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

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

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

150

Enterprise Value

500

values in millions of USD

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

Year

≤ '15

'16

'17

'18

'19

'20

Buy (0.6/yr)

vol

$1.7B

Sell (1.4/yr)

vol

$2.9B

$2.7B

$525M

$6.1B

113

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 >>

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 >>

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

Company

Acquired

Add-On/Sale

Date

Transform Exploration Pty Ltd.

2012-12-01

Eaglewood Energy, Inc.

2014-07-09

Perth, Australia · www.transformex.com.au

Calgary, Alberta · www.eaglewoodenergy.ca

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

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

$86M

$1.7B

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

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

$86M

$1.7B

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

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

$86M

$1.7B

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

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

$6.1B

Financial	Deals
Goldman Sachs Investment Banking Division	1

Financial

Deals

Goldman Sachs Investment Banking Division

Legal	Deals
Vinson & Elkins LLP	2
Nestor Nestor Diculescu Kingston Petersen SCA	1

Legal

Deals

Vinson & Elkins LLP

Nestor Nestor Diculescu Kingston Petersen SCA

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)

buy

Total

> $1B

$1.1B

$100M to $1B

$470M

< $100M

$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)

sell

Total

> $1B

$3.7B

$100M to $1B

$2.3B

< $100M

$100M

TOTAL

$6.1B

Largest

Vantage Energy LLC
$2.7B (2016-09-26)

	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%

Deals

Acquired from

PE Firm(s)

50%

Strategic(s)

50%

Exited to

PE Firm(s)

28%

Strategic(s)

72%

Lime Rock Partners Mergers and Acquisitions Summary

Private Equity Profile

M&A Summary