Lime Rock Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

Lime Rock Partners’ most common sectors for investment areoil/gas exploration (44%) and energy services and equipment (37%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (65%) and growth capital (18%). In total, Lime Rock Partners has invested in 14 US states and 12 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 7 companies. The Firm’s most common exit type is trade sale (39%). 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 Activity141
    • M&A Buy Activity87
    • M&A Sell Activity54
  • Total Sectors Invested 15
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 39
  • 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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (0.4/yr) # 85 2 - - - - 87
vol $1.6B $1.6B
Sell (2.0/yr) # 44 3 2 1 2 2 54
vol $6.2B $150M $6.4B
  141

Most Recent M&A

Company Date Value Type
Silvertip Completion Services Operating LLC 2022-11-01 150M USD Add-on Acquisition
Midland, Texas · www.silvertipcompletions.com
Reveal Energy Services 2022-01-07 - Add-on Acquisition
Houston, Texas · www.reveal-energy.com
Airis Wellsite Services 2021-06-01 - Unknown
Tulsa, Oklahoma · www.airiswellsite.com
Archer Ltd. 2021-02-01 - Unknown
Hamilton, Bermuda · www.archerwell.com
Augustus Energy Partners II LLC 2020-09-01 - Stake Sale
Billings, Montana
Revelation Energy LLC 2019-10-01 - Unknown
Milton, West Virginia
VES Survey International 2019-09-01 - Sold to Management
Robstown, Texas · www.vessurvey.com
EnerMech Ltd. 2018-10-15 - Secondary Buyout
Aberdeen, United Kingdom · www.enermech.com
Basin Properties LLC 2018-10-01 - Buyout (LBO, MBO, MBI)
Midland, Texas
Xtreme Coil Drilling Corp 2018-09-01 - Unknown
Houston, Texas · www.xtremecoildrilling.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Cor4 Oil Corp. 2014-05-01 West Valley Energy Corp. 2014-12-09 1
Calgary, Alberta · www.cor4oil.com Calgary, Alberta · www.wvecorp.com

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 8 (53%) - 38 (44%) 1.6B (97%)
Energy Services and Equipment 5 (33%) - 32 (37%) 55M (3%)
Metals/Mining 1 (7%) - 3 (3%) -
Information Technology - - 2 (2%) -
Marine - - 2 (2%) -
Business Services - - 1 (1%) -
Communications - - 1 (1%) -
Construction - - 1 (1%) -
Electronics 1 (7%) - 1 (1%) -
Environmental - - 1 (1%) -
Life Science - - 1 (1%) -
Machinery - - 1 (1%) -
Manufacturing - - 1 (1%) -
Safety/Security - - 1 (1%) -
Software - - 1 (1%) -
Total 15 - 87 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (60%) - 48 (55%) 540M (33%)
  Texas 7 (47%) - 28 (32%) 70M (4%)
  Colorado 1 (7%) - 4 (5%) 470M (29%)
  Montana - - 3 (3%) -
  West Virginia - - 2 (2%) -
  Oklahoma - - 2 (2%) -
  Pennsylvania 1 (7%) - 1 (1%) -
  Virginia - - 1 (1%) -
  Mississippi - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Massachusetts - - 1 (1%) -
  Louisiana - - 1 (1%) -
  California - - 1 (1%) -
  Arkansas - - 1 (1%) -
United Kingdom 2 (13%) - 12 (14%) 55M (3%)
Canada 1 (7%) - 8 (9%) -
  Alberta 1 (7%) - 7 (8%) -
  Newfoundland - - 1 (1%) -
United Arab Emirates 2 (13%) - 6 (7%) 1.1B (64%)
Norway 1 (7%) - 5 (6%) -
France - - 2 (2%) -
India - - 1 (1%) -
Australia - - 1 (1%) -
Bermuda - - 1 (1%) -
Netherlands - - 1 (1%) -
Poland - - 1 (1%) -
Romania - - 1 (1%) -
Domestic 9 (60%) - 48 (55%) 540M (33%)
Cross-border 6 (40%) - 39 (45%) 1.1B (67%)
Total 15 - 87 $1.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 11 (73%) - 56 (64%) 125M (8%)
Growth Capital 3 (20%) - 15 (17%) -
Stake Purchase - - 6 (7%) 470M (29%)
Joint Venture 1 (7%) - 5 (6%) -
Venture - - 3 (3%) -
Divestiture - - 1 (1%) 1.1B (64%)
PIPE - - 1 (1%) -
Total 15 - 87 $1.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 18 (33%) 4.6B (72%)
Trade Sale 10 (19%) 1.7B (27%)
Unknown 10 (19%) -
Secondary Sale 7 (13%) 106M (2%)
Bankruptcy 2 (4%) -
IPO 2 (4%) -
Merger 2 (4%) -
Sold to Management 2 (4%) -
Stake Sale 1 (2%) -
Total 54 $6.4B

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 2 $125M
TOTAL $1.6B
Largest Shelf Drilling Ltd.
$1.1B (2012-11-30)
sell # Total
> $1B 2 $3.7B
$100M to $1B 9 $2.5B
< $100M 1 $100M
TOTAL $6.4B
Largest Vantage Energy LLC
$2.7B (2016-09-26)

M&A Connections

Deals
Acquired from
Investor(s)
1%
1 (1%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
13%
7 (13%)
Strategic(s)
41%
22 (41%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

8.9B USD

Established

1998

Specialist/Generalist

Specialist

Leadership

John Reynolds

Co-Founder & Managing Director

Jonathan Farber

Co-Founder & Managing Director

Gary Sernovitz

Managing Director

Greg Highberger

Managing Director

Trevor Burgess

Managing Director

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