M&A Deal Summary

Black Hills Acquires SourceGas

On July 12, 2015, Black Hills Corp. acquired oil/gas exploration company SourceGas LLC from Alinda Capital Partners LLC and GE Energy Financial Services for 1.9B USD

Acquisition Highlights
  • This is Black Hills’ 2nd transaction in the Oil/Gas Exploration sector.
  • This is Black Hills’ 1st largest (disclosed) transaction.
  • This is Black Hills’ 7th transaction in the United States.
  • This is Black Hills’ 2nd transaction in Colorado.

M&A Deal Summary

Date 2015-07-12
Target SourceGas LLC
Sector Oil/Gas Exploration
Buyer(s) Black Hills Corp.
Sellers(s) Alinda Capital Partners LLC
GE Energy Financial Services
Deal Type Add-on Acquisition
Deal Value 1.9B USD

Target

SourceGas LLC

Golden, Colorado, United States
website
SourceGas LLC, owns and operates regulated local gas distribution companies (LDCs) with operations in Arkansas, Colorado, Nebraska and Wyoming serving over 1.1 million residential, commercial, industrial and agricultural customers. SourceGas also owns a regulated intrastate gas pipeline company in Colorado.

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Buyer(S) 1

Buyer

Black Hills Corp.

Rapid City, South Dakota, United States

website


Category Company
Founded 1941
SectorUtilities
Employees3,011
Revenue 1.7B USD (2020)
DESCRIPTION

BH is a growth-oriented, vertically-integrated energy company with a tradition of improving life with energy and a vision to be the energy partner of choice. The company also generates wholesale electricity and produces natural gas, oil and coal. Black Hills was formed in 1941 and is based in Rapid City, South Dakota.


DEAL STATS #
Overall 7 of 7
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Colorado) 2 of 2
Country (United States) 7 of 7
Year (2015) 2 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Energy West Wyoming, Inc.

Cody, Wyoming, United States

Energy West Wyoming, Inc. is a provider of natural gas services.

Buy $17M

Seller(S) 2

SELLER

Alinda Capital Partners LLC

Greenwich, Connecticut, United States

website


Category Infrastructure
Founded 2005
PE ASSETS 10.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Alinda Capital Partners is a private investment firm specializing in the acquisition of infrastructure assets in North America and Europe. Alinda looks for assets with predictable cash flows, strategic competitive advantages, and limited commodity or merchant risk. Specific sectors of interest include roads, bridges and tunnels; airports, ports and rail; water supply and wastewater treatment; gas transportation, storage and distribution; power generation and electric transmission; and utility services for residential, commercial and industrial customers. Alinda Capital Partners was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 4 of 7
Sector (Oil/Gas Exploration) 1 of 3
Type (Add-on Acquisition) 2 of 4
State (Colorado) 1 of 1
Country (United States) 3 of 5
Year (2015) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-09 Howard Midstream Energy Partners LLC

San Antonio, Texas, United States

Howard Energy Partners (HEP) is an innovative, growth-oriented midstream provider focused primarily in the Eagle Ford Shale region of South Texas. Led by an executive team of seasoned professionals with nearly 100 years of combined experience, we provide oil and gas producers with a full suite of integrated midstream services from wellhead to market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-06 Houston Fuel Oil Terminal Co.

Houston, Texas, United States

Houston Fuel Oil Terminal Co. is an owns and operates of a 16.1 million barrel storage and terminal facility strategically located at the widest point of the Houston Ship Channel, one of the largest trading centers for residual fuel oil and crude oil in the world.

Sell -
SELLER

GE Energy Financial Services


Category Company
DESCRIPTION


DEAL STATS #
Overall 4 of 7
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Colorado) 1 of 1
Country (United States) 3 of 4
Year (2015) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-26 Regency Energy Partners LP

Dallas, Texas, United States

Regency Energy Partners LP is a growth-oriented, master limited partnership engaged in the gathering and processing, compression, treating and transportation of natural gas; the transportation, fractionation and storage of natural gas liquids; the gathering, transportation and terminaling of oil (crude and/or condensate) received from producers; and the management of coal and natural resource properties in the United States.

Sell $18M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-27 Langhope Rig Wind Farm

United Kingdom

Langhope Rig is located near Hawick in the Scottish Borders, and has a capacity of 16MW and a forecast net load factor of 33%.

Sell £40M