Tailwater Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Tailwater Capital has acquired 6 companies.

Tailwater Capital’s most common sectors for investment areenergy services and equipment (48%) and oil/gas exploration (36%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and growth capital (28%). In total, Tailwater Capital has invested in 3 US states.

In the last 3 years, Tailwater Capital has exited 3 companies. The Firm’s most common exit type is trade sale (50%). Tailwater Capital’s largest (disclosed) exit occurred in 2022 when it sold NorTex Midstream Partners for $423M.

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M&A Summary

  • M&A Total Activity31
    • M&A Buy Activity25
    • M&A Sell Activity6
  • Total Sectors Invested 5
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 10
  • M&A Advisors 4

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.4/yr) # 18 1 1 - 4 1 25
Sell (0.6/yr) # 3 - 1 - - 2 6
vol $318M $423M $741M
  31

Most Recent M&A

Company Date Value Type
Align Midstream Partners II 2022-09-22 - Add-on Acquisition
Dallas, Texas · www.alignmidstream.com
NorTex Midstream Partners LLC 2022-09-08 423M USD Divestiture
Houston, Texas · www.nortexmidstream.com
Renovo Resources LLC 2022-04-04 - Buyout (LBO, MBO, MBI)
Irvine, California · www.renovoresources.com
Freestone Sponsor LLC 2021-03-01 - Buyout (LBO, MBO, MBI)
Dallas, Texas · www.freestoneac.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Cureton Midstream LLC 2017-07-01 Aka Energy Group - Gilcrest System 2022-02-02 1
Denver, California · www.curetonmidstream.com Durango, Colorado
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 10 (56%) - 12 (48%) -
Oil/Gas Exploration 5 (28%) - 9 (36%) -
Environmental 1 (6%) - 2 (8%) -
Business Services 1 (6%) - 1 (4%) -
Utilities 1 (6%) - 1 (4%) -
Total 18 - 25 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (100%) - 25 (100%) -
  Texas 13 (72%) - 19 (76%) -
  Oklahoma 3 (17%) - 4 (16%) -
  California 2 (11%) - 2 (8%) -
Total 18 - 25 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (44%) - 12 (48%) -
Growth Capital 6 (33%) - 7 (28%) -
Secondary Buyout 2 (11%) - 2 (8%) -
Stake Purchase 1 (6%) - 2 (8%) -
Divestiture - - 1 (4%) -
Recapitalization 1 (6%) - 1 (4%) -
Total 18 - 25 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (33%) 300M (40%)
Divestiture 1 (17%) 423M (57%)
Merger 1 (17%) 18M (2%)
Secondary Sale 1 (17%) -
Trade Sale 1 (17%) -
Total 6 $741M

Top M&A Advisors

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

Deal Values

sell # Total
$100M to $1B 2 $723M
< $100M 1 $18M
TOTAL $741M
Largest NorTex Midstream Partners LLC
$423M (2022-09-08)

M&A Connections

Deals
Acquired from
Investor(s)
8%
2 (8%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
17%
1 (17%)
Strategic(s)
83%
5 (83%)

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