Kerogen Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Kerogen Capital has invested in 5 companies.

Kerogen Capital’s most common sectors for investment areoil/gas exploration (58%) and energy services and equipment (15%) . The Firm’s most common investment types include growth capital (79%) and divestiture (8%). In total, Kerogen Capital has invested in 2 US states and 9 different countries.

In the last 3 years, Kerogen Capital has exited 3 companies. The Firm’s most common exit type is secondary buyout (25%). Kerogen Capital’s largest (disclosed) exit occurred in 2021 when it sold Zennor Oil & Gas for $625M.

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M&A Summary

  • M&A Total Activity18
    • M&A Buy Activity14
    • M&A Sell Activity4
  • Total Sectors Invested 5
  • Total Countries Invested 9
  • M&A Buy/Sell Connections 2
  • M&A Advisors 1

Kerogen Capital

Kerogen Capital Ltd.

Suite 4802, 48/F, Cheung Kong Center, 2 Queen's Road,
Hong Kong,
China
+852 2127 3000
www.kerogencap.com
info@kerogencap.com

Kerogen Capital is a provider of growth and development capital to small and medium-sized oil and gas companies. Kerogen primarily focuses on the upstream oil and gas sector serving demand from Asia. Geographic areas of focus predominantly span South East Asia, Central Asia, and select countries in the Middle East and Africa. Kerogen Capital has offices in Hong Kong and London.


Investment Criteria

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

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

Geographic Preferences: West US, United Kingdom, Western Europe, Nordic, Asia/Pacific, Central Asia/India, Middle East

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 (1.0/yr) # 9 - 2 2 1 - 14
Sell (0.8/yr) # - 1 2 - 1 - 4
vol $625M $625M
  18

Most Recent M&A

Company Date Value Type
Geothermal Engineering Ltd. 2023-03-08 - Growth Capital
Cornwall, United Kingdom · www.geothermalengineering.co.uk
EcoCeres, Inc. 2023-01-12 - Secondary Sale
Hong Kong, China · www.eco-ceres.com
Enervee Corp. 2022-04-25 - Growth Capital
Los Angeles, California · www.enervee.com
EcoCeres, Inc. 2022-02-24 - Growth Capital
Hong Kong, China · www.eco-ceres.com
Geothermal Energy Nordic AS 2021-05-20 - Growth Capital
Lysaker, Norway · www.gtml.energy
Yeager Energy 2021-05-20 - Growth Capital
Leiden, Netherlands · www.yeager-energy.com
BW Ideol AS 2021-03-18 - IPO
La Ciotat, France · www.bw-ideol.com
Zennor Oil & Gas Ltd. 2021-03-08 625M USD Trade Sale
Surrey, United Kingdom · www.zennorpetroleum.com
Energean Israel Ltd. 2020-12-30 - Unknown
, Israel
BW Ideol AS 2018-04-27 - Secondary Buyout
La Ciotat, France · www.bw-ideol.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 5 (56%) - 8 (57%) -
Energy Services and Equipment 1 (11%) - 2 (14%) -
Renewable Energy 2 (22%) - 2 (14%) -
Environmental - - 1 (7%) -
Internet Software and Services 1 (11%) - 1 (7%) -
Total 9 - 14 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 2 (22%) - 4 (29%) -
United States 2 (22%) - 2 (14%) -
  California 1 (11%) - 1 (7%) -
Norway 2 (22%) - 2 (14%) -
Australia 1 (11%) - 1 (7%) -
Cyprus 1 (11%) - 1 (7%) -
Netherlands 1 (11%) - 1 (7%) -
China - - 1 (7%) -
France - - 1 (7%) -
Israel - - 1 (7%) -
Domestic - - 1 (7%) -
Cross-border 9 (100%) - 13 (93%) -
Total 9 - 14 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 9 (100%) - 11 (79%) -
Divestiture - - 1 (7%) -
Secondary Buyout - - 1 (7%) -
Stake Purchase - - 1 (7%) -
Total 9 - 14 -

Exits by Deal Type

Type Total # Value
Trade Sale 1 (25%) 625M (100%)
IPO 1 (25%) -
Secondary Sale 1 (25%) -
Unknown 1 (25%) -
Total 4 $625M

Top M&A Advisors

Financial Deals
Citi
1

Deal Values

sell # Total
$100M to $1B 1 $625M
TOTAL $625M
Largest Zennor Oil & Gas Ltd.
$625M (2021-03-08)

M&A Connections

Deals
Acquired from
Investor(s)
7%
1 (7%)
Strategic(s)
7%
1 (7%)
Exited to
Investor(s)
25%
1 (25%)
Strategic(s)
25%
1 (25%)

FAQ

When was Kerogen Capital founded?

Kerogen Capital was founded in 2007.

What type of investor is Kerogen Capital?

Kerogen Capital is a private equity firm.

Where is Kerogen Capital headquartered?

Kerogen Capital is headquartered in Hong Kong, China.

How much capital does Kerogen Capital have under management?

Kerogen Capital has 2.0B USD under management.

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