M&A Deal Summary

EQM Midstream Acquires Hornet Midstream Holdings

On March 14, 2019, EQM Midstream acquired energy services and equipment company Hornet Midstream Holdings from Morgan Stanley Capital Partners

Acquisition Highlights
  • This is EQM Midstream’s 3rd transaction in the Energy Services and Equipment sector.
  • This is EQM Midstream’s 7th transaction in the United States.
  • This is EQM Midstream’s 1st transaction in West Virginia.

M&A Deal Summary
Date 2019-03-14
Target Hornet Midstream Holdings
Sector Energy Services and Equipment
Buyer(s) EQM Midstream
Sellers(s) Morgan Stanley Capital Partners
Deal Type Add-on Acquisition

Target

Hornet Midstream Holdings

Romney, West Virginia, United States
Hornet Midstream Holdings LLC is a 15-mile, high-pressure gathering system in West Virginia that connects to the Eureka system. Hornet Midstream Holdings LLC is based in Romney, West Virginia.

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Buyer(S) 1

Buyer

EQM Midstream

Canonsburg, Pennsylvania, United States
Category Company
Founded 2012
Sector Energy Services and Equipment
Employees771
Revenue 1.6B USD (2019)
DESCRIPTION

EQM Midstream is an integrated energy company. Equitrans Midstream was founded in 2012 and is based in Canonsburg, Pennsylvania.

DEAL STATS #
Overall 7 of 7
Sector (Energy Services and Equipment) 3 of 3
Type (Add-on Acquisition) 2 of 2
State (West Virginia) 1 of 1
Country (United States) 7 of 7
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-14 Eureka Midstream Holdings

Houston, Texas, United States

Eureka Midstream Holdings LLC is a 190-mile gathering header pipeline system in Ohio and West Virginia that services both dry Utica and wet Marcellus production. Eureka Midstream Holdings LLC was founded in Houston, Texas.

Buy -

Seller(S) 1

SELLER

Morgan Stanley Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
Size Large
Type Sector Agnostic
DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.

DEAL STATS #
Overall 13 of 25
Sector (Energy Services and Equipment) 4 of 4
Type (Add-on Acquisition) 7 of 11
State (West Virginia) 1 of 1
Country (United States) 12 of 21
Year (2019) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-14 Eureka Midstream Holdings

Houston, Texas, United States

Eureka Midstream Holdings LLC is a 190-mile gathering header pipeline system in Ohio and West Virginia that services both dry Utica and wet Marcellus production. Eureka Midstream Holdings LLC was founded in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 Impact Fitness

Brighton, Michigan, United States

Impact Fitness is a Planet Fitness franchisee with units across Michigan, Indiana, British Columbia and Western Ontario. Impact Fitness is based in Brighton, Michigan.

Buy -
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