operators, LLC and GP Aggregates, LLC, two subsidiaries of Prowers Holding Company, LLC, substantially all of the assets of the Prowers sand and gravel mining business.
Confidential
Davis Graham & Stubbs LLP
Client: Anchor Point Group, LLC
Team: Trent Martinet, partner; Jessica Dangoia-Crandall, associate; Sterling LeBoeuf, partner; David Weil, of counsel
Other parties: Alex Preiser served as co-counsel
Notes: DGS represented Anchor Point Group, LLC, wildfire modeler, when it was acquired by Precisely.
$475,000,000
Davis Graham & Stubbs LLP
Client: DMC Global
Team: John Elofson, partner; Steve Brainerd, partner; Mark Bussey, partner; Rachel James, partner; Chris Lane, partner; Kristin Lentz, partner; Trent Martinet, partner; Joel Mayo, partner; Larry Nemirow, special tax counsel; Maria Oxman, associate; Patricia Peterson, senior of counsel; Peter Rose, of counsel; Kate Sanford, associate; Taylor Smith, partner; Michael Snider, partner; Will Soper, associate; Cornelia Szymanski, associate; Betsy Temkin, partner; Kevin Teng, of counsel; David Weil, of counsel
Other parties: Arcadia, Inc. (represented by Proskauer)
Notes: DGS represented DMC Global in its acquisition of a 60% controlling interest in Arcadia, Inc.
Confidential
Davis Graham & Stubbs LLP
Client: Copley Equity Partners, LLC
Team: Mark Bussey, partner; Kendall Godley, associate; Nate Goergen, associate; Rachel James, partner; Sterling LeBoeuf, partner; Jonathan Marks, partner; Maria Oxman, associate; Alena Prokop, associate; Taylor Smith, partner; Michael Snider, partner; David Weil, of counsel; Eric Wright, associate
Other parties: Confidential (represented by Neal, Gerber & Eisenberg LLP)
Notes: DGS represented Copley Equity Partners, LLC in its investment in Spend Matters, LLC.
$25,000,000
Davis Graham & Stubbs LLP
Client: Rare Element Resources Ltd
Team: Brian Boonstra, partner; Edward Shaoul, partner; Cornelia Szymanski, associate; Hannah Williams, associate
Notes: DGS represented Rare Element Resources Ltd in a rights offering of $25 million.