M&A Deal Summary

Apollo Global Management Acquires Tops

On June 8, 2021, asset manager Apollo Global Management acquired energy services and equipment company Tops from Black Bay Energy Capital

Acquisition Highlights
  • This is Apollo Global Management’s 5th transaction in the Energy Services and Equipment sector.
  • This is Apollo Global Management’s 78th transaction in the United States.
  • This is Apollo Global Management’s 11th transaction in Texas.
Investment Fate
  • Tops was sold to a publicly-traded strategic buyer in 2024.

M&A Deal Summary

Date 2021-06-08
Target Tops
Sector Energy Services and Equipment
Buyer(s) Apollo Global Management
Sellers(s) Black Bay Energy Capital
Deal Type Secondary Buyout
Advisor(s) Fishman Haygood (Legal)

Target

Tops

Midland, Texas, United States
Tops is a provider of contract gas compression services for the Permian Basin. TOPS specializes in lower emission, electrically driven compression for gas lift, and other applications. TOPS’ natural gas compressors feature industry-leading technology allowing for complete remote monitoring of all operating conditions. These features ensure industry-leading up-time and transparency, and a compressor package is built to take advantage of the latest automation enhancements. Tops is based in Midland, Texas.

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Buyer(S) 1

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 109 of 152
Sector: Energy Services and Equipment M&A 5 of 8
Type: Secondary Buyout M&A Deals 21 of 39
State: Texas M&A 11 of 19
Country: United States M&A 78 of 108
Year: 2021 M&A 11 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-03 EmployBridge

Duluth, Georgia, United States

EmployBridge is a provider of specialty staffing services including three primary industry verticals: logistics, manufacturing, and transportation. EmployBridge has developed service models that enable it to attract and place qualified personnel through the development of defined recruiting, testing, placement, and sales processes that are tailored to meet the needs of its target industries. EmployBridge is based in Duluth, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-15 McGraw Hill Education

New York City, New York, United States

McGraw Hill Education is a provider of educational material and learning solutions for students, instructors, and institutions around the world. McGraw Hill Education was founded in 1888 and is based in New York City, New York.

Sell $4.5B

Seller(S) 1

DESCRIPTION

Black Bay Energy Capital is an energy private equity firm focused on the North American oilfield service sector. Black Bay looks to invest up to $30 million of equity capital in businesses managed by talented entrepreneurs that provide a differentiated product or service to the industry. Black Bay Energy was established in 2016 and is headquartered in New Orleans, Louisiana.


DEAL STATS #
Overall 1 of 2
Sector: Energy Services and Equipment M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Texas M&A 1 of 2
Country: United States M&A 1 of 2
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-14 Tops

Midland, Texas, United States

Tops is a provider of contract gas compression services for the Permian Basin. TOPS specializes in lower emission, electrically driven compression for gas lift, and other applications. TOPS’ natural gas compressors feature industry-leading technology allowing for complete remote monitoring of all operating conditions. These features ensure industry-leading up-time and transparency, and a compressor package is built to take advantage of the latest automation enhancements. Tops is based in Midland, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-17 Advanced Industrial Devices

Tulsa, Oklahoma, United States

Advanced Industrial Devices is a provider of electric motor automation and control solutions across the United States. AID designs and sells custom variable frequency drive control systems that are utilized across a diverse set of applications within the oil and gas and industrial sectors. Advanced Industrial Devices was formed in 1983 and is based in Tulsa, Oklahoma.

Buy -