EnCap Investments Mergers and Acquisitions Summary

Venture Capital Firm Profile

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

EnCap Investments’ most common sectors for investment areoil/gas exploration (97%) and energy services and equipment (3%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (52%) 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 2 companies. The Firm’s most common exit type is trade sale (55%). 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 Activity125
    • M&A Buy Activity83
    • M&A Sell Activity42
  • Total Sectors Invested 3
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 35
  • M&A Advisors 1

EnCap Investments

1100 Louisiana Street Suite 4900,
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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.6/yr) # 80 2 - 1 - - 83
vol $3.5B $3.5B
Sell (0.4/yr) # 40 - 1 - - 1 42
vol $16.5B $715M $17.2B
  125

Most Recent M&A

Company Date Value Type
Sabalo Energy LLC 2021-05-09 715M USD Add-on Acquisition
Corpus Christi, Texas · www.sabaloenergy.com
Catalyze Corp. 2019-01-01 - Buyout (LBO, MBO, MBI)
Boulder, Colorado · www.catalyze.energy
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Halcón Resources Corp. 2012-02-01 Halcón Resources Corp. - East Texas Assets 2017-01-25 1
Houston, Texas · www.halconresources.com , Texas

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 15 (88%) 1.4B (100%) 80 (96%) 3.1B (100%)
Energy Services and Equipment 1 (6%) - 2 (2%) -
Renewable Energy 1 (6%) - 1 (1%) -
Total 17 $1.4B 83 $3.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (88%) 650M (46%) 81 (98%) 2.4B (76%)
  Texas 11 (65%) 350M (25%) 59 (71%) 1.4B (44%)
  Colorado 2 (12%) 300M (21%) 12 (14%) 1.0B (32%)
  Oklahoma 1 (6%) - 5 (6%) -
  Louisiana - - 3 (4%) -
  Pennsylvania 1 (6%) - 1 (1%) -
Mexico 1 (6%) 525M (37%) 1 (1%) 525M (17%)
Canada 1 (6%) 228M (16%) 1 (1%) 228M (7%)
  Alberta 1 (6%) 228M (16%) 1 (1%) 228M (7%)
Domestic 15 (88%) 650M (46%) 81 (98%) 2.4B (76%)
Cross-border 2 (12%) 753M (54%) 2 (2%) 753M (24%)
Total 17 $1.4B 83 $3.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (47%) 1.4B (100%) 43 (52%) 3.1B (98%)
Stake Purchase 4 (24%) - 32 (39%) 55M (2%)
Growth Capital 4 (24%) - 5 (6%) -
PIPE - - 1 (1%) -
Recapitalization 1 (6%) - 1 (1%) -
Secondary Buyout - - 1 (1%) -
Total 17 $1.4B 83 $3.1B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 29 (69%) 11.8B (81%)
Trade Sale 6 (14%) 2.5B (17%)
IPO 3 (7%) -
Unknown 3 (7%) -
Secondary Sale 1 (2%) 326M (2%)
Total 42 $14.6B

Top M&A Advisors

Legal Deals
Thompson & Knight LLP
 2

Deal Values

buy # Total
$100M to $1B 10 $3.4B
< $100M 2 $105M
TOTAL $3.5B
Largest Sierra Oil & Gas S. de R.L. de C.V
$525M (2014-09-18)
sell # Total
> $1B 6 $9.6B
$100M to $1B 18 $7.6B
TOTAL $17.2B
Largest Cordillera Energy Partners III LLC
$2.9B (2012-01-23)

M&A Connections

Deals
Acquired from
Investor(s)
1%
1 (1%)
Exited to
Investor(s)
2%
1 (2%)
Strategic(s)
57%
24 (57%)

Investor Summary

Investor Type

Venture Capital Firm

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

Douglas Swanson

Managing Partner

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