M&A Deal Summary

Black Hills Acquires SourceGas

On July 12, 2015, Black Hills acquired oil/gas exploration company SourceGas from Astatine Investment Partners and GE Energy Financial Services for 1.9B USD

Acquisition Highlights
  • This is Black Hills’ 2nd transaction in the Oil/Gas Exploration sector.
  • This is Black Hills’ largest (disclosed) transaction.
  • This is Black Hills’ 7th transaction in the United States.
  • This is Black Hills’ 2nd transaction in Colorado.

M&A Deal Summary
Date 2015-07-12
Target SourceGas
Sector Oil/Gas Exploration
Buyer(s) Black Hills
Sellers(s) Astatine Investment Partners
GE Energy Financial Services
Deal Type Add-on Acquisition
Deal Value 1.9B USD

Target

SourceGas

Golden, Colorado, United States
SourceGas LLC, owns and operates regulated local gas distribution companies (LDCs) with operations in Arkansas, Colorado, Nebraska and Wyoming serving over 1.1 million residential, commercial, industrial and agricultural customers. SourceGas also owns a regulated intrastate gas pipeline company in Colorado.

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Buyer(S) 1

Buyer

Black Hills

Rapid City, South Dakota, United States
Category Company
Founded 1941
Sector Utilities
Employees2,874
Revenue 2.3B USD (2023)
DESCRIPTION

Black Hills is a vertically-integrated energy company with a tradition of improving life with energy and a vision to be the energy partner of choice. The company also generates wholesale electricity and produces natural gas, oil and coal. Black Hills was founded in 1941 and is based in Rapid City, South Dakota.

DEAL STATS #
Overall 7 of 7
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Colorado) 2 of 2
Country (United States) 7 of 7
Year (2015) 2 of 2
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Energy West Wyoming

Cody, Wyoming, United States

Energy West Wyoming, Inc. is a provider of natural gas services.

Buy $17M

Seller(S) 2

SELLER

Astatine Investment Partners

Greenwich, Connecticut, United States
Category Infrastructure
Founded 2005
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Alinda Capital Partners is a private investment firm specializing in the acquisition of infrastructure assets in North America and Europe. Alinda looks for assets with predictable cash flows, strategic competitive advantages, and limited commodity or merchant risk. Specific sectors of interest include roads, bridges and tunnels; airports, ports and rail; water supply and wastewater treatment; gas transportation, storage and distribution; power generation and electric transmission; and utility services for residential, commercial and industrial customers. Alinda Capital Partners was formed in 2005 and is based in New York City.

DEAL STATS #
Overall 5 of 11
Sector (Oil/Gas Exploration) 1 of 4
Type (Add-on Acquisition) 3 of 5
State (Colorado) 1 of 1
Country (United States) 4 of 8
Year (2015) 2 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-02 Santa Paula Water Recycling

Santa Paula, California, United States

Santa Paula Water Recycling Facility is designed to treat 3.4 million gallons a day (MGD) of conventional sewage wastewater from the area and is operated for the City by Veolia North America, an independent contractor.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-31 Reliance Home Comfort

Toronto, Ontario, Canada

Reliance Home Comfort is a provider of affordable, reliable home and business heating, cooling, hot water, water purification, electrical, plumbing & Smart Home products & services. Reliance Home Comfort is based in Toronto, Ontario.

Sell CA$2.8B
SELLER

GE Energy Financial Services

Stamford, Connecticut, United States
Category Company
Sector Financial Services
DESCRIPTION

GE Energy Financial Services is an investment provider to energy infrastructure projects around the world. Areas of interest include power generation and distribution, oil and gas, pipelines and storage, water, venture capital, and renewable energy. GE Energy Financial Services is a unit of GE Capital and is based in Stamford, Connecticut.

DEAL STATS #
Overall 4 of 7
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Colorado) 1 of 1
Country (United States) 3 of 4
Year (2015) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-26 Regency Energy Partners

Dallas, Texas, United States

Regency Energy Partners LP is a growth-oriented, master limited partnership engaged in the gathering and processing, compression, treating and transportation of natural gas; the transportation, fractionation and storage of natural gas liquids; the gathering, transportation and terminaling of oil (crude and/or condensate) received from producers; and the management of coal and natural resource properties in the United States.

Sell $18M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-27 Langhope Rig Wind Farm

United Kingdom

Langhope Rig is located near Hawick in the Scottish Borders, and has a capacity of 16MW and a forecast net load factor of 33%.

Sell £40M
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