M&A Deal Summary

Pioneer Natural Resources Acquires DoublePoint Energy

On April 1, 2021, Pioneer Natural Resources acquired oil/gas exploration company DoublePoint Energy from Apollo Global Management, Quantum Energy Partners and Blackstone Credit for 6.4B USD

Acquisition Highlights
  • This is Pioneer Natural Resources’ 3rd transaction in the Oil/Gas Exploration sector.
  • This is Pioneer Natural Resources’ largest (disclosed) transaction.
  • This is Pioneer Natural Resources’ 4th transaction in the United States.
  • This is Pioneer Natural Resources’ 2nd transaction in Texas.

M&A Deal Summary

Date 2021-04-01
Target DoublePoint Energy
Sector Oil/Gas Exploration
Buyer(s) Pioneer Natural Resources
Sellers(s) Apollo Global Management
Quantum Energy Partners
Blackstone Credit
Deal Type Add-on Acquisition
Deal Value 6.4B USD

Target

DoublePoint Energy

Fort Worth, Texas, United States
DoublePoint Energy is an upstream oil and gas company, led by the Double Eagle management team in partnership with FourPoint Energy. DoublePoint Energy is based in Fort Worth, Texas.

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Buyer(S) 1

Buyer

Pioneer Natural Resources

Irving, Texas, United States

website


Category Company
Founded 1997
Sector Oil/Gas Exploration
Employees2,076
Revenue 24.4B USD (2022)
DESCRIPTION
Entrance to Pioneer Natural Resources' corporate headquarters in Irving, Texas.
Entrance to Pioneer Natural Resources' corporate headquarters in Irving, Texas.

Pioneer Natural Resources is a large independent exploration and production company with a large position in the Permian Basin. Pioneer Natural Resources Company was formed through the 1997 merger of NGP Portfolio Company, MESA Inc., and Parker & Parsley Petroleum Company. Pioneer Natural Resources was founded in 1997 and is based in Irving, Texas.


DEAL STATS #
Overall 4 of 4
Sector (Oil/Gas Exploration) 3 of 3
Type (Add-on Acquisition) 3 of 3
State (Texas) 2 of 2
Country (United States) 4 of 4
Year (2021) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 American Well Services

Midland, Texas, United States

American Well Services provides well service rigs for workover or completions operations and well site support services including, fluid transfer, hot oiling, frac tank rental, and wellsite construction. American Well Services is based in Midland, Texas.

Sell -

Seller(S) 3

SELLER

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1990
PE ASSETS 45.0B 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 52 of 65
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 15 of 19
State (Texas) 7 of 7
Country (United States) 40 of 49
Year (2021) 4 of 8
Size (of disclosed) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 Tech Data

Clearwater, Florida, United States

Tech Data is a distributor of technology products, services, and solutions. Its advanced logistics capabilities and value-added services enable 125,000 resellers in more than 100 countries to support the technology needs of end-users. Tech Data was formed in 1974 and is based in Clearwater, Florida.

Sell $7.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-13 ABC Technologies

Toronto, Ontario, Canada

ABC Technologies is a full-service automotive supplier of blow molded and injection molded thermoplastic components and systems including: center consoles, spoilers, bumper systems, HVAC ducts, filters, fluid reservoirs, and other parts. ABC Technologies was founded in 1974 and is based in Toronto, Ontario.

Buy -
SELLER

Quantum Energy Partners

Houston, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 17.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Quantum Energy Partners is a specialist private equity firm focused on investments within the energy sector. Quantum's primary focus is on opportunities within the oil and gas upstream and midstream sectors, however, the Firm will also consider investments in oil field services and equipment, coal, power generation and transmission, and renewable/alternative energy. Quantum's target investment size is $100 to $400 million. Quantum invests in start-ups as well as established companies needing expansion capital. Quantum Energy Partners was formed in 1998 and is headquartered in Houston, Texas.


DEAL STATS #
Overall 19 of 21
Sector (Oil/Gas Exploration) 12 of 13
Type (Add-on Acquisition) 11 of 12
State (Texas) 9 of 11
Country (United States) 16 of 18
Year (2021) 2 of 2
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-26 ChargePoint

Campbell, California, United States

ChargePoint is an electric vehicle (EV) charging network, with charging solutions in every category EV drivers charge, at home, work, around town and on the road. ChargePoint was founded in 2007 and is based in Campbell, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-18 Orennia

Calgary, Alberta, Canada

Orennia provides trusted commercial analytics to help inform investment and capital allocation decisions for investors taking advantage of this generational opportunity in renewable energy. Orennia's unique approach to objective insights begins with the aggregating and cleansing of massive amounts of commercial, engineering, pricing, transmission facilities and demand data. Orennia insights, curated by highly experienced industry experts, help investors in the renewable power sector accelerate their time-to-value and make confident investment decisions. Orennia was founded in 2021 and is based in Calgary, Alberta.

Buy -
SELLER
DESCRIPTION

Blackstone Credit is the lending arm of alternative asset management firm The Blackstone Group. Blackstone Credit looks to provide a variety of capital needs, including loans, high yield and investment grade bonds, structured credit, mezzanine lending, and opportunistic financings. The Blackstone Group acquired lender GSO Capital Partners in 2008 which formed the foundation for Blackstone Credit. Blackstone Credit is based in New York City.


DEAL STATS #
Overall 9 of 11
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 5 of 6
State (Texas) 1 of 1
Country (United States) 5 of 5
Year (2021) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-16 Jock

Bordeaux, France

Jock is a company specializing in producing sweet grocery products, both under distributor brands and under its own brand. The Group is recognized for the quality of its products, it's industrial and logistical organization which enable it to offer a competitive offer through 4 product ranges desserts to be prepared, baking aids, cake batters, and chocolate powders. Jock was formed in 1938 and is based in Bordeaux, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-09 Auctane

Austin, Texas, United States

Auctane is a provider of Internet-based mailing and shipping solutions. From same-day delivery and intuitive shipping software to a network of 3PL providers — and everything in between — Auctane’s suite of technology solutions solves a variety logistic challenges. Auctane was formerly known as Stamps.com and changed its name in 2021. Auctane is based in Austin, Texas.

Buy $6.6B