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 (43%). Lime Rock Partners’ largest (disclosed) exit occurred in 2023 when it sold CrownRock for $12.0B.

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M&A Summary

  • M&A Total Activity144
    • M&A Buy Activity87
    • M&A Sell Activity57
  • Total Sectors Invested 15
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 38
  • 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, Nordic

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 87 - - - - - 87
vol $1.6B $1.6B
Sell (1.6/yr) # 49 1 2 2 3 - 57
vol $6.2B $150M $12.1B $18.4B
  144

Most Recent M&A

Company Date Value Type
Silixa Ltd. 2023-12-21 22M USD Trade Sale
Hertfordshire, United Kingdom · www.silixa.com
CrownRock L.P. 2023-12-11 12.0B USD Trade Sale
Midland, Texas · www.crownrocklp.com
Cor4 Oil Corp. 2023-02-06 62M USD Trade Sale
Calgary, Alberta · www.cor4oil.com
Silvertip Completion Services Operating LLC 2022-11-01 150M USD Trade Sale
Midland, Texas · www.silvertipcompletions.com
Reveal Energy Services 2022-01-07 - Trade Sale
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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 6 (50%) - 38 (44%) 1.6B (97%)
Energy Services and Equipment 5 (42%) - 32 (37%) 55M (3%)
Metals/Mining 1 (8%) - 3 (3%) -
Information Technology - - 2 (2%) -
Marine - - 2 (2%) -
Business Services - - 1 (1%) -
Communications - - 1 (1%) -
Construction - - 1 (1%) -
Electronics - - 1 (1%) -
Environmental - - 1 (1%) -
Life Science - - 1 (1%) -
Machinery - - 1 (1%) -
Manufacturing - - 1 (1%) -
Safety/Security - - 1 (1%) -
Software - - 1 (1%) -
Total 12 - 87 $1.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (67%) - 48 (55%) 540M (33%)
  Texas 6 (50%) - 28 (32%) 70M (4%)
  Colorado 1 (8%) - 4 (5%) 470M (29%)
  Montana - - 3 (3%) -
  West Virginia - - 2 (2%) -
  Oklahoma - - 2 (2%) -
  Pennsylvania 1 (8%) - 1 (1%) -
  Minnesota - - 1 (1%) -
  Massachusetts - - 1 (1%) -
  Louisiana - - 1 (1%) -
  California - - 1 (1%) -
  Arkansas - - 1 (1%) -
  Virginia - - 1 (1%) -
  Mississippi - - 1 (1%) -
United Kingdom 1 (8%) - 12 (14%) 55M (3%)
Canada - - 8 (9%) -
  Alberta - - 7 (8%) -
  Newfoundland - - 1 (1%) -
United Arab Emirates 2 (17%) - 6 (7%) 1.1B (64%)
Norway 1 (8%) - 5 (6%) -
France - - 2 (2%) -
India - - 1 (1%) -
Australia - - 1 (1%) -
Bermuda - - 1 (1%) -
Netherlands - - 1 (1%) -
Poland - - 1 (1%) -
Romania - - 1 (1%) -
Domestic 8 (67%) - 48 (55%) 540M (33%)
Cross-border 4 (33%) - 39 (45%) 1.1B (67%)
Total 12 - 87 $1.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 10 (83%) - 56 (64%) 125M (8%)
Growth Capital 2 (17%) - 15 (17%) -
Stake Purchase - - 6 (7%) 470M (29%)
Joint Venture - - 5 (6%) -
Venture - - 3 (3%) -
Divestiture - - 1 (1%) 1.1B (64%)
PIPE - - 1 (1%) -
Total 12 - 87 $1.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 20 (35%) 16.6B (90%)
Trade Sale 11 (19%) 1.8B (10%)
Unknown 10 (18%) -
Secondary Sale 7 (12%) 106M (1%)
Bankruptcy 2 (4%) -
IPO 2 (4%) -
Merger 2 (4%) -
Sold to Management 2 (4%) -
Stake Sale 1 (2%) -
Total 57 $18.4B

Top M&A Advisors

Financial Deals
Goldman Sachs
 1
Legal Deals
Vinson & Elkins
 2
Nestor Nestor Diculescu Kingston Petersen
 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 3 $15.7B
$100M to $1B 9 $2.5B
< $100M 3 $184M
TOTAL $18.4B
Largest CrownRock L.P.
$12.0B (2023-12-11)

M&A Connections

Deals
Acquired from
Investor(s)
1%
1 (1%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
12%
7 (12%)
Strategic(s)
44%
25 (44%)

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

Will Franklin

Managing Director

FAQ

When was Lime Rock Partners founded?

Lime Rock Partners was founded in 1998.

What type of investor is Lime Rock Partners?

Lime Rock Partners is a private equity firm.

Where is Lime Rock Partners headquartered?

Lime Rock Partners is headquartered in Westport, Connecticut.

How much capital does Lime Rock Partners have under management?

Lime Rock Partners has 8.9B USD under management.

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