Add-on Acquisition • Renewable Energy

AJ Lucas Acquires Cuadrilla

On February 4, 2020, AJ Lucas acquired renewable energy company Cuadrilla from Riverstone Holdings

Acquisition Context
  • This is AJ Lucas’ 1st transaction in the Renewable Energy sector.
  • This is AJ Lucas’ 1st transaction in the United Kingdom.

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M&A Deal Summary

Date February 4, 2020
Target Cuadrilla
Sector Renewable Energy
Buyer(s) AJ Lucas
Sellers(s) Riverstone Holdings
Deal Type Add-on Acquisition

Target Company

Cuadrilla

Manchester, United Kingdom
Cuadrilla is an exploration and production company focused on bringing together leading unconventional oil and gas explorers, developers and technologists to unlock untapped unconventional resource plays in selected parts of Europe, in an environmentally and socially acceptable manner. Cuadrilla was founded in 2007 and is based in Manchester, England.
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Buyer Overview 1

Buyer

AJ Lucas

Brisbane, Australia

Category Company
Founded 1993
Sector Metals/Mining
Employees278
Revenue 146M AUD (2025)
DESCRIPTION

AJ Lucas is a mining and infrastructure service provider. The company uses its expertise in unconventional hydrocarbon gas recovery to identify and acquire prospective properties otherwise overlooked by larger oil and gas companies. Lucas also provides professional drilling services to the coal and coal seam gas industries for the degasification of coal mines, and the recovery and commercialisation of coal seam gas. AJ Lucas was founded in 1993 and is based in Brisbane, Australia.


Deal Context for Buyer #
Overall 1 of 1
Sector: Renewable Energy 1 of 1
Type: Add-on Acquisition 1 of 1
Country: United Kingdom 1 of 1
Year: 2020 1 of 1

Seller Profile 1

SELLER

Riverstone Holdings

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 40.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Riverstone Holdings is a large specialist asset management and private equity firm focused on opportunities in the energy and power industry. Specific areas of interest include oil & gas exploration, midstream transportation/logistics, electric generation, energy & power service, power infrastructure, and energy & power technology. Riverstone Holdings was formed in 2000 and is based in New York, New York.


Deal Context for Seller #
Overall 55 of 61
Sector: Renewable Energy 5 of 7
Type: Add-on Acquisition 29 of 32
Country: United Kingdom 5 of 7
Year: 2020 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-10 ILX Holdings

Houston, Texas, United States

ILX Holdings LLC is an oil and gas exploration and production partnership managed by Ridgewood Energy with a focus on the deepwater Gulf of Mexico.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 IMTT

New Orleans, Louisiana, United States

IMTT is a provider of handling and storage of bulk liquid products through its ownership and operation of ten terminals in the U.S. and two additional facilities in Canada. The terminals handle petroleum (primarily refined), chemical, and vegetable and animal oil products for customers including refiners, commodities traders, and specialty chemical manufacturers. Customers retain ownership of the bulk liquids, as well as responsibility for ensuring those products. IMTT was formed in 1939 and is based in New Orleans, Louisiana.

Buy $2.7B