M&A Deal Summary

Crew Energy Acquires Caltex Energy

On July 1, 2011, Crew Energy acquired oil/gas exploration company Caltex Energy from 32 Degrees Capital for 622M USD

Acquisition Highlights
  • This is Crew Energy’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Crew Energy’s largest (disclosed) transaction.
  • This is Crew Energy’s 1st transaction in Canada.
  • This is Crew Energy’s 1st transaction in Alberta.

M&A Deal Summary
Date 2011-07-01
Target Caltex Energy
Sector Oil/Gas Exploration
Buyer(s) Crew Energy
Sellers(s) 32 Degrees Capital
Deal Type Add-on Acquisition
Deal Value 622M USD
Advisor(s) FirstEnergy Capital Corp. (Financial)

Target

Caltex Energy

Calgary, Alberta, Canada
Caltex Energy, Inc. is a energy company with heavy oil and natural gas assets in Saskatchewan and Alberta respectively, employing both grassroots exploration and development and acquisition and exploitation strategies. Management looks to use the exploitation success developed at Krang Energy to continue to find and develop assets at industry leading costs.

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Buyer(S) 1

Buyer

Crew Energy

Calgary, Alberta, Canada
Category Company
Founded 2003
Sector Oil/Gas Exploration
Revenue 337M CAD (2023)
DESCRIPTION

Crew Energy is a growth-oriented oil and natural gas producer, committed to the pursuit of sustainable per share growth through a balanced mix of financially responsible exploration and development, complemented by strategic acquisitions. Crew Energy was founded in 2003 and is based in Calgary, Alberta.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2011) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

32 Degrees Capital

Calgary, Alberta, Canada

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 275M CAD
Size Middle-Market
Type Sector Focused
DESCRIPTION

32 Degrees Capital is a private equity firm focused on opportunities within the energy sector. 32 Degrees typically partners with management teams when pursuing transactions and looks to leverage its industry experience and network to build value in portfolio investments. 32 Degrees was founded in 2004 and is based in Calgary, Alberta.

DEAL STATS #
Overall 2 of 6
Sector (Oil/Gas Exploration) 2 of 5
Type (Add-on Acquisition) 2 of 5
State (Alberta) 2 of 6
Country (Canada) 2 of 6
Year (2011) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-20 Spry Energy

Calgary, Alberta, Canada

Spry Energy Ltd. explores and produces petroleum and natural gas properties in Western Canada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-05 Xtend Energy Services

Okotoks, Alberta, Canada

Xtend Energy Services is a private energy services company that focuses on developing tools which mitigate the effects of friction in deviated and horizontal well bores.

Sell $53M
Mergr

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