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.
Crestline Investors closes $600M fund
Fort Worth-based Crestline Investors Inc. announced the closing of its $600 million Portfolio Finance Fund—its first fund dedicated to its Portfolio Financing strategy. The fund will be managed by Crestline’s Fund Liquidity Solutions team.
The $600 million of capital commitments exceeded the fundraising objective, Crestline said in a release. Investors in the strategy include leading public and private pension plans, endowments, wealth management platforms, and other institutional investors.
Crestline said the new fund is the 10th in its series of opportunistic funds, which started in 2005 and have attracted more than $6 billion in commitments so far across a variety of specialized strategies.
$20M facility helps Punch Bowl Social expansion to Dallas, Fort Worth
Punch Bowl Social will expand to Dallas and Fort Worth and other cities with funding from a $20 million facility from Austin-based CrowdOut Capital, the first tech-enabled online marketplace that funds loans to middle market companies.
Other locations for expansion include Arlington, Virginia, Milwaukee, downtown Austin, Salt Lake City, Miami, Washington, D.C., and St. Louis, according to a release.
Denver-based Punch Bowl Station already has locations in Atlanta, Austin, Chicago, Minneapolis, and San Diego, among other cities.
Stein invests in $4M Series B round by BOU Brands
Dallas investor Shelly Stein is one of five investors in a $4 million Series B funding round by BOU Brands, a New York City-based maker of specialty food products such as bouillon cubes, flavors, and ready-to-eat soups.
Beside being an individual investor, Stein serves as a partner at Gefen Capital and is president of Southern Glazer’s Wine and Spirits LLC.
MERGERS & ACQUISITIONS
Arlington-based Petmate buys pet products maker Gen7Pets
Arlington-based pet-products provider Petmate announced that it has acquired Gen7Pets, a manufacturer of pet products including pet strollers, travel carriers, and ramps.
No financial terms of the deal were released.
“Our mission is to provide fun, trusted, quality products to enhance the lives of pets and their families,” Petmate CEO Alice Tillett said in a release. “The addition of Gen7Pets continues us down that path, enhancing our commitment with an ever more comprehensive catalog of product offerings.”
Founded in 2012, Gen7Pets’ product line includes pet strollers, travel carriers, ramps, steps, cots, and petyards with Stylish-Fashion and Simple-Functionality. Petmate, which was founded in 1963, said it will transition management of the Gen7Pets business and its associated intellectual property to the company’s corporate headquarters in Arlington within the next three months.
HollyFrontier to buy oils producer Sonneborn U.S. Holdings for $655M
HollyFrontier Corp., the Dallas-based oil refining company, announced that is acquiring oils producer Sonneborn U.S. Holdings in a deal valued at $655 million.
HollFrontier will pay for the acquisition with cash on hand, Houston Chronicle reported.
Sonnebrun’s products are used in industrial applications such as corrosion prevention, in beauty products, and in food grade mineral oils used in such things as pesticides and other agricultural processes, the Chronicle wrote.
Thomson Reuters acquiring Integration Point
Thomson Reuters, which has a major office in Dallas, said it is acquiring Integration Point, an international leader in global trade management operations.
Terms of the deal have not been disclosed, and the deal requires the customary regulatory approvals and closing conditions, Thomson Reuters said.
“Recent debate over trade agreements like TPP, the United States-Mexico-Canada Agreement and Brexit illustrate the complexity of multilateral trade and the related compliance requirements our customers face,” Thomson Reuters president and CEO Jim Smith said in a release. “This acquisition will further strengthen our offerings in the high-growth global trade management space and support our leading position at the intersection of regulation and commerce.”
Fort Worth foam recycler grows through Dallas acquisitions
The 20-year-old Fort Worth company has acquired two Dallas companies, BK Manufacturing and Sport Coverage Inc., according to BedTimes, a business journal for the sleep products industry. The acquisition will enhance the filled-product services and capabilities in the consumer and pet products division: “We’re committed to expanding both the Dallas and Fort Worth operations with the combined ability to provide fulfillment services, cut-and-sew, as well drop-ship capabilities, to offer our current and new customer base the best possible product innovations,” Sam Renfro, Advanced Foam president, said in the publication.
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