Follow the Money: Energy Spectrum Seeks $1.3B, Boxcart Raises $245K, DataBank Makes Acquisition

In this weekly roundup of funding, merger, and acquisition activity involving companies with ties to North Texas, you’ll also find news from Formula Inc., Trinity Private Equity Group, PumpJack Dataworks, 1Confirmation, Harvest Returns, Interlock Partners, Wildcat Capital, and others.

funding

What companies are finding funding or having a big exit? From startup investments to grants and 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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Energy Spectrum Partners gets closer to fund’s $1.3B target

Dallas-based Energy Spectrum Partners continues to move toward the $1.3 billion target for its eighth fund, announcing that it has now raised more than $922 million, PE Hub reported.

In April, we reported that Energy Spectrum Partners had raised more than $867 million of the goal.

Energy Spectrum is a private equity firm that invests in lower-middle-market U.S. companies that acquire, develop and operate midstream energy assets.

Boxcart raises $245K in pre-seed funding round

Boxcart, a Dallas-based e-commerce and delivery startup that is operating in stealth, has raised $245,000 in pre-seed funding, according to Crunchbase.

The startup is developing competitive retail technologies that focus on fast and convenient delivery of products to consumers.

Formula Inc. raises $103K of a $5M equity offering

Dallas-based Formula Inc. has raised $103,500 of a $5 million equity offering, according to a filing with the U.S. Securities and Exchange Commission.

The minimum investment in the round is $25,000.

Formula provides modern tools for commerce, with platforms and services designed for companies to solve any productivity, security, and profit challenges.

Trinity Private Equity Group raises capital for two funds

Trinity Private Equity Group, a Southlake private investment firm, reported raising funds in two filings with the U.S. Securities and Exchange Commission.

In the first filing, the firm said that it had raised $10.2 million of an $18 million pooled investment called TPEG Partners Capital IV.

TPEG also reported that it had raised $2.25 million of a $3 million equity offering for TPEG Bishop Phase III Investors.

PumpJack Dataworks seeks $1.2M in equity and debt funding 

Fort Worth-based PumpJack Dataworks inc. has raised $300,000 of a $1.2 million equity and debt funding round, according to an SEC filing.

PumpJack is a sports technology company that provides apps allowing teams to better connect with fans. It offers digital ticketing and instant upgrades, augmented reality, venue support, and cashless payment.

Teams can use PumpJack to leverage fan data; its services include data assessment and evaluation, system requirement, data planning, and acquisition, organization and optimization of data.

Cuban-backed 1Confirmation raises $45M for second fund

San Francisco-based 1Confirmation, an early intro in the crypto investing space that lists Dallas Mavericks owner Mark Cuban as an investor, reported that it has raised $45 million for a second fund.

Founder Nick Tomato told Fortune in an interview that the crypto industry is still awaiting mainstream application beyond speculation. But, he said, crypto’s use for savings and lending is gaining some traction.

Harvest Returns closes a $600K fund for Colorado CBD oil processor

Harvest Returns, the Fort Worth-based agricultural investment platform, has closed a $600,000 fund raise for WOW Organics Colorado LLC, a modular CBD oil processing facility.

WOW Organics plans to use the funding to acquire a CBD oil processing lab and organic hemp flower for initial production.

Interlock Partners participates in ZenBusiness’ $15M funding round

Dallas-based Interlock Partners is one of five investors participating in a $15 million Series A funding round for Austin-based ZenBusiness, which offers services to business owners seeking a solution to the challenges of starting, running, and growing a business.

ZenBusiness uses technology and automation to provide fast, low-cost services, expert support, and personalized dashboards to customers.

Goldcrest Capital invests in Fold’s $2.5M seed round

Goldcrest Capital, a Dallas venture capital fund, is one of five investors in a $2.5 million seed round for Fold, which builds apps for spending bitcoin in the real world.

According to Crunchbase, Atlanta-based Fold’s first product allows user to trade old gift cars for bitcoin, while its second product enables users to spend their bitcoin at Starbucks.

Wildcat Capital invests in Mednition’s $10M Series A round

Wildcat Capital Management, a Fort Worth asset-management firm, is one of two investors in Mednition’s $10 million Series A funding round.

California-based Mediation offers a machine-learning powered decision-support solution for hospitals that provides real-time analytics solutions to the healthcare community. It combines healthcare information and machine learning to improve patient outcomes, and lower risk and reduce costs for healthcare providers.

LEG Calhoun raises $1.325M in equity funding round

Dallas-based LEG Calhoun Inc. has raised $1.325 million in an equity offering, according to an amended filing with the U.S. Securities and Exchange Commission.

The minimum investment in the round was $25,000.

LEG Calhoun was formed this year. Its filing said that it operates in the commercial real estate sector. 

MERGERS & ACQUISITIONS

DataBank acquires Indianapolis-based LightBound

DataBank, a Dallas-based provider of enterprise-class data center, connectivity, and managed services, has closed on its acquisition of Indianapolis-based LightBound.

No financial information on the acquisition was released.

LightBound is a colocation, internet, voice, network, and cloud services provider. With the acquisition, DataBank plans to expand its growing portfolio of edge data centers with the addition of two enterprise-class facilities. The data centers are located in the downtown Indy Telcom Center, the most densely interconnected location in the Indianapolis metro area.

Concurrently with the closing, DataBank has divested the LightBound fiber/CLEC assets to Everstream, a business-only fiber network provider. 

ECI Software completes acquisition of Trivest Beheer

ECI Software Solutions, a cloud-based business management solutions provider based in Fort Worth, has completed the acquisition of Netherlands-based Trivest Beheer B.V., a provider of smart vertical software solutions to the SME manufacturing sector.

This is ECI’s largest acquisition to-date.

ECI announced in August that it had signed a definitive agreement to acquire Trivest.No terms of the deal were disclosed. 

Snappy Salads and Mad Greens announce merger

A pair of fast casual salad concepts—Dallas-based Snappy Salads and Golden, Colorado-based Mad Greens—have tossed their business interests into one bowl, announcing they have merged while continuing to operate as stand-alone brands.

No terms of the deal were released, but the companies said they will operate under the Salad Collective banner.

Snappy Salads CEO and founder Chris Dahlender will step down from day-to-day operations but will be on the Salad Collective board of directors. He’s a former marketing director at Brinker International, the Dallas-based owner of the Chili’s Grill & Bar and Maggiano’s Italian Little Italy concepts.

Blackstone Group buys Dallas firm’s warehouse portfolio for $5.9B

Blackstone Group Inc. announced they will buy U.S. industrial warehouses from Dallas-based Colony Industrial, the industrial platform for Los Angeles-based Colony Capital Inc., in a deal valued at $5.9 billion.

Blackstone, one of the biggest property investors in the world, said the deal will allow it to capitalize on the e-commerce boom. The transaction is expected to close in the fourth quarter.

The acquisition comes at a time when billions are being spent on logistics assets as a surge in e-commerce activity generates demand for delivery and warehouse services.

The Colony Capital deal consists of 60 million square feet across 465 warehouses in 26 U.S. markets. The biggest concentration is in Dallas, Atlanta, Florida, northern New Jersey and California.

Integrity Marketing Group to acquire Arkansas insurance marketer

Integrity Marketing Group, LLC, a Dallas-based distributor of life and health insurance products, has agreed to acquire Drennan Insurance Marketing Inc., an insurance marketing organization in Little Rock, Arkansas.

Integrity Marketing Group, the nation’s largest independent distributor of life and health insurance products to the senior market, said that as part of the deal, the Drennan family will become owners in Integrity.

No financial terms of the contract were disclosed.

Nextlink announces acquisition plans for Connecting Point

Hudson Oaks-based Nextlink Internet is acquiring the internet service business of Norfolk, Nebraska-based Connecting Point (ConPoint).

Terms of the acqusition were not released.

Nextlink is a provider of high-speed internet and voice services to residential, business, institutional, and government customers in mostly rural and small-town areas. Although its roots are in Texas and Oklahoma, the company recently announced its plans to expand into Illinois, Iowa, Kansas, and Nebraska.

Nextlink said it plans to use the ConPoint network and workforce to expand in Nebraska.

AZZ acquires Terrell-based powder coating company

AZZ Inc.—a Fort Worth-based global provider of metal coating solutions, welding solutions, specialty electrical equipment, and highly engineered services—has acquired Preferred Industries Ltd., a privately held powder coating company in Terrell.

No financial information on the deal was released.

Preferred provides powder and e-coating services to the automotive, HVAC, marine, transportation, medical, industrial, and plastics industries.

Addus HomeCare completes $130M cash purchase of Hospice Partners

Frisco-based Addus HomeCare Corp. announced it has completed an acquisition of Hospice Partners of America LLC for a cash purchase price of $130 million.

Addus, a provider of comprehensive home care services, said it funded the acquisition with proceeds from its recent stock offering completed on Sept. 9.

Birmingham, Alabama-based Hospice Partners of America currently serves an average daily census of roughly 1,000 patients in 21 locations in Idaho, Kansas, Missouri, Oregon, Texas, and Virginia, with an annualized revenue of approximately $55 million. 

Redbird Capital and Reverance Capital close on Vida acquisition

Redbird Capital Partners, which is based in Dallas and New York City, and Reverance Capital Partners announced they have closed on their acquisition of Austin-based Vida Capital Inc., an alternative asset management platform that specializes in non-correlated investment strategies.

Redbird Capital is a principal investment firm that provides flexible, long-term capital to assist entrepreneurs in growing their businesses. It looks for opportunities in growth-oriented private companies with capital, investor networks, and strategic relationships.

Reverance Capital Partners is a New York City-based private investment firm that focuses on thematic investing in global, middle-market financial services businesses through control- and influence-oriented investments.

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