Lime Rock Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Lime Rock Partners has invested in 3 companies.

Lime Rock Partners’ most common sectors for investment are oil/gas exploration (41%) and energy services and equipment (37%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (62%) and growth capital (20%). In total, Lime Rock Partners has invested in 15 US states and 13 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Shelf Drilling for $1.1B.

In the last 3 years, Lime Rock Partners has exited 4 companies. The Firm’s most common exit type is trade sale (49%). Lime Rock Partners’ largest (disclosed) exit occurred in 2016 when it sold Vantage Energy for $2.7B.

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M&A Summary

  • M&A Total Activity113
    • M&A Buy Activity76
    • M&A Sell Activity37
  • Total Sectors Invested 17
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 34
  • M&A Advisors 3

Lime Rock Partners

274 Riverside Avenue, Suite 3,
Westport, Connecticut 06880
United States
(203) 293-2750
www.lrpartners.com

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.


Investment Criteria

Sectors of Interest: Business Services, Communications, Construction, Diversified, Electronics, Energy Services and Equipment, Engineering, Environmental, Information Technology, Machinery, Marine, Metals/Mining, Oil/Gas Exploration, Software, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Stake Purchase, Joint Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 50 150
Enterprise Value - 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 73 - 1 2 - - 76
vol $1.7B $1.7B
Sell (1.4/yr) # 30 3 2 2 - - 37
vol $2.9B $2.7B $525M $6.1B
  113

Most Recent M&A

Company Date Value Type
EnerMech Ltd. 2018-10-15 - Secondary Buyout
Aberdeen, United Kingdom · www.enermech.com
Shelf Drilling Ltd. 2018-06-25 - IPO
Dubai, United Arab Emirates · www.shelfdrilling.com
Wayfinder Resources LLC 2018-01-18 - Growth Capital
Houston, Texas · www.wayfinderresources.com
CrownRock L.P. 2018-01-04 - Growth Capital
Midland, Texas · www.crownrocklp.com
GEODynamics, Inc. 2017-12-12 525M USD Add-on Acquisition
Millsap, Texas · www.perf.com
Total Waste Management Alliance (TWMA) 2017-05-03 - Secondary Buyout
Aberdeen, United Kingdom · www.twma.co.uk
Reveal Energy Services 2017-04-20 - Growth Capital
Houston, Texas · www.reveal-energy.com
Vantage Energy LLC 2016-09-26 2.7B USD Add-on Acquisition
Englewood, Colorado · www.vantageenergy.com
Senscient, Inc. 2016-09-19 - Add-on Acquisition
League City, Texas · www.senscient.com
Tercel Oilfield Products Ltd. 2016-05-10 - Add-on Acquisition
Dubai, United Arab Emirates · www.terceloilfield.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Transform Exploration Pty Ltd. 2012-12-01 Eaglewood Energy, Inc. 2014-07-09 1
Perth, Australia · www.transformex.com.au Calgary, Alberta · www.eaglewoodenergy.ca

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 14 (48%) - 31 (41%) 1.6B (94%)
Energy Services and Equipment 9 (31%) 86M (100%) 28 (37%) 86M (5%)
Information Technology 1 (3%) - 2 (3%) -
Metals/Mining 1 (3%) - 2 (3%) -
Engineering - - 1 (1%) 11M (1%)
Business Services 1 (3%) - 1 (1%) -
Communications - - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Diversified - - 1 (1%) -
Electronics 1 (3%) - 1 (1%) -
Environmental - - 1 (1%) -
Life Science - - 1 (1%) -
Machinery - - 1 (1%) -
Manufacturing - - 1 (1%) -
Marine 1 (3%) - 1 (1%) -
Safety/Security - - 1 (1%) -
Software - - 1 (1%) -
Total 29 $86M 76 $1.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (55%) - 38 (50%) 540M (32%)
  Texas 9 (31%) - 19 (25%) 70M (4%)
  Colorado - - 3 (4%) 470M (28%)
  West Virginia 1 (3%) - 2 (3%) -
  Oklahoma 1 (3%) - 2 (3%) -
  Montana - - 2 (3%) -
  Louisiana 1 (3%) - 1 (1%) -
  Arkansas 1 (3%) - 1 (1%) -
  Virginia 1 (3%) - 1 (1%) -
  Pennsylvania 1 (3%) - 1 (1%) -
  New York 1 (3%) - 1 (1%) -
  Minnesota - - 1 (1%) -
  Massachusetts - - 1 (1%) -
  California - - 1 (1%) -
  Mississippi - - 1 (1%) -
United Kingdom 2 (7%) - 11 (14%) -
Canada 2 (7%) - 8 (11%) 11M (1%)
  Alberta 1 (3%) - 6 (8%) -
  Newfoundland - - 1 (1%) 11M (1%)
Norway 2 (7%) - 6 (8%) -
United Arab Emirates 2 (7%) - 4 (5%) 1.1B (62%)
France - - 2 (3%) -
Bermuda 1 (3%) 86M (100%) 1 (1%) 86M (5%)
Australia 1 (3%) - 1 (1%) -
Iraq 1 (3%) - 1 (1%) -
Netherlands 1 (3%) - 1 (1%) -
Poland 1 (3%) - 1 (1%) -
India - - 1 (1%) -
Romania - - 1 (1%) -
Domestic 16 (55%) - 38 (50%) 540M (32%)
Cross-border 13 (45%) 86M (100%) 38 (50%) 1.1B (68%)
Total 29 $86M 76 $1.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 17 (59%) - 47 (62%) 70M (4%)
Growth Capital 9 (31%) - 15 (20%) -
Stake Purchase 1 (3%) - 5 (7%) 470M (28%)
Joint Venture 1 (3%) - 4 (5%) -
Venture - - 3 (4%) 11M (1%)
Divestiture - - 1 (1%) 1.1B (62%)
PIPE 1 (3%) 86M (100%) 1 (1%) 86M (5%)
Total 29 $86M 76 $1.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 15 (41%) 4.3B (70%)
Trade Sale 7 (19%) 1.7B (28%)
Secondary Sale 7 (19%) 106M (2%)
Bankruptcy 2 (5%) -
IPO 2 (5%) -
Merger 2 (5%) -
Unknown 2 (5%) -
Total 37 $6.1B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
1
Legal Deals
Vinson & Elkins LLP
2
Nestor Nestor Diculescu Kingston Petersen SCA
1

Deal Values

buy # Total
> $1B 1 $1.1B
$100M to $1B 1 $470M
< $100M 3 $167M
TOTAL $1.7B
Largest Shelf Drilling Ltd.
$1.1B (2012-11-30)
sell # Total
> $1B 2 $3.7B
$100M to $1B 7 $2.3B
< $100M 1 $100M
TOTAL $6.1B
Largest Vantage Energy LLC
$2.7B (2016-09-26)

M&A Connections

Deals %
Acquired from
PE Firm(s)
50%
1 50%
Strategic(s)
50%
1 50%
Exited to
PE Firm(s)
28%
7 28%
Strategic(s)
72%
18 72%

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