Energy Acquisitions in 2021

NV5 Global, Inc. announced it will acquire Optimal Energy, Inc., an energy-efficiency consulting firm with offices in Vermont and Rhode Island, in a cash-and-stock transaction expected to close before December 31, 2021. The deal expands NV5’s energy efficiency and clean energy consulting capabilities for utilities, state agencies, and regulatory bodies and is expected to be immediately accretive to NV5’s earnings.

Superior Plus Corp. (TSX:SPB) has closed the acquisition of the assets of Hopkins Propane and separately acquired the assets of Mountain Energy Gas in Waynesville, North Carolina. The transactions expand Superior's retail propane footprint in Michigan and North Carolina as part of its ongoing distribution growth strategy.

Paragon Energy Solutions, a Windjammer Capital portfolio company, has acquired Rock Creek Innovations, LLC, a developer and licensor of the Highly Integrated Protection System (HIPS) used in nuclear safety-related instrumentation and control systems. The acquisition brings Rock Creek's HIPS platform and engineering team into Paragon to expand its safety I&C capabilities for commercial nuclear power plants and small modular reactors; terms were not disclosed.

Pilot Power Group, a portfolio company of Boyne Capital Partners, has acquired Trebel Energy, a provider of electricity and natural gas procurement services serving municipal aggregation (CCA) and commercial clients in Ohio. The deal positions Pilot to expand its capabilities and presence in the Ohio CCA market by adding Trebel’s CCA expertise, customer relationships and procurement operations.

The Qatar Investment Authority (QIA) is investing GBP 85 million to acquire a 10% equity stake in Rolls‑Royce SMR Limited, joining Rolls‑Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd as shareholders. The funding helps fully capitalise Rolls‑Royce SMR to develop and commercialise its small modular reactor (SMR) technology for low‑carbon power generation.

Emerson (NYSE: EMR) has acquired Mita-Teknik in an all-cash transaction. The purchase brings Mita-Teknik's wind-turbine control systems and aftermarket retrofit solutions into Emerson's Automation Solutions portfolio, expanding the company's renewable power generation automation capabilities and supporting customers' digital transformation and sustainability goals.

Accenture has acquired Zestgroup, a Netherlands-based services firm specializing in energy transitions, net-zero projects and renewable procurement. The undisclosed deal brings over 120 Zestgroup professionals into Accenture Operations to expand Accenture's sustainability, procurement and energy-reconciliation capabilities and integrate with its SynOps platform.

ADT Inc. completed its acquisition of Sunpro Solar from a group of private equity investors (led by Compass Group Equity Partners and including TGP, MGG and Millstone) for $160 million in cash plus approximately 77.8 million ADT shares ( ~ $825 million implied value). Sunpro — a rooftop solar installer with ~3,600 employees operating 56 locations in 22 states — will be rebranded as ADT Solar, with founder Marc Jones and the Sunpro management team leading the new business to expand ADT's smart-home and energy offerings.

Catalyst Power Holdings LLC acquired AP Gas & Electric (NY) LLC, expanding Catalyst Power's retail energy footprint across New York State and enabling the addition of natural gas, community solar, and Connected Microgrid offerings to AP G&E NY's middle-market commercial and industrial customers. The acquisition is backed by BP Energy Partners, the private equity sponsor of Catalyst Power, and represents an add-on to Catalyst Power's platform to accelerate deployment of lower-carbon energy solutions.

Oklahoma City-based Kimray Inc. has acquired Texas-based distributor Control Equipment Inc. (CEI). The deal integrates Kimray's manufacturing and production capabilities with CEI's regional distribution network across the Permian Basin, southeast New Mexico, north Texas and the Texas Panhandle; financial terms were not disclosed.

SCF Partners has made an investment in Powerstar EMSc (UK) Ltd, a Sheffield-based designer and manufacturer of power resiliency, microgrid and energy-efficiency technologies. The founder and CEO Dr. Alex Mardapittas will remain in place as the company uses the capital partnership to support its next phase of growth and international expansion.

Otodata Technologies USA has acquired Wireless Applications Corporation (WACnGO), a provider of telemetry and logistics optimization solutions for LPG and oil distributors with operations in Israel and South America. The acquisition expands Otodata's tank-monitoring hardware and software capabilities and accelerates its entry into propane truck distribution and delivery markets while extending its geographic reach in South America and Eastern Europe.

Ameresco, a cleantech integrator, has acquired Plug Smart, an Ohio-based energy services firm specializing in building controls and building automation systems. The acquisition expands Ameresco's smart buildings and controls capabilities and adds to its clean-energy project pipeline across government, education, healthcare and commercial markets.

Independence Energy LLC and Contango Oil & Gas Company completed a combination to form Crescent Energy Company, a diversified U.S. energy company managed by KKR's Energy Real Assets team. Contango shareholders received 0.2000 shares of Crescent Class A common stock for each Contango share, and the combined company is positioned to pursue a consolidation strategy across Lower 48 basins.

MVP Holdings, LLC acquired Echo Canyon Pipeline Holdings, LLC and its subsidiaries to expand its crude midstream footprint in the southern Midland Basin of West Texas. Echo operates ~190 miles of crude gathering pipeline across several West Texas counties and owns truck unloading, storage shell capacity, and multiple connections to major off-take pipelines, which MVP said will substantially grow its crude business in the region.

Magellan Scientific, LLC closed its initial round of equity funding and simultaneously acquired 1,600 MicroBT Whatsminer M30S ASIC mining servers. The company will deploy the servers across Q4 2021 and Q1 2022, using ~6MW of its 100MW off-grid capacity in Ohio and Pennsylvania to expand Bitcoin production and hold mined digital assets.

DIF Capital Partners, through its DIF Infrastructure VI fund, has completed the acquisition of Bernhard, LLC — the largest privately owned Energy-as-a-Service (EaaS) provider in the United States — from Bernhard Capital Partners Management, LP. Senior management will retain meaningful ownership and Bernhard will serve as a core part of DIF’s U.S. EaaS strategy as the company continues to scale.

BayWa r.e. has acquired Beacon Solar, the solar distribution division of Beacon Roofing Supply (Nasdaq: BECN), and will integrate it into BayWa r.e. Solar Systems LLC to expand its U.S. distribution footprint. The deal increases BayWa r.e.'s U.S. warehouse network from six to 16 locations, supporting faster deliveries and cross-selling of solar and roofing products.

Yokogawa Electric Corporation has acquired all outstanding shares of PXiSE Energy Solutions LLC, a San Diego–based developer of high-speed grid control and DER management software. The acquisition expands Yokogawa’s capabilities in real-time grid control and renewable integration, enabling enhanced monitoring and control for utilities, microgrids, and renewable assets.

Windjammer Capital Investors has acquired Paragon Energy Solutions, LLC in partnership with Paragon management; terms were not disclosed. The transaction transfers control from Argosy Private Equity to Windjammer and positions Paragon to expand its nuclear parts, instrumentation & controls, and procurement services through organic growth and acquisitions.

SinglePoint, Inc. has entered into an agreement to acquire an 80.1% controlling interest in Boston Solar, a Woburn, Massachusetts-based full EPC solar installer. The acquisition expands SinglePoint’s residential, small commercial and light industrial solar and storage capabilities in New England and is intended to drive revenue growth and operational synergies as part of SinglePoint’s roll-up strategy in renewable energy.

Babcock & Wilcox Enterprises, Inc. completed the acquisition of VODA A/S, a multi-brand aftermarket parts and service provider for energy plants in Scandinavia. The business will be integrated into B&W's B&W Renewable segment to expand the company's renewable parts and service capabilities and create a platform for growth across Europe.

Hochschild Mining PLC has agreed to acquire all outstanding shares of Amarillo Gold Corporation in a court-approved plan of arrangement. Amarillo shareholders will receive C$0.40 cash per share plus one share of a newly formed Lavras SpinCo (capitalized with C$10 million) that will hold Amarillo's Lavras do Sul project; the total transaction value is approximately C$164.5 million (excluding Lavras SpinCo assets).

Elcora Advanced Materials Corp. (TSX.V:ERA) has acquired 100% of STE ERMAZONE A.R.L, including ten vanadium exploration licenses in Morocco. The acquisition (cash plus shares and employment remuneration) expands Elcora's supply and exploration footprint in battery metals to support its battery-materials and energy storage strategy.

Extreme Vehicle Battery Technologies Corp. (EV Battery Tech) entered into a share exchange agreement to acquire Optimal CP Inc., a developer and manager of cryptocurrency mining facilities in Alberta, Canada. The transaction issues 55 million common shares (valuing the deal at CAD 13.75 million) and gives EV Battery Tech control of Optimal's development pipeline and management team to expand into cryptocurrency mining and associated power/infrastructure assets.

Infrastructure Investments Fund (IIF), an investment vehicle advised by J.P. Morgan Investment Management, agreed to acquire G+E GETEC Holding GmbH (GETEC) from EQT Infrastructure III fund and GETEC Energie Holding (GEH). GETEC, headquartered in Magdeburg, Germany, operates over 11,500 energy generation assets across nine European countries with more than 5.2 GWth capacity and ~2,200 employees; the deal is expected to close by end of Q1 2022 subject to regulatory approvals as IIF seeks to support GETEC's continued growth and decarbonization efforts.

Lithium Americas Corp. agreed to acquire all outstanding shares of Millennial Lithium Corp. in a definitive arrangement valued at C$4.70 per share (approximately US$400 million in total consideration), payable mostly in Lithium Americas common shares. The transaction adds Millennial's Pastos Grandes lithium brine project in Salta, Argentina to Lithium Americas' portfolio and is expected to close after customary shareholder, regulatory and court approvals in early 2022.

Enphase Energy has agreed to acquire ClipperCreek, an Auburn, California–based manufacturer of residential and commercial EV charging stations. The acquisition extends Enphase's home electrification capabilities by adding EV charging hardware and brand recognition, enabling integration with Enphase's EnsembleOS and future bi-directional charging plans; the deal was expected to close by December 31, 2021.

SCF Ventures led a funding round in Qube Technologies, a Calgary-based provider of continuous emissions monitoring IoT devices and AI analytics for the oil & gas industry. Strategic investors in the round included National Energy Services Reunited (NESR), individuals from Pine Brook, and Ian Bruce; the investment will accelerate deployment of Qube's continuous monitoring systems and support geographic expansion and regulatory uptake.

Parkland Corporation, through its U.S. subsidiaries (Parkland USA), entered into an agreement to acquire substantially all assets of Lynch Oil and certain affiliates. The asset purchase adds over 180 million litres of annual fuel sales and multiple retail and supply assets in southern and central Idaho, strengthening Parkland's convenience retail network and regional supply position.

Fluitron, a manufacturer of industrial gas compression equipment, has acquired Bethlehem Hydrogen, a maker of integrated hydrogen compression, dispensing, and storage systems. The acquisition, sponsored by private equity firm Ara Partners, expands Fluitron’s manufacturing, engineering and global reach as part of a strategy to build a global hydrogen infrastructure platform.

Chesapeake Energy Corporation completed its previously announced acquisition of Vine Energy Inc., with Vine stockholders receiving 0.2486 shares of Chesapeake common stock plus $1.20 in cash per Vine share. The deal strengthens Chesapeake's position in the Haynesville Shale by adding more than 900 drilling locations and is expected to improve free cash flow and accelerate returns to Chesapeake shareholders.

Mitie has acquired Rock Power Connections Limited, an Independent Connections Provider (ICP) specialising in high-voltage grid connections, substation works and EV charging infrastructure. The purchase expands Mitie’s technical services and high-voltage capabilities—giving it IPC status and nationwide coverage—and will be integrated into Mitie’s Technical Services division to support green projects and Plan Zero delivery.

Macquarie Asset Management, via its Macquarie Super Core Infrastructure Fund, has agreed to acquire Germany's Thyssengas from DIF and EDF Invest. Thyssengas operates a c.4,400 km gas transmission network serving municipal distributors, industrial customers and storage facilities in Germany's North Rhine-Westphalia region; Macquarie says it will support the company's transition to carry low-carbon gases such as hydrogen.

Auburn, California-based Flyers Energy, LLC has acquired Quick Fuel — the automated, cardlock fuel-sites business previously owned by Jacobus Energy, Inc. The deal transfers 49 fuel sites across 15 states to Flyers (which will continue to operate the sites under the Quick Fuel brand); DCA Partners served as Flyers' buy-side financial advisor.

Liberty Oilfield Services Inc. acquired PropX (Proppant Express Investments, LLC), a Denver-based provider of last-mile proppant delivery equipment, logistics and software, in a transaction valued at approximately $90 million (cash and stock). The deal adds PropX's wet sand handling technology, proppant containers and PropConnect logistics software to Liberty's completion services offering to improve logistics efficiency and reduce emissions.

E Source has acquired Cairn ERA, a global market intelligence and consulting firm specializing in battery storage, to expand its analytics and advisory offerings for utilities and energy developers. The deal, announced by E Source (owned by Align Capital Partners), adds Cairn ERA’s battery expertise to E Source’s suite of data-driven solutions for US and Canadian utilities.

Takkion TP&L Holdings LLC, a platform backed by funds managed by affiliates of Apollo Global Management, has acquired Airway Services LLC, a San Angelo, Texas-based provider of operations and maintenance (O&M) and technical staffing for utility-scale wind energy projects. Airway was sold by Concentric Equity Partners and Northaven Capital Partners; Airway's management team will remain in place and the brand will continue to operate within the Takkion platform to expand renewable energy O&M capabilities.

Antin Infrastructure Partners has agreed to acquire a majority stake in Origis Energy from CEO Guy Vanderhaegen and Global Atlantic Financial Group. The investment, executed through Antin's Fund IV, will provide capital to scale Origis's utility-scale solar and storage development, expand operations and maintenance services, and support growth of its contracted pipeline.

Mustang Extreme Environmental Services, a Blue Wolf Capital Partners portfolio company, has acquired the assets of RW Products, LLC to expand its environmental containment, water treatment and ground protection capabilities. The deal is intended to strengthen Mustang Extreme's service offering in the Appalachian basins and leverage RW Products' team and resources (Patrick Justice and his team will continue to support customers).

High Road Capital Partners' portfolio company Exponential Power completed add-on acquisitions of Dry Creek Enterprises (Bakersfield, California) and Static Power Conversion Services Inc. (Columbia, Maryland), expanding Exponential's West Coast and Mid-Atlantic service presence. The transactions (Dry Creek closed August 30, 2021; Static Power closed October 7, 2021) were led for High Road by Partner Ben Schnakenberg, financed by Twin Brook Capital Partners, and transaction consideration was not disclosed.

TechnipFMC has completed the acquisition of the outstanding shares of Magma Global, a developer and manufacturer of thermoplastic composite pipe (PEEK TCP) for subsea and energy-transition applications. The deal brings Magma's composite pipe technology into TechnipFMC's portfolio to accelerate deployments in traditional oil & gas, CCUS and hydrogen transport, and to commercialize hybrid flexible pipe solutions.

Gold Resource Corporation (GORO) has entered into a definitive arrangement to acquire all issued and outstanding common shares of Aquila Resources Inc. via a plan of arrangement, with GORO using a wholly-owned subsidiary to effect the all‑stock transaction. The deal provides Aquila shareholders exposure to the combined company's cashflow from GORO's Don David Gold Mine and accelerates financing and development of Aquila's Back Forty Project, creating a multi-jurisdictional precious and base metals producer.

BP Energy Partners (BPEP) has signed an equity investment agreement with Onboard Dynamics to provide growth capital to scale the company’s products and service offerings, including its GoVAC Flex pipeline evacuation system. Onboard Dynamics, headquartered in Bend, Oregon, manufactures and leases mobile compression and evacuation equipment for utilities, local distribution companies, and pipeline operators; the transaction was expected to close in October 2021.

Fancamp Exploration Ltd. acquired a total of 2,348,485 common shares of ScoZinc Mines Ltd., representing a 13.1% ownership stake. The purchase included a private placement of 1,969,697 shares at C$0.66 per share (C$1.3M total, C$1.0M paid in cash after a C$300k termination fee credit) and 378,788 shares issued to settle a C$250,000 loan; the shares are subject to a hold period expiring February 6, 2022.

Toshiba America Energy Systems Corporation (TAES), an affiliate of Toshiba Energy Systems & Solutions Corporation, has completed the acquisition of the EtaPRO business from GP Strategies Corporation. TAES will integrate EtaPRO employees and operations into its energy services portfolio to expand digital twin, monitoring and predictive-maintenance capabilities for power generation customers worldwide.

Orano Nuclear Packages and Services (Orano NPS), a subsidiary of Orano, has acquired Daher group's German nuclear business Daher Nuclear Technologies GmbH (DNT) and its U.S. subsidiary TLI Inc. The deal (previously agreed in March 2021) expands Orano NPS's packaging engineering and transport capabilities and extends its geographic footprint in Germany and the United States.

Expro Group and Frank's International N.V. have completed a previously announced merger, with the combined company assuming the Expro Group Holdings N.V. name and beginning trading on the NYSE under the ticker XPRO. The transaction creates a larger full‑cycle energy services provider combining well access, drilling and completions capabilities to deliver expanded scale, capability expansion and expected cost and revenue synergies.

Chevron U.S.A. Inc. closed its previously announced acquisition of an equity interest in American Natural Gas LLC (operator of the Beyond6 CNG fueling network), acquiring a network of about 60 compressed natural gas stations across the United States from Mercuria Energy Trading. The deal expands Chevron's alternative-fuels footprint and supports its strategy to grow lower-carbon and renewable natural gas distribution capabilities.

Baker Hughes' Subsea Drilling Systems business and Akastor ASA's wholly owned MHWirth have merged to form HMH, a global offshore drilling equipment company jointly owned (50/50) by Baker Hughes and Akastor and effective October 1, 2021. HMH is headquartered in Amsterdam with major operational centers in Houston, USA and Kristiansand, Norway, combining product and service portfolios to deliver offshore drilling equipment and pursue energy-efficient solutions and adjacent-market opportunities such as renewables and mining.