Energy & Sustainability M&A Activity – February 2021
Recent M&A Activity:
- December 31, 2020: TerraSmart was acquired by Gibraltar Industries for $228.2 million. The acquisition strengthens Gibraltar's position as the largest turnkey provider in the domestic solar energy market with the broadest portfolio of ground-mount infrastructure, tracker, and design software solutions, serving customers of any type and size on any terrain.
- January 5, 2021: iSun Energy LLC was acquired by the Peck Company Holdings, Inc., a leading commercial solar engineering, procurement and construction (“EPC”) company. (“iSun”), a provider of innovative solar power, electric mobility and smart city solutions for government, commercial, retail, academic and data-center projects, announced that it has entered into a binding term sheet under which Peck will acquire iSun in an all-stock transaction.
- January 5, 2021: Direct Energy was acquired by NRG Energy Inc., further cementing NRG’s status as the leading, customer-focused integrated energy and services provider. Direct Energy adds over three million customers across North America to NRG’s leading retail portfolio, growing the company’s reach and size.
- January 8, 2021: Independence Resources Management, LLC was acquired by Earthstone Energy, Inc. The aggregate purchase price for the acquisition was approximately $182.0 million, consisting of $131.2 million in cash consideration and approximately 12.7 million shares of Earthstone’s Class A common stock valued at $50.8 million based on a closing share price of $3.99 on December 16, 2020.
- January 14, 2021: Hamel Renewables, a solar and energy storage development platform, was acquired by Naturgy, a Spanish multinational natural gas and electrical energy utilities company. “This transaction is a considerable step forward towards achieving our strategic objectives. In addition to this, we incorporate a portfolio of excellent projects in different stages of maturity, as well as a first-class team with a proven track record in the development of projects," Naturgy Executive Chairman Francisco Reynés said.
- January 15, 2021: ConocoPhillips today announced that it has completed its acquisition of Concho Resources following approval by shareholders of both companies. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees as of September 30, 2020.
- January 25, 2021: Bruin E&P Partners, LLC, an exploration and production company with assets in the Williston Basin, North Dakota, and its subsidiaries announced that the company has completed its restructuring process and has emerged from Chapter 11. The comprehensive balance sheet restructuring equitizes a substantial majority of the company's funded debt. The company emerges with $230 million in revolver capacity.
- January 26, 2021: U.S.-based engineering consultancy Energy and Resource Solutions Inc. (ERS) was acquired by DNV GL, a global energy adviser, assurance and risk management specialist, operational in over 100 countries, supporting a range of sectors to decarbonize faster. ERS helps organizations to manage and reduce energy costs through program design, outreach, implementation and evaluation services, working with utilities, governments and large commercial and industrial end users to solve complex energy and resource problems.
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.
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.