Follow the Money: Safe Harbor Marinas Gets $41M, Mooala Nets $8.3M; Improving Acquires Code Authority

In this weekly roundup of funding, merger, and acquisition activity involving North Texas businesses, you’ll also find news from Supply, Double Eagle Capital, RealPage, Madelinetosh, Bombardier, Vivify Health, Principal Solar, Zona Energy, ClubCorp, and Del Frisco’s.

Follow the money jehita iStock photo

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.

Have a deal we should know about? Tell us here.

Safe Harbor Marinas receives $41M investment for growth

Dallas-based Safe Harbor Marinas has been given a $41 million investment from Weatherford Capital, reports the Tampa Bay Business Journal.

Safe Harbor Marinas says that it is the largest owner of marinas in the nation, and that the investment will be used for further growth. 

Based in Tampa, Florida, Weatherford Capital is run by brothers Will, Sam, and Drew Weatherford. This is the latest in a series of investments by Weatherford Capital into Safe Harbor, the TBBJ writes. 

In May, Safe Harbor Marinas 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.

Access Physicians gets $9.3M Series A funding

Access Physicians, a Dallas-based national leader in acute subspecialty telemedicine, has secured $9.3 million in a Series A round from Health Enterprise Partners, a New York City-based healthcare private equity firm.

Health Enterprise Partners’ investors include some of the largest health systems and health plans in the nation, a release said.

According to the release, Access Physicians combines clinical workflows, peer-referenced specialists, and a world-class telemedicine experience that is supported with a clinical sense of urgency. Its clients include Fortune 500 healthcare enterprises, independent rural and community hospitals, regional hospital networks, and the nation’s first and largest operator of micro-hospitals. 

Mooala raises $8.3M in Series A equity funding

[Image: via Mooala]

Dallas-based Mooala, a maker of premium, organic, dairy-free beverages and creamers has completed an $8.3 million Series A equity funding round.

The round was led by Sweat Equities, an investment firm specializing in the food, beverage, and consumer good sector, with participation from several family offices and investment firms, including Seed Series lead investor M3 Ventures, according to a statement.

This round brings Mooala’s total funding since launch to more than $13 million and it is expected to support the company’s emergence into new markets, help accelerate product development, and bolster the internal team, according to a statement.

Supply gets $300K ‘Shark’ Investment during TV appearance

Supply, the Fort Worth-based men’s razor company Supply appeared on the Nov. 3 airing of ABC’s “Shark Tank” and left with a $300,000 investment from Robert Herjavec for 15 percent of the startup.

[Image: Courtesy Supply]

“It was a surreal experience for us just making an appearance on the show, but we couldn’t have been more pleased with the outcome,” said Patrick Coddou, founder and CEO of Supply, in a statement. “I knew we had shaped a brand that sets itself apart, not only because of the innovative razor design but also the kind of standard we hold ourselves to, and I’m glad that resonated with Robert and the rest of the ‘Sharks.’” 

Herjavec wasn’t the only ‘shark’ interested in Supply. 

Shark Kevin O’Leary made a royalty offer that was outdone by Herjavec’s $300,000 offer, and Lori Greiner called Supply’s single edge design the “Cadillac of razors.” The pitch, involving a comedian dressed as George Washington and mustaches, was also praised by the panel (which, as we all know, includes Dallas’ own Mark Cuban).

Supply is owned by engineer-turned-entrepreneur Coddou and his wife, Jennifer, who together founded the startup in 2015 out of their Fort Worth home. Along with the initial single blade razor, Supply has branched out to shaving accoutrements and products such as travel cases, marble shaving bowls, shaving cream, brushes, men’s skincare, and other shaving accessories.

New York hedge fund increases stake in RealPage

Duquesne Family Office LLC, a New York City-based hedge fund, has increased its stake in Richardson-based RealPage Inc. by over 27 percent, according to an SEC filing.

Duquesne bought 16,060 shares after it already held 74,750 shares at the end of the second quarter valued at $4.4 million. 

RealPage provides property management software solutions for the multifamily, commercial, single-family, and vacation rental housing industries.

Double Eagle Capital raises millions for pooled investment fund

Westlake-based pooled investment fund Double Eagle Capital Ace Fund LP has filed documents with the Securities and Exchange Commission showing raises of $94.6 million, $21.7 million, and $57.5 million in equity.

Double Eagle Capital Management is an alternative investment management firm that was founded by Trip Kuehne in 2005. The firm’s management team specializes in hedge fund investment strategies for qualified institutional and individual investors. 

According to its website, Double Eagle Capital’s investment team uses its investment process and risk management tools to construct diversified hedge fund portfolios to craft risk-adjusted return objectives of the company’s private investment funds.

HFS Wealth Management raises $1.9M

HFS Wealth Management, a Dallas-based wealth management firm, said it has raised $1.9 million of a $3 million fund.

Founded in 1994, HFS Wealth Management’s advisors specialize in financial, investment, tax, and estate planning practices. HFS’ specialties include wealth management, financial planning, investment management, and private fund investments.

MERGERS & ACQUISITIONS

Improving acquires Frisco-based Code Authority

Improving, a Plano-based tech consulting and training firm, has acquired Code Authority, a custom software development and digital marketing firm based in Frisco.

Jason W. Taylor is the president of Code Authority. [Photo: Courtesy Code Authority]

The move is part of Improving’s ongoing “Enterprise Model”—a strategy of merging similar service companies that share “a genuine commitment to excellence, trust and culture.”

Code Authority focuses on entrepreneurs and startups, and its services include everything from mobile applications to business intelligence and data analytics—all centered around the digital economy.

The Code Authority leadership team will remain intact, including Jason W. Taylor staying on as company president. This aligns with Improving’s post-merger strategy of reinforcing localized ownership while leveraging the value of service offerings across its portfolio.

Landry’s completes Del Frisco’s acquisition

Houston-based restaurant, hospitality, and gaming company Landry’s has completed its purchase of Irving-based Del Frisco’s Double Eagle Steakhouse and Del Frisco’s Grille.

Landry’s is owned by Houston billionaire Tilman Fertitta. The steakhouse brand was bought from private equity firm L Catterton for an undisclosed price.

The previously announced transaction adds 16 Del Frisco’s Double Eagle Steakhouse locations and 17 Del Frisco’s Grille properties to Landry’s portfolio which has more than 600 restaurants across a variety of brands. 

Orix USA buys Hunt Real Estate Capital

Dallas-based Orix Corp. USA is acquiring New York City-based Hunt Real Estate Capital LLC in a deal that is expected to benefit from the vast resources of Orix USA, the U.S. and Latin American business hub for Tokyo-based Orix Corp.

Financial terms of the deal were not released. The deal is expected to close by year’s end.

Orix USA offers a wide range of capital solutions for clients in the corporate, real estate, and municipal finance sectors. Its assets exceed $100 billion with approximately $400 billion of assets under management.

A subsidiary of El Paso-based Hunt Companies Inc., Hunt Real Estate lends to most classes of commercial real estate. The combined company is expected to create a commercial real estate finance platform that has annual loan production in excess of $9 billion and a servicing portfolio in excess of more than $40 billion.

Principal Solar Inc. to acquire Zona Energy

Dallas-based Principal Solar Inc. announced it will acquire Zona Energy Inc. in a reverse triangular merger transaction. The transaction is targeted to close in the fourth quarter or early 2020.

Principal Solar is a renewable energy company that acquires, builds, owns, and manages solar generation facilities serving customers in the United States.

Zona Energy Inc. is focused on a generational opportunity in the independent oil and natural gas industry in the Permian Basin of West Texas, one of the major producing basins in the world.

ClubCorp acquires 7 properties from Toll Golf

Dallas-based ClubCorp, a leading owner-operator of private golf and country clubs and stadium clubs in North America, has acquired seven premier lifestyle golf clubs in residential communities on the East Coast from Toll Golf, the golf and country club division of luxury home builder Toll Brothers.

The clubs, which offer a variety of lifestyle amenities such as upscale, resort-style golf, tennis, fitness, aquatics, sports, and dining are:

  • Belmont Country Club in Ashburn, Virginia
  • Dominion Valley Country Club in Haymarket, Virginia
  • Regency at Dominion Valley Country Club in Haymarket, Virginia
  • Brier Creek Country Club in Raleigh, North Carolina
  • Hasentree in Wake Forest, North Carolina
  • Jupiter Country Club in Jupiter, Florida
  • Oak Creek Golf Club in Upper Marlboro, Maryland

According to a statement, members of the Toll Golf clubs will have the opportunity to obtain access to ClubCorp’s network of private clubs, services, and benefits.

Bombardier sells Dallas operations as part of $1.2B deal

Canada-based manufacturer Bombardier is selling its aerostructures business to Wichita, Kansas-based Spirit AeroSystems, including operations in Dallas, Belfast, Northern Ireland, and Casablanca, Morocco, as part of a $1.2 billion cash-and-debt transaction.

The Dallas facility specializes in maintenance and repairs, while its Belfast operations assemble the wings for the Airbus A220.

The price includes $500 million in cash and roughly $700 million in debt, reports The Japan Times. 

Optum acquires Plano health tech firm Vivify 

The Optum division of UnitedHealth Group has acquired Vivify Health, the Plano-based remote patient monitoring startup, for an undisclosed amount.

Vivify provides a comprehensive RPM platform, complete with a suite of connected medical devices and mobile health apps to track at-risk patients at home.

Via the acquisition, Optum believes it can significantly reduce costs from hospital readmission rates and better manage care for patients with chronic diseases.

Fort Worth hand-dyed yarn maker to be acquired

Fort Worth-based Madelinetosh, the largest hand-dyed yarn producer in the nation, is being acquired by Nevada-based Jimmy Beans, a market-leading retailer of yarn and accessories for knitters and makers.

Madelinetosh yarn is sold in independently-owned yarn and craft stores around the world.

This is Jimmy Beans’ largest acquisition, after previously acquiring two popular bag and accessories companies, Namaste in 2018 and della Q in 2019, reports the Fort Worth Business Press.

Founded in 2006 as an Etsy shop, Madelinetosh has grown into an international wholesale distributor to independent craft stores across the globe. 

Get on the list.
Dallas Innovates, every day.

Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.

One quick signup, and you’re done.
View previous emails.

R E A D   N E X T

Add Comment