Denham Capital Mergers and Acquisitions Summary

Private Equity Profile

Denham Capital’s most common sectors for investment are oil/gas exploration (36%) and renewable energy (27%). The Firm’s most common investment types include stake purchase (48%) and growth capital (24%). In total, Denham Capital has invested in 12 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired C&C Energia for $100M.

In the last 3 years, Denham Capital has exited 4 companies. The Firm’s most common exit type is trade sale (50%). Denham Capital’s largest (disclosed) exit occurred in 2019 when it sold Covey Park Energy for $2.2B.

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M&A Summary

  • M&A Total Activity52
    • M&A Buy Activity34
    • M&A Sell Activity18
  • Total Sectors Invested 6
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 17
  • M&A Advisors 4

Denham Capital

185 Dartmouth Street, 7th Floor,
Boston, Massachusetts 02116
United States
(617) 531-7200
www.denhamcapital.com

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 has offices in Boston, Massachusetts; Houston, Texas; Shorthills, New Jersey; Sao Paulo, BRA; Singapore and London.


Investment Criteria

Sectors of Interest: Chemicals, Communications, Energy Services and Equipment, Financial Services, Forest Products, Infrastructure, Manufacturing, Metals/Mining, Oil/Gas Exploration, Renewable Energy, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.0/yr) # 34 - - - - - 34
vol $100M $100M
Sell (1.0/yr) # 13 1 1 3 - - 18
vol $1.7B $200M $2.2B $4.1B
  52

Most Recent M&A

Company Date Value Type
BioTherm Energy (Pty) Ltd. 2019-08-01 - Secondary Buyout
Johannesburg, South Africa · www.biothermenergy.com
Covey Park Energy LLC 2019-06-10 2.2B USD Add-on Acquisition
Dallas, Texas · www.coveypark.com
WhiteWater Midstream LLC 2019-02-04 - Secondary Buyout
Austin, Texas · www.whitewatermidstream.com
Tall City Exploration LLC 2018-09-17 - Secondary Buyout
Midland, Texas · www.tallcityexploration.com
JDS Silver, Inc. 2017-09-11 200M USD Add-on Acquisition
Vancouver, British Columbia · www.jdssilver.com
JDS Silver, Inc. 2016-09-27 - Growth Capital
Vancouver, British Columbia · www.jdssilver.com
WhiteWater Midstream LLC 2016-01-01 - Buyout (LBO, MBO, MBI)
Austin, Texas · www.whitewatermidstream.com
LOLA Energy 2015-12-08 - Growth Capital
Wexford, Pennsylvania · www.lolaenergy.com
Jenner Renewables S.a.r.l 2015-09-24 - Growth Capital
Luxembourg, Luxembourg · www.jenner-renewables.com
Nexif Pte. Ltd. 2015-08-25 - Growth Capital
Singapore, Singapore · www.nexif.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Nexif Energy Management Pte. Ltd. 2015-08-01 RPVD Development Pty Ltd. 2016-12-16 2
Singapore, Singapore · www.nexifenergy.com , Australia
Nexif Energy Management Pte. Ltd. 2015-08-01 OneWind Australia Pty Ltd. - Development Wind Projects 2016-12-16 1
Singapore, Singapore · www.nexifenergy.com , Australia

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 7 (35%) - 12 (35%) 100M (100%)
Renewable Energy 5 (25%) - 9 (26%) -
Energy Services and Equipment 6 (30%) - 7 (21%) -
Metals/Mining 1 (5%) - 3 (9%) -
Utilities - - 2 (6%) -
Chemicals 1 (5%) - 1 (3%) -
Total 20 - 34 $100M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (70%) - 21 (62%) -
  Texas 5 (25%) - 10 (29%) -
  Illinois 1 (5%) - 1 (3%) -
  Hawaii 1 (5%) - 1 (3%) -
  Colorado 1 (5%) - 1 (3%) -
  California 1 (5%) - 1 (3%) -
  South Carolina 1 (5%) - 1 (3%) -
  Pennsylvania 1 (5%) - 1 (3%) -
  Oklahoma 1 (5%) - 1 (3%) -
  Nevada 1 (5%) - 1 (3%) -
  Minnesota 1 (5%) - 1 (3%) -
  West Virginia - - 1 (3%) -
  Massachusetts - - 1 (3%) -
Canada 1 (5%) - 3 (9%) -
  Alberta 1 (5%) - 2 (6%) -
  British Columbia - - 1 (3%) -
Singapore 2 (10%) - 2 (6%) -
Luxembourg 1 (5%) - 1 (3%) -
Netherlands 1 (5%) - 1 (3%) -
New Zealand 1 (5%) - 1 (3%) -
Colombia - - 1 (3%) 100M (100%)
United Kingdom - - 1 (3%) -
Spain - - 1 (3%) -
Philippines - - 1 (3%) -
South Africa - - 1 (3%) -
Domestic 14 (70%) - 21 (62%) -
Cross-border 6 (30%) - 13 (38%) 100M (100%)
Total 20 - 34 $100M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Stake Purchase 11 (55%) - 16 (47%) -
Growth Capital 4 (20%) - 8 (24%) -
Buyout (LBO, MBO, MBI) 3 (15%) - 6 (18%) -
PIPE - - 2 (6%) 100M (100%)
Going Private 1 (5%) - 1 (3%) -
Recapitalization 1 (5%) - 1 (3%) -
Total 20 - 34 $100M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 7 (39%) 3.8B (93%)
Trade Sale 5 (28%) 277M (7%)
Secondary Sale 3 (17%) -
IPO 2 (11%) -
Recapitalization 1 (6%) -
Total 18 $4.1B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 1
Tudor, Pickering, Holt & Co., LLC
 1
Legal Deals
Sidley Austin LLP
 2
Norton Rose Fulbright LLP
 1

Deal Values

buy # Total
< $100M 1 $100M
TOTAL $100M
Largest C&C Energia Ltd.
$100M (2010-05-25)
sell # Total
> $1B 1 $2.2B
$100M to $1B 6 $1.9B
TOTAL $4.1B
Largest Covey Park Energy LLC
$2.2B (2019-06-10)

M&A Connections

Deals
Acquired from
Investor(s)
3%
1 (3%)
Exited to
Investor(s)
17%
3 (17%)
Strategic(s)
50%
9 (50%)

Investor Summary

Size

Mega

PE Assets

9.0B USD

Established

2004

Specialist/Generalist

Specialist

Leadership

Carl Tricoli

Founder, Managing Partner & Co-President

Stuart Porter

Founder, Managing Partner, CIO & CEO

Jordan Marye

Managing Partner

Scott Mackin

Managing Partner

Riaz Siddiqi

Managing Partner – Emeritus

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