Energy Acquisitions in 2023

Kodiak Gas Services, Inc. agreed to acquire CSI Compressco LP in an all-equity transaction valued at approximately $854 million (including assumed net debt of $619 million), creating the largest contract compression fleet in the industry. The deal expands Kodiak’s service offerings into CSI Compressco’s treating, gas cooling and aftermarket services, is expected to be accretive to cash flow, and targets at least $20 million of annual run-rate synergies.

TG Natural Resources LLC (backed by Tokyo Gas America and Castleton Commodities International) agreed to acquire 100% of Rockcliff Energy II LLC from Quantum Energy Partners/Quantum Capital Group for approximately $2.7 billion. Rockcliff is an upstream natural gas producer focused on the East Texas Haynesville shale with field headquarters in Longview, Texas and ~1.3 Bcf/d gross operated production; the deal closed following customary approvals.

A subsidiary of Castleton Commodities International LLC (CCI) acquired a majority stake in Lower 48 Energy BESS Ltd. (L48 Energy), a UK-based developer, builder, owner and operator of large-scale battery energy storage systems (BESS). CCI said the investment will help scale L48's grid-scale storage platform in the UK with potential expansion into other European markets.

Infraneo, with the support of majority shareholder Seven2, has acquired Technipipe, a France-based specialist in pipeline and industrial unit monitoring, inspection and maintenance. The add-on expands Infraneo's asset integrity capabilities in the Energy sector and strengthens its presence in the PACA region and across France and Europe.

Occidental (OXY) agreed to acquire Midland-based CrownRock L.P., a joint venture of CrownQuest Operating LLC and Lime Rock Partners, in a transaction valued at approximately $12.0 billion including assumed debt. The deal expands Occidental's Midland Basin footprint with ~170 Mboed of high-margin unconventional production, ~94,000 net acres and ~1,700 undeveloped locations, and is expected to be accretive to free cash flow.

French multi-technical services group SPIE will acquire 85% of Correll Group, a UK-based specialist in electrical engineering, installation and maintenance for the offshore wind sector. The deal expands SPIE Oil & Gas Services' footprint in offshore wind (it will be renamed SPIE Global Services Energy) and is expected to close in January 2024; Correll will retain 15% with management and contributes ~€55m revenue and c.109 employees plus 500+ contractors (2023).

Yes Energy has acquired Anchor Power Solutions, the developer of EnCompass power market forecasting and resource-planning software. The deal brings Anchor Power’s modeling capabilities into Yes Energy’s data and analytics platform to expand long-term power market modeling, transmission and decarbonization planning tools for utilities, developers and market participants.

TMT Acquisition Corp (a publicly traded SPAC) entered into a definitive business combination agreement to take eLong Power Holding Limited public via a merger, with the combined company expected to be named eLong Power Inc. The transaction values initial equity at an implied $450 million and is expected to close in the first half of 2024, providing eLong Power with access to U.S. public markets and capital to support expansion of its commercial EV and energy storage battery business.

HF Sinclair Corporation completed the merger to acquire all outstanding common units of Holly Energy Partners, L.P., paying 0.3150 shares of HF Sinclair common stock and $4.00 in cash per HEP common unit. The transaction removed HEP from public trading and gives HF Sinclair full ownership of HEP's midstream terminals, pipelines and storage assets to better integrate and optimize its logistics and midstream capabilities.

E Source, the Align Capital Partners-backed utility market intelligence and data-science platform, has acquired UMS Group, a utility management consulting firm. The add-on strengthens E Source’s consulting capabilities in areas such as wildfire risk reduction, asset management, renewable integration and advanced AI modeling for utilities.

Standard Solar, a Brookfield Renewable company, has acquired a 12-megawatt community solar project portfolio in Virginia from New Leaf Energy, comprising one project in Chatham and two in Kilmarnock. The projects — including over 7 MW allocated to low- and moderate-income customers in Kilmarnock — are expected to generate about 19,811 MWh annually and mark Standard Solar's entry into Virginia's community solar market.

Apollo-managed funds and Composite Advanced Technologies (CATEC) have acquired Kelley Leasing Partners and launched Hydria, a high-growth compressed gas equipment manufacturing, leasing and services platform focused on CNG, RNG, helium and hydrogen. The transaction brings Kelley’s manufacturing, maintenance and leasing capabilities together with CATEC’s Type IV compressed gas technology and positions Hydria to scale across industrial gas, utility and virtual pipeline end markets in support of the energy transition.

Calibre Mining Corp. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Marathon Gold Corporation in a court-approved plan of arrangement. The combination creates an Americas-focused mid-tier gold producer with expected pro-forma annual production of approximately 500,000 ounces (2025–2026E) and fully funds the construction of Marathon’s Valentine Gold Project.

Macquarie Capital Principal Finance has signed a definitive agreement to acquire Camin Cargo Control Holdings, a global provider of testing, inspection and certification (TIC) and fuel treatment services, from Metalmark Capital. Camin Cargo, headquartered in Pasadena, Texas, operates 64 laboratory and inspection branches across 19 countries; Macquarie plans to accelerate growth organically and via acquisitions and to expand capabilities in renewable fuels.

Glencore AG (a subsidiary of Glencore plc) completed a plan of arrangement to acquire all remaining common shares of PolyMet Mining Corp., becoming the sole beneficial owner of 100% of PolyMet. The cash consideration was US$2.11 per common share; PolyMet's head office is in St. Paul, Minnesota and the deal consolidates Glencore's ownership of the NorthMet copper‑nickel project.

Madison Energy Infrastructure (MEI) has acquired Pro-Tech Energy Solutions, a Moorestown, New Jersey-based turnkey energy services and EPC firm. The acquisition strengthens MEI's execution and delivery capabilities—adding Pro-Tech's EPC team and a pipeline of offsite and front-of-the-meter solar projects to MEI's clean energy platform.

EQT Infrastructure VI has agreed to acquire Statera Energy Limited, a London-headquartered developer and operator of battery storage and flexible generation assets, from InfraRed Capital Partners. EQT will provide growth capital and operational support to accelerate deployment of Statera's 1GW (operational and under construction) and its 16GW project pipeline, including battery storage, pumped hydro and green hydrogen projects across the UK.

Platinum Equity has closed the transaction to acquire a majority interest in Kohler Energy from Kohler Co., establishing Kohler Energy as an independent, standalone business. Kohler Co. remains an investment partner, Brian Melka will serve as CEO and David Kohler will sit on the board; financial terms were not disclosed. Platinum Equity said it will invest in growth and operational initiatives to accelerate Kohler Energy's position in the global energy resilience market.

Cameco and Brookfield (with Brookfield Renewable Partners and institutional partners) have completed their joint acquisition of Westinghouse Electric Company after receiving required regulatory approvals, with the transaction closing on or about November 7, 2023. Cameco will finance its share using a US$600 million term loan and available cash; the deal transfers ownership of Westinghouse (a leading nuclear technology and services provider headquartered in Cranberry Township, Pennsylvania) from Brookfield Business Partners to the new investor group.

Williams Field Services Group, LLC (a subsidiary of The Williams Companies, Inc.) has signed definitive agreements to acquire Cureton Front Range LLC (Cureton Midstream) from Tailwater Capital and a fund managed by Ares Management's Private Equity Group, with an expected close in December 2023 pending regulatory approvals. Cureton is a Denver-based midstream operator with pipelines, gas processing capacity and compression assets in the DJ Basin; the deal expands Williams' asset base and regional footprint.

Exxon Mobil Corporation completed its all‑stock acquisition of Denbury Inc. in a transaction valued at $4.9 billion, with Denbury shareholders receiving 0.84 shares of ExxonMobil per Denbury share. The deal adds Denbury's ~1,300 miles of CO2 pipelines, onshore sequestration sites and Gulf Coast/Rockies oil and gas operations (over 200 million boe of proved reserves and roughly 46,000–47,000 boe/d of production), strengthening ExxonMobil's Low Carbon Solutions and CCS capabilities.

TransAlta Corporation entered a definitive agreement to acquire Heartland Generation and affiliated Alberta Power assets from an affiliate of Energy Capital Partners for approximately C$658 million inclusive of assumed debt (C$390 million purchase price plus C$268 million debt). The acquisition adds ~1,844 MW of flexible generation (cogeneration, peaking and gas-fired thermal), is expected to be immediately accretive to cash flow and deliver corporate pre-tax synergies of about C$20 million annually, and supports TransAlta's strategy to expand flexible capacity to meet Alberta's energy transition and reliability needs.

Energy Overwatch, LLC has acquired SEMPCheck, LLC to expand its compliance, emissions monitoring, and field services capabilities for the U.S. oil and gas industry. SEMPCheck, based in Houston with an office in Lafayette, brings over 20 years of experience in OGI, LDAR, TDLAS and proprietary compliance software.

An investor group led by Greenbelt Capital Management, alongside funds managed by Schroders Capital, StepStone Group and Wafra Inc., has completed the acquisition of Saber Power Services from funds managed by Oaktree Capital Management. Saber’s management will retain a significant stake, and Blackstone Credit provided debt and equity financing to support the transaction; the Houston-area electrical infrastructure services firm will partner with Greenbelt to accelerate growth in grid modernization and energy-transition markets.

Offen Petroleum LLC, a portfolio company of Court Square Capital Partners, has acquired all of the wholesale businesses of W. Douglass Distributing, Ltd. Offen will retain virtually all wholesale employees, operate from Douglass’s Sherman, Texas campus as a regional operations center, and use the acquisition to expand its Texas and surrounding-market distribution footprint.

JET Infrastructure acquired five fuel terminals from International-Matex Tank Terminals (IMTT), expanding the company's presence into Georgia, Alabama and New Mexico and increasing capacity and connectivity for aviation fuel and biofuels in the U.S. Southeast. The deal brings JET's portfolio to 12 assets with more than 2.1 million barrels of storage capacity and a network of 145 miles of pipeline; the terminals were sold by IMTT, which is headquartered in New Orleans, Louisiana.

Salka LLC (doing business as Salka Energy through its subsidiary Salka Cabazon HoldCo LLC) acquired a 39 MW operating wind farm in the San Gorgonio Pass near Palm Springs, California. Salka plans to refurbish and eventually repower the facility to continue generation (estimated to power more than 11,000 homes), expand its California presence, and preserve the project from decommissioning.

Integrated Power Services (IPS) has acquired Lighthouse Global Energy, an Abilene, Texas-based OEM wind turbine parts supplier and manufacturer. The deal expands IPS's renewables offering—adding distribution, engineering, repair and manufacturing capabilities to support utility-scale wind power, particularly in West Texas.

Chevron Corporation completed its acquisition of Hess Corporation in an all-stock transaction valued at approximately $53 billion (roughly $60 billion enterprise value). The deal gives Chevron a 30% stake in the Guyana Stabroek Block and adds substantial Bakken, Gulf of Mexico and Southeast Asia production, and was closed after a favorable arbitration outcome and regulatory approvals. Hess shareholders received 1.0250 shares of Chevron per Hess share as part of the transaction.

Firmament, a structured equity investor, has made a strategic growth investment in Matador Gas, a retail propane distributor and standby generator service provider. The capital will support Matador's expansion plans, technology investments and service capability enhancements as the company grows its footprint around Houston and adjacent markets.

Radius Mechanical, a New Rochelle-based commercial mechanical services firm, acquired National Grid's Energy Management business (NGEM) from National Grid in a divestiture. The deal transfers NGEM's portfolio of long-term commercial and municipal energy plant operations and maintenance contracts — including work for NYCHA and several Fortune 500 clients — to Radius; terms were not disclosed.

Qualus Corporation, a portfolio company of New Mountain Capital, has acquired GridBright, a Silicon Valley–area technology solutions firm specializing in grid integration software, systems integration, and advisory services. The deal (terms not disclosed) expands Qualus’ capabilities in grid modernization, resiliency, security, and renewable interconnection services; AEC Advisors advised Qualus and Capstone Partners advised GridBright.

ESG, a provider of energy SaaS solutions, has acquired Phidex, a specialist in pricing, settlement and revenue assurance software and energy consultancy services. The deal expands ESG's data analytics and pricing capabilities to better serve energy suppliers and utilities across the UK and North America.

Calgary-based Qube Technologies raised a Series B growth round led by Riverbend Energy Group to accelerate product development, expand global commercial footprint, and enter new end-markets. Existing investors including SCF Ventures, North West Capital Partners and individual investor Ian Bruce remain on the cap table; Riverbend will join Qube's board.

Yes Energy announced on October 3, 2023 that it has acquired The C Three Group, a provider of North American energy infrastructure market intelligence and project databases. The acquisition integrates C Three's infrastructure project datasets and forecasting capabilities into Yes Energy's power market data and analytics platform to give customers deeper visibility into generation, transmission, and interconnection project status and impacts on power markets.

Mitsubishi Heavy Industries, Ltd. (MHI) completed the acquisition of 100% of Concentric, LLC from OnPoint Group on October 2. The acquisition establishes a new North American structure to expand MHI’s capabilities in power systems, electrification and energy services for data centers, logistics warehouses and industrial facilities.

EnergyMark, LLC of Williamsville, New York has acquired the assets of Crown Energy Services, Inc. of West Seneca, New York, including Crown's New York customer book, energy storage and transportation capacity, and production from local natural gas producers. The deal expands EnergyMark's presence and supply capabilities in Western New York as the company continues to grow its renewable and natural gas sourcing and energy management offerings.

AM Conservation, a subsidiary of Franklin Energy, has acquired Evolve Technologies, a Scottsdale-based developer and manufacturer of patented water- and energy-saving shower technologies. The acquisition expands Franklin Energy and AM Conservation’s product portfolio and capability to scale water- and energy-conservation solutions through utility channels and other clients.

Titan Cloud has acquired global fuel analytics software and field technologies provider Leighton O'Brien. The deal combines Titan Cloud's Fuel Asset Optimization platform with Leighton O'Brien's wetstock management and field services to accelerate global expansion, extend the product portfolio, and broaden fuel monitoring and compliance capabilities worldwide.

Energy Plug Technologies Corp. has completed its acquisition of True North Battery Energy Storage Corp., adding battery energy storage and EV charging capabilities to its portfolio. The deal includes a Letter-of-Cooperation for distribution with Taiwan-based C-LiFE Technologies and positions Energy Plug to expand battery energy storage product distribution across North and South America.

Allied Group Holdings, LLC (Allied Power), a Bernhard Capital Partners-backed platform, has acquired Dominion Engineering, Inc., a provider of field service equipment, technology, and specialized engineering services to the nuclear power industry. The add-on acquisition expands Allied's technical service, equipment and engineering capabilities for nuclear utilities, supporting outage, decommissioning and waste management work; financial terms were not disclosed.

FirstLight Power has signed an agreement to acquire Hydroméga Services Inc., adding ownership interests in ten operating hydroelectric stations across Québec and Northeastern Ontario and a development pipeline of over 2 GW of wind, solar, storage, and hydro projects. The deal expands FirstLight's North American development pipeline to ~4 GW and increases its operating capacity in Québec and Ontario; the transaction was expected to close in Q4 2023 and remains subject to customary closing conditions.

Fidelity Building Services Group (through its Fidelity Energy & Sustainability team) has acquired Power of Clean Energy (PCE), a Nashville-based provider of energy transition planning and project implementation. The deal expands Fidelity’s energy and sustainability capabilities and strengthens its footprint across the southern United States as it scales toward a national platform for energy-efficient building solutions.

Enservco Corporation (NYSE American: ENSV) has acquired all of the assets of Rapid Hot in an all-stock transaction valued at $1,057,500. Rapid Hot, headquartered in Washington, Pennsylvania, provides frac water heating services across the Appalachian Basin; the acquisition strengthens Enservco's position in the Marcellus shale and brings Rapid Hot president/CFO Mike Lade into Enservco as chief of staff. Enservco also closed a $1,625,000 convertible debt financing that included participation from Rapid Hot lead investors, an Enservco board member and Cross River Partners.

Repsol agreed to acquire US renewable developer ConnectGen from Quantum Capital Group/547 Energy for $768 million, adding a 20,000 MW pipeline and onshore wind development capabilities. The acquisition gives Repsol a significant onshore wind growth platform in the United States and brings ConnectGen’s development team into Repsol Renewables to accelerate the company’s international renewables expansion and 2030 capacity targets.

Western Midstream Partners, LP agreed to acquire Meritage Midstream Services II, LLC in an all-cash transaction for $885 million to expand its Powder River Basin footprint. The deal adds ~1,500 miles of gathering pipelines, ~380 MMcf/d processing capacity and the Thunder Creek NGL pipeline; closing was expected in Q4 2023 subject to customary approvals.

Priority Power Management has acquired the business of Atlas Retail Energy, bringing Atlas' energy procurement and advisory capabilities into Priority Power’s platform. Atlas will continue to operate under the Atlas Retail Energy name powered by Priority Power, giving Atlas' ~425 clients access to expanded product and service offerings and Priority Power’s proprietary pricing and data systems.

ENGIE has acquired Broad Reach Power, a Houston-based developer and operator of utility-scale battery energy storage systems, from investors including EnCap Energy Transition and Apollo funds. The deal—reported to be for an equity value of over $1 billion—strengthens ENGIE's battery-storage capabilities and advances its objective to reach 10 GW of battery capacity by 2030 while reinforcing its position in the United States energy transition.

Apollo-managed funds have acquired a majority interest in Composite Advanced Technologies, Inc. (CATEC), a Houston-based manufacturer of Type IV compressed gas transportation and storage solutions for CNG, RNG and hydrogen. Apollo plans to invest additional capital to scale CATEC into a leading gaseous equipment manufacturing and services platform supporting the hydrogen and low-carbon fuel markets.

EQT Corporation has completed its acquisition of Tug Hill's upstream assets (THQ Appalachia I) and XcL Midstream's gathering and processing assets (THQ‑XcL Holdings I) from Quantum Energy Partners for a mix of cash and EQT stock (transaction consideration initially announced at ~$5.2 billion; closing consideration reported as ~$2.4 billion cash plus EQT shares). The bolt‑on deal expands EQT's footprint and midstream capabilities in Southwest Appalachia, delivering production and gathering/processing capacity expected to lower EQT's cost structure and increase cash flow.