EnCap Investments Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, EnCap Investments has acquired 5 companies. It has also invested in 2 others.

EnCap Investments’ most common sectors for investment areoil/gas exploration (97%) and energy services and equipment (2%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (58%) and stake purchase (29%). 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 7 companies. The Firm’s most common exit type is trade sale (59%). 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 Activity160
    • M&A Buy Activity109
    • M&A Sell Activity51
  • Total Sectors Invested 4
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 34
  • M&A Advisors 8

EnCap Investments

9651 Katy Fwy Sixth Floor,
Houston, Texas 77024
United States
(713) 659-6100
www.encapinvestments.com
meredith@redbirdpr.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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.8/yr) # 100 2 4 3 - - 109
vol $3.2B $830M $4.0B
Sell (1.6/yr) # 43 1 3 1 1 2 51
vol $18.3B $109M $715M $1.6B $1.9B $22.6B
  160

Most Recent M&A

Company Date Value Type
Ameredev II LLC 2024-06-12 1.9B USD Trade Sale
Austin, Texas · www.ameredev.com
Triple Oak Power LLC 2024-01-09 - Secondary Sale
Portland, Oregon · www.tripleoakpower.com
Advance Energy Partners LLC 2023-01-24 1.6B USD Trade Sale
Houston, Texas · www.advanceenergypartners.com
Bleutec Industries LLC 2022-11-30 - Growth Capital
Houston, Texas · www.bleutecindustries.com
Jupiter Power LLC 2022-11-15 - Secondary Sale
Austin, Texas · www.jupiterpower.io
Earthstone Energy, Inc. 2022-01-31 - PIPE
The Woodlands, Texas · www.earthstoneenergy.com
Tumbleweed Royalty IV 2022-01-01 - Buyout (LBO, MBO, MBI)
Fort Worth, Texas · www.tumbleweedroyalty.com
Goodrich Petroleum Corp. 2021-12-01 - Trade Sale
Houston, Texas · www.goodrichpetroleum.com
Goodrich Petroleum Corp. 2021-11-22 480M USD Going Private
Houston, Texas · www.goodrichpetroleum.com
Sabalo Energy II 2021-09-22 - Buyout (LBO, MBO, MBI)
Corpus Christi, Texas · www.sabaloenergy.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Grayson Mill Energy LLC 2016-01-01 Grayson Mill Energy - Williston Basin Business 2024-07-08 1
Houston, Texas · www.graysonmillenergy.com , United States
Novo Oil & Gas LLC 2016-01-01 Novo Oil & Gas - Northern Delaware Basin Permian Assets 2023-06-15 1
Oklahoma City, Oklahoma · www.novoog.com Eddy County, Texas

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 17 (85%) 350M (100%) 105 (96%) 3.3B (100%)
Energy Services and Equipment 1 (5%) - 2 (2%) -
Business Services 1 (5%) - 1 (1%) -
Environmental 1 (5%) - 1 (1%) -
Total 20 $350M 109 $3.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (100%) 350M (100%) 107 (98%) 2.6B (77%)
  Texas 16 (80%) 350M (100%) 81 (74%) 1.9B (56%)
  Colorado 1 (5%) - 13 (12%) 700M (21%)
  Oklahoma 2 (10%) - 8 (7%) -
  Louisiana - - 3 (3%) -
  Pennsylvania 1 (5%) - 1 (1%) -
Mexico - - 1 (1%) 525M (16%)
Canada - - 1 (1%) 228M (7%)
  Alberta - - 1 (1%) 228M (7%)
Domestic 20 (100%) 350M (100%) 107 (98%) 2.6B (77%)
Cross-border - - 2 (2%) 753M (23%)
Total 20 $350M 109 $3.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 13 (65%) 350M (100%) 63 (58%) 2.8B (84%)
Stake Purchase 1 (5%) - 31 (28%) 55M (2%)
Growth Capital 5 (25%) - 9 (8%) -
PIPE - - 2 (2%) -
Going Private - - 1 (1%) 480M (15%)
Add-on Acquisition 1 (5%) - 1 (1%) -
Recapitalization - - 1 (1%) -
Secondary Buyout - - 1 (1%) -
Total 20 $350M 109 $3.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 34 (67%) 17.2B (86%)
Trade Sale 7 (14%) 2.5B (12%)
Unknown 4 (8%) -
Secondary Sale 3 (6%) 326M (2%)
IPO 3 (6%) -
Total 51 $20.0B

Top M&A Advisors

Financial Deals
Marathon Capital LLC
 1
Greenhill & Co., Inc.
 1
Lazard Ltd.
 1
Legal Deals
Vinson & Elkins
 2
Sidley
 2
Thompson & Knight LLP
 2

Deal Values

buy # Total
$100M to $1B 11 $3.9B
< $100M 2 $105M
TOTAL $4.0B
Largest Sierra Oil & Gas S. de R.L. de C.V
$525M (2014-09-18)
sell # Total
> $1B 8 $13.1B
$100M to $1B 21 $9.5B
TOTAL $22.6B
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)
6%
3 (6%)
Strategic(s)
61%
31 (61%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Mega

PE Assets

38.0B 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

Sophia Friese

Head of ESG

FAQ

When was EnCap Investments founded?

EnCap Investments was founded in 1988.

What type of investor is EnCap Investments?

EnCap Investments is a growth capital firm.

Where is EnCap Investments headquartered?

EnCap Investments is headquartered in Houston, Texas.

How much capital does EnCap Investments have under management?

EnCap Investments has 38.0B USD under management.

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