M&A Deal Summary

Stonepeak and QIA Acquire Oryx Midstream Services

On April 2, 2019, infrastructure investor Stonepeak and sovereign wealth fund QIA acquired oil/gas exploration company Oryx Midstream Services from Post Oak Energy Capital and Quantum Energy Partners for 3.6B USD

Acquisition Highlights
  • This is Stonepeak’s 1st and QIA’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Stonepeak’s 5th and QIA’s largest (disclosed) transaction.
  • This is Stonepeak’s 12th and QIA’s 2nd transaction in the United States.
  • This is Stonepeak’s 3rd and QIA’s 1st transaction in Texas.

M&A Deal Summary
Date 2019-04-02
Target Oryx Midstream Services
Sector Oil/Gas Exploration
Buyer(s) Stonepeak
QIA
Sellers(s) Post Oak Energy Capital
Quantum Energy Partners
Deal Type Secondary Buyout
Deal Value 3.6B USD

Target

Oryx Midstream Services

Midland, Texas, United States
website
Oryx Midstream Services is a midstream crude operator in the Permian Basin. Oryx Midstream Services owns and operates a crude oil gathering and transportation system underpinned by nearly one million acres under long-term dedications from more than 20 customers. The system's 2.1 million barrels of storage and approximately 1,200 miles of in-service and under-construction pipeline span eight counties in Texas and two in New Mexico. Oryx Midstream Services was founded in 2013 and is based in Midland, Texas.

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Buyer(S) 2

Buyer

Stonepeak

Investor Investor Investor Investor Investor

website

Category Infrastructure
Founded 2011
PE ASSETS 57.1B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stonepeak is a private equity firm focused on North American infrastructure investing. Specific areas of interest include energy assets, power/renewables, transportation, utilities, water, and communications. Stonepeak was formed in 2011 and is headquartered in New York City.

DEAL STATS #
Overall 16 of 36
Sector (Oil/Gas Exploration) 1 of 1
Type (Secondary Buyout) 4 of 7
State (Texas) 3 of 4
Country (United States) 12 of 20
Year (2019) 2 of 3
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-19 Madison Energy Infrastructure

New York, New York, United States

Madison Energy Infrastructure is a platform that develops, owns, and operates distributed generation projects within the commercial and industrial (C&I) and small utility-scale sectors. Madison Energy Infrastructure is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Orion Water Partners

Carlsbad, California, United States

Orion Water Partners is a joint venture to construct, own and operate the Carlsbad Desalination Plant. Completed in December 2015 after a three-year construction process, the Carlsbad Desalination Plant is the largest seawater desalination plant in the Western Hemisphere. The plant produces as much as 10% of San Diego’s drinking water under a 30-year off-take agreement with the San Diego County Water Authority, ensuring drought-proof supply for nearly a half-million residents of Southern California.

Sell -
Buyer

QIA

website

Category Sovereign Wealth Fund
Founded 2005
Size Mega
Type Sector Agnostic
DESCRIPTION

Qatar Investment Authority (QIA) is the sovereign wealth fund of Qatar. QIA pursues a variety of investment strategies including real estate, equities, infrastructure, and direct investments. Qatar Investment Authority was established in 2005 and is headquartered in Doha.

DEAL STATS #
Overall 5 of 10
Sector (Oil/Gas Exploration) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Texas) 1 of 1
Country (United States) 2 of 4
Year (2019) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-26 Groupe Moving

Paris, France

Groupe Moving is a fitness operator currently encompasses over 180 fitness clubs and more than 400,000 members, who attend 21 directly-operated clubs (located in major cities) and 162 clubs operated under franchise (mainly in provincial areas). Groupe Moving was founded in 1985 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-22 Reliance Retail

Mumbai, India

Reliance Retail operates an online and offline retail business in three core segments across India: Food & Grocery, Fashion & Lifestyle, and Consumer Electronics. Reliance Retail was founded in 2006 and is based in Mumbai, India.

Buy -

Seller(S) 2

SELLER

Post Oak Energy Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2006
Size Middle-Market
Type Sector Focused
DESCRIPTION

Post Oak Energy Capital is a private investment firm focused on growth capital investments US energy companies. Specific areas of interest include exploration and production, oilfield services (manufacturing/distribution), and midstream/related infrastructure assets. Post Oak Energy Capital is based in Houston, Texas.

DEAL STATS #
Overall 9 of 13
Sector (Oil/Gas Exploration) 6 of 8
Type (Secondary Buyout) 1 of 1
State (Texas) 7 of 11
Country (United States) 9 of 13
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-08 Prime Downhole Manufacturing

Houston, Texas, United States

Prime Downhole Manufacturing is a global provider of engineered services and manufactured products to the oil and gas industry, with a focus on downhole tools. With its existing assets and product lines currently in place, Prime provides a platform on which to build a diversified oilfield equipment manufacturing company both organically and through acquisition with a focus on manufacturing tools that are consumed primarily in the development and production of unconventional basins both domestically and internationally. Prime Downhole Manufacturing is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-11 Layne Water Midstream Holdings

The Woodlands, Texas, United States

Layne Water Midstream is a full cycle water midstream business providing upstream oil and gas companies with water sourcing, disposal and recycling infrastructure and services in the Delaware and Midland Basins. LWM operates significant source water, water transportation and produced water management infrastructure and is committed to further growth to support its upstream customers in the Delaware and Midland Basins. Layne Water Midstream Holdings is based in The Woodlands, Texas.

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 16 of 21
Sector (Oil/Gas Exploration) 11 of 13
Type (Secondary Buyout) 3 of 3
State (Texas) 7 of 11
Country (United States) 13 of 18
Year (2019) 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-28 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 547 Energy

Houston, Texas, United States

547 Energy invests in and partners with innovative companies and development platforms around the globe that focus on cleantech, renewable power, energy efficiency, grid resilience or the digitalization of the energy sector. 547 Energy was formed in 2019 and is based in Houston, Texas.

Buy -
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