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Energy & Sustainability M&A Activity – October 2019

Recent M&A Activity:

  • September 5, 2019: LiiON lithium reached a definitive agreement to be acquired by Lithium Werks for an undisclosed amount. The acquisition will help Lithium Werks to offer a one-stop platform for fully integrated solutions, starting with battery cells and modules and extending up the value chain to sophisticated energy management systems and software solutions.
  • September 5, 2019: Leaf River Energy Center reached a definitive agreement to be acquired by New Jersey Resources for $367.5 million. The transaction is expected to close in late 2019.
  • September 9, 2019: The Hallen Construction Co. was acquired by Quanta Services for an undisclosed amount. The acquisition enables Quanta to expand in northeast markets and provide multi-year growth opportunities.
  • September 10, 2019: GEO Enhanced was acquired by Demand Brands (Long Beach, California), a subsidiary of Innovativ Media Group, for an undisclosed amount. The acquisition enables Demand Brands to add immediate, substantive value to its shareholders with a huge upside in experience management.
  • September 10, 2019: Esdec acquired Quick Mount and IronRidge for an undisclosed amount.
  • September 16: SemGroup reached a definitive agreement to be acquired by Energy Transfer Partners, a subsidiary of Energy Transfer Equity, for $5 billion. The acquisition enables Energy Transfer Partners to increase its scale across multiple regions and provide increased connectivity for its crude oil and NGL transportation businesses.
  • September 18: Energy Insight was acquired by Frontier Energy for an undisclosed amount. The acquisition helps Frontier Energy to expand and provide professional services to help clients reduce energy use and increase alternative transportation.
  • September 19: NorthStar Battery reached a definitive agreement to be acquired by EnerSys for $78 million.
  • September 19: Wellkeeper, a subsidiary of Dixie Electric, was acquired by Noralta Technologies for an undisclosed amount. With this acquisition, the company’s customer sites will be seamlessly added to the Noralta platform to increase its service offering.
  • September 19: The Power Conversion Systems business branch of Ideal Power was acquired by CE+T Power for an undisclosed amount. The acquisition enables CE+T to develop its power switch technology, PPSA products, and solutions.
  • September 23: OnForce Solar was acquired by 174 Power Global, a subsidiary of Hanwha, for an undisclosed amount. This acquisition allows 174 Power Global to provide solutions in the underserved mid-scale commercial solar market, while making community solar more available to home and business owners.
  • September 26: Hillstone Environmental Partners reached a definitive agreement to be acquired by NGL Energy Partners for approximately $600 million. The deal is expected to close by the end of 2019.
  • September 27: White Star Petroleum reached a definitive agreement to be acquired by Contango Oil & Gas for $132.5 million.

*Source: PitchBook

 

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Authors

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 grow. He handles public offerings, 144A and private financings, acquisitions, joint ventures, and strategic partnerships.