M&A Deal Summary

Energy Transfer Partners Acquires Regency Energy Partners

On January 26, 2015, Energy Transfer Partners acquired energy services and equipment company Regency Energy Partners from Tailwater Capital, Harvest Partners Private Equity and GE Energy Financial Services for 18M USD

Acquisition Highlights
  • This is Energy Transfer Partners’ 1st transaction in the Energy Services and Equipment sector.
  • This is Energy Transfer Partners’ largest (disclosed) transaction.
  • This is Energy Transfer Partners’ 1st transaction in the United States.
  • This is Energy Transfer Partners’ 1st transaction in Texas.

M&A Deal Summary
Date 2015-01-26
Target Regency Energy Partners
Sector Energy Services and Equipment
Buyer(s) Energy Transfer Partners
Sellers(s) Tailwater Capital
Harvest Partners Private Equity
GE Energy Financial Services
Deal Type Merger
Deal Value 18M USD
Advisor(s) J.P. Morgan Securities (Financial)
Baker Botts
Akin Gump Strauss Hauer & Feld (Legal)

Target

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.

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Buyer(S) 1

Buyer

Energy Transfer Partners

Dallas, Texas, United States
Category Company
Founded 1995
Sector Energy Services and Equipment
Employees25,682
Revenue 34.3B USD (2015)
DESCRIPTION
Energy Transfer Partners' corporate headquarters in Dallas, Texas.
Energy Transfer Partners' corporate headquarters in Dallas, Texas.

Energy Transfer Partners LP is an owns and operates approximately 71,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines. Energy Transfer Partners was formed in 1995 and is based in Dallas, Texas.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Merger) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 Energy Transfer Partners - Compression Business

Dallas, Texas, United States

Energy Transfer Partners LP - Compression Business includes CDM Resource Management LLC and CDM Environmental & Technical Services LLC (collectively, “CDM”).

Sell $1.8B

Seller(S) 3

SELLER

Tailwater Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
PE ASSETS 4.4B USD
Size Large
Type Sector Focused
DESCRIPTION

Tailwater Capital LLC is a specialist private equity firm focused on middle-market opportunities in the midstream and upstream sectors of the energy industry. Tailwater will consider acquisitions of non-core assets, roll-up situations, anchored greenfields, and joint ventures. Tailwater Capital was formed in 2013 and is based in Dallas, Texas.

DEAL STATS #
Overall 2 of 8
Sector (Energy Services and Equipment) 1 of 2
Type (Merger) 1 of 1
State (Texas) 2 of 6
Country (United States) 2 of 8
Year (2015) 1 of 1
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-01 TexStar Midstream Logistics

San Antonio, Texas, United States

TexStar Midstream Logistics is a midstream-focused oil and gas company that designs, builds, and operates various midstream assets, with a focus on oil and gas gathering, transportation, and processing. TexStar Midstream Logistics is based in San Antonio, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-01 Blue Tide Environmental

Plano, Texas, United States

Blue Tide Environmental focused on building and developing a network of used motor oil recycling facilities across the U.S. Blue Tide produces high-quality, high-lubricity, low-sulfur marine fuel derived from recycled used motor oil. The Company’s products are IMO 2020 Compliant and offer environmentally-friendly blend components with a significantly reduced greenhouse gas footprint compared to virgin fossil fuel-derived products. Blue Tide Environmental is based in Plano, Texas.

Buy -
SELLER

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.

DEAL STATS #
Overall 17 of 30
Sector (Energy Services and Equipment) 3 of 4
Type (Merger) 1 of 1
State (Texas) 4 of 6
Country (United States) 15 of 27
Year (2015) 2 of 4
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-08 Cycle Gear

Benicia, California, United States

Cycle Gear is an omni-channel retailer of apparel, accessories, and parts dedicated to motorcycle riders and enthusiasts through its equity investments in RevZilla, which operate as independent sister companies. Cycle Gear delivers a best-in-class shopping experience across its footprint of 146 stores in 36 states while RevZilla advances the digital shopping experience through an innovative technology and media platform, digital expertise and award-winning customer service. Cycle Gear was founded in 1974 and is based in Benicia, United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-20 VetCor

Norwell, Massachusetts, United States

VetCor owns and operates a national family of 272 veterinary hospitals employing over 4,700 veterinarians and supporting staff. VetCor hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. VetCor was founded in 1997 and is based in Norwell, Massachusetts.

Buy -
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 3 of 7
Sector (Energy Services and Equipment) 1 of 1
Type (Merger) 1 of 1
State (Texas) 1 of 1
Country (United States) 2 of 4
Year (2015) 1 of 2
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-07 Frasie

Paris, France

Frasie is an investment platform in the industrial water sector in France. The company owns and operates wells and water treatment facilities across a diversified portfolio of long term contracts. It offers different contract models (BOT, BOO or pure maintenance agreements) to its clients. Frasie is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-12 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.

Sell $1.9B
Mergr

Product

Company

Legal