EnCap Flatrock Midstream Mergers and Acquisitions Summary

Venture Capital Firm Profile

In the last 3 years, EnCap Flatrock Midstream has acquired 1 company. It has also invested in 3 others.

EnCap Flatrock Midstream’s most common sectors for investment areoil/gas exploration (66%) and energy services and equipment (28%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (49%) and growth capital (49%). In total, EnCap Flatrock Midstream has invested in 4 US states. Its largest (disclosed) acquisition occurred in 2012 when it acquired Caiman Energy II for $800M.

In the last 3 years, EnCap Flatrock Midstream has exited 3 companies. The Firm’s most common exit type is secondary buyout (45%). EnCap Flatrock Midstream’s largest (disclosed) exit occurred in 2012 when it sold Caiman Energy for $2.5B.

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M&A Summary

  • M&A Total Activity38
    • M&A Buy Activity29
    • M&A Sell Activity9
  • Total Sectors Invested 4
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 11
  • M&A Advisors 3

EnCap Flatrock Midstream

1826 North Loop 1604 West, Suite 200,
San Antonio, Texas 78248
United States
(210) 494-6777
www.efmidstream.com

EnCap Flatrock Midstream is a private investment firm focused on venture related opportunities in the midstream energy sector. EnCap Flatrock seeks majority positions in natural gas gathering, treating, processing and storage; crude oil gathering and transportation; and natural gas liquids fractionation, storage and transportation. EnCap Flatrock Midstream is affiliated with investment firm EnCap Investments, a large diversified energy investment firm. EnCap Flatrock is based in San Antonio, Texas.


Investment Criteria

Sectors of Interest: Energy Services and Equipment, Oil/Gas Exploration

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Venture

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 200
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.2/yr) # 23 2 3 1 - - 29
vol $2.2B $400M $2.6B
Sell (0.8/yr) # 5 1 - 1 - 2 9
vol $6.2B $2.0B $8.2B
  38

Most Recent M&A

Company Date Value Type
Tall Oak Midstream II LLC 2021-01-27 - Secondary Buyout
Edmond, Oklahoma
Tall Oak Midstream III LLC 2021-01-27 - Secondary Buyout
Edmond, Oklahoma
Ironwood Midstream Energy Partners II LLC 2019-11-12 400M USD Buyout (LBO, MBO, MBI)
San Antonio, Texas · www.ironwoodmidstream.com
Getka Energy LLC 2019-06-17 - Secondary Buyout
Tulsa, Oklahoma · www.getkaenergy.com
Candor Midstream LLC 2018-08-21 - Growth Capital
Houston, Texas · www.candormidstream.com
Getka Energy LLC 2018-03-27 - Growth Capital
Tulsa, Oklahoma · www.getkaenergy.com
Lotus Midstream LLC 2018-02-13 - Growth Capital
Sugar Land, Texas · www.lotusmidstream.com
Cardinal Midstream III LLC 2017-05-31 - Growth Capital
Dallas, Texas
Aspen Midstream LLC 2017-05-17 - Growth Capital
Dallas, United States · www.aspenmidstream.com
EagleClaw Midstream Services LLC 2017-04-17 2.0B USD Secondary Buyout
Midland, Texas · www.eagleclawmidstream.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Lucid Energy Group LLC 2012-02-08 Lucid Energy Group LLC - Rowdy Gas Gathering System 2017-06-05 1
Dallas, Texas · www.lucid-energy.com Dallas, Texas

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 9 (53%) 425M (40%) 19 (66%) 1.6B (69%)
Energy Services and Equipment 6 (35%) 400M (37%) 8 (28%) 500M (21%)
Infrastructure 1 (6%) 250M (23%) 1 (3%) 250M (10%)
Transportation 1 (6%) - 1 (3%) -
Total 17 $1.1B 29 $2.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 17 (100%) 1.1B (100%) 29 (100%) 2.3B (100%)
  Texas 14 (82%) 1.1B (100%) 22 (76%) 2.3B (100%)
  Oklahoma 1 (6%) - 4 (14%) -
  Colorado 1 (6%) - 2 (7%) -
Total 17 $1.1B 29 $2.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (35%) 1.1B (100%) 14 (48%) 2.3B (100%)
Growth Capital 10 (59%) - 14 (48%) -
Stake Purchase 1 (6%) - 1 (3%) -
Total 17 $1.1B 29 $2.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 4 (44%) 6.2B (75%)
Secondary Sale 4 (44%) 2.0B (25%)
Trade Sale 1 (11%) -
Total 9 $8.2B

Top M&A Advisors

Legal Deals
Thompson & Knight LLP
15
Shearman & Sterling LLP
3
Gibson, Dunn & Crutcher LLP
1

Deal Values

buy # Total
$100M to $1B 7 $2.3B
< $100M 3 $275M
TOTAL $2.6B
Largest Caiman Energy II LLC
$800M (2012-07-10)
sell # Total
> $1B 4 $7.6B
$100M to $1B 1 $600M
TOTAL $8.2B
Largest Caiman Energy LLC
$2.5B (2012-04-27)

M&A Connections

Deals
Exited to
Investor(s)
44%
4 (44%)
Strategic(s)
44%
4 (44%)

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