M&A Deal Summary

Charlesbank Capital Partners and EIG Partners Acquire Southcross Energy

On August 7, 2009, private equity firm Charlesbank Capital Partners and asset manager EIG Partners acquired energy services and equipment company Southcross Energy from EnLink Midstream Partners for 220M USD

Acquisition Highlights
  • This is Charlesbank Capital Partners’ 3rd and EIG Partners’ 1st transaction in the Energy Services and Equipment sector.
  • This is Charlesbank Capital Partners’ 6th and EIG Partners’ 2nd largest (disclosed) transaction.
  • This is Charlesbank Capital Partners’ 26th and EIG Partners’ 3rd transaction in the United States.
  • This is Charlesbank Capital Partners’ 2nd and EIG Partners’ 3rd transaction in Texas.
Investment Fate
  • Southcross Energy went public in 2012.
  • Southcross Energy was sold to a financial buyer in 2014.
  • Southcross Energy went bankrupt in 2016.
  • Southcross Energy was sold to a financial buyer in 2018.

M&A Deal Summary

Date 2009-08-07
Target Southcross Energy
Sector Energy Services and Equipment
Buyer(s) Charlesbank Capital Partners
EIG Partners
Sellers(s) EnLink Midstream Partners
Deal Type Divestiture
Deal Value 220M USD
Advisor(s) Barclays Investment Bank (Financial)
Weil Gotshal & Manges (Legal)

Target

Southcross Energy

Dallas, Texas, United States
Southcross Energy is a midstream natural gas company engaged in the gathering, processing and pipeline transportation of natural gas, with a total of more than 2,100 miles of pipeline assets. Southcross Energy is based in Dallas, Texas.

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Buyer(S) 2

Buyer

Charlesbank Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Charlesbank Capital Partners is a private equity firm focused on investing in companies at various stages of development, including private and public companies, distressed situations, as well as later stage high growth businesses. Charlesbank typically invests $50 to $150 million per deal, in companies valued between $150 million and $3 billion. Industries of interest include consumer products, distribution, energy, financial services, food, education, health-care products and services, manufacturing, media and communications, and retail. Charlesbank Capital Partners is based in Boston, Massachusetts with an additional office in New York City.


DEAL STATS #
Overall 30 of 89
Sector (Energy Services and Equipment) 3 of 4
Type (Divestiture) 3 of 9
State (Texas) 2 of 7
Country (United States) 26 of 78
Year (2009) 1 of 2
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-01 MasterCraft

Vonore, Tennessee, United States

MasterCraft is a manufacturer of inboard “sport boats” used for waterskiing, wakeboarding and general recreation. MasterCraft was founded in 1968 and is based in Vonore, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-29 Blacksmith Brands Holdings

Tarrytown, New York, United States

Blacksmith Brands Holdings, Inc. markets, sells and distributes over-the-counter drug and personal care products. Its platform today consists of five over-the-counter consumer products brands: EFFERDENT® denture cleaner; EFFERGRIP® denture adhesive cream; LUDEN'S® throat drops; NASALCROM® nasal allergy relief spray; and PEDIACARE® children's cough and cold medicine and Gentle Vapors® waterless vaporizer.

Buy -
Buyer

EIG Partners

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1982
PE ASSETS 39.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EIG Global Energy Partners specializes in private investments in energy and energy-related infrastructure around the world. Specific areas of interest include upstream oil and gas, midstream, power generation, renewables, and related infrastructure. EIG manages a variety of funds that provide hybrid debt and structured equity financing solutions to energy projects and companies. The Firm also offers credit/direct lending vehicles that target higher credit-quality project finance instruments. EIG Global Energy Partners is headquartered in Washington, District of Columbia.


DEAL STATS #
Overall 3 of 55
Sector (Energy Services and Equipment) 1 of 17
Type (Divestiture) 1 of 2
State (Texas) 3 of 16
Country (United States) 3 of 34
Year (2009) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 CrownRock

Midland, Texas, United States

CrownRock is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. CrownRock operations are primarily focused on the development of its core Permian Basin assets. CrownRock was founded in 2007 and is based in Midland, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-01 Northeast Natural Energy

Charleston, West Virginia, United States

Northeast Natural Energy is a private oil and gas company focused on the acquisition and development of natural gas reserves within the Appalachian Basin. Northeast Natural Energy was founded in 2009 and is headquartered in Charleston, West Virginia.

Buy -

Seller(S) 1

SELLER

EnLink Midstream Partners

Dallas, Texas, United States

Category Company
Founded 1992
Sector Energy Services and Equipment
Employees1,432
Revenue 4.5B USD (2015)
DESCRIPTION
EnLink's corporate headquarters in Dallas, Texas.
EnLink's corporate headquarters in Dallas, Texas.

EnLink Midstream Partners LP is a provider of midstream energy services to producers of natural gas, natural gas liquids, crude oil and condensate. EnLink Midstream Partners was formed in 1992 and is based in Dallas, Texas.


DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 1 of 2
State (Texas) 1 of 2
Country (United States) 1 of 2
Year (2009) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 Devon Energy - Victoria Express Pipeline Business

Oklahoma City, Oklahoma, United States

Devon Energy's Victoria Express Pipeline Business is a natural oil and gas exploration company.

Buy $171M