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Energy & Sustainability M&A Activity – January 2019

Recent M&A Activity:

  • November 21, 2018: Thomas F. Leo LS, P.C., was acquired by JHA companies for an undisclosed amount. The acquisition will allow JHA to expand its core engineering and surveying services to Delaware County and the Catskill Region.
  • November 27, 2018: U.S. Oil and Refining Co. has entered into a definitive agreement to be acquired by Par Pacific Holdings for $358 million. The transaction is expected to close in January 2019.
  • November 28, 2018: Equipment Transport was acquired by Pilot Flying J for an undisclosed amount.
  • November 29, 2018: Energen was acquired by Diamondback Energy for $8.37 billion. Under the terms of the acquisition agreement, EGN shareholders will be entitled to receive 0.6442 of a FANG share for each EGN share they own, representing consideration of $74.26 based on FANG's August 15 trading price. Finally, upon completion of the transaction, EGN shareholders will only have a 38% stake in ownership of the combined company. This acquisition represents a transformational moment for Diamondback, as it is set to benefit from owning the premier large cap Permian independent with industry-leading production growth, operating efficiency, margins, and capital productivity supporting an increasing capital return program.
  • November 29, 2018: S&S Star Water Solutions was acquired by Bison Oilfield Services for an undisclosed amount. The acquisition enables the acquirer to significantly expand its water midstream activities in the region and look to double its operations over the next 12 months.
  • November 30, 2018: GrayWolf Industrial was acquired by DBM Global for $135 million. Through this acquisition, DBM Global continues to diversify its service offering, allowing it to reach more end markets, as well as offer clients additional complementary services.
  • November 30, 2018: PV Navigator (TerraNavigator) was acquired by Ameresco for an undisclosed amount. With this acquisition, Ameresco will expand its pipeline of potential renewable energy projects with a focus on converting these project opportunities into operating assets that the company will own and operate.
  • December 1, 2018: LineTec Services was acquired by Centuri Construction Group, a subsidiary of Southwest Gas Holdings, for $299 million. The acquisition will enable the acquirer to keep its fast-growing infrastructure services business ahead of client needs and industry trends.
  • December 1, 2018: South Jersey Energy (Retail Natural Gas Business & Open Flow Energy), a subsidiary of South Jersey Energy Company, was acquired by UGI Energy Services for an undisclosed amount. This acquisition will enable UGI Energy Services to build upon its already strong commercial and industrial retail business in the Mid-Atlantic region.
  • December 3, 2018: Ricker Oil Company was acquired by Giant Eagle for an undisclosed amount. The deal will help the company to maintain its position as a leader in the convenience store industry.
  • December 3, 2018: Bluline was acquired by Quench, a subsidiary of AquaVenture Holdings Limited, for an undisclosed amount. This acquisition adds approximately 900 new clients with more than 1,300 rental and service units to Quench's installed asset base and increases customer density in the top 12 US Metro area of South Florida.
  • December 3, 2018: Thorntons (Louisville) was acquired by ArcLight Capital Partners and BP for an undisclosed amount.
  • December 4, 2018: Summit Energy (United States), a subsidiary of The Summit Companies, reached a definitive agreement to be acquired by Schneider Energy Consulting for an undisclosed sum. This merger will strengthen Schneider Energy Consulting's geographic footprint, and the combined organization will have the ability to provide support with every aspect of the planning, permitting, and execution process of oil & gas development.
  • December 4, 2018: The Energy Grid Tie division of Parker Hannifin was acquired by LSIS Company, a subsidiary of LS Holdings, for an undisclosed amount. The acquisition of this business unit of Parker Hannifin's allows LS Industrial System to establish LS Energy Solutions.
  • December 5, 2018: Texoma Crude Oil Pipeline System was acquired by ARB Midstream for an undisclosed amount.
  • December 8, 2018: 8minutenergy Renewables was acquired by Tom Buttgenbach and the management for an undisclosed amount.
  • December 11, 2018: Bakken Water Business, a subsidiary of Hess, has entered into a definitive agreement to be acquired by Hess Midstream Partners through a $225 million LBO.
  • December 17, 2018: Stabilis Energy reached a definitive agreement to acquire American Electric Technologies through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange. This combination of Stabilis and AETI will create a leading platform for growth and consolidation in the North American small-scale LNG industry.
  • December 18, 2018: Kuparuk Transportation Company was acquired by ConocoPhillips for an undisclosed amount.
  • December 19, 2018: Marlin CNG Services was acquired by Chesapeake Utilities for an undisclosed amount. The acquisition enables Chesapeake Utilities to extend its services and utilize customized equipment to meet the needs of natural gas suppliers and customers.
  • December 20, 2018: Revere Gas was acquired by Quarles Petroleum for an undisclosed amount. The acquisition of the company complements the existing delivery territory in central Virginia and expands Quarles Petroleum's presence in eastern Virginia.
  • December 20, 2018: East Maui Irrigation Company reached a definitive agreement to be acquired by Mahi Pono from Alexander & Baldwin for an undisclosed amount. A&B and Mahi Pono will form a joint venture to own and operate East Maui Irrigation Company.
  • December 21, 2018: Great Bear Petroleum reached a definitive agreement to be acquired by Pantheon Resources for $49 million. The acquisition will help Pantheon Resources to add to its existing resources.
  • December 26, 2018: Frontier Oilfield Services reached a definitive agreement to be acquired by Galenfeha for an undisclosed amount. Galenfeha will issue one share of preferred stock for each share of common stock of the company, which is approximately 15 million shares.

*Source: PitchBook



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Thomas R. Burton, III

Member / Chair, Energy & Sustainability Practice

Tom Burton has helped to shape the clean energy industry by drawing on his passion for innovation. As a Mintz attorney, Tom counsels investors, entrepreneurs, and Fortune 100 companies. He also guides start-up organizations and accelerators to foster the next generation of energy leaders.

Sahir Surmeli

Member / Co-chair, Energy & Sustainability Practice

Sahir Surmeli is a Mintz business counselor who advises companies, boards, entrepreneurs, investment banks, and venture and private equity investors as they build and grow companies. He handles public offerings, 144A and private financings, acquisitions, joint ventures, and strategic partnerships.