Riverstone Holdings Mergers and Acquisitions Summary

Private Equity Profile

Riverstone Holdings’ most common sectors for investment are oil/gas exploration (40%) and energy services and equipment (28%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (51%) and growth capital (19%). In total, Riverstone Holdings has invested in 14 US states and 11 different countries. Its largest (disclosed) acquisition occurred in 2016 when it acquired Talen Energy for $5.2B.

In the last 3 years, Riverstone Holdings has exited 3 companies. The Firm’s most common exit type is trade sale (53%). Riverstone Holdings’ largest (disclosed) exit occurred in 2010 when it sold Dresser for $3.0B.

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M&A Summary

  • M&A Total Activity149
    • M&A Buy Activity103
    • M&A Sell Activity46
  • Total Sectors Invested 14
  • Total Countries Invested 11
  • M&A Buy/Sell Connections 54
  • M&A Advisors 6

Riverstone Holdings

712 Fifth Avenue, 36st Floor,
New York, New York 10019
United States
(212) 993-0076
www.riverstonellc.com

Riverstone Holdings LLC is a large specialist private equity firm focused on opportunities in the energy and power industry. Specific sectors of interest include oil & gas exploration, midstream transportation/logistics, electric generation, energy & power service, and energy & power technology. Riverstone was formed in 2000 and is based in New York City with additional offices in London and Houston.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Consumer Services, Energy Services and Equipment, Engineering, Information Technology, Infrastructure, Machinery, Manufacturing, Marine, Metals/Mining, Oil/Gas Exploration, Renewable Energy, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Special Situations/Distressed

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Latin/South America

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 98 3 2 - - - 103
vol $2.4B $5.4B $7.8B
Sell (1.4/yr) # 39 4 1 1 1 - 46
vol $13.0B $4.5B $410M $17.9B
  149

Most Recent M&A

Company Date Value Type
ILX Holdings LLC 2019-12-10 - Add-on Acquisition
Houston, Texas
Proserv Group, Inc. 2018-05-14 - Secondary Buyout
Aberdeenshire, Norway · www.proserv-group.com
Hudson Products Corp. 2017-09-21 410M USD Add-on Acquisition
Beasley, Texas · www.hudsonproducts.com
Vesta Energy Corp. 2017-05-17 - Venture
Calgary, Alberta
Admiral Permian Resources LLC 2017-03-09 - Buyout (LBO, MBO, MBI)
Midland, Texas · www.admiralpermian.com
Avant Energy S. de R.L. de C.V. 2016-12-05 - Growth Capital
San Pedro Garza García, Mexico · www.avant.energy
Vantage Energy LLC 2016-09-26 2.7B USD Add-on Acquisition
Englewood, Colorado · www.vantageenergy.com
Rock Oil Holdings LLC 2016-08-08 980M USD Add-on Acquisition
Denver, Colorado
Centennial Resource Development LLC 2016-07-07 175M USD Divestiture
Delaware Basin, Texas
Wayne Fueling Systems LLC 2016-06-09 780M USD Add-on Acquisition
Addison, Texas · www.wayne.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Centennial Resource Development LLC 2016-07-07 Centennial Resource Development LLC - Produced Water Assets 2020-02-25 1
Delaware Basin, Texas Delaware Basin, Texas
TrailStone LP 2013-05-21 U.S. Oil & Refining Co. 2018-11-27 1
London, United Kingdom Tacoma, Washington · www.usor.com
Talen Energy Corp. 2016-06-03 B-G Mechanical Contractors, Inc. 2017-09-15 5
Allentown, Pennsylvania · www.talenenergy.com Chicopee, Massachusetts · www.bgmechanical.com
Talen Energy Corp. 2016-06-03 Elmsford Sheet Metal Works, Inc. 2017-09-15 4
Allentown, Pennsylvania · www.talenenergy.com Cortland Manor, New York · www.elmsfordsheetmetal.com
Talen Energy Corp. 2016-06-03 Trystate Mechanical, Inc. 2017-09-15 3
Allentown, Pennsylvania · www.talenenergy.com Yonkers, New York · www.trystatemech.com
Talen Energy Corp. 2016-06-03 H.T. Lyons, Inc. 2017-09-15 2
Allentown, Pennsylvania · www.talenenergy.com Allentown, Pennsylvania · www.htlyons.com
Talen Energy Corp. 2016-06-03 Fred Williams, Inc. 2017-09-15 1
Allentown, Pennsylvania · www.talenenergy.com Weymouth, Massachusetts · www.fwilliams.com
TrailStone LP 2013-05-21 MP2 Energy 2015-01-22 1
London, United Kingdom The Woodlands, Texas · www.mp2energy.com
Abaco Energy Technologies LLC 2013-10-31 Ascent Coating Technologies LLC 2014-10-31 3
Houston, Texas Houston, Texas · www.ascentcoating.com
Abaco Energy Technologies LLC 2013-10-31 BasinTek LLC 2014-10-31 2
Houston, Texas Houston, Texas · www.basintek.com

M&A by Sector

Sector Current # Value All-time # Value
Oil/Gas Exploration 21 (43%) 700M (12%) 41 (40%) 2.6B (33%)
Energy Services and Equipment 10 (20%) - 28 (27%) -
Renewable Energy 12 (24%) - 16 (16%) -
Utilities 1 (2%) 5.2B (88%) 3 (3%) 5.2B (67%)
Business Services - - 2 (2%) -
Infrastructure 2 (4%) - 2 (2%) -
Machinery - - 2 (2%) -
Manufacturing 1 (2%) - 2 (2%) -
Marine - - 2 (2%) -
Automotive - - 1 (1%) -
Chemicals 1 (2%) - 1 (1%) -
Marketing 1 (2%) - 1 (1%) -
Metals/Mining - - 1 (1%) -
Software - - 1 (1%) -
Total 49 $5.9B 103 $7.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 33 (67%) 5.4B (91%) 76 (74%) 6.5B (83%)
  Texas 20 (41%) 175M (3%) 46 (45%) 796M (10%)
  California - - 5 (5%) -
  Colorado 2 (4%) - 4 (4%) 470M (6%)
  Pennsylvania 2 (4%) 5.2B (88%) 3 (3%) 5.2B (67%)
  Oklahoma 1 (2%) - 3 (3%) -
  Connecticut 1 (2%) - 3 (3%) -
  North Carolina 2 (4%) - 2 (2%) -
  Louisiana 2 (4%) - 2 (2%) -
  Virginia 1 (2%) - 2 (2%) -
  Maryland 1 (2%) - 2 (2%) -
  New York 1 (2%) - 1 (1%) -
  Missouri - - 1 (1%) -
  Illinois - - 1 (1%) -
  Florida - - 1 (1%) -
Canada 6 (12%) - 9 (9%) 625M (8%)
  Alberta 4 (8%) - 7 (7%) 625M (8%)
  Ontario 2 (4%) - 2 (2%) -
United Kingdom 4 (8%) - 7 (7%) 200M (3%)
Mexico 2 (4%) 525M (9%) 2 (2%) 525M (7%)
Netherlands 2 (4%) - 2 (2%) -
Brazil 1 (2%) - 2 (2%) -
Argentina 1 (2%) - 1 (1%) -
China - - 1 (1%) -
Greece - - 1 (1%) -
Norway - - 1 (1%) -
Switzerland - - 1 (1%) -
Domestic 33 (67%) 5.4B (91%) 76 (74%) 6.5B (83%)
Cross-border 16 (33%) 525M (9%) 27 (26%) 1.4B (17%)
Total 49 $5.9B 103 $7.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 24 (49%) 525M (9%) 52 (50%) 1.4B (17%)
Growth Capital 9 (18%) - 19 (18%) -
Stake Purchase 9 (18%) - 11 (11%) 470M (6%)
Secondary Buyout 1 (2%) - 8 (8%) 350M (4%)
Divestiture 2 (4%) 175M (3%) 5 (5%) 446M (6%)
Going Private 1 (2%) 5.2B (88%) 2 (2%) 5.2B (67%)
Venture 1 (2%) - 2 (2%) -
Consolidation 1 (2%) - 1 (1%) -
Joint Venture 1 (2%) - 1 (1%) -
PIPE - - 1 (1%) -
Recapitalization - - 1 (1%) -
Total 49 $5.9B 103 $7.8B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 19 (41%) 15.8B (88%)
IPO 14 (30%) -
Trade Sale 5 (11%) 1.3B (7%)
Secondary Sale 4 (9%) 320M (2%)
Bankruptcy 2 (4%) -
Merger 1 (2%) 532M (3%)
Unknown 1 (2%) -
Total 46 $17.9B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
2
Evercore Group LLC
1
Legal Deals
Latham & Watkins
3
Vinson & Elkins LLP
3
Wachtell, Lipton, Rosen & Katz LLP
1

Deal Values

buy # Total
> $1B 1 $5.2B
$100M to $1B 7 $2.6B
TOTAL $7.8B
Largest Talen Energy Corp.
$5.2B (2016-06-03)
sell # Total
> $1B 6 $11.2B
$100M to $1B 11 $6.7B
TOTAL $17.9B
Largest Dresser, Inc.
$3.0B (2010-10-06)

M&A Connections

Deals %
Acquired from
PE Firm(s)
69%
11 69%
Strategic(s)
31%
5 31%
Exited to
PE Firm(s)
19%
6 19%
Strategic(s)
81%
25 81%

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