What companies are finding funding or having a big exit? From startup investments to grants to acquisitions, Dallas Innovates tracks what’s happening in North Texas money every Thursday. Sign up for our e-newsletter to stay in the loop.
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Randa acquires Dallas-based slacks maker Haggar
Dallas-based Haggar Clothing Co., an iconic name in the men’s clothing industry, is being acquired by New York-based Randa Accessories, one of the world’s top accessories companies.
The acquisition, which would created a roughly $1 billion company, should close by the end of the month, but no financial details were released. Haggar was established in 1926 in Dallas, and has grown from a maker of men’s dress pants and slacks to one of the world’s most-recognized clothing brands.
Randa is a privately-held company founded in 1910 that produces belts, wallets, headwear, slippers, luggage, neckwear, jewelry, and other accessories under 50 brands, including Levi’s, Tommy Hilfiger, Columbia Sportswear, Dickies, and Kenneth Cole.
Haggar had sales of more than $500 million in 2018, according to The Dallas Morning News, which said the consolidated revenues of both companies would be roughly $1 billion.
Under the deal, Haggar, the No. 1 selling dress pant brand in the nation, will keep its Dallas headquarters and Fort Worth distribution, as well as its 400 local employees. CEO Michael Stitt will continue to run Haggar, which has been owned by a Taiwanese conglomerate since 2005, when Dallas’ Haggar family sold the business.
Stitt told the Morning News that Randa is more of a strategic partnership, and that its longtime owners view Haggar as an investment.
TPG closes $1.6B technology fund
TPG, a global alternative assets firm with headquarters in Fort Worth and San Francisco, announced the closing of the $1.6 billion TPG Tech Adjacencies (TTAD), a new investment vehicle that focuses on capital solutions for the technology industry.
According to a press release, TTAD aims to provide flexible capital for founders, employees, and early investors who are looking for liquidity, as well as primary structured equity solutions for companies looking for additional, creative capital for growth.
“The firm has a history of building new, innovative products and strategies to address evolving market opportunities,” Jon Winkelried, Co-CEO of TPG said. “In developing TTAD, we’re combining our differentiated insight and sector expertise to bring a new capital solution to an emerging class of technology companies and entrepreneurs who are choosing to stay private longer. TTAD marks another step in the evolution of TPG’s platform as we continue to find differentiated ways to deliver value for our investors.”
The fund reached $1.6 billion in capital commitments, surpassing its hard cap of $1.5 billion, TPG said in the release. The fund is led by David Trujillo, managing partner and partner, internet, digital media & communications, and Nehal Raj, partner, software and enterprise technology.
LLC files $700,000 equity offering toward Dallas apartments
Chiquita Apts MREP LLC filed a Form D with the U.S. Securities and Exchange that is is making a $700,000 equity offering.
Mininum investment in the offering is $25,000, but no sales had been reported, the document said. Chiquita Apartments is a 24-unit complex at 3955 Mather Court in Dallas that was built in 1962.
MORE MERGERS & ACQUISITIONS
Zix Corp. acquires assets of email security provider Cirius Messaging
Dallas-based email security provider Zix Corp. has acquired the assets of Cirius Messaging Inc. and wholly owned subsidiary, DeliverySlip Inc. related to the DeliverySlip product in a deal valued at $14 million.
Vancouver-based DeliverySlip is a provider of email encryption, e-signatures, and secure file sharing solutions, according to a release.
Zix said the acquisition immediately improves its margin profile by eliminating the third party royalty payable by AppRiver to DeliverySlip.
Also, it will add large file transfer capabilities to Zix’s email security suite, along with additional customers, cost savings, and cross-selling opportunities.
Blue Point acquires Fort Worth’s TAS Environmental Services
Fort Worth-based TAS Environmental Services LP has been acquired by Cleveland-based Blue Point Capital Partners.
TAS Environmental, a leading provider of environmental services, is a portolio company of Dallas-based private equity firm TEAM Partners LLC. No terms of the deal were disclosed.
Among TAS’ services are industrial services, industrial cleaning, watewater disposal, emergency and spill response, remediation, transporation, waste management, box rental, and terminal services. The company operates in 13 facilities in Texas, Arkansas, and Lousiana.
Trinity Hunt Partners portfolio company makes 3 acquisitions
Lexitas, a national provider of litigation support services and portfolio company of Dallas-based Trinity Hunt Partners, announced the acquisition of three court reporting companies in the Northeastern United States.
The company acquired New York City-based Barrister Reporting Service and American Stenographic, as wells as Eppley Court Reporting, based outside of Boston, Massachusetts.
Lexitas said the acquisitions strengthen its growing Northeast footprint and enhance its coast-to-coast presence.
Lincoln Rackhouse expands data center portfolio with Bytegrid acquisition
Lincoln Rackhouse, the data center division of Dallas-base Lincoln Property Co. announced that it closed on the acquisition of Bytegrid, a leading compliant IT infrastructure company that provides colocation, managed services, and hosting solutions.
No financial terms of the deal were released.
Lincoln did the deal in partnership with Principal Real Estate Investor to acquire all of Bytegrid’s assets, which include three data centers in Washington, D.C., Chicago, and Seattle, as well as the company’s colocation, managed services, network, and hosting business.
Lincoln Rackhouse said the deal expands its portfolio by 320,000 square feed and adds an additional 16MW of IT power load. The company’s total portfolio now covers 2.5 million square feet and more than 100MW across 16 sites in 14 strategic markets.
Safe Harbor Marinas acquires Rhode Island facility
Dallas-baed Safe Harbor Marinas has acquired New England Boatworks in Portsmouth, Rhode Island, increasing its portfolio of premier marinas to 80 facilities nationwide.
The company said the Rhode Island acquisition is part of its continuing effort to grow and diversify its nationwide network. Safe Harbor Marinas said it is the largest and most geographically-diversified owner and operator of marinas in North America.
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