M&A Deal Summary

Prospect Capital Management Acquires CP Energy Services

On August 5, 2013, business development company Prospect Capital Management acquired energy services and equipment company CP Energy Services from Hastings Equity Partners for 105M USD

Acquisition Highlights
  • This is Prospect Capital Management’s 11th transaction in the Energy Services and Equipment sector.
  • This is Prospect Capital Management’s 6th largest (disclosed) transaction.
  • This is Prospect Capital Management’s 79th transaction in the United States.
  • This is Prospect Capital Management’s 4th transaction in Oklahoma.

M&A Deal Summary

Date 2013-08-05
Target CP Energy Services
Sector Energy Services and Equipment
Buyer(s) Prospect Capital Management
Sellers(s) Hastings Equity Partners
Deal Type Secondary Buyout
Deal Value 105M USD

Target

CP Energy Services

Weatherford, Oklahoma, United States
CP Energy Services is a provider of water hauling, disposal, and acid services for oil & gas exploration and production companies in the Texas Panhandle and Western Oklahoma. The company provides flow back and well-testing services in support of oil & gas exploration and production companies in the Granite Wash, Permian and Cana-Woodford plays.

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Buyer(S) 1

Buyer
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


DEAL STATS #
Overall 82 of 86
Sector (Energy Services and Equipment) 11 of 12
Type (Secondary Buyout) 19 of 20
State (Oklahoma) 4 of 4
Country (United States) 79 of 83
Year (2013) 6 of 6
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-05 CP Well Testing

Elk City, Oklahoma, United States

CP Well Testing is a provider of frac flowback and workover flowback services for oil and gas exploration and development companies to support production in the Granite Wash and Woodford shale plays. CP Well Testing was formed in 2008 and is based in Elk City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-01 Medical Security Card

Tucson, Arizona, United States

Medical Security Card Co. LLC (dba ScriptSave) is a U.S. unfunded drug benefit market and has saved consumers over $2.5 billion in health care costs. The company provides customized prescription drug benefit solutions for consumers; delivered through retail pharmacies, health insurance companies, employers and PBMs. ScriptSave is headquartered in Tucson, Arizona.

Sell -

Seller(S) 1

DESCRIPTION

Hastings Equity Partners is a private investment firm focused on small to mid-sized enterprises in the business and industrial services sector. Hastings looks to invest in and acquire North American companies with trailing EBITDA of $5 to $20 million. Hastings looks for control situations only and will consider funding buyouts (LBOs, MBOs), recapitalizations, and growth capital financings. Hastings Equity Partners was formed in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 8 of 20
Sector (Energy Services and Equipment) 2 of 5
Type (Secondary Buyout) 3 of 7
State (Oklahoma) 4 of 5
Country (United States) 8 of 19
Year (2013) 3 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-05 CP Well Testing

Elk City, Oklahoma, United States

CP Well Testing is a provider of frac flowback and workover flowback services for oil and gas exploration and development companies to support production in the Granite Wash and Woodford shale plays. CP Well Testing was formed in 2008 and is based in Elk City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-14 Marport Deep Sea Technologies

St. Johns, Newfoundland, Canada

Marport Deep Sea Technologies focuses on innovating, developing and marketing Software Defined Sonar® technology and products for a wide variety of underwater sensing and communication applications. Marport's target markets are Commercial Fisheries, Underwater Defence, Offshore Energy and Ocean Science. The company's headquarters are in St. Johns, Newfoundland, Canada.

Sell -