Energy Acquisitions in 2022

Lawrenceville, Georgia-based Majors Management, LLC acquired the assets of Davis Oil Co., adding 21 convenience store locations across West Michigan and fuel supply relationships with 11 commission marketers. The transaction marks Majors' first entry into Michigan and expands its retail fuel and convenience footprint in the region.

ProFrac Holding Corp. (NASDAQ: ACDC) announced it closed the previously announced acquisition of the Eagle Ford sand mining operations of Monarch Silica and entered agreements to acquire REV Energy Holdings, LLC for $140 million and Performance Proppants (Performance Holdings I, LLC and Performance Holdings II, LLC) for $475 million in cash. The transactions expand ProFrac’s pressure pumping footprint in the Rockies and South Texas and materially grow its in-basin proppant capacity in the Haynesville as part of a vertical-integration strategy.

Qualus Corporation has acquired Tri Sage Consulting, a power engineering and project management firm focused on high-voltage grid interconnection and renewable projects in the western United States. The acquisition expands Qualus' western U.S. footprint and renewables capability, combining Tri Sage's technical resources with Qualus' planning, design, and field services to support grid modernization and the energy transition.

EQT Infrastructure VI has agreed to acquire Madison Energy Investments (MEI) from affiliates of Stonepeak Partners. EQT will provide growth capital and digital/operational support to expand MEI's deployment of distributed solar and energy storage projects across the United States.

Hover Energy has acquired Shine Development Partners to integrate solar, storage and project development capabilities into its Wind-Powered Microgrid offering. The acquisition brings Shine's project development, financing and operations experience in commercial and industrial solar and storage to support Hover's commercialization and global rollout of its microgrid technology.

Blackstone (through Blackstone Energy Partners and Blackstone private equity) and Rivean Capital have completed a strategic investment in Esdec Solar Group B.V., the Deventer-headquartered global leader in rooftop solar mounting systems. The transaction sees Rivean partly realise its original investment while re-investing via a continuation fund; the backing is intended to accelerate Esdec's international growth and consolidation in rooftop solar.

Dead River Company acquired Maine Energy Company in September, marking the end of three generations of family ownership after owner Robert Cort’s retirement. The acquisition is an add-on to Dead River’s regional heating-fuel platform (which is PE-backed by Redwood Capital Investments) and will rebrand Maine Energy offices under the Dead River name while consolidating local heating oil and propane operations in the Bangor area.

Rio Tinto agreed to proceed with a plan of arrangement to acquire the roughly 49% of Turquoise Hill Resources it does not already own for C$43.00 per share in cash, while terminating previously announced agreements with certain named securityholders. The deal is presented as Rio Tinto’s best and final all-cash proposal to simplify governance and provide funding certainty for the Oyu Tolgoi copper project; Rio Tinto made additional irrevocable commitments for dissenting minority shareholders.

Ara Partners has acquired a majority ownership interest in Lincoln Terminal Holdings, LP, a Greenville, South Carolina-based provider of renewable fuel rail transloading and storage facilities. Ara committed additional capital to support significant expansion of Lincoln's renewable fuel infrastructure footprint across the Southeast and Mid-Atlantic United States.

AIS, a GCP-backed engineering and manufacturing group, has acquired CRP Subsea, a Skelmersdale-based specialist in polymer and syntactic foam buoyancy and protection products. The deal is an add-on to AIS’s platform that expands its subsea and offshore-wind capabilities and increases scale across the offshore energy and oil & gas markets.

BlackRock Alternatives, through its Diversified Infrastructure business, has agreed to acquire Jupiter Power LLC from EnCap Energy Transition Fund I and co-investors Yorktown Partners and Mercuria Energy. Jupiter Power is a U.S. operator and developer of utility-scale battery energy storage systems (with a 655 MWh operating fleet, 340 MWh under construction and an ~11,000 MW development pipeline); the deal is expected to close in late 2022.

Pineapple Energy Inc. acquired SUNation Energy, a Long Island-based solar and battery storage installer, in a transaction that closed on November 9, 2022. The deal expands Pineapple's footprint into the northeastern United States, adding SUNation's ~19-year regional business, ~12,000 serviced PV systems and ~$48 million of trailing twelve-month revenue to Pineapple's nationwide solar and storage platform.

Ara Partners, a private equity and infrastructure firm focused on industrial decarbonization, has made a strategic equity investment in CF Pathways to accelerate the company's growth. The funding will support CF Pathways — a UK-based provider of net-zero solutions, energy supply (via Brook Green Supply) and carbon-market services to large industrial and commercial customers — in developing software and data capabilities and expanding its energy transition product offering.

Majors Management, LLC has acquired the K&H Truck Plaza in Gilman, Illinois, marking the company's first acquisition in Illinois and an expansion into truck stops and travel centers. The 12-acre BP-branded facility includes a truck repair shop, restaurant, convenience store, Dunkin' franchise and Tesla EV charging; seller was K&H (owned/operated by Andrew Herscher).

Katalyst Data Management has completed the acquisition of Rio de Janeiro-based Geopost Energy, integrating Geopost’s subsurface data analysis and Virtual Data Room platform with Katalyst’s iGlass solution. The deal expands Katalyst’s technology capabilities and regional footprint in South America; Geopost’s president, Christiano Lopes, will lead Katalyst’s South America expansion as Vice President, South America.

Alberta Investment Management Corporation (AIMCo) has acquired Astatine Investment Partners' stake in Howard Energy Partners, increasing AIMCo's ownership to 87%. Howard Energy Partners' management and other minority investors will retain a combined 13% stake; terms were not disclosed.

Bowman Consulting Group Ltd. (Bowman) has acquired SEI Engineering, LLC (operating as SEI Professional Services), a Paonia, Colorado-based provider of engineering, design and commissioning services for utility and commercial-scale solar and battery storage projects. The deal, financed with cash and seller notes, is expected to add approximately $1.5 million of annualized net service billing and strengthen Bowman's renewable energy planning, engineering and commissioning capabilities.

Mesquite Technologies, an Austin-based artificial lift equipment and services provider, has acquired OspreyData, a machine-learning production optimization software company now headquartered in Austin. The deal will integrate OspreyData's production-optimization platform into Mesquite's Taproot intelligent control product line and is being supported by an investment round led by Houston Ventures to accelerate integration and product development.

Voyager Interests, a Houston-based private equity firm focused on energy services, has acquired Knight Energy Services from Clearlake Capital Group. Knight, headquartered in Houston with 17 U.S. locations, provides rental tools and equipment for drilling, completions, production and decommissioning; financial terms were not disclosed.

ProPetro Holding Corp. (NYSE: PUMP) has acquired Silvertip Completion Services Operating, LLC, a Midland, Texas-based provider of wireline perforating and pumpdown services focused on the Permian Basin. The transaction consideration included 10.1 million shares of ProPetro common stock, $30 million cash and the payoff of approximately $7 million of debt, implying a value of about $150 million; management expects the acquisition to be immediately accretive and to materially boost 2023 adjusted EBITDA and free cash flow.

ProFrac Holding Corp. completed a stock-for-stock merger to acquire U.S. Well Services, issuing approximately 12.9 million shares (≈$270 million based on a 10-day VWAP) and using cash to retire about $170 million of USWS debt. The deal expands ProFrac's scale and positions it as a market leader in electric hydraulic fracturing with 12 electric fleets and an expected 44 active fleets by early 2023.

SLB has acquired Gyrodata Incorporated, a global provider of gyroscopic wellbore positioning and survey technology, and will integrate Gyrodata's technologies into its Well Construction business. The acquisition is intended to improve wellbore quality, reduce drilling risk and accelerate SLB's autonomous and well-placement capabilities by combining Gyrodata's sensors and technologies with SLB's existing drilling and Neuro autonomous solutions.

Executive Network Partnering Corporation (ENPC) and Grey Rock Investment Partners completed a business combination to form Granite Ridge Resources, Inc. (NYSE: GRNT), a publicly traded, non‑operated oil and gas exploration and production company with an initial enterprise value of about $1.2 billion and an anticipated 4.9% annual dividend yield. Granite Ridge holds the non‑operated working interests previously held by Grey Rock’s Fund I, Fund II and Fund III and will be managed under a long‑term services agreement with the Grey Rock team.

Priority Power Management, Inc. has acquired AB Power Advisors, a Texas-based regulatory advisory and renewable energy offtake consulting firm. The acquisition expands Priority Power’s regulatory coverage and renewable origination capabilities in the ERCOT market and establishes an Austin office to deepen its presence in Texas.

bp has agreed to acquire Archaea Energy Inc. for roughly $26 per share in cash, implying an enterprise value of about $4.1 billion including net debt. The acquisition will fold Archaea's U.S. renewable natural gas (RNG) platform into bp's bioenergy business to accelerate RNG growth and broaden bp's low-carbon fuel capabilities.

PosiGen, a residential solar and energy-efficiency provider, has acquired New England Conservation Services (NECS), Connecticut's longest-running residential energy-efficiency provider. The acquisition brings NECS's 18-member team and program qualifications in-house, enabling PosiGen to deliver faster energy-efficiency upgrades across Connecticut and expand its combined solar-plus-efficiency offering for low-to-moderate income households.

Global Infrastructure Partners (GIP) has completed the acquisition of Atlas Renewable Energy from Actis. Atlas is a leading Latin American renewables developer with 14 fully contracted solar assets (2.3 GW) across Brazil, Chile, Mexico and Uruguay; GIP said the deal expands its renewables platform and regional presence.

Edison Energy (d/b/a Altenex Energy in Europe) has acquired UK-based energy and sustainability consultancy Alfa Energy Ltd. The acquisition expands Edison’s European footprint and combines the firms’ advisory, procurement and decarbonization capabilities to better serve large corporate, industrial and institutional clients across Europe.

ReneSola Ltd (ReneSola Power) completed an all-cash acquisition of Emeren Limited, a United Kingdom-based developer of utility-scale solar and battery storage projects, on October 10, 2022. The deal adds Emeren’s ~2.5 GW development pipeline and development expertise in Italy and other European markets to ReneSola’s European growth strategy.

Affiliated funds of Longbow Capital Inc. closed an investment in Amped Up Power Solutions, acquiring debentures, rights to purchase additional debentures, and an equity kicker that results in a substantial minority stake. The financing will support Amped Up’s deployment of cleaner on-site power and microgrid integrations for oil and gas well sites as customers shift away from diesel power.

Sky Quarry Inc. has acquired Foreland Refining Corporation, including the Eagle Springs refinery near Ely, Nevada. The purchase gives Sky Quarry a refinery asset to vertically integrate its process for producing sustainable diesel and other petroleum products from waste asphalt shingles and heavy oil feedstocks, and is expected to be immediately accretive to cash flow and EBITDA.

Privately owned Sval Energi has completed acquisitions that strengthen its portfolio on the Norwegian Continental Shelf, including the purchase of Suncor Energy Norge AS and stakes acquired from Equinor in the Martin Linge Unit and Greater Ekofisk Area. The transactions add roughly 34,000 boe/d of production overall and transfer about 16 Suncor Norway employees to Sval while increasing Sval's reserves and operated positions in multiple fields.

M6 Midstream LLC (Momentum) has acquired Align Midstream Partners II, LLC from Tailwater Capital; financial terms were not disclosed. The acquisition expands Momentum's footprint in the Haynesville Shale as it also closed the Midcoast ETX deal and reached final investment decision on its NG3 gathering and carbon capture project to serve Gulf Coast and LNG markets.

Energywell, an energy technology company backed by funds managed by Oaktree Capital Management and Hartree Partners, has signed a purchase and sale agreement to acquire Engie Retail, LLC d/b/a Think Energy. The acquisition (subject to FERC approval) expands Energywell's retail footprint across 13 states and Washington, D.C., and will enable rapid deployment of Energywell's Proton platform across the Think Energy customer base.

bp has agreed to purchase EDF Energy Services (EDF ES), a Houston-based supplier of power, natural gas and related services to commercial and industrial customers across the United States. The acquisition brings EDF ES's full retail operating capabilities into bp, enhancing bp's ability to deliver integrated energy and lower-carbon solutions to large C&I and public-sector customers in the U.S.

Hecla Mining Company completed its acquisition of Alexco Resource Corp., issuing approximately 17.99 million Hecla shares to Alexco shareholders and providing a secured loan facility. The deal also terminated the Wheaton Precious Metals streaming interest at Alexco's Keno Hill property in exchange for Hecla common stock; Hecla said the acquisition will expand its silver production and add the Keno Hill operation in the Yukon to its portfolio.

Catalyst Power Holdings LLC, a BP Energy Partners-backed provider of cleaner energy solutions, acquired the assets of New York-based energy advisor Northeast Expense Reduction Services. The add-on expands Catalyst Power's commercial and industrial customer reach and supplier relationships in Central and Western New York to support its community solar and Connected Microgrid decarbonization offerings.

FLEETCOR Technologies acquired Plugsurfing, a European EV charging software and roaming network provider, and separately made a strategic investment in UK-based Zap-Map. The moves expand FLEETCOR's EV capabilities—adding charging network access, driver apps, payment and white‑label solutions—to better serve fleets, OEMs and charge point operators across Europe.

Hearthstone Holdings, a portfolio company of Ullico Infrastructure Fund (UIF), closed the acquisition of 100% of Hope Gas, Inc. from Dominion Energy. Hearthstone will move its headquarters to Morgantown, West Virginia, plans to hire roughly 100 additional employees, and intends to leverage local natural gas resources to expand service to more customers across the state.

Vital Battery Metals Inc. has entered into an option agreement to acquire a 100% interest in the Sting Copper Project, a ~30.6 km² land package located about 14 km south of Trout River in Newfoundland and Labrador, Canada. Under the agreement Vital will pay CAD 90,000, issue 5,000,000 common shares and complete staged exploration expenditures; the optionors retain a 2% NSR (with Vital able to buy 1% for CAD 1.5 million).

Priority Power Management, Inc. has acquired the energy procurement, consulting and solar development business of Affordable Gas & Electric Company, LLC (AGE). The acquisition expands Priority Power's footprint in the Midwest and bolsters its solar development capabilities; AGE's business serves hundreds of municipalities and more than 125,000 residential and 1,000 commercial customers.

ARMM Inc. entered into a binding letter of intent to combine with Current Energy and Renewables Corp. (CER), a Scottsdale-based supplier of renewable and traditional energy, in a business combination that will result in CER becoming a publicly traded entity under the name Current Energy and Renewables Corp. The deal is intended to provide CER access to public markets and to help accelerate its expansion of power purchase agreements and energy supply services across deregulated U.S. markets.

ABM has entered into a definitive agreement to acquire RavenVolt, Inc., a Georgia-based provider of turn-key microgrid systems, for $170 million in cash at closing plus up to $280 million in post-closing earn-outs (maximum total purchase price of $450 million). The acquisition expands ABM's Technical Solutions and eMobility capabilities, adds microgrid design, installation and branded generator/switchgear product offerings, and is expected to close in ABM's fourth fiscal quarter of 2022 subject to HSR clearance.

Alpha Copper Corp. entered a non-binding letter of intent to acquire all issued and outstanding shares of CAVU Energy Metals Corp. in an all-stock transaction (0.7 Alpha shares per CAVU share) that values CAVU at roughly $0.33 per share (≈60% premium). The combined company will consolidate copper-focused exploration assets across British Columbia and the Yukon, subject to due diligence, shareholder and exchange approvals.

Pivot Energy, a Denver-based renewable energy developer owned by Energy Capital Partners (ECP), has acquired SGC Power, a Maryland-based community solar developer. SGC Power will operate as a business unit under the Pivot brand, helping Pivot expand its community solar development capabilities and national footprint.

Kinder Morgan, Inc. has closed the $135 million acquisition of North American Natural Resources, Inc. and its sister companies North American Biofuels, LLC and North American-Central, LLC, acquiring seven landfill gas-to-power facilities in Michigan and Kentucky. Kinder Morgan will evaluate converting up to four sites to renewable natural gas (RNG) with approximately $175 million of capital spend, expanding its RNG generation capacity and diversifying its renewables portfolio.

SinglePoint, Inc. (OTCQB: SING) acquired Frontline Power Solutions (FPS), a multi-state licensed energy services company that provides energy supply agreements, billing, auditing, and efficiency consulting to commercial, industrial, and institutional clients. The acquisition expands SinglePoint’s capabilities in deregulated energy markets and gives the company access to FPS’s client portfolio and expertise in energy procurement and efficiency services.

Wallbox (NYSE:WBX) has acquired COIL Inc., a U.S.-based end-to-end EV charging installation services provider, to integrate installation, maintenance, engineering and software-enabled quoting capabilities into its North American offerings. The acquisition strengthens Wallbox's ability to deliver turnkey residential, commercial and DC fast-charging projects and expands its service footprint across the United States.

Yes Energy has acquired Live Power Intelligence to integrate Live Power’s real-time generation and transmission flow monitoring into Yes Energy’s power market data platform. The deal, enabled by Yes Energy’s growth equity partner Accel‑KKR, will expand proprietary grid-monitoring coverage and deepen analytics for traders, utilities and power market participants.

RESA Power, a portfolio company of Investcorp, has acquired Advanced Electrical Services, Ltd. (AES), a two-location electrical testing and medium/high-voltage service provider in Alberta, Canada. The acquisition is RESA Power's first add-on under Investcorp ownership and expands RESA's footprint and capabilities in Western Canada across renewable energy, mining, utilities and oil & gas end markets.