Tailwater Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Tailwater Capital has acquired 5 companies. It has also invested in 1 other.

Tailwater Capital’s most common sectors for investment areenergy services and equipment (55%) and oil/gas exploration (38%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (46%) and growth capital (30%). In total, Tailwater Capital has invested in 3 US states.

In the last 3 years, Tailwater Capital has exited 1 company. The Firm’s most common exit type is trade sale (50%). Tailwater Capital’s largest (disclosed) exit occurred in 2017 when it sold Align Midstream for $300M.

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M&A Summary

  • M&A Total Activity28
    • M&A Buy Activity24
    • M&A Sell Activity4
  • Total Sectors Invested 3
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 8
  • M&A Advisors 3

Tailwater Capital LLC

2021 McKinney Ave. Suite 1250,
Dallas, Texas 75201
United States
(214) 269 -1183
www.tailwatercapital.com
info@tailwatercapital.com

Tailwater Capital LLC is a specialist private equity firm focused on middle-market opportunities in the midstream and upstream sectors of the energy industry. Tailwater will consider acquisitions of non-core assets, roll-up situations, anchored greenfields, and joint ventures. Tailwater Capital was formed in 2013 and is based in Dallas, Texas.


Investment Criteria

Sectors of Interest: Energy Services and Equipment, Oil/Gas Exploration

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Secondary Buyout, Joint Venture

Geographic Preferences: East US, Midwest US, South US, West US

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

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.8/yr) # 10 8 1 1 - 4 24
Sell (0.4/yr) # 2 1 - 1 - - 4
vol $18M $300M $318M
  28

Most Recent M&A

Company Date Value Type
Freestone Acquisition Corp. 2021-03-01 - Buyout (LBO, MBO, MBI)
Dallas, Texas
NorTex Midstream Partners LLC 2021-02-17 - Divestiture
Houston, Texas · www.nortexmidstream.com
Tall Oak Midstream II LLC 2021-01-27 - Secondary Buyout
Edmond, Oklahoma
Tall Oak Midstream III LLC 2021-01-27 - Secondary Buyout
Edmond, Oklahoma
PetroWaste Environmental LP 2019-03-11 - Add-on Acquisition
San Antonio, Texas · www.petrowastelp.com
Nueces Midstream 2019-01-01 - Buyout (LBO, MBO, MBI)
San Antonio, Texas · www.nuecesmidstream.com
Southcross Energy LLC 2018-01-01 - Stake Purchase
Dallas, Texas · www.southxenergy.com
Silver Creek Midstream LLC 2017-11-15 - Growth Capital
Irving, Texas · www.scmidstream.com
Elevate Midstream Partners LLC 2017-10-31 - Growth Capital
Houston, Texas · www.elevatemidstream.com
Copperbeck Energy Partners LLC 2017-10-17 - Growth Capital
Dallas, Texas · www.copperbeck.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Tall Oak Midstream II LLC 2021-01-27 Canyon Midstream Partners LLC - Redcliff Midstream 2021-03-24 1
Edmond, Oklahoma Houston, Texas

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 11 (58%) - 13 (54%) -
Oil/Gas Exploration 7 (37%) - 9 (38%) -
Environmental 1 (5%) - 2 (8%) -
Total 19 - 24 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (100%) - 24 (100%) -
  Texas 15 (79%) - 19 (79%) -
  Oklahoma 3 (16%) - 4 (17%) -
  California 1 (5%) - 1 (4%) -
Total 19 - 24 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (42%) - 11 (46%) -
Growth Capital 6 (32%) - 7 (29%) -
Secondary Buyout 2 (11%) - 2 (8%) -
Stake Purchase 1 (5%) - 2 (8%) -
Divestiture 1 (5%) - 1 (4%) -
Recapitalization 1 (5%) - 1 (4%) -
Total 19 - 24 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (50%) 300M (94%)
Merger 1 (25%) 18M (6%)
Secondary Sale 1 (25%) -
Total 4 $318M

Top M&A Advisors

Financial Deals
Tudor, Pickering, Holt & Co., LLC
 2
Legal Deals
Thompson & Knight LLP
 6
Locke Lord LLP
 1

Deal Values

sell # Total
$100M to $1B 1 $300M
< $100M 1 $18M
TOTAL $318M
Largest Align Midstream LLC
$300M (2017-09-12)

M&A Connections

Deals
Acquired from
Investor(s)
8%
2 (8%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
25%
1 (25%)
Strategic(s)
75%
3 (75%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

2.7B USD

Established

2013

Specialist/Generalist

Specialist

Leadership

Edward Herring

Co-Founder & Managing Partner

Jason Downie

Co-Founder & Managing Partner

David Cecere

Partner

Joel Fry

Partner

William “Billy” DeArman

Principal

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