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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Pieces Technologies raises $5M in a Series B round
Pieces Technologies, a Dallas-based AI and predictive analytics startup, has raised all $5 million in the initial part of a Series B capital raise.
The company expects to be fully completed in the second half of the year.
A spokeswoman for Pieces told Dallas Innovates that the funding will be used for “general working capital purposes”—such as technology research and development—to address clinical complexity and social vulnerability, and to service existing and newly-acquired clients.
Last year, Pieces Technologies and Plano-based NTT Data Services launched a joint re-admissions system to combine Pieces’ Decision Sciences platform with NTT Data’s clinical transformation services.
CallBox raising up to $15M in funding round
The Dallas-based on-demand storage services company CallBox Storage is raising up to $15 million in a funding round, according to a filing.
So far, CallBox has raised $3.5 million of that goal.
Callbox works like this: customers can schedule movers to pack up their things, barcode the possessions, and put them into storage. Later, if an item is needed, a CallBox crew member will return anything selected from the inventory—for instance, Christmas decorations for when the holidays come around.
Founded in 2016, Callbox announced last year that it was launching in Phoenix, marking its fifth market. It already operates in Dallas, Fort Worth, Austin, and Houston.
Hedera reports $700M in hbar grants to employees, founders, others
Hedera Hashgraph, the Dallas-based next-gen public ledger company, recently filed a Form D with the U.S. Securities and Exchange Commission granting nearly $700 million in hbars (Hedera’s cryptocurrency) to employees, founders, contractors, advisers, and certain early service providers.
Header said the grants, totaling $696,150,671, provide for the recipient to receive coins in the future, typically over a period of four years.
“Our view is that the coins released under these grants should not be viewed as securities at the time they are delivered,” Hedera said. “However, there is uncertainty about the characterization of hbars before they are delivered, and it remains possible that hbars will be deemed to be securities even at the time of delivery.”
Also, Hedera said that the grants themselves are contracts for the future delivery of coins and may be viewed as investment contracts.
“Because of the uncertainty, to ensure the grants are compliant under either outcome, we have decided to treat the grants as we would need to if the SEC were to view the grants and/or the hbars as securities,” Hedera said. “That includes ensuring that each of the grants falls within a securities law exemption, and filing the associated forms.”
Hedera noted that the dollar value of the grants is based on the fair market value, and that because there is not currently a market for hbars, the company used the $0.12 price from its last round of financing.
Rimrock Energy Partners gets $200M senior secured credit facility
Dallas-based Rimrock Energy Partners LLC announced that it has received a senior secured credit facility of $200 million, led by BOK Financial.
The company said the funds will be used to support the build-out of its natural gas gathering and processing system.
“This facility, combined with our equity capital available from Energy Spectrum Capital, provides ample liquidity to keep pace with the growing gas volumes across the region,” Rimrock’s CFO Jeff Derner said in a statement.
MERGERS & ACQUISITIONS
TPG Capital buys oilfield water management infrastructure provider
TPG Capital, the private equity platform of global firm TPG, has agreed to buy a majority stake in Goodnight Midstream, in a deal valued at roughly $930 million.
Goodnight Midstream is a provider of oilfield water management infrastructure. TPG Capital, which is headquartered in Fort Worth and San Francisco, is buying the company from Tailwater Capital and private investors.
Under the deal’s terms, TPG Capital and existing shareholders have agreed to commit additional equity capital to support the continued growth Goodnight Midstream. The transaction is expected to close in the second quarter.
An Austin biotech company is buying ThermiGen
For an undisclosed amount, Irving-based ThermiGen LLC is being bought by Celling Biosciences, an Austin biotechnology company.
ThermiGen is a maker of temperature-controlled radio-frequency technology that heats targeted areas of your skin to naturally stimulate collagen.
Celling is buying ThermiGen from global pharmaceuticals company Almirall S.A. The acquisition comes roughly three years after ThermiGen was bought for $82 million by Almirall.
Copart acquires Kentucky re-marketer of total-loss and fleet vehicles
Dallas-based Copart Inc., a global online vehicle auction company, has acquired Vincent Auto Solutions, a leader in the re-marketing of total-loss and fleet vehicles in the western Kentucky region.
“This acquisition is a part of our overall expansion initiative that furthers our ability to process the increasing volume we are handling in Kentucky and nationwide,” Copart CEO Jay Adair said in a statement.
Founded in 1982, Copart offers services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters, and end-users. The company sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, and individual owners.
Anchor Partners buys Tennessee fabrication company with Denton site
Dallas holding company Anchor Partners has acquired Tennessee-based Quality Industries, a metals fabrication company with a location in Denton.
Acquiring Quality Industries and adding it to Anchor’s family of companies—which includes Anchor Fabrication, Abby Manufacturing, and BOH Environmental—makes Anchor one of the largest privately owned manufacturers in the southern United States, with over 1 million square feet of manufacturing and metal fabrication space.
Van Alstyne Financial is being acquired by BancorpSouth
A Mississippi banking company called BancorpSouth Bank is expanding its presence in Texas with the acquisition of Van Alstyne Financial Corp., the parent company of Texas Star Bank in the Dallas-Fort Worth area.
BancorpSouth also announced it was acquiring Summit Financial Enterprises Inc. of Florida, the parent company of Summit Bank. Together, the deals bring BancorpSouth closer to becoming a $20 billion bank.
Van Alstyne Financial has seven full-service banks in Collin and Grayson counties, and a loan production office in Durant, Oklahoma.
Family-owned Dallas envelope company is acquired
Kansas City-based Tension Corp. has acquired Motion Envelope Inc., a family-owned envelope manufacturing company in Dallas.
Tension is the second-largest envelope maker in the nation. Established in 1984, Motion Envelope specializes in high-end direct mail, and its product offerings include specialized finishes, hot and cold foil, and embossing.
Via Motion Envelope’s specialty products, the acquisition will give Tension additional reach across the U.S.
Follow the Money: BulBul Gets $500K, RealTime Laboratories Nets $140K, Artisan Design Makes Acquisition
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