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Eversheds Represents CCI in Sale of NorTex Midstream Partners

Eversheds Sutherland is pleased to announce that it is representing client Castleton Commodities International LLC (CCI) in its sale of NorTex Midstream Partners (NorTex or the Company), a Houston-based natural gas storage and transportation company, to private equity firm Tailwater Capital (Tailwater).

Founded in 2007, NorTex provides revenue optimisation and asset reliability solutions for utilities and power generation facilities in North Texas through strategically located natural gas storage and transmission. The Company operates the largest portfolio of non-utility gas storage facilities in North Texas. NorTex’s asset base includes 36 Bcf of depleted reservoir working gas capacity, 83 total miles of natural gas transportation pipelines, as well as the Tolar Hub – the largest natural gas hub in North Texas. NorTex’s storage facilities have operated consistently for nearly 60 years, serving as critical infrastructure for the greater Dallas-Fort Worth market.

CCI is a global energy commodity merchant with integrated businesses focused on marketing, merchandising, and trading commodities, and the ownership, operation and development of commodities-related infrastructure and upstream assets.

Partner Ram C. Sunkara led the Eversheds Sutherland team in this transaction, with assistance from Partners M. Hill Jeffries, Meredith O’Leary, Lance J. Phillips, Amish M. Shah, Michael J. Voynich, Counsel Ronnie Dabbasi, Graham R. Green, Kyle E. Wamstad and Associates Katherine E. Dugat, Kyle J. Hayes, Michael M. Petrov, Alyssa N. Walker and Kathryn V. Wymer.

About Eversheds Sutherland

As a global top 10 law practice, Eversheds Sutherland provides legal services to a global client base ranging from small and mid-sized businesses to the largest multinationals, acting for 75 of the Fortune 100, 68 of the FTSE 100 and 113 of the Fortune 200.

With more than 3,000 lawyers, Eversheds Sutherland operates in 68 offices in 32 jurisdictions across Africa, Asia, Europe, the Middle East and the United States. In addition, a network of more than 200 related law firms, including formalised alliances in Latin America, Asia Pacific and Africa, provide support around the globe.

Eversheds Sutherland provides the full range of legal services, including corporate and M&A; dispute resolution and litigation; energy and infrastructure; finance; human capital and labour law; intellectual property; real estate and construction; and tax.

Eversheds Sutherland is a global legal practice and comprises two separate legal entities: Eversheds Sutherland (International) LLP (headquartered in the United Kingdom) and Eversheds Sutherland (US) LLP (headquartered in the United States), and their respective controlled, managed, affiliated and member firms. The use of the name Eversheds Sutherland is for description purposes only and does not imply that the member firms or their controlled, managed or affiliated entities are in a partnership or are part of a global LLP.

Eversheds Sutherland Earns a Perfect Score for Workplace Equality

Eversheds Sutherland is proud to announce that we have again received a perfect score of 100 on the 2021 Corporate Equality Index (CEI), the nation’s premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality, administered by the Human Rights Campaign (HRC) Foundation. This is the 12th consecutive year Eversheds Sutherland has received a perfect score.

“We are proud to have our commitment to equality validated again this year by the Human Rights Campaign Foundation,” said Mark D. Wasserman, Co-CEO of Eversheds Sutherland. “Creating and maintaining a culture of inclusivity and equality is an ongoing priority for us and a cornerstone of our firm values.”

“From the previously unimaginable impact of the COVID-19 pandemic, to a long overdue reckoning with racial injustice, 2020 was an unprecedented year. Yet, many businesses across the nation stepped up and continued to prioritise and champion LGBTQ equality,” said Alphonso David, Human Rights Campaign President. “This year has shown us that tools like the CEI are crucial in the work to increase equity and inclusion in the workplace, but also that companies must breathe life into these policies and practices in real and tangible ways. Thank you to the companies that understand protecting their LGBTQ employees and consumers from discrimination is not just the right thing to do—but the best business decision.”

“Our firm values and policies demonstrate our commitment to equality to our attorneys, staff, clients and the legal industry, while building a workplace we can be all proud of,” said Chief Diversity & Inclusion Officer and Tax Partner Vanessa A. Scott. “It is great to see this effort recognised once again.”

The 2021 CEI evaluates LGBTQ-related policies and practices including non-discrimination workplace protections, domestic partner benefits, transgender-inclusive health care benefits, competency programs and public engagement with the LGBTQ community. Eversheds Sutherland’s efforts in satisfying all of the CEI’s criteria results in a 100 percent ranking and the designation as a Best Place to Work for LGBTQ Equality.

For more information on the 2021 Corporate Equality Index, or to download a free copy of the report, visit hrc.org.

About the Human Rights Campaign Foundation

The Human Rights Campaign Foundation is the educational arm of America’s largest civil rights organisation working to achieve equality for lesbian, gay, bisexual, transgender and queer people. HRC envisions a world where LGBTQ people are embraced as full members of society at home, at work and in every community.

Eversheds Sutherland advises Element Markets in recent acquisition

Eversheds Sutherland is pleased to announce that it represented client Element Markets, the leading independent marketer of renewable natural gas (“RNG”) and environmental commodities in North America, in a majority interest sale to The Rise Fund, a global impact investing platform managed by alternative asset firm TPG.

The acquisition of Element Markets represents The Rise Fund’s second investment in the climate transformation and renewable energy space within the past six months.

“We would like to thank Ram and the entire Eversheds Sutherland team for helping us navigate this highly complex, transformative transaction and for consistently providing excellent service throughout the fast-paced process,” said Randall Lack, Founder & Co-President of Element Markets.

Partner Ram C. Sunkara led the Eversheds Sutherland team with assistance from Partners Vlad M. Bulkin, Peter A. Fozzard, Michael A. Hepburn, M. Hill Jeffries, Susan G. Lafferty, Lance J. Phillips, Amish M. Shah, William E. Sheumaker, Michael J. Voynich, Scott Wright, Counsel Jackson M. Allen, Ronnie Dabbasi, Graham R. Green and Associates Maximillian R. Licona, Michael M. Petrov, and Kathryn V. Wymer.

Founded in 2005, Houston-based Element Markets uses differentiated environmental and market expertise to play a leading role in markets for low carbon fuel standard (“LCFS”) credits, renewable identification numbers (“RINs”), emission credits, and carbon credits.

Element Markets is a leading provider of greenhouse gas reductions via offsets and renewable natural gas to several Fortune 100 companies. The company has transacted over 50,000,000 tonnes of greenhouse gas credits and represents over 20% of the North American RNG to transportation market and is the primary cellulosic (D3) RIN supplier to two of the largest US refiners. By working with clients to find a cost-effective approach to environmental compliance, Element Markets has also become the largest regional marketer of emission credits in the United States.

Eversheds Sutherland named Tax Practice Group of the Year

Eversheds Sutherland is pleased to announce that its Tax Practice Group has been selected as Practice Group of the Year by Law360 for the third consecutive year, and for the sixth time in the last seven years. The group has been recognised for its role in helping clients succeed in high-stakes litigation and critical business challenges in Federal, International, and State and Local tax.

“Tax has long been one of Eversheds Sutherland’s premiere practice groups, and it is an honour to be recognised consistently for the team’s tremendous work,” said Mark D. Wasserman, Eversheds Sutherland Co-CEO. “I congratulate them for their exceptional accomplishments, excellent client service and for receiving this award.”

The Law360 Practice Group of the Year award honours law firms that have worked on the biggest deals or have achieved the biggest wins in the most important cases throughout the legal industry in the past year.

“We have had a particularly strong year in tax planning and tax controversy. We are fortunate to have a group of talented tax lawyers whose experience span the breadth of every significant tax specialty area. Our lawyers are committed to providing our clients with thoughtful and integrated tax advice, and we are humbled to be recognised as a top practice group for the third year in a row,” said Jeffrey A. Friedman, US Tax Practice Group Leader.

Eversheds Sutherland serves as tax counsel to many of the world’s most prominent corporations—including more than 35 of the Fortune 100—in every area of federal, international, state and local tax law. Our prominence in legal tax services dates back to the firm’s founding nearly a century ago. More than 100 tax attorneys represent taxpayers in federal, international, employee benefits, insurance, tax exempt, and state and local tax matters. By virtue of the size of our tax practice and our varied client base, we are active in every area of taxation—from planning the most complex corporate tax transactions to representing taxpayers in administrative and judicial tax controversies.

Eversheds Sutherland advises Magnetar Capital on latest acquisition

Eversheds Sutherland is pleased to announce that it represented alternative asset manager Magnetar Capital in the acquisition of international property and investment group Lendlease’s renewable energy business unit, which will operate under the name Vesper Energy moving forward.

Since its start in 2015, Vesper Energy has commercialised over 680 MW of utility-scale solar projects in the US. Working closely with communities and customers, the company develops, builds and operates high-quality, high value assets that contribute to a sustainable, decarbonised electrical grid. Its current customers include municipalities, higher education institutions, large corporations and integrated electric utilities.

Vesper Energy has an existing 3 GW solar and 2.5 GWh energy storage development pipeline across the US, encompassing 20 unique projects. The company plans to begin construction on three new projects in 2021 in California, Ohio and Pennsylvania.

“We are excited to extend Magnetar’s existing renewables franchise into the rapidly growing utility-scale solar and storage market in North America,” said Adam Daley, co-head of Energy and Infrastructure at Magnetar. “This investment complements our existing solar portfolio companies and reflects our continued commitment to providing growth capital to businesses actively reducing carbon emissions.”

Eversheds Sutherland Partner Thomas H. Warren led the deal team, which also included Partners Michael Gurion and Madeleine M. L. Tan as well as Associates Alistair W. J. McMaster and Alyssa N. Walker.

Texas Super Lawyers recognises two Eversheds Sutherland partners

Eversheds Sutherland is pleased to announce that Partners Scott R. McLaughlin and Lino Mendiola III have been selected as top attorneys in the state by Super Lawyers. The designations are the result of an annual survey conducted by the publication, which focuses on professional achievement and peer recognition.

Mr. McLaughlin, a partner in the Houston office, is widely recognised as an authority for bet-the-company labour and employment cases. A “go-to” litigator for clients facing trade secret, fiduciary, discrimination, wage and hour, and “C-Suite” matters, he also has deep traditional labour experience, having handled litigation against unions, union elections supervised by the National Labour Relations Board, strikes and many labour arbitrations. Mr. McLaughlin regularly files lawsuits under the Computer Fraud and Abuse Act to recover information misappropriated by departing employees and has vast related experience in gathering, securing and preserving electronic evidence. He also has extensive experience in conducting internal sexual harassment, discrimination and fraud investigations, and provides day-to-day labour and employment advice and counsel to clients. With a national litigation practice, Mr. McLaughlin has a successful track record for defending Fortune 200 companies in multimillion-dollar claims before state and federal courts in numerous trials and arbitrations.

Mr. Mendiola, a partner in the Austin office and member of the US Executive Committee, advises clients in both litigation and transactional matters involving energy and regulatory law with a focus on the Texas electric energy market. With more than 24 years of commercial and regulatory litigation experience, Mr. Mendiola represents utilities, private equity investors and other clients in state and federal court and before the Public Utility Commission of Texas and other state agencies. He also advises clients on the regulatory aspects of complex energy transactions, including infrastructure development, asset sales and joint ownership arrangements. Additionally, Mr. Mendiola frequently counsels clients on state and federal contracting and procurement law, and advises governments and businesses on procurement and contracting matters, such as DBE/HUB/MBE/WBE regulatory compliance, supplier diversity program development, and issues relating to diversity, inclusion and affirmative action. He is nationally recognised in designing, implementing and defending affirmative action programs and routinely offers legal advice in disputes involving procurement policies.