M&A Deal Summary

Denham Capital, Natural Gas Partners, GCP Capital Partners, The Stephens Group and Stephens Capital Partners Acquire Energy Transfer Partners

On January 1, 2002, private equity firm Denham Capital, private equity firm Natural Gas Partners, merchant bank GCP Capital Partners, family office The Stephens Group and private equity firm Stephens Capital Partners acquired energy services and equipment company Energy Transfer Partners

Acquisition Highlights
  • This is Denham Capital’s 1st, Natural Gas Partners’ 2nd, GCP Capital Partners’ 1st, The Stephens Group’s 1st and Stephens Capital Partners’ 1st transaction in the Energy Services and Equipment sector.
  • This is Denham Capital’s 1st, Natural Gas Partners’ 3rd, GCP Capital Partners’ 3rd, The Stephens Group’s 6th and Stephens Capital Partners’ 8th transaction in the United States.
  • This is Denham Capital’s 1st, Natural Gas Partners’ 3rd, GCP Capital Partners’ 1st, The Stephens Group’s 2nd and Stephens Capital Partners’ 3rd transaction in Texas.
Investment Fate
  • Energy Transfer Partners went public in 2006.
  • Energy Transfer Partners was sold to a strategic buyer in 2016.

M&A Deal Summary

Date 2002-01-01
Target Energy Transfer Partners
Sector Energy Services and Equipment
Buyer(s) Denham Capital
Natural Gas Partners
GCP Capital Partners
The Stephens Group
Stephens Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Energy Transfer Partners

Dallas, Texas, United States
Energy Transfer Partners' corporate headquarters in Dallas, Texas.
Energy Transfer Partners' corporate headquarters in Dallas, Texas.
Energy Transfer Partners LP is an owns and operates approximately 71,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines. Energy Transfer Partners was formed in 1995 and is based in Dallas, Texas.

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Buyer(S) 5

Buyer

Denham Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 9.7B USD
Size Mega
Type Sector Focused
DESCRIPTION

Denham Capital Management is a specialist private investment firm focused on the energy and commodities sectors. Denham looks to invest in businesses and assets involving natural resources, metals and mining, power and utilities, and energy-related infrastructure and services. Denham will consider investments worldwide, with current projects in the US, Canada, South America, Europe, and Asia. Denham will also consider both development projects as well as mature, operating businesses. The Firm's target investment size is $50 to $200 million. Denham Capital Management was founded in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 1 of 46
Sector (Energy Services and Equipment) 1 of 5
Type (Buyout (LBO, MBO, MBI)) 1 of 7
State (Texas) 1 of 13
Country (United States) 1 of 26
Year (2002) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-01 Thermal North America/Trigen

Boston, Massachusetts, United States

Trigen holds the largest portfolio of privately owned and operated district heating and cooling systems in the United States. The business provides reliable steam, hot water and chilled water to several large urban markets across the U.S., largely through long-term contracts.

Buy -
Buyer

Natural Gas Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 20.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Natural Gas Partners is a specialist private equity firm focused on investments in the energy industry. The Firm looks for opportunities in oil and gas production, as well as midstream and oilfield service companies. Natural Gas Partners will also consider start-up company investments. The Firm's investments range from $20 to $100 million. Natural Gas Partners is an affiliate of energy investment firm NGP Energy Capital Management. The Group was formed in 1988 and is headquartered in Irving, Texas with additional offices in Houston; Santa Fe, New Mexico; Stamford, Connecticut; and London.


DEAL STATS #
Overall 4 of 59
Sector (Energy Services and Equipment) 2 of 12
Type (Buyout (LBO, MBO, MBI)) 3 of 24
State (Texas) 3 of 29
Country (United States) 3 of 51
Year (2002) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-09-03 Encore Acquisition

Fort Worth, Texas, United States

Encore Acquisition Company is engaged in the development of onshore North American oil and natural gas reserves. Encore has acquired high-quality assets and grown through drilling, waterflood, and tertiary projects. Encore's properties are located in the Rockies, the Mid-Continent, and the Permian Basin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-01 Crimson Pipeline

Long Beach, California, United States

Crimson Pipeline operates approximately 700 miles of pipelines, mostly located in Ventura County, Los Angeles County, and Orange County, California. Crimson Pipeline was founded in 2005 and is based in Long Beach, California.

Buy -
Buyer

GCP Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Merchant Bank
Founded 2000
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GCP Capital Partners consists of GCP US, GCP Europe, and GCP Venture. GCP US targets North American acquisitions. The unit looks to invest $10 to $50 million in businesses valued up to $500 million. GCP Europe targets businesses in the UK and Europe. The European team looks to invest up to £40 million in companies valued up to £100 million. Sectors of interest include business services, education, energy, financial services, insurance and telecommunications.


DEAL STATS #
Overall 3 of 44
Sector (Energy Services and Equipment) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 2 of 22
State (Texas) 1 of 9
Country (United States) 3 of 42
Year (2002) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-11-01 Triana Energy

Charleston, West Virginia, United States

Triana Energy, LLC is an oil and gas exploration and production company. The Company was focused primarily in the Appalachian Basin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-01 Global Signal

Sarasota, Florida, United States

Global Signal owned, operated, and leased towers and other communication structures for wireless communications. Global Signal was formed in 1995 and based in Sarasota, Florida.

Buy $740M
Buyer

The Stephens Group

Little Rock, Arkansas, United States

Investor Investor Investor Investor Investor


Category Family Office
Founded 1933
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Stephens Group is a private investment firm focused on long-term investments in mid-sized companies. The Firm looks to partner with management teams when pursuing acquisitions. Sectors of interest include energy, energy services, business services, industrials, consumer products, consumer services, financial services, healthcare, technology, media, and communications. The Stephens Group was originally established in 1933 and is headquartered in Little Rock, Arkansas.


DEAL STATS #
Overall 6 of 52
Sector (Energy Services and Equipment) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 5 of 26
State (Texas) 2 of 18
Country (United States) 6 of 49
Year (2002) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-01 Hotchkis & Wiley

Los Angeles, California, United States

Hotchkis & Wiley is an investment manager serving institutional and individual investors around the world. The firm manages equity portfolios and mutual funds investing in the public equity markets of the United States. Hotchkis and Wiley focuses on value stocks of all-cap companies, employing fundamental analysis along with a bottom-up stock picking approach to create its equity portfolio mix. Hotchkis & Wile was founded in 1980 and is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-11-15 Vestcom

Little Rock, Arkansas, United States

Vestcom is a provider of technology-enabled shelf-edge media solutions to the retail and consumer products industry. The company offers an array of solutions including customized shelf-edge labels, branding and promotional content labels, and shelf-edge strips with product information. Vestcom was founded in 1996 and is based in Little Rock, Arkansas.

Buy -
Buyer
DESCRIPTION

Stephens Capital Partners is the direct, private equity investment arm of financial services firm Stephens, Inc. Stephens Capital looks to acquire minority or majority stakes in mid-sized, profitable companies in partnership with management. The Firm will consider opportunities throughout the US valued between $50 and $200 million. Stephens Capital will not consider venture investments or turnaround situations. Stephens Capital Partners is based in Little Rock, Arkansas.


DEAL STATS #
Overall 8 of 77
Sector (Energy Services and Equipment) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 6 of 52
State (Texas) 3 of 14
Country (United States) 8 of 71
Year (2002) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-10-01 STgenetics

Navasota, Texas, United States

STgenetics is a provider of genetic improvement services for the livestock industry. STgenetics was established in 2004 and is based in Navasota, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-31 DMS

Portland, Oregon, United States

DMS is a provider of integrated, omni-channel direct marketing solutions to a diverse client base throughout the U.S. DMS serves a variety of end markets including banking, alternative lending, technology and telecom. DMS was founded in 1982 and is based in Portland, Oregon.

Buy -