M&A Deal Summary

BlackRock LTPC Acquires Jupiter Power

On November 15, 2022, private equity firm BlackRock LTPC acquired electrical equipment company Jupiter Power from EnCap Investments, Yorktown Partners and Mercuria Energy Group

Acquisition Highlights
  • This is BlackRock LTPC’s 1st transaction in the Electrical Equipment sector.
  • This is BlackRock LTPC’s 6th transaction in the United States.
  • This is BlackRock LTPC’s 1st transaction in Texas.

M&A Deal Summary

Date 2022-11-15
Target Jupiter Power
Sector Electrical Equipment
Buyer(s) BlackRock LTPC
Sellers(s) EnCap Investments
Yorktown Partners
Mercuria Energy Group
Deal Type Secondary Buyout

Target

Jupiter Power

Austin, Texas, United States
Jupiter Power is a battery energy storage infrastructure platform with deep trading, analytics, development, finance, operations, and construction capabilities and unparalleled intellectual property in dispatch optimization. Jupiter Power is based in Austin, Texas.

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Buyer(S) 1

Buyer

BlackRock LTPC

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 320M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

BlackRock LTPC is the direct investing arm of asset manager and financial services company BlackRock. The Group looks to make long-term, control investments of at least $500 million in large companies throughout North America and Western Europe. BlackRock LTPC is based in New York, New York.


DEAL STATS #
Overall 8 of 12
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 4 of 6
State (Texas) 1 of 1
Country (United States) 6 of 9
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-22 Paradigm Oral Health

Lincoln, Nebraska, United States

Paradigm Oral Health is a provider of oral surgery with the ability to hire the most elite oral surgeons in the country and train them on their proprietary platform of excellence. The company continues to revolutionize and reinvent implant surgery through its ongoing technology and digital workflow advancements. Paradigm Oral Health is based in Lincoln, Nebraska.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-02 Alacrity Solutions

Fishers, Indiana, United States

Alacrity Solutions is a provider of outsourced claims management solutions to insurance carriers. Alacrity was formed in 1976 and is based in Fishers, Indiana.

Buy -

Seller(S) 3

SELLER

EnCap Investments

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1988
PE ASSETS 38.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EnCap Investments is a private equity firm focused on the US energy sector. EnCap specifically looks for upstream and midstream opportunities within the oil and gas industry. EnCap generally partners with seasoned management when pursuing investments. EnCap Investments has offices in Dallas and Houston.


DEAL STATS #
Overall 48 of 51
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 10 of 11
State (Texas) 36 of 38
Country (United States) 47 of 50
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-31 Earthstone Energy

The Woodlands, Texas, United States

Earthstone Energy is a growth-oriented independent oil and gas exploration and production company engaged in developing and acquiring oil and gas reserves through an active and diversified program that includes acquiring, drilling and developing undeveloped leases, asset and corporate acquisitions and exploration activities, with its primary assets located in the Eagle Ford trend of south Texas, the Midland Basin of west Texas, and the Williston Basin of North Dakota. Earthstone Energy was founded in 1969 and is based in The Woodlands, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-30 Bleutec Industries

Houston, Texas, United States

Bleutec Industries is a builder, owner, and operator of Jones Act-compliant offshore wind turbine installation vessels. Bleutec Industries enables a cost-effective alternative to the more expensive heavy-lift jack-up Wind Turbine Installation Vessels currently being employed by the offshore wind sector for foundation and turbine installation. Bleutec Industries is based in Houston, Texas.

Buy -
SELLER

Yorktown Partners

New York, New York, United States

Category Asset Manager
Founded 1983
Size Small
Type Sector Focused
DESCRIPTION

Yorktown Partners is a specialist private investment firm that seeks investments in energy related businesses. Yorktown specifically targets investments in North American based oil/gas companies as well as infrastructure related assets such as pipelines. Typical equity investments range from $10 to $70 million. Yorktown Partners was formed in 1983 and is based in New York City.


DEAL STATS #
Overall 3 of 3
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 3 of 3
Country (United States) 3 of 3
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-02 ATX Energy Partners

Austin, Texas, United States

ATX Energy Partners is an exploration and production company focused on the acquisition and development of acreage positions in unconventional domestic oil and liquids resource plays. ATX Energy Partners was founded in 2017 and is based in Austin, Texas.

Sell -
SELLER

Mercuria Energy Group

Larnaca, Cyprus

Category Company
Founded 2004
Sector Energy Services and Equipment
Revenue 106.0B USD (2014)
DESCRIPTION

Mercuria Energy Group Ltd. is an energy and commodity trading company. Mercuria trades physical oil, energy products and other commodities from business hubs in Geneva, London, Singapore, Shanghai and Houston.


DEAL STATS #
Overall 2 of 3
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 1 of 1
Country (United States) 2 of 3
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-14 Danskammer

Newburgh, New York, United States

Danskammer is a provider of energy services. The facility provides energy and capacity to the NYISO Lower Hudson Valley capacity region. Danskammer was founded in 2013 and is based in Newburgh, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-17 Beyond6

Saratoga Springs, New York, United States

Beyond6 is an operator of network of 55 compressed natural gas (CNG) stations. Beyond6 is based in Saratoga Springs, New York.

Sell -