M&A Deal Summary

Archrock Acquires Tops

On July 22, 2024, Archrock acquired energy services and equipment company Tops from Apollo Global Management

Acquisition Highlights
  • This is Archrock’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Archrock’s 2nd transaction in the United States.
  • This is Archrock’s 2nd transaction in Texas.

M&A Deal Summary
Date 2024-07-22
Target Tops
Sector Energy Services and Equipment
Buyer(s) Archrock
Sellers(s) Apollo Global Management
Deal Type Add-on Acquisition
Advisor(s) Jefferies (Financial)
Vinson & Elkins (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

Archrock

Houston, Texas, United States
Category Company
Founded 1990
Sector Energy Services and Equipment
Employees1,100
Revenue 900M USD (2023)
DESCRIPTION
Entrance to Archrock's corporate headquarters in Houston, Texas.
Entrance to Archrock's corporate headquarters in Houston, Texas.

Archrock is a provider of natural gas contract compression services to customers in the oil and natural gas industry throughout the United States. Archrock was incorporated in 1990 and is based in Houston, Texas.

DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-24 Elite Compression Services

Victoria, Texas, United States

Elite Compression Services is a provider of compression services to the oil and gas industry. The Company is based in Victoria, Texas.

Buy $410M

Seller(S) 1

SELLER

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1990
PE ASSETS 45.0B 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 66 of 66
Sector (Energy Services and Equipment) 3 of 3
Type (Add-on Acquisition) 20 of 20
State (Texas) 8 of 8
Country (United States) 50 of 50
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-16 The Travel Corp

Cypress, California, United States

The Travel Corp is a global portfolio of 18 travel brands including Trafalgar, Uniworld Boutique River Cruises, Insight Vacations, Contiki, and Brendan Vacations. The Travel Corp is based in Cypress, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-25 Evri

Leeds, United Kingdom

Evri is a parcel delivery company with a strong national network purpose-built for third-party e-commerce parcels and a differentiated last-mile delivery model. Evri was formed in 2022 and is based in Leeds, United Kingdom.

Buy -
Mergr

Product

Company

Legal