Add-on Acquisition • Energy Services and Equipment

Cimarron Energy Acquires Aereon

On May 4, 2020, Cimarron Energy acquired energy services and equipment company Aereon from Turnbridge Capital Partners

Acquisition Context
  • This is Cimarron Energy’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Cimarron Energy’s 2nd transaction in the United States.
  • This is Cimarron Energy’s 2nd transaction in Texas.

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M&A Deal Summary

Date May 4, 2020
Target Aereon
Sector Energy Services and Equipment
Buyer(s) Cimarron Energy
Sellers(s) Turnbridge Capital Partners
Deal Type Add-on Acquisition

Target Company

Aereon

Austin, Texas, United States
Aereon is a provider of standard and highly-engineered vapor recovery and combustion systems which it manufactures and markets to upstream, midstream, and downstream customers. The company's sales are balanced between domestic and international markets, standard and custom equipment as well as substantial after-market parts sales and services. Aereon was formed in 1984 and is based in Austin, Texas.
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Buyer Overview 1

Buyer

Cimarron Energy

Houston, Texas, United States

Category Company
Founded 1976
Sector Energy Services and Equipment
Employees368
Revenue 124M USD (2012)
DESCRIPTION

Cimarron Energy is a manufacturer of engineered oil and natural gas production and processing equipment, providing separation, measurement, flowback, and environmental products, as well as field services, to oil and natural gas exploration and production and midstream companies. Cimarron Energy was established in 1976 and is based in Houston, Texas.


Deal Context for Buyer #
Overall 2 of 2
Sector: Energy Services and Equipment 2 of 2
Type: Add-on Acquisition 1 of 1
State: Texas 2 of 2
Country: United States 2 of 2
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-02 Hy-Bon Engineering Co.

Midland, Texas, United States

Hy-Bon Engineering Co. Inc. design and fabrication of customized compressor packages for handling low pressure gas streams. Regardless of the application: whether gas from oilfield stock tanks, casinghead gas, field gas collection or biogas from wastewater facilities, digester tanks, landfills or breweries, HY-BON/EDI can design the package required. HY-BON/EDI also designs and manufactures custom compressed natural gas (CNG) packages for municipal applications.

Buy -

Seller Profile 1

SELLER

Turnbridge Capital Partners

Dallas, Texas, United States

Investor Investor


Category Private Equity Firm
Founded 2008
PE ASSETS 600M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Turnbridge Capital Partners is a private equity firm focused on investing in middle-market energy services and equipment providers supporting upstream, midstream, and downstream energy companies. Turnbridge will consider companies throughout North America and looks to commit $20 to $100 million in companies generating $25 to $250 million in revenue. Turnbridge prefers control investments, but will consider select minority situations. Turnbridge Capital Partners was formed in 2008 and is headquartered in Houston, Texas.


Deal Context for Seller #
Overall 7 of 11
Sector: Energy Services and Equipment 5 of 9
Type: Add-on Acquisition 3 of 5
State: Texas 6 of 9
Country: United States 7 of 11
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 USA DeBusk

Deer Park, Texas, United States

USA DeBusk is a provider of highly specialized mechanical and industrial cleaning services including hydro blasting, transportation services, hydro cutting, vacuum services, chemical cleaning, hydro excavation, pigging and decoking services, hot and fixed bed inert catalyst handling and cleaning services, and specialty turnaround services. The company operates out of 22 field offices, providing services for customers in a wide variety of end-markets such as the downstream refining, petrochemical, power generation, and manufacturing sectors. USA DeBusk was founded in 2012 and is based in Deer Park, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Pipe Pros

Corpus Christi, Texas, United States

Pipe Pros is an energy services company focused on the high-quality, safe installation of casing and tubing for new oil and natural gas well construction and the provision of tubing maintenance services for producing oil and natural gas wells. Pipe Pros was established in 2009 and is based in Corpus Christi, Texas.

Sell -