Energy Acquisitions in 2020

Gibraltar Industries (Nasdaq: ROCK) acquired TerraSmart, a provider of screw-based ground-mount solar racking, for $220.0 million (approximately $228.2 million including working capital adjustments) and acquired Sunfig, a solar project design and modeling software provider, for $3.75 million in cash. The deals expand Gibraltar's renewable energy platform and capabilities across ground-mount racking, tracker systems, and solar project design/financial modeling to grow its solar energy business.

Sval Energi AS has agreed to acquire Edison Norge AS from Edison for an agreed price of USD 300 million (financially effective 1 January 2020). The acquisition adds ~25 mmboe (57% gas) to Sval’s reserve base and increases its interests in the Dvalin and Nova developments, strengthening its upstream position on the Norwegian Continental Shelf.

DNV GL acquired Energy & Resource Solutions, Inc. (ERS), a North Andover, Massachusetts–based energy engineering and consulting firm, with the transaction closing on December 30, 2020. The acquisition brings ERS’s program design, outreach, implementation and evaluation capabilities into DNV GL’s global energy advisory platform to accelerate the energy transition and expand services for utilities, government and large commercial/industrial customers.

Energy North Incorporated (ENG), a Lawrence, Massachusetts–based operator of gas stations, convenience stores and car washes, acquired Tradewinds, a Bangor, Maine–based convenience store and fuel chain. The transaction transfers ownership of ten Tradewinds properties (part of a 15-location local chain) from owners Chuck and Belinda Lawrence to ENG as part of ENG’s continued expansion in Maine.

Cincinnati-based RelaDyne LLC, a portfolio company of Audax Private Equity, has acquired New West Oil Company, an Arizona-based lubricant and commercial fuels distributor with an environmental services division. The deal marks RelaDyne’s first expansion into Arizona and Nevada and adds New West’s team, customer relationships, and used-oil/environmental service capabilities to RelaDyne’s national platform.

Gordon Technologies LLC, a Pelican Energy Partners–backed provider of measurement-while-drilling (MWD) and vibration-mitigation tools, has acquired Lodestar International, LLC and its wholly owned subsidiary MaxWell Downhole Technology Limited. The deal adds Lodestar's downhole dynamics-while-drilling (DWD) measurement tools and international R&D/service capabilities to Gordon's existing product portfolio as an add-on to expand capabilities and product offerings.

Petrosmith has acquired the assets of Wellflex Energy Solutions, a Fort Worth-based engineering, fabrication and EPC specialist for oil and gas production equipment. The acquisition adds Wellflex's engineering, modular fabrication and project management capabilities to Petrosmith's manufacturing and tubular goods business, supporting expanded service offerings for energy operators.

ADS Services, a Black Bay Energy Capital portfolio company, has acquired the PowerChokes business unit from Expro Americas LLC. The deal expands ADS' geographic footprint, technology portfolio and asset base, enhancing its managed pressure drilling (MPD) and pressure-control offerings for onshore, offshore and international drilling markets.

Veolia North America, through its energy subsidiary SourceOne Inc., has acquired Boston-based Energenix, a meter-reading and billing services provider serving Eastern Massachusetts. The deal expands SourceOne's metering and energy-management capabilities and makes Veolia North America a leading meter services provider in the Greater Boston area.

Tiger Infrastructure Partners has acquired Forsa Energy’s distributed flexible power generation platform from Riverstone Holdings. Forsa Energy owns and operates over 250 MW of flexible gas-fired reciprocating engine capacity across the North of England and Scotland (all backed by 15-year Capacity Market contracts) and has a pipeline to grow to over 650 MW; Tiger will provide growth capital to build out the platform and support the UK’s energy transition.

Innovex Downhole Solutions entered into a definitive agreement to acquire Rubicon Oilfield International, creating a combined global provider of downhole products and technical services for the oil and gas industry. The deal, expected to close in early 2021, brings together Innovex's U.S. operations and Rubicon's international footprint to expand product offerings, geographic reach and service capabilities; terms were not disclosed.

Parkland Corporation, through its wholly owned U.S. subsidiaries (Parkland USA), agreed to acquire all assets of Sevier Valley Oil Company, Inc. (SVO), a Richfield, Utah–based retail and commercial fuel business. The deal adds seven company retail locations, more than 20 retail dealers and approximately 350 million litres of annual fuel and petroleum product volume, expanding Parkland's U.S. retail and distribution footprint in southern Utah and the surrounding Rockies region.

Priority Power Management, a PE-backed energy management and consulting firm, has acquired Texas Power Consultants (TPC), an energy advisory firm headquartered in Tyler, Texas. The acquisition expands Priority's geographic footprint into East Texas, adds TPC's long-standing client base, and enhances Priority's capability to guide customers on demand response, resiliency, solar and battery solutions; Priority is backed by Ara Partners.

Court Square Capital has completed the acquisition of Veregy, an independent energy services company, from Bow River Capital. Veregy provides energy efficiency, smart building technologies, and infrastructure upgrades for public-sector and commercial clients; Court Square will support the company's continued growth and technology-enabled service expansion.

Denver-based Platform Capital, through its operating platform Platform Fuels Distribution Holdings (Platform Fuels), acquired six independent propane retailers across Oklahoma: Green's Propane (Wellston), Menz Propane (Union City), Dales' Propane (Clayton), Kiamichi LP Gas (Idabel), Ned Guest LP Gas OK (Valliant) and McCurtain County Propane (Broken Bow). The transactions represent an initial platform investment totaling more than $10 million in combined revenue and 5.75 million gallons of annual propane sales; Platform Fuels will retain local trade names and personnel while consolidating administrative functions and implementing operational technology to drive growth and margin expansion.

Prime Energy Services has completed a merger with Oso Development Partners, bringing Oso in as a subsidiary to expand Prime’s survey, construction management, inspection, and project development capabilities. Oso will continue to operate from its Houston headquarters under its current management; terms were not disclosed.

Gas South agreed to acquire Florida-based Infinite Energy, acquiring its wholesale and retail natural gas business and customer list (the companies said the deal would close by end of 2020 subject to regulatory approvals). The transaction will more than double Gas South's annual revenue to about $1 billion and expand its customer base across the Southeast; Infinite Energy's Texas retail electricity business is excluded from the sale.

Trilantic North America has made a substantial minority investment in SemaConnect, a Bowie, Maryland–based provider of electric vehicle charging hardware and cloud-based software. Founder and CEO Mahi Reddy and COO Mark Pastrone retain meaningful equity stakes and will continue to lead the company as the investment funds SemaConnect's expansion across commercial, residential and fleet markets.

Zenith Energy U.S., L.P. completed the acquisition of three interconnected terminals in greater Los Angeles (Long Beach, Dominguez Hills and Alamitos) from Plains All American Pipeline. The assets include an aggregate storage capacity of 8.2 million barrels and ~50 miles of bi-directional pipeline, giving Zenith a strategic foothold in the Los Angeles market to serve refineries, biorefineries and marine docks.

Superior Plus Corp., through a wholly-owned subsidiary, acquired all equity interests of Central Coast Propane, a Paso Robles, California-based retail propane distributor serving approximately 2,800 residential and commercial customers. The acquisition is Superior's fourth in 2020 (and third retail propane deal in California) and is expected to provide synergies with its existing retail and wholesale propane operations in the state.

Oklahoma City-based water infrastructure operator Bison has acquired Woody Creek Midstream, a water midstream company operating in the SCOOP. The deal brings long-term (15–30 year) water gathering and disposal contracts with Casillas Petroleum Resource Partners, Camino Natural Resources and Paloma Operating Company, expanding Bison's footprint and dedicated acreage across the Anadarko Basin.

Dallas-based BP Energy Partners made an equity commitment to California-based Leading Edge Power Solutions to fund existing and future distributed generation installations and expand the company's Energy-as-a-Service platform. Leading Edge Power Solutions provides behind-the-meter, low-emission natural gas on-site generation and proprietary dispatch software to commercial and industrial customers, financed via energy services agreements.

Pritzker Private Capital completed a recapitalization of Energy Distribution Partners (EDP), investing alongside Concentric Equity Partners and Duchossois Capital Management to support EDP's expansion. EDP's management will remain in place as the partners provide capital to accelerate the propane distributor's growth and add-on acquisition strategy across the U.S.

Copley Equity Partners completed an investment to recapitalize and facilitate the merger of Aethon Aerial Solutions and Flight Evolved, creating a combined aerial inspection and asset-management platform serving utilities. The combined business brings together helicopter-based inspections, UAV/LiDAR sensing, spatial data and machine‑learning-driven analytics to expand capabilities and support global growth in utility asset inspection and wildfire-risk mitigation.

Generac Holdings Inc. has signed an agreement to acquire Enbala Power Networks, a Denver-based distributed energy resources (DER) optimization and control software provider. The acquisition adds Enbala’s Concerto DERMS/VPP platform to Generac’s portfolio to accelerate its Smart Grid and grid services capabilities; terms were not disclosed and the deal is expected to close within 30 days.

VINCI Energies has acquired Transelec Common Inc., a Laval, Québec-based specialist in construction and maintenance of electrical and telecommunications network infrastructure. Transelec Common employs around 2,000 people and reported roughly CAD 300 million in revenue (2019); the acquisition is intended to accelerate VINCI Energies' expansion in North America.

JOX Energy LLC acquired EnergyWare LLC in a strategic acquisition announced Sept. 25, 2020. The deal brings EnergyWare's national energy-efficiency capabilities (including solar and HVAC project design, financing and implementation) under JOX Energy to expand service offerings and support customer growth.

424 Capital, alongside Eagle Private Capital, purchased a majority stake in Hospital Energy from founder and CEO Mark Mininberg. The New Hampshire–based energy management firm — which serves over 200 hospitals — will continue to be led by Mininberg as CEO and will serve as a platform for 424 Capital's push into hospital-focused energy management and sustainability services.

Pelican Energy Partners agreed to purchase the Surface Pressure Control Flow (SPC Flow) business unit from Baker Hughes in a carve-out transaction, closing on October 31, 2020. The standalone company, renamed Vault Pressure Control, will focus on wellhead pressure control products, rental frac/flowback equipment and related services across the US, Canada, Australia, Papua New Guinea and Trinidad & Tobago.

Global renewable energy developer BayWa r.e. has acquired Enable Energy Inc., a Sacramento-based commercial & industrial solar and energy storage EPC and O&M provider. The deal expands BayWa r.e.'s U.S. C&I solar-plus-storage capabilities and strengthens its project pipeline and O&M offering in the Americas.

RelaDyne has acquired Nick Barbieri Trucking, LLC, a family-owned fuel, lubricant and card lock operator based in Ukiah, California, marking RelaDyne's entry into the California market. The deal expands RelaDyne's Western footprint and will allow the combined business to offer additional products and services to local commercial customers.

Dutch private equity firm NPM Capital has acquired a majority stake in CT Energy and Ealyze (also trading as Het Meetbedrijf). The deal is part of NPM's renewable energy buy-and-build strategy to expand services across the energy supply chain by combining CT Energy's data-driven energy-management platform with Ealyze's smart-meter installation and metering services; financial terms were not disclosed and the founders remain minority shareholders and active in management.

Covenant Testing Technologies has combined with Stuart Pressure Control in an equity-for-equity transaction that creates a larger independent well flowback and pressure control platform serving major U.S. shale basins. The combined business is owned by Catapult Energy Services Group (an NGP / NGP Energy Technology Partners portfolio company) alongside affiliates of White Deer Energy and will expand pressure control, flowback, sand management and related services across the Permian, DJ, Eagle Ford and Haynesville.

U.S. Gold Corp. (Nasdaq: USAU) has completed an all-share acquisition of Northern Panther Resource Corporation, a newly formed Nevada corporation whose principal asset is the Challis Gold Project in Idaho. The transaction adds a drill-ready exploration project and approximately $2.5 million in cash to U.S. Gold Corp., and was accompanied by concurrent preferred-stock financings that could bring up to $8.0 million of additional capital; several Northern Panther shareholders (including George Bee and Robert Schafer) became shareholders of U.S. Gold.

Q CELLS has agreed to acquire 100% of Growing Energy Labs, Inc. (Geli), a San Francisco–based provider of energy storage software and solutions, to combine Geli's AI-powered BESS design and management platform with Q CELLS' solar and energy offerings. The acquisition expands Q CELLS' capabilities in integrated solar+storage (PV+EMS+ESS) and marks a strategic entrance/expansion into the U.S. commercial & industrial distributed energy market.

NEO Energy, with support from private equity firm HitecVision, acquired a portfolio of operated and non‑operated UK North Sea assets from Total Oil UK Ltd and Total E&P North Sea UK Ltd. The portfolio (including the Quad 15 and Flyndre clusters) averaged ~23,000 boepd in 2019, adds roughly 51 MMboe of reserves, and transfers an operator organisation of ~60–80 employees; the revised deal included vendor financing and earnout mechanisms and completed in mid‑2020.

Vicinity Energy has acquired Morgantown Energy Associates, the district energy system serving West Virginia University in Morgantown, West Virginia, from an investment affiliate of Starwood Energy Group Global, L.L.C. Vicinity plans to convert the system away from coal to primarily natural gas (with ULSD backup), invest in additional dual-fuel boilers, and reduce the system's carbon footprint and local air pollutants while expanding its U.S. district energy footprint.

MOTIVE, a design and construction services provider based in Corona, California, acquired the assets, employees and customer contracts of DS Energy Solutions effective July 1, 2020. DS Energy Solutions will continue to operate as a division of MOTIVE, expanding MOTIVE's turnkey solar (design, engineering, construction and installation) capabilities and enabling DS Energy's services to be offered across MOTIVE's existing markets.

Haldia Petrochemicals Limited (part of The Chatterjee Group) and investment funds affiliated with Rhône Capital have completed a joint acquisition of Lummus Technology from subsidiaries of McDermott International for a base purchase price of $2.725 billion. The deal creates an independent, privately held Lummus focused on licensing process technologies, supplying catalysts and equipment, and expanding services to refining, petrochemical and gas-processing customers worldwide.

A consortium of Asterion Industrial Partners, EDF Invest and Swiss Life Asset Managers has completed the acquisition of Energy Assets Group (EAG) from Alinda Capital Partners and Hermes Infrastructure. Headquartered in Livingston, Scotland, EAG is a leading provider of multi-utility metering services, meter asset management and last-mile utility connections in the UK; the investors plan to support its continued growth and expansion into adjacent sectors such as IGT/IDNO, fibre and EV charging infrastructure.

Energy New England LLC (ENE) has acquired Utility Services Inc. (USI), a Waterbury, Vermont–based provider of NERC-related regulatory, reliability and security advisory services. USI will operate as a wholly owned subsidiary of ENE, expanding ENE's service offering to provide a coordinated suite of compliance, reliability and cybersecurity services for public power utilities and private-sector energy providers.

Irving Oil, together with U.S. investment firm Silverpeak, has signed an agreement for Irving Oil to acquire North Atlantic Refining Corp., including the 135,000 bpd Come By Chance refinery and a network of retail and marketing assets, subject to regulatory approval. The deal strengthens Irving Oil’s integrated supply and marketing presence in Newfoundland and Labrador and secures regional fuel supply.

Clairvest Group Inc., together with its fund Clairvest Equity Partners VI (CEP VI), acquired the solar operations and maintenance (O&M) business of SunPower Corporation and will rebrand the business as NovaSource Power Services. The transaction is a management buyout with the SunPower O&M leadership taking material equity; Clairvest intends to build NovaSource as a global buy-and-build solar O&M platform to expand capabilities and geographic reach.

KeyLogic Systems, LLC (a subsidiary of IIA Technologies Corp.) has acquired OnLocation, Inc., a Vienna, Virginia-based energy and environmental policy modeling and consulting firm. The deal combines KeyLogic's analytics, systems engineering, and cybersecurity capabilities with OnLocation's expertise in energy modeling to expand the combined firm's advanced modeling, data analytics, and policy-analysis offerings to government and industry clients.

Ingevity Corporation acquired the assets of Adsorbed Natural Gas Products, Inc. (ANGP) of Johns Island, South Carolina. The asset purchase brings ANGP's adsorbed natural gas (ANG) bi-fuel vehicle technology and team (including CEO Bob Bonelli) into Ingevity to accelerate commercialization and broaden its automotive carbon and ANG capabilities; terms were not disclosed.

Hull Street Energy acquired 100% of the interests in Gauley River Power Partners, LLC, the operator of an 80 MW hydroelectric facility in Summersville, West Virginia, from Enel Green Power North America and GE Energy Financial Services (via their EGPNA Renewable Energy Partners JV). The purchase was part of a larger purchase-and-sale under which Hull Street acquired thirty-one hydroelectric stations from the EGPNA JV and expands Hull Street affiliates' generation portfolio across the United States.

Boyne Capital has partnered with management to acquire Pilot Power Group, a San Diego-based provider of electric utility billing and data management, energy portfolio management, and energy procurement services serving community choice aggregators and commercial & industrial customers in the Western U.S. Boyne intends to invest in Pilot's software suite and pursue organic growth and strategic M&A to expand the company's geographic footprint and product offerings.

Houston-based Cimarron has acquired Aereon, an Austin-headquartered provider of emissions control equipment and services, in a strategic combination supported by private equity sponsor Turnbridge Capital. The deal brings together complementary emissions-control product lines and service networks to expand Cimarron's capabilities across upstream, midstream and downstream energy markets.

Veregy, a Bow River Capital portfolio company, acquired Texas-based Four Star Fabricators and Service Company, LLC and Four Star Mechanical, LLC. The deals — the seventh and eighth add-ons to the unified Veregy platform — expand Veregy's mechanical, plumbing, and energy-efficiency capabilities and broaden its geographic reach across Texas, partnering with Four Star owners Chris and Candsis Slaughter and Brian Bowman.

KPS Capital Partners has signed a definitive agreement to acquire the Lufkin rod lift solutions business from Baker Hughes. The transaction transfers Lufkin’s rod lift assets, brand rights, facilities, IP and personnel to an affiliate of KPS, creating an independent energy equipment platform headquartered in Missouri City, Texas; completion was expected mid‑2020 and is subject to customary conditions.