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.
Latticework raises $120M in equity funding for a pooled investment
Dallas-based private equity firm Latticework Capital Management has raised $120 million from family offices, funds-of-funds, pension funds, and other investors as part of a pooled investment fund under a limited partnership called LCM Healthcare Fund I.
The Dallas Business Journal reported that 61 investors participated.
Founded in 2014, Latticework focuses on equity investments in lower middle-market companies in the healthcare sector. Latticework has five investment platforms in the following sub-sectors: veterinary service, behavioral health, hospital outsourcing, rural urgent care, and pediatric dental.
Renibus Therapeutics raises $3.37M equity funding
Southlake-based Renibus Therapeutics Inc. has raised $3.37 million in equity funding, according to a filing with the U.S. Securities and Exchange Commission.
Privately held Renibus, which currently is operating in stealth mode, is a developer of drugs intended for use in the treatment of acute kidney injury and chronic kidney disease.
The company was founded in 2015.
Figable raises $55K of a $2M equity offering
Irving-based technology company Figable LLC has sold $55,000 of a $2 million equity and option funding round.
Figable calls parenting a “juggling act.” It offers an app that helps parents manage their time, achieve personal growth, and manage their finances.
The company was founded by CEO Helen Malick.
Fetch raises $10.5M to support its national expansion
Fast-growing Fetch, a last-mile package delivery solution for apartment communities that was founded in Dallas in 2016, has raised $10.5 million in a Series A funding round led by Signal Peak Ventures.
The funding brings Fetch’s total to-date to $14 million, after it raised $3 million in a 2018 seed round. Also participating in the round were Silverton Partners and Capital Factory, which has a Dallas location.
E-commerce firm Solo Stove gets an investment from Bertram Capital
Southlake-based e-commerce company Solo Stove has received an investment, in partnership with its founders, from Bertram Capital.
No financial information was released.
Launched in 2011, Solo Stove is a designer and supplier of portable, low-smoke fire pits and camping stoves. The company said its first camp stoves were created to meet the needs of back-country adventurers.
“Solo Stove is one of the first digitally native outdoor brands to achieve critical mass. The company excels at designing products that are loved by ultralight hikers, car campers, and backyard enthusiasts alike,” Bertram Capital Partner Ryan Craig says in a statement. “We see tremendous opportunity for our in-house IT group, Bertram Labls, to augment the company’s digital capabilities and help accelerate brand awareness.”
Stealth Monitoring gets a ‘significant’ equity investment
Stealth Monitoring, one of the largest and fastest-growing providers of live video monitoring solutions in North America, announced that it has received a significant equity investment from Twin Point Capital.
Auxo Management LP (“Auxo”), a privately held investment firm led by Stealth CEO Robert Cherun and President Erik Mikkelsen, will retain a substantial ownership in the company and existing management will stay in place.
Financial information about the transaction was not disclosed. Twin Point Capital is a principal investment firm with offices in Palo Alto, California, and New York City. Stealth Monitoring, which is headquartered in Addison and Toronto, has grown from its original 50 employees to more than 500 employees.
“This is a great opportunity for the company to put more capital and resources into developing into the world’s leading video surveillance company,” Mikkelsen told the Dallas Business Journal. “The Twin Point team has a great track record of bolstering growth of companies like ours.”
BP Energy Partners gets a $52M equity investment
Dallas-based BP Energy Partners LLC has received a $52 million equity investment from HarbourVest Partners to take a minority position in Mesa Natural Gas Solutions, a portfolio company of BP Natural Gas Opportunity Partners.
Mesa is a Wyoming-based provider of natural gas portable power generation units for the field.
BP Energy Partners was founded in 2013 by the late T. Boone Pickens, and manages over $500 million in committed capital.
Integrity Marketing raises a jumbo $945M unitranche loan
Dallas-based Integrity Marketing, which sells life and health insurance products to the senior market, has received a $945 million jumbo loan from the private debt market.
Credit investors Owl Rock Capital Partners, Crescent Capital, and Antares Capital provided the unitranche loan, a type of hybrid loan that combines senior debt and subordinated debt into one amount.
a360inc gets an investment from Knox Capital
Carrollton-based a360inc has received a strategic investment from Knox Capital, a Chicago-based middle-market investment firm.
It will allow a360inc, a legal and financial services tech business, to expand and pursue acquisitions in the technology and services industry.
No financial information on the deal was disclosed.
Pharos Capital invests in learning and behavioral solutions providers
Pharos Capital has invested in Alpine Academy and Interventions Unlimited via Pharos’ Family Treatment Network platform.
Pharos is headquartered in Dallas and Nashville, has invested in 53 companies, and currently has more than $180 million in private equity assets under management.
Florida-based Alpine Academy and Interventions Unlimited provide ABA therapy and other learning and behavioral solutions to children and adolescents with autism spectrum disorder, behavioral and emotional problems, learning disabilities, and other developmental disabilities through a private day school and home and clinic-based services.
Three Oaks Hospice gets $21M in funding and makes three acquisitions
Dallas-based Three Oaks Hospice, a newly formed hospice company, has successfully completed three acquisitions and secured $21 million in private equity funding to drive future growth.
Founded in May, Three Oaks Hospice acquired locations in Dallas, Fort Worth, and San Antonio from Total Hospice & Palliative Care, ABS Palliative and Hospice Care, and Fellowship Hospice.
To fuel its growth, Three Oaks Hospice received more than $21 million in private equity from Granite Growth Health Partners, Health Velocity Capital, and Petra Capital Partners.
More funding news
McKinney-based Hemisphere Ventures participated in a $16 million seed round by Houston-based Axiom Space, a commercial provider of human spaceflight services that has access to the International Space Space Station.
Dallas-based Arygin Corp., a new media streaming platform, raised $45,100 in equity crowdfunding, bringing its two-round total to roughly $95,000.
KRM Interests President Kevin Moore of North Texas is one of 12 investors in a $2.56 million seed round by San Francisco-based Sling Health.
Dallas-based private equity investor Cresco Capital led a $25 million funding round for Future State Brands, a Los Angeles-based cannabis-focused consumer goods and marketing company.
WIT & Co., an Irving-based member-owned organization consisting of independent plumbing, heating, and cooling distributors from across the nation, has raised $13,800 in equity funding, according to a Form D filing with the federal government.
Irving-based GMI-SMS LP has raised $3.2 million of a $3.6 million debt offering, according to a filing with the Securities and Exchange Commission. According to the filling, GMI-SMS is a real estate-related limited partnership.
MERGERS & ACQUSITIONS
HMS Holdings acquires Plano-based VitreosHealth
Irving-based HMS Holdings Corp. has acquired VitreosHealth, a privately held company based in Plano that offers predictive and prescriptive health insights for population risk models, for roughly $36.5 million in cash.
No financial terms of the deal were released.
Before the acquisition, VitreosHealth was a key strategic partner for HMS. Its AI-driven platform provided the predictive analytics engine for HMS’ Elli, a risk intelligence solution under the company’s integrated Population Health Management portfolio.
VitreosHealth’s platform leverages data from a broad set of sources, including electronic health records, claims, health risk assessments, and socioeconomic data. It then provides insights that allow clinicians and health plan administrators to identify and address care gaps within member or patient populations.
Fertitta buys Del Frisco’s Double Eagle and Grille brands
Houston entrepreneur Tilman Fertitta has bought the Irving-based Del Frisco’s Double Eagle and Del Frisco’s Grille from L Catterton for an undisclosed amount.
The announcement came the same day that L Catterton, a private equity firm, closed on its previously announced $650 million acquisition of Del Frisco’s Restaurant Group Inc., which was a publicly traded company.
CNBC reported that Del Frisco’s was strapped by debt and pressure from hedge fund Engaged Capital. The deal was expected to close Wednesday, and L Catterton would then immediately sell the Del Frisco’s brands to Fertitta’s Landry’s business. Sources told CNBC that Landry’s paid $300-400 million.
Energy Transfer Partners to acquire SemGroup for $5B
Dallas-based Energy Transfer Partners, one of the nation’s largest and most diversified midstream energy companies, has agreed to acquire Tulsa-based SemGroup Corp. in a unit and cash transaction valued at roughly $5.1 billion.
SemGroup transports natural gas, oil, and other products across the country via a network of pipelines, processing plants, refinery-connected storage facilities, and deep-water marine terminals.
The deal should close later this year or early in 2020.
TPG Capital terminates a $930M deal to acquire Goodnight Midstream
TPG Capital, which has headquarters in Fort Worth and San Francisco, has called off its agreement to buy Goodnight Midstream for $930 million. Goodnight is an oilfield water management company.
Goodnight was unable to satisfy certain closing conditions, Bloomberg reported.
TPG Capital was going to buy the company from Tailwater Capital and private investors. Under the deal’s terms, TPG Capital and existing shareholders had agreed to commit additional equity capital to support the continued growth of Goodnight Midstream.
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.