M&A Deal Summary

Andeavor Acquires Virent Energy Systems

On September 6, 2016, Andeavor acquired energy services and equipment company Virent Energy Systems from Advantage Capital Partners

Acquisition Highlights
  • This is Andeavor’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Andeavor’s 5th transaction in the United States.
  • This is Andeavor’s 1st transaction in Wisconsin.

M&A Deal Summary
Date 2016-09-06
Target Virent Energy Systems
Sector Energy Services and Equipment
Buyer(s) Andeavor
Sellers(s) Advantage Capital Partners
Deal Type Add-on Acquisition

Target

Virent Energy Systems

Madison, Wisconsin, United States
Virent Energy Systems, Inc. is an innovative renewable fuels and chemicals company. Virent is creating the low carbon chemicals and fuels the world demands using a wide range of naturally-occurring, renewable resources. Its patented technology features catalytic chemistry to convert plant-based materials into a full range of products identical to those made from petroleum, including gasoline, diesel, jet fuel, and chemicals for plastics and fibers. The products are drop-in replacements that enable full utilization of existing logistics infrastructure without blending limitations.

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Buyer(S) 1

Buyer

Andeavor

San Antonio, Texas, United States
Category Company
Founded 1968
Sector Energy Services and Equipment
Employees6,000
Revenue 34.2B USD (2017)
DESCRIPTION
Tesoro's corporate headquarters in San Antonio, Texas.
Tesoro's corporate headquarters in San Antonio, Texas.

Andeavor is a refiner and marketer of petroleum products. Andeavor operates six refineries in the western United States with a combined capacity of 850,000 barrels per day. Andeavor was founded in 1968 and is based in San Antonio, Texas.

DEAL STATS #
Overall 5 of 6
Sector (Energy Services and Equipment) 2 of 3
Type (Add-on Acquisition) 3 of 4
State (Wisconsin) 1 of 1
Country (United States) 5 of 6
Year (2016) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-01 Tesoro Corp - Alaska Storage and Terminalling Assets

United States

Tesoro Corp - Alaska Storage and Terminalling Assets include Storage: Crude oil, feedstock and refined product storage tanks with combined capacity of approximately 3.5 million barrels in Kenai, Alaska, with connectivity with TLLP's Tesoro Alaska Pipeline and Nikiski Products Terminal and Tesoro's Kenai Refinery. Terminals include Refined product terminals in Anchorage and Fairbanks with combined storage capacity of over 600,000 barrels, expected throughput of 10,400 barrels per day and rail loading of 7,000 barrels per day

Sell $444M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-17 Western Refining

El Paso, Texas, United States

Western Refining, Inc. is an independent refining and marketing company. Western's refining segment operates refineries in El Paso, and Gallup, New Mexico. The Wholesale segment includes a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Georgia, Maryland, Nevada, New Mexico, Texas, and Virginia. The retail segment includes retail service stations and convenience stores in Arizona, Colorado, New Mexico, and Texas. Western Refining, Inc. was formed in 1993 and is headquartered in El Paso, Texas.

Buy $6.4B

Seller(S) 1

SELLER

Advantage Capital Partners

New Orleans, Louisiana, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1992
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Advantage Capital Partners is a private equity firm focused on providing growth capital to a variety of companies. The Firm's geographic coverage includes Alabama, Colorado, Florida, Hawaii, Louisiana, Mississippi, Missouri, New York, Texas, Wisconsin and Washington DC. Advantage looks to initially commit $0.5 to $2 million per investment and can provide mezzanine debt in addition to equity capital. Areas of interest include communications, information technology, life science, and energy. Advantage Capital was formed in 1992 and is headquartered in New Orleans, Louisiana.

DEAL STATS #
Overall 71 of 97
Sector (Energy Services and Equipment) 2 of 2
Type (Add-on Acquisition) 39 of 54
State (Wisconsin) 6 of 6
Country (United States) 71 of 97
Year (2016) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-24 Hip Chick Farms

Sebastopol, California, United States

Hip Chick Farms is an organic, frozen poultry product company. Hip Chick Farms was founded in 2011 and is based in Sebastopol, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-30 Glori Energy

Houston, Texas, United States

Glori Energy is an energy technology and oil production company, provides services to third party exploration and production companies in North America and Brazil. It operates through Oil and Gas, and AERO Services segments. The AERO Services segment offers biotechnology solutions of enhanced oil recovery through a two-step process, including analysis phase, reservoir screening process that obtains field samples and evaluates potential of AERO system; and field deployment phase that deploys skid mounted injection equipment. Glori Energy was founded in 2005 and is based in Houston, Texas.

Sell -
Mergr

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