M&A Deal Summary

Kodiak Gas Acquires Pegasus Optimization Managers

On September 25, 2019, Kodiak Gas acquired oil/gas exploration company Pegasus Optimization Managers from Apollo Global Management

Acquisition Highlights
  • This is Kodiak Gas’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Kodiak Gas’ 1st transaction in the United States.
  • This is Kodiak Gas’ 1st transaction in Texas.

M&A Deal Summary

Date 2019-09-25
Target Pegasus Optimization Managers
Sector Oil/Gas Exploration
Buyer(s) Kodiak Gas
Sellers(s) Apollo Global Management
Deal Type Add-on Acquisition
Advisor(s) Jefferies (Financial)
Vinson & Elkins (Legal)

Target

Pegasus Optimization Managers

College Station, Texas, United States
Pegasus Optimization Managers LLC is a natural gas contract compression and solutions provider. Its focus areas include the Marcellus/Utica, Eagle Ford, Permian, and Niobrara shale plays. Pegasus provides turnkey contract compression services, third-party equipment operations, construction project management, and other natural gas services. Pegasus Optimization Managers is based in College Station, Texas.

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Buyer(S) 1

Buyer

Kodiak Gas

The Woodlands, Texas, United States

Category Company
Founded 2011
Sector Energy Services and Equipment
Employees1,300
Revenue 1.2B USD (2024)
DESCRIPTION

Kodiak is a contract compression company. Kodiak’s business model is built on compression and service contracts with fixed monthly fees and no volume-dependent components, bringing predictable and recurring revenues. Kodiak Gas was founded in 2011 and is based in The Woodlands, Texas.


DEAL STATS #
Overall 1 of 2
Sector: Oil/Gas Exploration M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 2
State: Texas M&A 1 of 2
Country: United States M&A 1 of 2
Year: 2019 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Compressco

The Woodlands, Texas, United States

Compressco is a provider of compression-based production enhancement services, which are used in both conventional wellhead compression applications and unconventional compression applications, and in certain circumstances, well monitoring and sand separation services. CSI Compressco was founded in 2008 and is based in The Woodlands, Texas.

Buy $854M

Seller(S) 1

SELLER

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 42 of 77
Sector: Oil/Gas Exploration M&A 1 of 3
Type: Add-on Acquisition M&A Deals 10 of 25
State: Texas M&A 4 of 9
Country: United States M&A 32 of 54
Year: 2019 M&A 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-18 Tranquilidade

Lisbon, Portugal

Tranquilidade is the second-largest non-life business operator in Portugal with a 15.5% market share in the segment. The company also operates in the Life segment and posted total gross insurance premiums of approximately € 800 million in 2018.

Sell €510M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-07 Verallia

Courbevoie, France

Verallia produces and sells glass packaging products for the beverage and food industry worldwide. It provides bottles and jars for still and sparkling wines, spirits, food products, beers, soft drinks, and mineral water. Verallia was founded in 1827 and is based in Courbevoie, France.

Sell -