EnCap Investments Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, EnCap Investments has invested in 1 company.

EnCap Investments’ most common sectors for investment are oil/gas exploration (98%) and energy services and equipment (3%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (54%) and stake purchase (39%). In total, EnCap Investments has invested in 6 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired Sierra Oil & Gas S. de R.L. de C.V for $525M.

In the last 3 years, EnCap Investments has exited 1 company. The Firm’s most common exit type is trade sale (54%). EnCap Investments’ largest (disclosed) exit occurred in 2012 when it sold Cordillera Energy Partners III for $2.9B.

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M&A Summary

  • M&A Total Activity124
    • M&A Buy Activity83
    • M&A Sell Activity41
  • Total Sectors Invested 2
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 32
  • M&A Advisors 1

EnCap Investments

1100 Louisiana Street Suite 5025,
Houston, Texas 77002
United States
(281) 829-4901
www.encapinvestments.com

EnCap Investments is a private equity firm focused on the US energy sector. EnCap specifically looks for upstream and midstream opportunities within the oil and gas industry. EnCap generally partners with seasoned management when pursuing investments. EnCap Investments has offices in Dallas and Houston.


Investment Criteria

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

Target Transaction Types: Buyout (LBO, MBO, MBI), PIPE

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 80 1 2 - - - 83
vol $4.7B $4.7B
Sell (0.6/yr) # 38 2 - 1 - - 41
vol $15.6B $888M $16.5B
  124

Most Recent M&A

Company Date Value Type
Halcón Resources Corp. 2018-12-20 - Trade Sale
Houston, Texas · www.halconresources.com
Silverback Exploration II LLC 2017-07-10 - Growth Capital
San Antonio, Texas
Mongoose Energy LLC 2017-01-01 - Buyout (LBO, MBO, MBI)
Tulsa, Oklahoma · www.mongooseenergy.com
Bold Energy III LLC 2016-11-08 - Add-on Acquisition
Midland, Texas · www.boldenergy.com
PayRock Energy LLC 2016-06-20 888M USD Add-on Acquisition
Oklahoma City, Oklahoma · www.payrockenergy.com
Plains All American Pipeline LP 2016-01-12 - Stake Purchase
Houston, Texas · www.plainsallamerican.com
American Resource Development LLC (Ameredev) 2015-07-08 - Growth Capital
Austin, Texas
Cinco Resources, Inc. 2015-05-26 - Add-on Acquisition
Dallas, Texas · www.cincoresources.com
Sierra Oil & Gas S. de R.L. de C.V 2014-09-18 525M USD Buyout (LBO, MBO, MBI)
Mexico City, Mexico · www.sierraoilandgas.com.mx
Enduring Resources II LLC 2014-05-01 2.5B USD Add-on Acquisition
Denver, Colorado · www.enduringresources.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Sabalo Energy LLC 2014-01-01 Sabalo Energy LLC - Produced Water Assets 2019-08-21 1
Corpus Christi, Texas · www.sabaloenergy.com Corpus Christi, Texas
Halcón Resources Corp. 2012-02-01 Halcón Resources Corp. - East Texas Assets 2017-01-25 1
Houston, Texas · www.halconresources.com , Texas
Halcón Resources Corp. 2012-02-01 GeoResources, Inc. 2012-04-25 1
Houston, Texas · www.halconresources.com Houston, Texas · www.georesourcesinc.com

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 40 (98%) 2.9B (100%) 81 (98%) 3.4B (100%)
Energy Services and Equipment 1 (2%) - 2 (2%) -
Total 41 $2.9B 83 $3.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 39 (95%) 2.4B (76%) 81 (98%) 3.6B (83%)
  Texas 28 (68%) 1.7B (54%) 60 (72%) 2.2B (50%)
  Colorado 4 (10%) 700M (22%) 11 (13%) 1.4B (32%)
  Oklahoma 3 (7%) - 5 (6%) -
  Louisiana 3 (7%) - 3 (4%) -
  Pennsylvania 1 (2%) - 1 (1%) -
Mexico 1 (2%) 525M (17%) 1 (1%) 525M (12%)
Canada 1 (2%) 228M (7%) 1 (1%) 228M (5%)
  Alberta 1 (2%) 228M (7%) 1 (1%) 228M (5%)
Domestic 39 (95%) 2.4B (76%) 81 (98%) 3.6B (83%)
Cross-border 2 (5%) 753M (24%) 2 (2%) 753M (17%)
Total 41 $3.2B 83 $4.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 20 (49%) 2.1B (67%) 44 (53%) 3.2B (74%)
Stake Purchase 17 (41%) 1.1B (33%) 32 (39%) 1.1B (26%)
Growth Capital 3 (7%) - 4 (5%) -
PIPE - - 1 (1%) -
Recapitalization 1 (2%) - 1 (1%) -
Secondary Buyout - - 1 (1%) -
Total 41 $3.2B 83 $4.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 28 (68%) 11.1B (80%)
Trade Sale 6 (15%) 2.5B (18%)
IPO 3 (7%) -
Unknown 3 (7%) -
Secondary Sale 1 (2%) 326M (2%)
Total 41 $13.9B

Top M&A Advisors

Legal Deals
Thompson & Knight LLP
 2

Deal Values

buy # Total
$100M to $1B 15 $4.6B
< $100M 2 $105M
TOTAL $4.7B
Largest Sierra Oil & Gas S. de R.L. de C.V
$525M (2014-09-18)
sell # Total
> $1B 6 $9.6B
$100M to $1B 17 $6.9B
TOTAL $16.5B
Largest Cordillera Energy Partners III LLC
$2.9B (2012-01-23)

M&A Connections

Deals %
Acquired from
PE Firm(s)
100%
1 100%
Exited to
PE Firm(s)
4%
1 4%
Strategic(s)
96%
23 96%

Investor Summary

Size

Mega

PE Assets

37.0B USD

Established

1988

Specialist/Generalist

Specialist

Leadership

David Miller

Co-Founder & Managing Partner

Gary Petersen

Co-Founder & Managing Partner

D. Martin Phillips

Founder & Managing Partner

Robert Zorich

Founder & Managing Partner

E. Murphy Markham IV

Managing Partner

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